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Well done Prof - I did the opposite - sold £30K at 163 fearing another collapse and bought back at 167...
If was wise I would not be so concentrated in Cey (unless it keeps going up in which case I will forgive myself). Seriously over concentrated and a lot worse than your 50% other than on my SIPP where I am only about 25% Cey.
I have far more cash than usual in the portfolio at present and may continue to increase as I sell off a lot of funds. I really worry that we could see another significant downturn in the markets as the breadth and depth of the economic malaise becomes apparent. I have been day trading with some of the cash. For example in my SIPP I bought £50k of Cey when in fell to 163 last week and then sold it later that day for 169. Part of me is kicking myself for not having held on as I would be a further 16p per share up per day; part of me is congratulating myself that I did exactly what I intended which is a a quick in and out to take advantage of what I saw (righty in this case) as a temporary market anomaly. I suspect for the time being I will continue to use my spare cash in a similar way and reassess in the autumn (or earlier if the markets move significantly). Best wishes, Prof
I hope there is no liquidity problems. As the share price could drop as before!
It dropped like a stone to less than £1.00 sterling. Time will tell.
Much as I hate the ramping and de-ramping that is prevelant on some boards, I do consider the opinions of those on this board and when I see a good opportunity, I like to share my thoughts with the more sensible posters.
At the moment I see IOG as a good, long term home for my CEY dividends.
Like CEY 4 or 5 years ago, IOG are on the cusp of much greater things. The SP has reached the bottom (IMHO) reflecting the PoO, (although IOG is primarily a gas prospect), offering an excellent buying window for the patient.
DYOR of course, but as a 'Buy and Tuck Away', I think it is one of the best.
Apologies to those who are offended, but surely BB's are there to share opinions.
"The IMF struck a cautious note on bans, saying that authorities should consider the potential negative impacts on liquidity and investors’ ability to agree prices."
It seems the IMF is far too heavily influenced by the Hedge Funds who so heavily rely on short selling selling to make their profits.
Governments should ban short selling permanently , all it does is create instability , although they chose to call it liquidity, all short selling does is keep the unfit for decent purpose system going for the benefit of the few!
They should let the hedged fund go broke and encourage real investment instead!
Everyone in good spirits today. - Smiles all round I think. - It's good to see.
Company still playing cards close with regards to new licence round. They are not giving much away are they? - Also not a great deal on West Africa.
I imagine 190 will be a little stumbling block but in this market will hopefully be taken out this week, convincingly ie end of day not just intraday, then we are in blue sky. Hoc still undervalued as I have been saying, though up over 20% since Fri lunchtime, when put my sharecentre divi in. Historically the share price has been about 1.6 times Centamin’s but it is still be lower, despite news of all mines restarting. However at the current prices of both like Prof I don’t think I will be reinvesting my remaining divi, if I ever get it from Barclays, in either Hoc or Cey, awaiting Prof’s ever wise words what he did with his.
I guess gold Flipflops cannot be Trumped or even Bidenned?
I saw 190 briefly about 10mins ago :)
Was hoping for 180 this month and 190 in June so happy days!
Good results, Is 2020 to be the year of golden flipflops? Gold rally just started and underway, hold fast all. £2 in sight, c u on the other side :-)
Prof, you are wise, if I may ask what did You reinvest in or stay in cash,
Also are you as bad as me and almost 50% in Centamin with its rise?
Hi Sotolo, I got the dividend on Friday on both HL and AJ Bell which I use for my children's ISAs. I have not reinvested it in CEY simply because I am far too concentrated in them. Having said that I bought an extra 25, 000 at 127 a couple of months ago so I pretty pleased with how they have performed. Your borrowing to pre-invest the dividend seems to have been quite a coup. It is certainly good to see gold so strong and CEY on the up and up. Provide gold stays strong, and I expect it will, I think we have plenty more to go here.
Much improved set of results this year, helped greatly of course by the current PoG.
The board changes will see the company through the period of uncertainty and hopefully be a good foundation for the company's growth into other areas.
Very positive IMHO.
Yes extra $400 an ounce, production up 50000 Oz and aisc should be down a bit with it so all in all if gold rises further we should break through all time high
Spain, Italy and France all ended their ban on short-selling on Monday.
All three countries banned short-selling for one month in March in response to the market selloff amid the coronavirus pandemic and extended the bans by another month with Spain citing "the persistence of risks and uncertainties for the evolution of the economy and the markets, including the high level of volatility."
Breaking the News / NP
2019 : " Average realised gold price US$/oz 1,399"
That was in Feb..now POG is about to hit $1800 so 2020 for CEY, with no debt/hedge looks pretty optimistic
BRIEF – Centamin Says FY Revenue Rose 8% To $652 Mln
May 18 (Reuters) – Centamin PLC :
Fy Revenue Rose 8 Percent To 652 Million Usd
Impact And Potential Duration Of Covid-19 Pandemic Remain Uncertain
Centamin Maintains Its 2020 Full Year Guidance
Gross Revenues Of Us$658.1 Million For Twelve Months Ending 31 December 2019, Up 7% Compared To Prior Year
Fy Profit After Tax Increased 13% To Us$172.9 Million
Fy Ebitda Improved 10% To Us$284.0 Million
Centamin - Previously Proposed 2019 Final Dividend Of 6 Us Cents Per Share Replaced With 2020 First Interim Dividend Of 6 Us Cents Per Share
Centamin - Josef El-raghy, Chairman, Gordon Haslam, Senior Independent Director Will Not Stand For Re-election At Upcoming
Jim Rutherford Will Become Independent Non-executive Chairman, Effective 29 June 2020
Source text for Eikon: ... Further company coverage:
Results, look very solid to me
Ross Jerrard, CFO, commented on the Company's full year audited results to 31
"2019 was characterised by continued operational improvements at Sukari, a
strong financial performance, excellent exploration target generation,
significant progress meeting our ESG initiatives and a continued focus on
delivering returns to all of our stakeholders. Underlying EBITDA improved 10%
on 2018 and profit after tax improved 13%, demonstrating growing margins,
assisted by solid cost management and improved grade, delivering costs per
ounce produced and sold in the bottom half of the guidance range.
We have made a good start to 2020 with production and costs on track. The
global uncertainty around the impact of the COVID-19 pandemic has created
significant volatility in the global investment markets, resulting in
increased safe-haven investing. Our clean balance sheet, with no debt nor
hedging, offers pure exposure to the gold price and our long cash position of
c.US$379 million 9 10 underpins the financial strength of the business and
self-funds current growth investment.
We continue to maintain focus on cost discipline and achieving greater
operational efficiency as the key margin and cash flow drivers. ESG is rooted
at the centre of our decision-making framework, including water efficiency and
air quality initiatives, improved workplace training and a Board of Directors
all focused on accretive growth of Centamin over the coming years."
Profit before tax .........UP 13%
Basic EPS................. UP 17%
Adjusted Free cash Flow UP .. 17%
Prof did you get your dividend and reinvest in Cey, lucky I borrowed that overdraft in April, which half the dividend will pay back, annoying not to be able to reinvest the rest yet, however of things go as we hope looking back in 3 months an entry price of 165 or 180 may seem little different. It is just annoying in Isa where you are limited in what you can add, though Tibbs is right, and be happy in the rise of the shares you do have
.i Guess the shares won’t be affected either way by these results but will rise with gold? What do you think.
Ross Jerrard, CFO, commented on the Company's full year audited results to 31 December 2019:
"2019 was characterised by continued operational improvements at Sukari, a strong financial performance, excellent exploration target generation, significant progress meeting our ESG initiatives and a continued focus on delivering returns to all of our stakeholders. Underlying EBITDA improved 10% on 2018 and profit after tax improved 13%, demonstrating growing margins, assisted by solid cost management and improved grade, delivering costs per ounce produced and sold in the bottom half of the guidance range.
We have made a good start to 2020 with production and costs on track. The global uncertainty around the impact of the COVID-19 pandemic has created significant volatility in the global investment markets, resulting in increased safe-haven investing. Our clean balance sheet, with no debt nor hedging, offers pure exposure to the gold price and our long cash position of c.US$379 million underpins the financial strength of the business and self-funds current growth investment.
We continue to maintain focus on cost discipline and achieving greater operational efficiency as the key margin and cash flow drivers. ESG is rooted at the centre of our decision-making framework, including water efficiency and air quality initiatives, improved workplace training and a Board of Directors all focused on accretive growth of Centamin over the coming years."
No RNS yet but see the link for the full report:
Where did you find that, no RNS here?
FY2019 vs FY2018
· Gross revenues of US$658.1 million for the twelve months ending 31 December 2019, up 7% compared to the prior year
· Costs within annual guidance: cash costs of US$699 per ounce produced1, up 12%; all-in sustaining costs ("AISC") 1 of US$943 per ounce sold, up 7%
· EBITDA1 improved 10% to US$284.0 million, at a 43% EBITDA margin
· Profit after tax increased 13% to US$172.9 million
· Basic earnings per share ("EPS") increased 17% to 7.59 US cents
· Operational cash flow improved by 11% to US$249.0 million, after gross capital expenditure of US$97.6 million predominantly invested in the long-term sustainability of the business
· Adjusted Group free cash flow improved by 17% to US$74.3 million, after profit share distribution of US$87.1 million and royalty payments of US$19.7 million to our local partner, the Egyptian government
· Debt-free balance sheet, with no hedging and cash & liquid assets of US$348.9 million, as at 31 December 2019, which has increased further to US$379.2 million, as at 31 March 2020
· To give shareholders greater certainty and expedite the dividend timetable, the previously proposed 2019 final dividend of 6 US cents per share was replaced with a 2020 first interim dividend of 6 US cents per share, equating to c.US$69.4 million, and paid on 15 May 2020
· Substantial Board refreshment delivered in 2019, and thus far in 2020, including:
- Appointment of Dr Sally Eyre, Dr Catharine Farrow, Marna Cloete and James "Jim" Rutherford as independent Non-Executive Directors in 2019
- Josef El-Raghy, Chairman, