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The original poster of this thread ,would like Pugnacious Bristow to do a T/O,.
Only because he or she percieves a profit for themselves.
An equally pugnacious person equal to Bristow.
But claims no longer invested ? Get your heads around that.
Just googled Arab Contractors and looks as though they are still going strong and particularly successful with Government(s) contracts but don't see them doing much if anything with the private sector.
Cowichan So Centamin gifted a contract to Capital who competed against several other experienced mining contractors who were more expensive.
If Capital have to date earned 30% ROI then they must be doing an extremely efficient job with minimal equipment down time so that would I hope mean Sukari are benefitting from the efficiency.
Has Capital allowed for adequate depreciation and demobilisation I have no idea? Has Capital allowed enough for component repairs/replacement over the life of the contract I have no idea?
Will the low equipment down time continue?
Will the ROI at the end of the contract be 30% who knows?
I ask what would you have suggested to be the alternative when Capital were the most competitive bid?
Gnome, Back in the day there was only one largeish indigenous contractor in Egypt known as Arab Contractors and they were a quasi government company, not sure they would have bid on this project, not sure if they are still in business.
So if the shareholders were given dividends, and there was no contractor to take on the work (Egypt is not flush with contractors...for good reasons, like having to employ 8 egyptian staff for exvery expat and so on...), what would you have Horgan do? and how would that wash out in terms of reurns to shareholders, short and long term? Just curious
regards
The Gnome
DASUT - the short answer is Mr Horgan overspent to the degree of gifting Capital Drilling a 30% ROI for the waste moving contract - money that should have been distributed to Centamin shareholders in the form of dividends
Cowichan, Barrick buying Centamin and Horgan making them more desirable. So is Horgan doing a good or bad job?
So why would Barrick want to buy Centamin or Pharoah Gold Sukari when it is 50% owned by EMRA who contribute zero funds. I think you will find Barrick has already put Pharoah Gold into the too difficult basket.
Now for Horgan destroying the share price.
So what would be your alternative to the decision made to accelerate waste removal or open up the mine to access a number of areas rather than basically nowhere to go when the planned area became unstable?
Am I happy that SP halved certainly not but I would suggest if they continued driving themselves into a cul de sac then we would have been looking at major cut backs with very little return if any from the open pit.
Horgan and his team were in an almost impossible situation damned if you do and damned if you don't. In my opinion the do was the only way to go.
If I am wrong and Barrick do have a go at Pharoah regardless of the 50% ownership then Horgan must have done an excellent job because they will be deemed as a star achiever rather than a problem child.
I live in free will world Mr T, you create your own restrictions- I work within the system that exists to make money and don't bother looking at things I'm not interested in investing in (although why you persist in gold mining is not bad for planet, I've no idea). Also, no idea why you are obsessed with crypto- it's not going away not matter how much you want it to- just chill and ignore it, or invest... the choice is free will- glad not in your world where it is banned.
AngloGold Ashanti, one of the world’s biggest goldminers, is moving its main listing from Johannesburg to New York instead of London.
The United States National Highway Traffic Safety Administration on Friday ordered the recall of 67 million airbag inflators manufactured by ARC Automotive Inc. due to a possible safety problem.
The Tennessee-based company, however, declined the US regulator's request. Given the risk of malfunctioning airbags that may burst upon deployment, General Motors has agreed to recall 994,763 of its sports utility vehicles (SUVs), Buick Enclave, Chevrolet Traverse, and GMC Acadia from the 2014 to 2017 model years.
Ford, Volkswagen, and Bayerische Motoren Werke (BMW) are among other automakers whose products are subject to the recall.
Baha Breaking News (BBN) / AB
12 May 2023
In this week’s Live from the Vault, Andrew Maguire is joined by mining stock expert and investment specialist, David Tice, to discuss the major threats facing the US power grid and the domino effect this could have on the Western economy.
Pulling back the curtain on the industry, the two precious metals experts offer up solutions and actionable insights on how investors can protect themselves in a geopolitical climate of declining US dollar hegemony.
https://www.youtube.com/watch?v=ZruN20EKEOI&t=1s
Smartphones don't offer more power at less cost, their true cost is prohibitive in so many more ways that most people are aware of!
Hi Steve ,
Unfortunately Steve you are deluding yourself if you think you live in a world of free choice.
