George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
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Currently + 1.17% $1898.00
Hi Dasut,
"Nails on the head!"
You recently mentioned the conversion in the past soon after Martin Horgan took over regarding the creation /setting up of a "Chamber of Miners" or consortium so that they could be better represented, you had also remarked prior this in the past if and when other miners moved in this was likely to happen and how it would benefit Centamin.
Tibbs
I looked into it and it had so many red flags that it was incredible. It serves as a warning about cross ramping by individuals with a modest previous posting history especially on micro companies. In a few weeks it will get delisted as the most likely outcome.
Hi Razor's,
Certainly Kees Dekker's initial reservations and findings were confirmed (see below) , lets hope we prevented some people being sucked in by the "Ramper " that posted on here!
Tibbs
Kees had a look at Caracal Gold and here some observation:
- It is not Toronto listed, but in London. This allows them to report much less stringently, something noticeable in the latest Financial only available up to 30 June 2022. At that time they had negative net current assets and virtually no cash. I could not see from news releases they raised more cash. That leaves them pretty hamstrung.
- The company’s operations were very cash negative up to June 2022.
- Given a target rate of “expanded” production in Kenya of 25,000 oz per year you should ask your self if they will have the critical mass to carry the overheads of a listed company.
- The Tanzanian assets were previously owned by Resolute. You should ask yourself why Resolute did not turn these to account. The grades are OK’ish, but the dimensions of the individual deposits are very small. Without a proper technical report it is hard to get a handle on the merits of their mineral assets.
- Kenya is not a great jurisdiction and Tanazania has proven to be difficult as well.
This may well show a share price rise (the historical trend is however downwards), but it would probably through successfully hyping its prospects. Personally I find the risk/reward equation not compelling.
This is the stock someone was promoting on this page on Monday.
Two days ago it dropped 25%, yesterday it dropped 11% and today it’s down 13%.
Blood Nora!
All bets are a continue to the dropping. As I say, if it meets or is better (key is always measured v expected), then FED more likely to reduce tightening quicker, and stocks, gold, crypto (which has already risen ~10% in past week) etc will rise as. Of course if the result is the reverse, then the opposite will happen.
More likely is a crash in the dollar to drive up Gold. Personally you won't catch me investing in a singular mine again. All it takes is an operational issue, or a change of attitude by the Govt and you're f88877cked. Its a question of time as something always happens to put the boot in. Better off with a Barrick or larger outfit for obvious reasons. Good luck on this and likely to see £2 this year IMO.
Let's hope you're right Steve. Being gloomy I suspect inflation is much more deeply entrenched than we know. It's a difficult genie to get back in the bottle and QE went off the scale during lockdown.
Inflation drop at least to prediction- lower would be fab - hopefully :-)
Equities in Europe traded higher in the premarket on Thursday ahead of the release of the European Central Bank's (ECB) new bulletin, which will present the Governing Council's take on the current economic situation. Investors will also pay attention to the freshest report on inflation in the United States, which will be unveiled later in the day.
The DAX advanced by 0.26% at 8:00 am CET. At the same time, the CAC 40 gained 0.48%. The Euro Stoxx 50 increased by 0.32%. The FTSE 100 went up by 0.23% at 8:01 am CET.
Both the euro and the pound sterling stood flat against the dollar at 8:01 am CET, selling for, respectively, $1.07591 and $1.21457.
Baha Breaking News (BBN) / JR
The People's Bank of China revealed at the weekend a further 30 tonne purchase of gold in December, following on from its first reported monthly purchase of 32 tonnes in more than three years in November.
Traders are now looking for signs on how persistent inflation will be to gauge the outlook for monetary policy. Phillip Streible, chief market strategist at Blue Lines Futures, a brokerage, said that gold could break through $1,900 per troy ounce if the US consumer price index data on Thursday are weaker than expected.
"Once you get in the 1900s, it becomes a gravitational pull towards $2,000," he added.
MKS PAMP, a precious metals group, predicts an average price of $1,880 per troy ounce this year with the potential for an even higher price in the case of continuing volatility in the financial markets, lower global growth or faster cooling of inflation.
"Gold has been down on a hawkish Fed fighting inflation but it is not out with upward trajectory from here on out," it said.
However, James Steel, HSBC's veteran precious metals analyst, added that retail investor demand for gold, particularly for jewellery, begins to bite when prices rise above that level, capping gold's potential rise.
And some are cautioning that a less aggressive
Fed policy has already been largely priced in.
BC analysts warned that market expectations of
Fed rate cuts from mid-year "are not yet a foregone conclusion".
https://www.ft.com/content/0cfdf85b-83b8-4737-a66e-72b90218af30
Precious metal has jumped 15% since early November
Gold prices have ripped higher over the past two months as expectations that the US Federal Reserve will slow its interest rate rises boosted the precious metal.
Prices of the yellow metal have risen 15 per cent since November 3 to almost $1,900 per troy ounce, reaching the highest level since April 2022.
The rally comes as the market increasingly expects that the Fed will slow the pace of its increases in borrowing costs as inflation eases off its highs. Higher interest rates make gold, which unlike bonds provides no regular returns, less attractive.
"Broad financial market expectation that the Federal Reserve will need to pull back on aggressive monetary tightening is helping to support the gold market even as Fed speakers show no sign of turning yet," said analysts at
Emirates NBD.
