We chatted to IronRidge Resources' CEO Vincent Mascolo who explains why the company has become a lithium explorer. Watch the video here.
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The attitude of many South African employers and many employees is very different!
This system, therefore, relies on voluntary compliance by employers. But, sadly, high levels of noncompliance with basic labour laws are a common feature of the South African labour relations landscape. This is not peculiar to the conditions of lockdown but is indicative of a wider culture of noncompliance among employers in the country.
Culture of noncompliance and a lack of enforcement
Data from the labour department’s inspectorate shows that just over a third of the employers it has inspected since the beginning of the lockdown have not been compliant with occupational health and safety measures designed to protect workers.
Commenting on the high levels of noncompliance, the inspector general, Aggy Moiloa, said:
We are shocked that many organisations are still struggling to comply with the OHS Act. It should be every organisation’s habit.
But a quick look at the data for previous years shows that this level of noncompliance is normal and should not have come as a surprise.
Last year, the department reported to the employment and labour parliamentary portfolio committee that, on average, over a third (37%) of the employers inspected had not been compliant with the occupational health and safety act. Similar levels of noncompliance with basic labour law are also seen in the high percentage of employers that have failed to register their workers for the Unemployment Insurance Fund.
Reply to me from my Centamin this morning -
Still zero at Sukari. Fingers crossed going forward!!
Agree, completely irrelevant posts from White Wash. Move on now.....
Stock market indexes in Germany and France were higher on Monday as daily coronavirus cases in Europe declined over the weekend in Spain, Italy, the United Kingdom and France. Meanwhile, tensions remained high between the United States and China over the coronavirus pandemic start and the Hong Kong national security law.
The FTSE 100 was closed for the Spring Bank Holiday and US markets will remain shut on Monday due to Memorial Day.
The DAX rose 0.94% at 7:21 am CET and the CAC 40 was up 0.66% at the same time. The euro lost 0.08% to trade for 1.08928 against the dollar at 7:23 am CET.
Breaking the News / VP
Nice one white door, are you trying to panic investors.
Sounds like it.
Excuse me ,if I am wrong.
Correction 650 workers test positive for coronavirus!
Operations at the world's deepest gold mine, in South Africa, have been halted after 164 cases of coronavirus were detected there.
The Mponeng mine, like all others in the country, resumed operations last month after being closed in March as part of a national lockdown.
It had been operating at 50% capacity but some workers have reportedly raised concerns about their safety.
Most of those who tested positive were not showing any symptoms.
They have all been put into isolation, according to the mine's owners, AngloGold Ashanti.
The company said that 650 workers had been tested after a first case was detected last week
In early May a ministry of health official told a parliamentary committee that quarantine hospitals were full, and doctors complained on social media of having to turn infected people away.
Egypt has registered 14,229 cases of Covid-19 and 680 deaths. Some 745 new cases were recorded on 20 May, the highest one-day total so far. About 13% of those infected are medical professionals, according to the World Health Organization.
“Some doctors say those who had symptoms earlier are much luckier than us, as if you got Covid-19 earlier, you got a hospital place,” said one medical worker at a Giza hospital. “If you get it nowadays, you won’t get a place.”
He blamed the state for the spread of Covid-19, pointing to a profound shortage of protective equipment. “It’s a disaster. Catastrophic,” he said. “Many doctors say they [the government] don’t care about us.”
He deplored the Egyptian government’s boast of supplying PPE to Italy, America and the UK while doctors in Egypt faced shortages. “Things got much worse recently. Doctors working on Covid-19 seeking to get PCR tests [tests to see whether they are infected] for themselves find their requests denied many times.
“Hospitals are collapsing. They have to turn away people who come in with symptoms, but these people have no other options as all places are full.”
Egypt’s health ministry spokesman, Khaled Megahed, was not available when contacted for comment.
The Egyptian Medical Syndicate – a representative body for healthcare workers that is partially state-controlled – has repeatedly demanded that the government change course and demanded more PCR tests.