One must of course decide if making money at any cost despite the detrimental effects on the planet and its other inhabitants is morally right, there can be no excuse for knowingly trading in such financial instruments which are directly contributing to huge energy wastage and so much unnecessary environmental damage which seems akin to the reasoning or morals of a drugs or arms dealer, "Don't blame me I'm only making a living!
I don't understand why all the Greens are not making much more of an issue of the environmental damage caused by crypto mining bearing in mind that Bitcoins have no intrinsic value to mankind, except for criminals and money launderers to cash in.
By comparison at least gold is something physical and does have intrinsic value, It cannot be replaced except for putting energy in mining and processing it and the product will never go to waste.
Being a noble metal gold has many uses, with the degree to which it is deployed held back by the cost involved, the same cannot be said about the vast majority of digital currencies.
What do you think of it so far.
Answer ?
A strong vocal rubbish.
:-)
MAY 6 2023
Barrick Gold’s Mark Bristow is on the hunt for takeovers as rival Newmont tries to push through a mega-deal, forecasting a market rally in his company’s two key commodities.
The pugnacious chief executive of the world’s second-largest gold mining group expects gold and copper prices to rise, lifting mining stocks.
His comments mark a step up in the serial dealmaker’s M&A rhetoric after playing down the need to counter the world’s largest gold company Newmont’s $19.5bn all-share non-binding bid for Australia’s Newcrest.
He added that the group had the “luxury of picking and choosing M&A opportunities” after improving operations following its takeover of Randgold five years ago and a four-year effort to build a strong exploration team.
“Because of our broad footprint of exploration across all prospective tier-one gold and copper jurisdictions, we have our geologists on the front lines. We have a much better understanding of the M&A activity than most of our peers,” he said.
https://www.ft.com/content/db1911e9-ac77-4176-8afc-3c6e266ef027
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There are less than a handful of tier one targets of which Sukari is among.
If Barrick takes the bait, hats off to Mr Horgan for the destruction of Centamin's share price while prepaying all of Mr Bristow's stripping expenses for the next half decade...
Also, hats off to Mr Horgan for keeping Centamin shareholders acquiesced with no exploratory drill results these last 3 quarters, no Doropo PFS and no production growth while sending AISC thru the roof... it takes a special sort of somebody to pull that off
I trade CEY to make money, I trade crypto to make money, it's as simple as that for me. I have no loyalty to these things, and work with whatever system them live in- it's that simple to me. I don't take an irrational position against assets, and trade what I think can make me money.
I like to live in a world of free choice, and markets, and things should not be just "got rid of" because you disagree with it- the markets and consumers, which we are all part of, decide and this is how it should be in a democracy.
Computing power will continue to increase exponentially as will the costs reduce compared to need and use.
Just like the amount of computing power in your smartphone compared the computers of a few years ago- exponentially greater power and less consumption.
H Steve, I referred to world mining operations in general, not just for gold , certainly cypto mining is the obvious first choice to get rid of- as the difficulty and complexity of Bitcoin mining has increased, the computing power required has also gone up!
Bitcoin mining consumes about 121 terawatt-hours of electricity each year, more than most countries, according to the Cambridge Bitcoin Electricity Consumption Index.
You’d need 9 years’ worth of the typical U.S. household’s electricity to mine just one bitcoin as of August 2021!
https://www.businessinsider.com/many-uses-of-gold-2012-9?r=US&IR=T
I wonder how many ordinary members of the public realise that According to the World Gold Council, a single mobile device contains up to 50 milligrams of gold. That’s a tiny amount but nearly 1 billion cell phones are produced each year. With a gold value of about 50 cents in each phone, that adds up to $500 million dollars in gold each year!
https://www.businessinsider.com/many-uses-of-gold-2012-9?r=US&IR=T#you-can-find-50-cents-worth-of-gold-in-every-cell-phone-5
Absolutely agree Steve, the sooner as much mining as possible can be stopped the better, but in reality this is unlikely and any attempt to bring this about would likely result in even more environmental damage from unregulated mining operations!
