Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Most major European stock exchanges traded down in the premarket on Monday as investors digested last week's central banks' decisions. The Bank of England (BoE) opted to keep the key interest rate unchanged, while the Swiss National Bank (SNB) unexpectedly reduced its key interest rate by 25 basis points to 1.50%.
The DAX fell 0.08% at 8:00 am CET, while the CAC 40 declined 0.35% simultaneously. The FTSE 100 dipped 0.16% at the same time. The Euro Stoxx 50 was flat. The euro was down 0.24% against the dollar at 7:15 am CET, selling for 1.06541. The pound traded 0.27% lower versus the greenback and went for 1.23900 at the same time.
Baha Breaking News (BBN) / RR
Happy Monday y’al
Gold currently $2164.84
Well said Cowichan, 100% agree
Putin is a lying thug. Those who repeat his threats of WW3 are cowardly. Don't be like the BRICS leadership who celebrate Putin's election win, instead, celebrate NATO and the day Putin is hanging from a noose in his underground bunker.
In case you have never heard of him - Paul Craig Roberts isn't just another mouthpiece.
He was in the US government and he was on President Reagan's team that negotiated the end of the cold war after the fall of communism and the end of the Soviet Union and he still has contacts in Washington and around the world. He understands US \ Russian relations better than most people.
"US-Backed Egypt Sitting Atop Muslim Brotherhood Powder Keg Inspired By Gaza, Failing Economy"
https://www.zerohedge.com/geopolitical/us-backed-egypt-sitting-atop-muslim-brotherhood-powder-keg-inspired-gaza-failing
Is it gets archived, see it here - https://thecradle.co/articles/egypts-atrophy-could-revive-the-brotherhood
Geopolitics could overtake all other issues.
I do not intend to discuss the politics of Russia, Ukraine, NATO, WW3 other than with regard to its effect on the gold price. The articles below are presented merely to show how close we are to the situation escalating into all out war.
I have in mind something Jim Sinclair said. Gold will go "No bid".
No one will sell their gold. He was talking about bullion. Obviously the miners will sell their product - but at what price? It will be snapped up at Bitcoin levels. Let's hope we live to enjoy the rewards.
THE EVER WIDENING WAR
https://www.paulcraigroberts.org/2024/03/24/the-ever-widening-war-58/
Dmitry Trenin Belatedly Realizes that Putin Has Not Been Sufficiently Proactive to Prevent Nuclear War
https://www.paulcraigroberts.org/2024/03/24/dmitry-trenin-belatedly-realizes-that-putin-has-not-been-sufficiently-proactive-to-prevent-nuclear-war/
Gilbert Doctorow describes the ever widening war
https://www.paulcraigroberts.org/2024/03/23/gilbert-doctorow-describes-the-ever-widening-war/
Mass Shooting at Concert Venue Near Moscow
https://www.paulcraigroberts.org/2024/03/24/mass-shooting-at-concert-venue-near-moscow/
"Putin Warns Of 'Full-Scale WW3' If West Sends Troops To Ukraine". [ ! ! and Macron has said that he will send troops]
https://www.zerohedge.com/geopolitical/putin-warns-full-scale-ww3-victory-speech-should-west-send-troops
Thank you mister T, but rather discounted that as need shares back where they were, Hoschild 3 times current price, Tharisa 2.5 times and Cey 2 times plus a bit for inflation! Ho Ho Ho
Hi Paul,
Valid points, glad you posted!
Tibbs
Absolutely Rebess,
After what took place in the past then the slightest suspicion that that the management are hiding some relevant facts will do nothing to help the share price or restoring the trust in the company.
I remain suspicious that we aren't being made aware of the whole story!
Centamin PLC (LON:CEY.L), a gold mining company, delivered a strong performance in Full Year 2023, as discussed by CEO Martin Horgan during their recent earnings call.
Key Takeaways
Centamin achieved 450,000 ounces of gold production in 2023, in line with guidance.
The company reported a 13% increase in revenue and post-tax profits to shareholders of $92 million.
Operational improvements led to a 20% increase in underground ore mined and a 0.5% increase in metallurgical recovery.
The company expects a production increase in 2024 and aims to narrow the cash cost and asset range.
Centamin maintains a strong financial position with $303 million in liquidity and a commitment to dividends.
Plans for 2024 include the final year of significant capital expenditure focused on a grid connection project and continued exploration efforts.