The syndicate head, Hussein Khairy, and Cairo chapter head Sherine Ghaleb wrote to the prime minister, Mostafa Madbouly, in early May demanding a full lockdown for the last two weeks of the Ramadan holy month to deal a “swift knockout” to the virus, warning of a surge in cases if no further action was taken. The government declined to impose a lockdown, and health committee members stressed the need to protect Egypt’s fragile economy by “coexisting with the virus” while maintaining social distancing measures.
Officials imposed a nighttime curfew in late March, then it reduced it by two hours at the end of April. Shopping malls, banks and mass transit systems stayed open even as case numbers grew. Government officials have declared a new 5pm to 6am curfew during the upcoming six-day Eid al-Fitr break, including the temporary closure of shops and beaches.
While health ministry and cabinet officials have repeatedly spoken of the need to “coexist” with the virus, Madbouly has declared that the country will “return to normal” after the Eid holiday. Citizens must wear face masks in public, he said, but the government will now consider reopening restaurants, gyms and places of worship.
Multiple Egyptian officials have blamed citizens for the spread of the
Covid-19 The Revolution After The Crisis
Daniel Araya Contributor
Google £179.60 as you say Mr Bond
Why are these African countries still trying to create hydro power when they could be using solar and wind turbines which would mean that they wouldn't need to be building cable grids all over their counties and there would be no need to import power as the solar panels and wind turbines could be installed much closer to where the energy is needed.
Is this not an example of the establishment trying to keep developing nations dependent on the present unfit for purpose system?
Thanks so much Gnome, fascinating stuff. Dalio sadly says the same as the Fourth Turning , the book I suggested a couple of weeks ago, written in 1996 and predicting the 2009 crash, which it said would result in increasing debt, ultra low interest rates leading to increasing wealth gap, along with the concomitant rising populism and nationalism which all combined presage something horrid like the 1930’s, through to 2025. Dalio’s cycles are very similar, and Covid‘s economic ramifications just augment what was already happening. My investment in gold is to build - we are in one bedroom above a garage on a wonderful bit of land with planning for a super modern house, or buy a bigger property nearby, as we are at sea level prone to flooding, and have border issues which are never pleasant . Finally gold enables us to build or a footballers wives house in a medieval Oakwood has nearly halved in price over the last three years but everything is wrong about it other than magnificent oaks and above the sea even with a distant sea view. However given Ray Dalio etc I feel this might be a poor time to exchange Centamin and Hochschild for a house, and maybe it is worth waiting just a little bit longer, having held on so long, for those golden flip flops all us have been holding the faith for. Moreover in these coming times the ultra low overheads we have now may seem better than a vast house and huge Overheads? Thanks friends
Whitegates55 an interesting contribution The Nile and it's source and Egypt's insistence on abiding by the rules and regulations that are in place to basically protect Egypt.
Uganda, Kenya and Tanzania like Ethiopia would be able to reduce their droughts considerably if they were able to take more advantage of the water originating from Lake Victoria , White and Blue Nile.
There will always be heated discussions on the pros and cons.
River Nile not Mile!
There are tensions between Ethiopian and Egypt over damming the River Mile.
Ethiopia wants to flood the Grand Ethiopian Renaissance Dam when the next rainy season begins in July. Egypt insists on having a say in how quickly it’s filled, because it will affect the flow of the Nile River, the nation’s main source of fresh water. The U.S., which counts the countries as important regional allies, has urged them to resolve the issue amicably.
READ: Egypt and Ethiopia Resume Their Nile Rivalry: Timothy Kaldas
U.S. and World Bank-backed efforts to mediate the dispute between Ethiopia and Egypt broke down in February, when Ethiopia withdrew from the talks. Earlier this month, Egypt accused Ethiopia of having “a policy of unilateralism,” according to a letter to the Security Council obtained by Bloomberg. In its response, Ethiopia has said it doesn’t have any legal obligations to seek Egypt’s approval to fill the dam.
The increased pressure for talks comes as Prime Minister Abiy Ahmed is distracted by negotiations with creditors about debt waivers. Ethiopia is expected to sign a moratorium with the Paris Club in the coming days, to free up capital the country needs to deal with the coronavirus pandemic.
