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Paul The open pit at the end of 2020 was pretty much mining one ore area and the aim is by the end of this year the 2 year accelerated waste programme will have moved 222 million tonnes of waste (Centamin's fleet moving 160 million tonnes and Capital moving 62 million tonnes) and they will then have 4 open pit ore areas so providing for a more flexible pit.
Https://www.linkedin.com/in/sayed-elabnody-77322323b/
Stay tuned for an important event in Egypt next week
Wait for us next week, God willing, in a very important event in Egypt. Alone
photo shows government minister? overlooking the desert, presumably near Sukari - several of the comments refer to gold mining - maybe an announcement regarding electrification ?
note Sayed's profile picture includes Centamin CEO Mr Horgan - must be a fan
https://www.linkedin.com/feed/update/urn:li:activity:7067124385089732608/
Happy Birthday. I keep on retiring and then going back to work. I am not good at saying no. I think I have done about 6 retirements so far.
Many happy returns RazorsEdge, very appropriate 2024 especially.
I remember mine, thinking do I retire,but no ,a couple of more years.
Then off on the long road through France and Spain.
I have a business friend who always says “They don’t know if you don’t tell them “
Having received 7 likes for an everyday post, on this my 65 birthday, Ieaves me not so sure that he’s right.
Cowichan, Tibbs sorry for being naive but what has this got to do with Horgan?
Major European stocks registered losses ahead of Wednesday's session as investors awaited the latest batch of economic data from the United Kingdom. Before the opening bell, markets expect April's inflation and retail sales data. The previous day was marked by the IMF's report that the UK's economy will avoid recession this year, as well as Lenovo's earnings results for the fourth quarter of its fiscal 2023.
London's FTSE 100 fell by 0.48% at 7:34 am CET, while Frankfurt's DAX declined by 0.53%. The CAC 40 in Paris lost 0.46%, and the pan-European Euro Stoxx 50 slid by 0.49%.
The euro added 0.10% against the dollar to sell for 1.07812 at 7:41 am CET, while the pound rose 0.18% at the same time to reach $1.24333.
Baha Breaking News (BBN) / ND
Happy hump y’al
How Private Placement Affects Share Price
What Is Private Placement?
Private placement is a common method of raising business capital by offering equity shares. Private placements can be done by either private companies wishing to acquire a few select investors or by publicly traded companies as a secondary stock offering.
When a publicly-traded company issues a private placement, existing shareholders often sustain at least a short-term loss from the resulting dilution of their shares. However, stockholders may see long-term gains if the company can effectively invest the extra capital obtained and ultimately increase its revenues and profitability.
Understanding Private Placement
Private placement is an issue of stock either to an individual person or corporate entity, or to a small group of investors. Investors typically involved in private placement issues are either institutional investors, such as banks and pension funds, or high-net-worth individuals.
A private placement has minimal regulatory requirements and standards that it must abide by. The investment does not require a prospectus and, quite often, detailed financial information is not disclosed.12
https://www.investopedia.com/ask/answers/052815/how-does-private-placement-affect-share-price.asp
The Company has received irrevocable undertakings from each of the Directors and certain of the senior management of the Group who have an interest in Common Shares and certain other shareholders, representing in aggregate 59,812,031 Common Shares, representing 43.7 per cent. of the company’s issued common share capital to vote in favour of all Resolutions to be proposed at the General Meeting.
DIRECTORS’ INTENDED PARTICIPATION IN THE PLACING AND RELATED PARTY TRANSACTIONS
Each of the following Directors has advised the Company that he intends to subscribe for Placing Shares:
- Jamie Boyton, Executive Chairman
- David Abery, Non-Executive Director
- Michael Rawlinson, Non-Executive Director
- Alexander Davidson, Non-Executive Director
Mr Boyton is a substantial shareholder of the Company and his intended subscription for Placing Shares will constitute a smaller related party transaction for the purposes of Listing Rule 11.1.10R. Any participation by Mr Boyton in the Placing will be on the same terms (including as to price) as all of the other investors in the Placing.