Company Outlook
Centamin plans to increase gold production in 2024 and continue with operational optimizations.
The new life of mine plan for the Sukari Mine aims to return the mine's ounce profile to 500,000 ounces while reducing costs.
The Doropo project in Cote d'Ivoire has transitioned from a cost center to a viable asset, with a feasibility study expected to be completed in mid-2023.
Bearish Highlights
Q1 production may be softer due to lower-grade areas in the open pit and scheduled maintenance.
The company is cautious about the impact of currency devaluation and inflation in Egypt on its operations.
Bullish Highlights
Centamin has identified two interesting targets in the Nugrus area and plans further drilling in 2024.
The company's decarbonization strategy includes solar power and waste reduction, contributing to cost savings.
Centamin's financial strength allows for ongoing investment in exploration and project development.
Misses
Unplanned maintenance during Q3 impacted processing, which remained steady at 12 million tonnes.
https://uk.investing.com/news/stock-market-news/earnings-call-centamin-boasts-robust-2023-results-with-strong-outlook-93CH-3397561
Very good points raised in post from member philandlynne
Centamin Profit Share Comparison July 2019
Price: 113.05
No Opinion
RE: Market 22 Today 10:45
Just looked at a couple of dates to compare where we are.
11th May 18 - before that lovely downgrade
CEY 164.25p Annual Production 560,000 Profit Share 55/45 AISC $884
Gold 1319
560000 * (1319-884) = $243m
55% 243 = $133.65m
3rd July 19
CEY 112.9p Annual Production 505,000 Profit Share 50/50 AISC $920 - taking an average from forecast
Gold 1417
505000 * (1417-920) = $250m
50% 250 = $125m
Cannot see that the so called massive affect of profit share really makes THAT much difference to last year?
So projected profit within $8m of where we were at 164.25p.
Does that really add up to a 51.35p drop?
philandlynne
Hi Dasut
Oh yes of course, the info came to light in his response to a question, unlike Pardey where it was a deliberate ploy.
Nonetheless, it was sensitive information that was suddenly out there with its influences and effects. IMO
Hi Sotolo,
You have an excellent memory regarding this very relevant issue
There are many different opinions regarding the terms of the on the profit share , as you will be aware it was the reason most other miners decided against doing business in Egypt and resulted in the recent changes regarding new mining concessions.
How Fair Is Egypt's Profit Share?
"The Australian minerals industry faced an effective tax rate of 54.3% in 2014/15 – the highest burden for nearly a decade, new research by advisory firm Deloitte Access Economics has shown.
The Annual Tax Survey, commissioned by the Minerals Council of Australia (MCA), showed that more than half of the industry’s profits are paid to federal and state government...
The tax ratio has steadily increased since the turn of the decade, from around 40% in 2010/11, to 54% in 2014/15."
So perhaps , Egypt's profit share is neither the bogeyman nor the death knell of gold mining investment when compared to the so called 'safe & modern' mining jurisdiction of Australia. Legalities aside, Egypt also has the benefit of an economical labour force, a desert full of untapped resources and the absence of rigorous environmental liabilities.
http://www.miningweekly.com/article/australian-miners-paid-more-than-half-of-201415-profits-in-tax-2016-12-09
Response from Buchanan on behalf of Centamin Dec 2016
50% is the average – it is the same in the US when you combine VAT, corporation tax, import duties on equipment etc. get much more above 55% and it becomes very difficult.
Remember with Sukari that the capex has been paid for already. We are now dealing with a free cash flow tax at 40% for 2 years, then 45% for 2 years and then 50% thereafter.
Even at the latter end of this Centamin are getting a fair deal.
Tibbs
Please note HISTORICAL post January 31, 2018 | 5:56 am
Centamin shareholders get bumper divvy, despite 2017 profit fall!
Egypt-focused gold miner Centamin (TSX:CEE) (LON:CEY) delivered good news to its shareholders on Wednesdays, announcing it would pay a final dividend of 10 US cents per share, or a total of $144 million, as it vowed to return all of its excess cash to investors.
The payment, on top of 2.5 cents given at the half-year, follows an $111 million compensation to Egypt in 2017, the first year of Centamin’s profit-sharing deal with the country’s government.
Such agreement, which kicked in when the company finished paying off the capital costs of Sukari, its only producing mine, gives Egypt 40% of profits for the next three years, and 50% after that.