Analysts also said slower Fed rate rises compared with other central banks, such as the European Central Bank, could put downward pressure on the US dollar, which rose sharply last year. A weaker dollar tends to benefit commodities, including gold, since it makes them less expensive for buyers outside the US.
Gold's latest 50-day run marks its best since the coronavirus pandemic shook global markets in 2020, which sent prices above $2,000 per troy ounce.
Gold prices slid sharply last year after hitting a record high in March as central banks around the world moved to raise interest rates to stymie inflation and the dollar was boosted by the strength of the US economy.
That weighed on investor appetite for gold with a second consecutive year of decreasing demand for gold ETFs. Investors sold $3bn worth of physically backed gold ETFs in 2022, a 3.4 per cent decrease to $202.7bn of global holdings at the end of December, according to the World Gold Council, a trade body.
Analysts say gold prices were still resilient given how fast the US central bank moved to rate rises thanks to record levels of central bank buying and strong retail investor demand as cryptocurrencies and tech stocks dropped.
Cont.
It will be interesting to see if the judiciary in Egypt vote to limit the the coverage of their powers and rights to claim.
The following is an extract from Extract from a report in Stanford Journal of International Law entitled Egypt's Ban on Public Interest Litigation in Government Contracts: A Case Study of 'Judicial Chill'
1) PIL proliferated in Egypt because of the lack of good governance, particularly the absence of an independent anti-corruption body during the privatization program.
2) The promulgation of Law 32/2014 is an example of “judicial chill”, where the government forecloses the courts’ review power in the name of foreign investment.
3) Law 32/2014 curtails the fundamental “right to petition the courts” as laid down in the Egyptian Constitution.
4) Instead of limiting PIL, Egypt should address the widespread and institutionalized corruption in government contracting as the root cause of the disputes, by establishing an independent anti-corruption body and streamlining government contracting.
5) Egypt should consider explicitly allowing for citizen suits in the area of human, labor, and environmental rights' to overcome government inertia and corruption.
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2578819#
Stock exchanges in New York closed with gains on Wednesday after Boston Federal Reserve President Susan Collins said she would support a 25 basis point rate hike that would allow the central bank to "assess the incoming data before we make each decision." One of the most important economic reports for the Fed, the latest consumer price index data, will be released an hour before the stock markets open tomorrow.
The Dow Jones Industrial Average index was up 0.80%, or 269 points, at the close with Microsoft, its best performer, rising 3.02%. The Nasdaq 100 advanced by 1.76% as Lucid Group jumped 10.29% at the end of the trading session. The S&P 500 closed 1.28% higher. GE HealthCare Technologies pulled up the index after soaring 8.32%.
The euro was up 0.16% compared to the dollar to change hands for 1.07546 at 3:59 pm ET.
Baha Breaking News (BBN) / MS
Should see a positive day tomorrow
A woman metallurgist doing QA and QC in an Arabic country telling some of the male workforce what to do. To pull that off she has to be a real Tiger*****. For any guy stepping out of line, she would need to have the technique of dropping them through the trap door in the floor (verbal comeback) to the entertainment of everyone else and nobody around wanting to help him. Certain women know exactly what to say in those circumstances. (The first element involves speaking very loud so everybody hears). Tony
Some may find this interesting.
https://twitter.com/barrickgold/status/1613137252980236288?s=46&t=sOz4Cj-zQue9w5qKUz1cXQ
https://twitter.com/centaminplc/status/1613141452984385536?s=46&t=sOz4Cj-zQue9w5qKUz1cXQ
Thank you Mrtibbles and again remarked upon in another “influential column”.
I had both the premarket rant and the Telegraph article ready for posting at 7am but the LSE website was down, bleeping frustration, all I could do was go back to sleep.
Centamin’s ducks seem to be lining up nicely.
Previous sell targets and analysts predictions will all have to be reassessed if any half decent results appear from court or company.
Bol
You beat me to it Razor's, thank you for posting!
Yes, I agree the AISC will increase relatively, but, employees will raised by Egyptian pound that was lowered in value from 17 pound per $US to over 30 Egyptian pound per $US, and they sell gold by $US and with the calculating of the impact the AISC should be lower than anticipated.
GLTA,
Dan
Phew…we were worried about you for a while there, Razors!…thanks for your morning updates.
Thanks Razor- missed this one. Good to see increased level of articles and positive ones at that, in the press.
Update: Centamin
The gold price is firming and so is the share price of Centamin, which is benefiting not just from fresh interest in the precious metal but also from better news from its Sukari mine last month.
This is most welcome as three years of patience with the FTSE 250 stock is so far yielding a low single-digit percentage capital return, thanks in part to subsidence at Sukari in summer 2020 and subsequent output disappointments.
An upgrade to measured and indicated resources at the Egyptian site represents the first such gain in excess of mine depletion in six years, extends the life of the mine and justifies the investment in additional drilling planned for this year.
The new exploration work and a pre-feasibility study in the Doropo site in the Ivory Coast are potential catalysts for performance in 2023, alongside any further gains in gold prices. Centamin could yet shine after three years of dull performance.
Hold.
https://www.telegraph.co.uk/investing/shares/mining-stock-could-worth-weight-gold/
Morning y’al no pre opening data this AM due to LSE outage still glad to share this comment on Centamin from today’s Telegraph.
Makes sense to me DASUT.
You need to check the % cost of wages in relation to overall operating costs, and against what was recently forecast and budgeted to assess impact. This will demonstrate the impact- meeting or exceeding actual v projection is where it's at.