Under the terms of the Relationship Agreement between the Company and its Founder Shareholders, including Mr Boyton, each Founder Shareholder is required to abstain (and procure that his connected persons abstain) from voting at any general meeting of the Company on any resolution concerning any transaction, agreement or arrangement
between him (or any of his connected persons) and any member of the Group. As Mr Boyton intends to participate in the Placing, this undertaking would prevent Mr Boyton from voting on the Resolutions to approve the Placing
The Company may vary a provision of the Relationship Agreement if the decision to grant such variation is taken by the Company’s independent non-executive directors, being David Abery, Alexander Davidson and Michael Rawlinson. Such independent non-executive directors have agreed to grant a waiver of this restriction in the Relationship Agreement to
allow Jamie Boyton and his connected persons to vote on the Resolutions. The waiver constitutes a smaller related party transaction for the purpose of Listing Rule 11.1.10
The Independent Directors (being each of the Directors other than Jamie Boyton) who have been so advised by Berenberg, consider the terms of Mr Boyton’s intended participation in the Placing and the waiver of the Relationship Agreement to enable Mr Boyton and his connected persons to vote on the Resolutions, each as described above, to be fair and reasonable as far as Shareholders are concerned. In providing its advice to the Independent Directors, Berenberg has taken into account the Independent Directors’ commercial assessment of Mr Boyton’s intended participation in the Placing and the waiver of the Relationship Agreement
------------------------------ >>>>
Note the waiver granted to Capital Drillings largest shareholder Mr Boyton
It was a scam from the start, Mr Horgan steering
Sorry should read $259.2 million.
Cowichan question where do you get a contract value of $295.2 million as my information tells me $235 million up to $260 million with inflation, and this includes the 15 month drill and blast extension?
Thanks
At 4:30 the pog was minus .3% and is now +.25%
Cowichan
What facts? Your over 100 million dollars into the coffers of Capital.
My numbers for cost per tonne are approximate as stated previously because I don't know the exact split between waste and the added 15 month drill and blast contract so took $240 million as the waste contract to keep maths simple.
If you know for a fact that the contract value is $259.2 million and the cost to Centamin is $2.16 per tonne great now lets debate what that brings into the Capital coffers. 30% profit (or 30 ROI ?)means that Capital need to run at a cost to them of $1.66 per tonne and achieve a gross profit of $78m, I would say best of luck with that.
I don't know many if any 4 year contracts that don't cover an inflation clause so this comes as no surprise and Centamin doing the work themselves would also incur inflation.
I know and have said that it would be cheaper to do the waste contract in house if you can write machines down that have a residual value BUT the contract that Pharoah Gold has with EMRA says that after the contract the equipment reverts to EMRA so effectively no residual value. So the whole of the equipment value has to be written off over 4 years so this gives a massive edge to a contractor doing the work cheaper.
Now if this is incorrect then yes we have been misled and if you know that this fact isn't correct then yes we need to ask why we have been misled.
And the 2.5 US cent dividend got a 99.99% for v .01 against.
I wonder if James Rutherford will buy a few more. He bought well a few times while the share price was on its way down. I’ll take reassurance from anyone.
While you have obviously nothing to do, take a look at the voting percentages in the AGM, those are facts ,.
They were not attacks on you,just plain facts.
You were the one throwing insults as you still do. You are irrelevant as are all PI.
But according to yourself no longer invested. Buy Barrick Cowichan and criticise Bristow.
If you dare.
DASUT
Stick to the facts
You don't know $2.00 per ton is the amount so please quit quoting it as gospel
a simple division of the initial estimate puts the figure at $2.16 for 120Mt BUT the contract has a clause for Centamin to cover the costs of inflation, etc. so therefore the final cost per ton WILL be far higher - but the point is contract work is more expensive by the amount of return Capital was comfortable making - which turns out to be >30% profit - profit that should have stayed with Centamin shareholders
and for the record I placed MrBond as the accomplice/ignoramus of Mr Horgan as it clearly states in my last post - nobody here calling him out for his constant attacks on me - why am I not surprised - investing in Centamin requires a modem of self-blindness and hypocrisy I'm no longer willing to indulge
Paul from what I can gather the pit is being made larger so is being cut back. Whether this over a large expanse at the same level I have no idea. It could well involve some depth but as I say without seeing the plan and scope of work I can't say.
I will take a look at Centamin's mine plan to see if it helps us understand the scope of works.
Thanks for that. I suppose it depends if the waste is in a hole or not. I.e. if you have to go deeper to get the last bits out, it takes longer but if it is out of the hole and in a pile, then it should get quicker.
Paul to answer your question about whether it gets quicker I am sorry I can't answer your question as it would be guess work. There are too many questions relating to the work still required to be done within the scope of the contract.
When mining we would think the haul distances will get longer and at the same time deeper which means the haul road gradients will get steeper and the cycle times longer so more expensive and therefore certainly not quicker.
However as we are talking purely waste I can't say that the same will apply.
Sorry I can't help.
I expect all motions were passed as the company have released nothing.