The dividend, which almost double some analyst estimates, came despite a 13% drop in core profit for 2017 due to falling gold production and higher costs.
Earnings before interest, tax, depreciation and amortisation (EBITDA) fell to $326 million in the year ended on Dec. 31, the miner said.
Sukari, which began operations in January 2010, produced 544,658 ounces of gold last year at an all-in sustaining cost (AISC) of $790 an ounce. Set against an average price received of $1,261 per ounce, the mine generated $224 million in pre-tax profits for 2017.
“Sukari has produced every single commercial ounce of gold that Egypt has exported over the past eight years, which by the end of 2017 stood at over 2.9 million ounces,” the company’s chairman, Josef El-Raghy, said in a statement.
Centamin, which has been looking into expanding beyond Egypt by exploring and developing three gold projects in two other African countries, doubled the expected gold resource found at the Ivory Coast asset, and said it had also discovered another “exciting” discovery of a 12km-long “gold bearing structure”.
In Burkina Faso, the company is drilling the targeted resource and reserve expansion near Konkera.
Centamin chief executive, Andrew Pardey, said that despite the initial positive results outside Egypt, the company would not build a mine “for the sake of it.”
“We’d like to have a portfolio of mines, we’d like to have more mines in Egypt as well,” he told investors while delivering full-year results. “But it’s all about efficiencies and making sure those mines generate returns.”
Shares in Centamin jumped almost 2.56% in early trading in Toronto to Cdn$2.82, and were up 1.9% to 162.2 p in London mid-afternoon
https://www.mining.com/centamin-shareholders-get-bumper-divvy-despite-2017-profit-fall/
Hi Sotolo,
I hope that you do well out of your decision, you ceratinly deserve to achieve your goal of building that house!
Ahram Online , Wednesday 28 Feb 2024
Egypt signed seven Memoranda of Understanding (MOUs) on Wednesday in green hydrogen and renewable energy with seven global developers with expected investments worth $41 billion over ten years, the Egyptian Government announced.
https://english.ahram.org.eg/NewsContent/3/16/518563/Business/Energy/Egypt-signs--MoUs-in-green-hydrogen-and-renewable-.aspx
Shifting gears in the fight against climate change
Each truck, capable of carrying 290 tons, currently burns roughly 3,000 litres of diesel fuel and emits eight tons of CO2 emissions each day. The climate change mitigation potential of hydrogen-converted mining trucks is staggering: if the 1,000+ open-pit mines worldwide switched to hydrogen-fuelled trucks, a colossal 120,000 kilotons of emissions would be eliminated from the atmosphere each year.
https://tractebel-engie.com/en/news/2023/world-s-first-hydrogen-powered-mining-truck-to-save-eight-tons-of-co2-per-day
Learn about our nuGen™ hydrogen-powered ultra-class mine haul truck and witness its first motion.
https://www.youtube.com/watch?v=jRDcs3FCvP8
Note -Centamin are aware of this technology in mining trucks and it is an option they are considering adopting as an alternative to diesel.
Tibbs you are absolutely right, I don’t like Maguire so don’t bother to read him but you have every right to post him. Viz the 52.5% to the government, we then pay no more tax so ends up actually less than some other rivals so I am perfectly happy with it. I remain more optimistic than you: if profit is $1000 on 500k oz that is £200m as long as they don’t spend too much of that on Doropo speculation imho, though it is better that they are at least investing in the future, why I bought more yesterday, time will tell. All best
Ahram Online , Friday 22 Mar 2024
Egyptian governorates announced rising fares for public transportation and taxis, effective Friday, following an overnight hike in gasoline and diesel prices.
https://english.ahram.org.eg/NewsContent/1/1235/519800/Egypt/Urban--Transport/Egypt-raises-transportation-fares-after-hikes-in-f.aspx
Note Centamin's diesel prices are agreed in advance at a contract rate usually over six months or more.
Dear Steve Jones,
Be honest you are ust hoping to trade out of some spike in the share price based on as yet undelivered predictions from the CEO until reality kicks in and the share price crashes back down again so that you can do more of the same.
The reality is that the share price movement is constipated and the divi is now little more than table scraps and anyone considering investing in the company need to be aware before making a decision to invest of why the company is in the present situation and aware of effects on the bottom line by the very large brick of a 50% profit share on Centamin's tail.
