London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
DASUT,
(1st qtr. will be a softer month due to mill work/maintenance !! )
to hide a lie, a thousand lies are needed.
I am just digesting the FY report and it strikes me that CEY has a busy year ahead!
Waste Strip completion - Mid ‘24
Doropo DFS - Mid ‘24
EDX exploration update - H2 ‘24
Solar field expansion study - H2 ‘24
Grid connection - H2 ‘24 / H1 ‘25
Reads like continuous progress on top of positioning to be a consistent deliverer of oz’s.
I sat through the presentation and to be honest nothing really new but certainly some excellent slides showing the how and why. 1st qtr will be a softer month due to mill work/maintenance but when I asked if this meant tonnes delivered also down Horgan said it will be a combination of factors lower grades as they remove oxides at Cleopatra and also some underground development. So don't expect anything special in April as far as production ounces but didn't touch on how this might be offset by gold sales at increased GP levels.
Worth a look/listen when it is posted on their web site.
Out again for a sweet 6%, I’m happy with that. Thank you gold and Centamin.
Hi Steve. I meant Dasut. He has worked in the business I believe. And he explains things very well. Enjoy your golf.
Not far off that 120 Ken
Thanks Paul- coffee before tee off time lol.
You did very well getting back in.
Good to see the market agreeing with my view of the RNS :-).
Laters.
I am pleased you are happy with the RNS and hope that you will be happier with the Q1 next month. You understand the business and your posts are always interesting to read.
I am not too happy with the dividend being reduced again and I hope the dividend will start to grow pretty quickly. After this one, the next will be September? -----------and it is a long wait after that to see ---and we are not getting any younger!
For me it is fingers crossed that the POG stays high (I'd be happy if it hovered at $2150 for the year) . IF it does, and the other things fall into place for Centamin, then a special dividend as a "Thank you. We appreciate all the crap you have put up with over the years" would be nice.
With a high gold price and lower AISC, they should be able to increase the dividend a bit and still have money to invest.
Did I see in the RNS that production is slightly weighted to H2?
On a slightly different note, I sold some at 99.5 on the 5th of March, hoping to get back in at a couple of pence lower. It didn't happen and I had to pay 103.5 :-( . Oh well.
What a crap dividend. Wont buy anymore.
From the full year results
"2023 DIVIDEND
Stakeholder, and specifically shareholder returns, are central to our Company strategy. We have built a ten-year track record of returning cash to shareholders, based on our policy linked to free cash flow generation before growth investment. Our dividend policy makes firm commitments on capital allocation, meaning shareholder interests are always at the centre of what we do.
Consistent with the Company's commitment to returning cash to shareholders, and recognising 2023 as the final full year of reset of Sukari, the Board proposes a 2023 final dividend, for the year ended 31 December 2023 of 2.0 US cents per share (circa.US$23 million), bringing the proposed total dividend for 2023 to 4 US cents per share (circa.US$46 million):
...
As announced on 9 January 2017, the update to the Company's dividend policy sets a minimum payout level relative to cash flow while considering the financial condition of, and outlook for, the Company. When determining the amount to be paid, the Board will take into consideration the underlying profitability of the Company and significant known or expected funding commitments. Specifically, the Board will aim to approve an annual dividend of at least 30% of the Company's net cash flow after sustaining capital costs and following the payment of profit share due to the government of Egypt."
No mention there of a change in policy. Of course they could change their mind in future.
PS off to golf now so anyone who is on the 08:30 call- would be grateful for any views.
Hi Sotolo,
This is also key, completion of fiscal drain item-
"This year capex at Sukari will be US$215m, plus US$91m of sustaining deferred stripping reclassified from operating costs. This includes the final phase of contracted waste-stripping programme which is expected to be completed during the middle of the year. Other investments include the grid power connection project, fleet expansion and underground expansion which will combine to support long-term production rates of around 500,000 ounces per year and improved margins."
Yes Steve miner divis are very cyclical but this normally means higher yield to reward for this. Theshare price is partly related to future divi expectations. I agree investing for future is necessary so we get a lower payout, but that will be reflected in the share price.. Cey paid out too much, now too little, a norm would be more like 50% between where we were and where we are, and with mine sorted out would hope we can recover to this. Combined with rising gold prices and ounces and lower costs that could double our price
Steve thoroughly agree no major surprises other than more positive than I thought it would be so steady as she goes, and sounds like the foundations are set and "consistent 500 thousand ounces at Sukari" is a positive. When I bought in there were no dividends so any dividends are a bonus.
I appreciate this Sotolo, but it would have been HIGHLY irresponsible to keep the divi high over the recent years based on the figures.
If you think the SP is low now it would have way lower has had they kept the divi higher- simply unsustainable -
For example you go getting a debt facility capability and at the same time dish out high divis when the cash pot was in the decline.
Would have been viewed by the market as bonkers.
Anyone relying on a miner as a safe bet for divis needs to take a serious look themselves- very high risk.
Yes indeed Razor, but despite divi which used to be a reason for holding, now hopefully capital appreciation and then with higher profits higher divi to come in future. Steve The shares at the opening seem to be refle cting this up about 4% I guess for gold price and down 2.5% on lower divi. Steve for many holders as supposed to traders the dividend is very important, esp if retired, for income. However I hold as despite much lower payout, if gold rises, ounces rise and costs fall then dividend even at around 30% will slowly rise back again and the future looks solid now a lot of what went on divi is investing for the future…if it pays off and gold stays high imho
I think the low dividend is a mark of the new management.
I think if they reach the level of having a few hundred million in the bank they will still be reluctant to hand it out in dividend payments.
Martin Horgan repeatedly mentions m&a, I believe he has foresight to making acquisitions which will lead to Centamin’s share price being circa £3 or £4 and even beyond.
Give the surplus cash to the shareholders is history.
Blimey- what a bunch of gloom merchants!
Have you read the report, EBITDA up 25% and so on?
I'm glad the divi is 2cents, would have been irresponsible to have gone higher when you look at the report detail.
The government share at 52.5% may look high but we pay no further tax, Hochschild paid an effective tax rate of 72% in figures apr 2023!
Yeah, not a great divvy. The Government share table is so disheartening how much is taken from the top.....
So divi indeed down again another 20%, even at this historically lowish share price we are only only yielding 3%, now more is invested in the fiture, so as said before we need to depend on the gold price, hopefully its rise will obviate the not v interesting results (tho aisc costs good) and making near $1000 and ounce means near £200k a year even if a lot of that goes in reinvestment in growing the company. Hold and hope we continue rising on growth and gold price and become tier 1 again soon imho
2cents final divi not as good as I was expecting but we may get good rise on the back of gold at open
At open
Equities in Europe traded higher in the premarket on Thursday after the Federal Reserve's decision to keep the key interest rate the same propelled the Dow Jones Industrial Average to an all-time high close. Investors also prepared for the Bank of England's (BoE) new monetary policy move and the reports on services and manufacturing in Germany, the Eurozone, and Britain.
The DAX gained 0.95% at 8:00 am CET. At the same time, the FTSE 100 advanced by 0.73%. The CAC 40 increased by 0.95%. The Eurostoxx 50 went up by 1.15%.
The euro grew by 0.14% at 7:58 am CET to sell for $1.09371. Simultaneously, the pound sterling rose by 0.06% to go for $1.27933.
Baha Breaking News (BBN) / JR
Happy numbers day y’al
We really couldn’t ask for better market conditions in which to announce the 2023 earnings.
Asia and Europe both trading higher plus,
Gold currently $2207.77
The price of spot gold continued to surge, breaking new records and surpassing the $2,200 milestone.
The increase was seemingly affected by the earlier Federal Reserve monetary decision to keep the rates unchanged for the fifth meeting in a row. The optimism was also driven by the Federal Reserve Chairman Jerome Powell who noted that the monetary policy easing could occur "at some point of this year."
Gold rose 0.69% at 6:59 pm ET, going for $2,201.56. At the same time, silver advanced 0.24%, selling for $25.64. Meanwhile, simultaneously, platinum gained 0.30%, going for $912.28, and palladium rose 0.31%, selling at $1,000.02.
Baha Breaking News (BBN) / DD
Traded a lot since then Paul.
Too busy to post all trades.
You must have realised when I was in and out and in and so on from all of my posts since then :-).
You know I post on data point and frequently post these points.