“Presenter SpeechJames Rutherford (Executives)Thank you. Good morning, everyone. Welcome to this -- this is now the 12th AGM Centamin plc. My name is Jim Rutherford, I'm the Non-Exec Chair of t...”
Subscription only:
https://www.marketscreener.com/amp/quote/stock/CENTAMIN-PLC-9730915/news/Transcript-Centamin-plc-Shareholder-Analyst-Call-43923122/
Unfortunately it’s like all stats- there is never CONSISTENT context. Eg let’s make up a country and call it BONKERS. I would like a statement to say “BONKERS increased their gold purchasing in 2022 by “x % over previous year and now at levels last seen since x” - here is a graph of BONKERS gold purchases and selling over the past 20years. Another line on the chart I would like to see is overall gold purchases and selling over past 20years by NATIONAL BANKS all lumped together- if BONKERS purchases/selling is too insignificant a simple % would be suffice eg BONKERS now represents 0.008% of worldwide purchases …
Dasut--It is nice to have somebody on the board who has worked in the business and can explain some of the things to those of us who haven't. You, me and Mr T, are aware of what went on in the past and as you have pointed out, something needed doing pretty quickly. If the mine had carried on the way it had been doing, then production would have probably have ground to a halt. Despite the promises of record amounts of gold being mined being forecast, for the last few years of the previous management something would crop up each year.
As I mentioned the other day, in another 6 months or so, we will be 3/4 of the way through the 4 year waste clearing contract. It would be nice if they got it finished before the 4 years (wishful thinking --but who knows?)
I don't think Martin Horgan will over promise on expected ounces mined, and that should bring back confidence in Centamin. Coming in at the midpoint or above of the forecast would be fine. Then looking forward to the waste clearance coming to an end, others areas opened up for mining, more gold mined and lower costs should all help.
For the next 6 months, I don't expect much improvement in costs or the share price unless gold takes off.
Another question for you. As the waste removal goes on, does it become faster, easier, cheaper to shift what is left?
Good morning posters, I've been an avid reader of this page for a number of years but have never had the need to post because I can't add anything of interest or significance. I hold a lot of shares of Centamin and occasionally trade a few to increase the number. Anyway I post now to ask a question which I can't seem to find a good answer to anywhere else. Question- If central banks are buying all this gold, who is selling it and why are they selling it? I look forward to reading any replies that I may get. Thanking you in advance. Tim
Polish central bank bought 14.8 tonnes of gold in April, which was the biggest purchase since June 2019.
According to the National Bank of Poland, the country's gold reserves rose to 7.828 million fine troy ounces (243.5 metric tonnes) last month from 7.352 million. This was the largest increase since June 2019, when Poland's reserves rose by 94.9 tonnes.
The value of gold, including gold deposits and gold swapped, climbed to $15.52 billion in April from $14.55 billion.
The April purchase also comes after the Bank's Governor Adam Glapinski's said in 2021 that Poland was planning to add 100 tonnes to its gold holdings to prepare for "the most unfavorable circumstances."
"Why does the central bank own gold? Because gold will retain its value even when someone cuts off the power to the global financial system," Glapinski told local newspaper. "Of course, we do not assume that this will happen. But as the saying goes - forewarned is always insured. And the central bank is required to be prepared for even the most unfavorable circumstances. That is why we see a special place for gold in our foreign exchange management process."
This means that more buying could follow, said BMO Capital Markets managing director Colin Hamilton. "We expect central bank buying to remain robust this year (+596t), an ongoing tailwind for gold prices and sentiment," Hamilton said.
Central bank gold buying has been one of the driving forces behind higher gold prices this year.
According to the World Gold Council, other central banks that bought gold in April included the People's Bank of China, the Czech National Bank, and the Central Bank of Mongolia, with 8.1 tonnes, 1.8 tonnes, and 1 tonne, respectively.
On the other hand, the Central Bank of Turkey is estimated to have sold a staggering 80.8 tons of gold in April to meet surging domestic demand. After buying the most gold than any other central bank last year, Turkey turned to selling in March and April to meet growing domestic demand, the WGC said. This was in an attempt to limit the need to import gold, which has been weighing on Turkey's current account deficit.
Turkey has seen a surge in gold demand as citizens embraced the precious metal as a hedge against inflation, which ran at a pace of over 85% at one point last year, and local currency devaluation.
https://www.kitco.com/news/2023-05-22/Poland-boosts-its-gold-reserves-by-15-tonnes-biggest-increase-in-nearly-3-years.html