Not all mining is done by large companies deep below ground or with expensive machinery in large open pits. Worldwide, millions of people labour with primitive tools, picks, shovels, and pans to extract valuable natural resources from the Earth. This workforce of artisanal and small-scale miners is commonly itinerant, without much education or training. The idea that artisanal and small-scale mining (ASM) is actually not small is the theme of a recent commentary in The Lancet Respiratory Medicine (Burki, 2019). It cites commonly reported global estimates of 40 million people in 80 countries (IISD, 2017), as compared to the approximately 7 million people in “industrial mining.” An estimated 150 million people are dependent upon the ASM industry (IISD, 2017). Although ASM is inefficient, it contributes 20% to 25% of the world's annual production of gold, diamonds, tin, tantalum, and cobalt!
https://agupubs.onlinelibrary.wiley.com/doi/full/10.1029/2020GH000325
Our politicians obsession with growth, GDP and big corporates has society far too hooked on buying more consumer items rather then repairing and maintaining just about everything instead , this in turn over time would create a healthier society the world over!
Mr T- the first line of a google:
Is gold mining good for the environment?
Extracting gemstones and gold mining negatively affects the environment through destruction of the ecosystem, depletion of water quality, and loss of vegetation (Belayneh et al., 2021).
Gold mining is bad for the environment, however you try to justifying it and not necessary- just the need for shiny stuff.
To say GOLD MINING is necessary is untrue.
I repeat, to criticise BTC on environmental issue is pot calling the kettle black.
Hi Steve,
True I hold a mining stock but one that operates as responsibly as it can in regard to the the required environmental regulations and indeed is exceeding what is legally required with regarding employment terms and conditions.
I would be delighted if all world mining was unnecessary, but as we know that is impossible to achieve so the next bet thing is to replace artisanal mining with properly regulated operations.
Crypto mining is an non necessary and environmentally damage operation that should be stopped or regulated in some way to properly limit its environmental damage .
Here are a few interesting points on other issues
- to construct renewal energy infrastructure will take an enormous amount of energy. Where will this energy come from? Obviously until sufficient renewal energy becomes available this will have to be from fossil fuel sources and/or nuclear energy.
- Renewable energy infrastructure has a typical life of mine of 20 years. We can already calculate that as from 2050 we will produce twice as much waste per annum than currently we produce as plastic waste.
- The amount of mining required to produce one electrical car engine (average weight is 0.5 tonne) is 250 tonnes. This is produces almost all through burning fossil fuels. You then have an engine that needs to be charged with electricity. From what is this produced? Either fossil fuel, or renewables constructed from fossil fuel.
- The metal produced for renewables will have to be mined in areas where there is currently no mining. This will also affect the environment in a major way, not to speak of all the child labour involved in producing cobalt.
The efficiency of energy generation from fossil fuels (amount of energy obtained / amount of energy required to generate energy) is a much lower than fossil fuel (5 versus 15) and a fraction compared to nuclear energy (100). It means that renewables may well not give a sustainable economic society, alternatively will lead to much higher energy prices.
The current high fuel prices (which preceded the war) are due to pressure groups forcing oil companies to cut back on exploration and development, but at the same time requiring massive amounts of energy to build renewables.
There is very little potential further improvement for renewables: solar theoretical maximum efficiency turning foton energy into electricity is 33% versus 26% currently and for wind that is 60% versus 45% currently. Therefore there will not be any great leaps for gains here!
Just wondering does gold mining stocks acts like gold during the recession (go up).
Come on Mr T- playing an environmental card when you hold a physical mining stock... the words, complete and hypocrisy... and greenhouses, glass and stones spring to mind...
Nope- I just provide an alternate view to the "bashers" for balance, I comment on CRYPTO (not just BTC which is one, albeit the highest market cap).
Power consumption is and will continue to be addressed whereas damaging the planet by digging huge holes for shiny stuff won't- nutty argument point.
Steve,
You seem to be taking up "Bitcoin" , but then this all part of how this system functions, research suggests that the environmental damage caused by BTC is far in excess to what most people are aware of.
Bitcoin mining is disastrous for the environment – it is time for governments to intervene
Until the Bitcoin community uses green mining parts, there is no future for the cryptocurrency due to the harm it causes to our planet
https://www.independent.co.uk/climate-change/opinion/bitcoin-mining-environment-climate-change-b1822426.html
Bitcoin is less “digital gold” and more “digital beef”, according to a study that suggests the cryptocurrency has a climate impact greater than that of gold mining and on the level of natural gas extraction or rearing cattle for meat.
https://www.theguardian.com/technology/2022/sep/29/bitcoin-climate-impact-gold-mining-environmental-damage-cryptocurrency