It was the El Raghy family who were the main instigators of the creation of what some thought to be an over generous dividend policy, which is quite understandable considering the millions of shares they acquired from the early days of the company, they were raking it in!
That said so were long term share holders, although likely after the narrowly avoided implosion of the open pit and and realising the gigantean costs of the clear up what was considered by some as an overgenerous divided policy is something that the present management would have preferred to have gotten out of, but they realised that just to stop paying the divi would be impossible so they seem instead to have adopted a policy of eroding the dividend by a thousand whilst diverting the sheeple's by making predictions of "Good times coming"
It is a mistake to assume that everyone is aware of the issues with the Egyptian economy, I come across people everyday who aren't .
The article from Investing.com is the journalists present opinion on the latest results and so relevant to anyone who is already invested in Egypt and also to anyone who may be considering investing into Centamin.
If you don't like Andrew Maguire or his pretensions for whatever reasons then that's your opinion, viewing is optional!
Tibbs
If any of you can work it out on the back of a ciggie packet etc? Given that the policy is still supposed to be about returning 30% of the profit to shareholders, how much profit would they need to give a decent dividend?
I understand that the more they spend, the less profit there will be, but with the current price of gold (if it holds) and if production and AISC are at the midpoints, surely there should be enough for a decent dividend?
After Thursday and yesterdays fall in the POG, I try to cheer myself up a bit by thinking that it has dropped a bit but it is still at $2165. It would be nice if it climbs, but honestly, I think most of us would be happy if it stayed at that level for the year.
Good to hear from you Goldgnome.
I was beginning to think we’d lost you.
Centamin is cutting a positive path to prosperity all be it at slow pace but recovery nonetheless.
Happy Saturday
All good thanks, in the sweltering Colony to the south. Gold is going well against the fiats. I have been burying mself in trying to understand why the US$ is so strong when they have zero credible leadership, truck loads of debt just nipped over the $24 trillion (for those interested the next stop after trillions is quadrillions, 1,000,000,000,000,000 ), a health system that fails all but the very well healed, and so on and so forth.
CEY I note, the share price and some positive results ...
"an inflection point that will soon see us rewarded for the multi-year investment programme, with stronger free cash flow enabling us to deliver that growth while maintaining our track record of dividend payments."
Gold production is seen estimated at between 470,000 to 500,000 ounces, with a weighting towards the second half. The all-in sustaining costs guidance is USD1,200 to USD1,350 per gold ounce sold is comfortable and gold levels of us$2,200 per ounce..thats a $1,000 clear per ounce, and its a good place tobe in ....and they are producing to guidance regularly now, unlike the Pardey reign!
So I am starting to feel relaxed and somewhat comfortable...? ...
I have spent a month or so hiding in Africa, where most of the countries are well and truly broke. Lovely to spend time in Uganda, a beautiful country with such wreteched poitics, going from bad to worse. Uganda’s President Museveni has promoted his son to army chief, and if you drive the roads, you will a myriad government cars and troops flashing their way through the crowds, as if they owned the place (LOL). Recently, the president’s son has been holding rallies around the country (we ran into a few), violating a law barring serving army officers from engaging in partisan politics. But Kainerugaba says his activities, including the launch of activist group the Patriotic League of Uganda, are nonpartisan...LOL
Hello to all, and sorry for my silence ... I am back in the saddle ...
best luck to us all
The Gnome
Rebess, Horgan didn't volunteer the information about the soft 1st quarter it was as a result of a question from one of the corporate investors and then I followed up to understand more and asked about the production tonnes.
Mr T, everyone is well aware of Egypt issues, and bonkers for you to think than no one on this board isn’t aware of Maguire and all the other negative commentary - you’ve repeated this continually on this board.
Despite Centamin’s success story, it’s essential to acknowledge Egypt’s broader economic challenges. The country is grappling with high inflation, a heavy debt burden, trade deficits and other pressing issues threatening stability.
While recent geopolitical instability pushed the price of gold higher, such disruptions threaten global markets. For Egypt, they also cause revenue losses from the Suez Canal, further exacerbating economic woes and calling for careful evaluations of firms with key assets in such regions.
https://tinyurl.com/5n86j7j4
Hi Tornado,
Although there are those who attempt to deny all that you have explained because they have vested interests in keeping the manipulation going you are absolutely correct, Andrew Maguire has covered this subject/skulduggery in many of his presentations over the years.
Tibbs