Sudan has also been party to the discussions about the dam. The Blue Nile that originates in Ethiopia and is one of the main tributaries of the Nile, passes through Sudan en route to Egypt. The Sudanese government is working to restart tripartite talks, it said on Wednesday.
UN Secretary-General Antonio Guterres this week urged the countries to “peacefully resolve” their differences. European Commission President Ursula von der Leyen and European Council President Charles Michel also sent a letter to Abiy offering their support in talks between the three nations. The call came two months after Egypt appealed for the European Union’s assistance in the impasse.
Researchers at the German Institute for International and Security Affairs have proposed that the EU help to determine a price tag for a slower fill and help Egypt with financing to pay Ethiopia to cover that cost.
Ethiopia remains resolute that a so-called declaration of principles agreement signed by Egypt, Ethiopia and Sudan in 2015 allows it to proceed with damming the GERD.
“Ethiopia doesn’t need permission of any downstream country to utilize its legitimate share of water,” Ethiopian Water Minister Seleshi Bekele said said in a briefing to African diplomats earlier this week. “The first stage of the first filling starts this July.” The GERD is set to be Africa’s biggest hydropower dam once it’s completed, generating about 6,000 megawatts of electricity. Ethiopia plans to export power to neighboring states to help ease an acute shortage of foreign exchange.
Abiy on Thursday held talks with his Sudanese counterpart, Abdalla Hamdok, on environmental and
Thank you Razor's!
It was announced on yesterdays BBC radio morning news that two health experts/professors are warning the government that drinking at home during the Covid lock down has already caused an increase in alcoholism and liver disease which will put extra demand on the NHS, more people have also been calling AA advice.
My view is that we have enough "Nanny"state already and we have been paying for the NHS with our NI contributions for years, my local hospital is at present virtually empty except for Covid related cases, but what of increased jogging and other sport related injures during lock down these are also likely to cause increased demand for joint and other related injuries on the NHS for the future, this isn't mentioned?
The truth is more likely that the government want to increase taxes /duty on alcohol from the off licence and by claiming that it is to save the NHS the public will roll over and accept the tax increase without any fuss!
Don't drink, don't smoke , don't drive unless its to work, don't go to the doctors, dentist hairdressers, dog groomer's, don't travel on the bus or train, don't meet your friends too closely, Just stay in for the rest of your lives and watch the TV and of course pay your taxes to your glorious government and clap for more every Thursday evening!
The politicians should be learning from this , but they won't, instead they will try and botch things up by screwing the ordinary people yet again!
Still at least Centamin is doing well at the present!
cey closed At 179
Shares on major European markets dropped in premarket trading on Friday as investors continued to monitor the coronavirus pandemic. As countries reopen following months of shutdowns, market watchers are assessing the economic damage of the virus. In China, the government decided against setting its annual target for economic growth due to heightened uncertainty.
The DAX dropped 1.33% at 7:30 am CET, while the FTSE 100 fell 1.19%.
The euro lost 0.22% against the dollar at 7:40 am CET, buying 1.09250. At the same time, the pound declined 0.07% versus the US currency, to go for 1.22116.
Breaking the News / JC
Happy Friday y’al
Ah ‘tis the weekend again..
I met an Alcoholic friend of mine on a Tuesday, and when I asked him how he was doing “Ahh” he said:
“The weekends are joining up”.
Have a good one...
Thank you Gnome,
This looks to be an article that is well worth saving which I shall do!
Interesting set of works and words by Ray Dalio ...definitely worth a read.
While the evolution of empires and currencies is one continuous story that started before there was recorded history, in this chapter I am going to pick up the story around the year 1600. My objective is simply to put where we are in perspective of history and bring us up to date. I will begin by very briefly reviewing what the Big Cycle looks like and then scan through the last 500 years to show these Big Cycles playing out before examining more closely the declines of the Dutch and British empires and their reserve currencies. Then I will show how the decline of the British empire and the pound evolved into the rise of the US empire and US dollar and I will take a glimpse at the emergence of the Chinese empire and the Chinese renminbi.
That will bring us up to the present and prepare us to try to think about what will come next.
Thank you for you valued opinion on this, as my well informed acquaintance said not all gold miners have their share holders best interests at heart like Centamin!
? We adjust our model for Centamin to include its 2019 ful results and also reflect the strengthening GBP. The net impact is a l-year
2% decrease in our FY 2020E EPS. We also increase our
EV/EBITDA multiple to 7.5x (from 7x). As a result, our price target,
now based on 7.5x 12-month-forward EBITDA and 1x NAV,
increases to GBp184 (from GBp172). Shares are currently trading at
1.6x NAV and 5x 2020E EBITDA; however, we maintain our Buy
rating, and note that the shares have been a recent strong
performer due to the strong demand for decent gold exposure. We
remain positive about Centamin given the strong balance sheet of
USD379m of cash and liquid assets and c8% 2020E dividend yield.
? Price target and rating: Our model builds in some cost reductions
for H2 2020 and H1 2021 as part of the weaker oil price and
Egyptian pound. Our price target, based on 1.0x NAV and 7.5x
EBITDA, is GBp184 per share.
? Valuation methodology: We value Centamin on an equally
weighted blend of NPV (10%) and EV/EBITDA methodologies to
generate our GBp184 price target
Premium rating warranted
? The ongoing global uncertainty about the impact of COVID-19 has resulted
in a continued flight to safe haven assets, with the gold price surging to
USD1,700/oz. Centamin’s strong balance sheet (cUSD380m of cash and
liquid assets, with no debt) and sector-leading dividend yield (c8% for
2020E) offers clean exposure to the gold price, with shares having risen by
c30% over the last month. In our recent gold note (link here), we
highlighted that the “safer”, larger names are currently trading at premium
multiples (Centamin currently at 1.6x NAV) given limited to no operational
disruption and cleaner balance sheets. While we expect this to continue,
we do believe that there may be merit in taking some profit from these
names and recycling into delivery (Resolute) and/or leverage
(Hummingbird) stories. That being said, for investors seeking “safe” gold
exposure, we remain positive about Centamin and believe that the
company’s strong balance sheet and sector-leading dividend yield
warrants the premium rating. We therefore maintain our Buy rating.
? Operations: To date, Sukari operations have not been affected by COVID-
19 and the company remains on track to meet its 2020 guidance of 510-
540koz at an all- in sustaining cost (AISC) of USD870-920/oz (we continue
to forecast 510koz at an AISC of USD915/oz). Q2 is guided to be the
weakest quarter of production for the year at c115koz, to reflect a reduction
in underground grades; however, H2 is expected to make up for this. There
are sufficient staffing resources and critical supplies on site into Q3,
although the company notes that if travel restrictions are extended well
into H2, it is possible that operations may be affected. Furthermore, the
Sukari life of asset review is ongoing, with a series of independent
optimisation studies across the mine currently underway. Results from the
studies are expected throughout 2020, identifying areas of improvement.
? Model update and valuation: We adjust our model to include the 2019 fullyear results and also to reflect the strengthening GBP. The net impact is a
2% decrease in our FY 2020E EPS. We also increase our EV/EBITDA
multiple to 7.5x (from 7x), reflecting continued operational delivery. Our
price target, now based on 7.5x 12-month-forward EBITDA and 1x NAV,
increases to GBp184 (from GBp172). We maintain our Buy rating due to the
company’s strong financial position and dividend yield, but note that,
given the recent share price performance, valuation is approaching full
19 May 2020
Current price Price target
19/05/2020 London Close
Market cap (GBPm) 2,063
Bloomberg CEY LN
Changes made in this note
Rating: Buy (no change)
Price target: GBp184 (172)
2019 2020E 2021E
old ? % old ? % old ? %
Sales 658 -0.9 852 0 815 0
EBITDA 295 -0.8 446 0 404 0
EPS 0.07 -4.8 0.16 -2.0 0.09 0.0
Source: Berenberg estimates
Looks like my luck might be in, pog on an upturn at the moment. Fingers crossed.
Dividend reinvested at 177! Now fingers crossed for a bounce in pog!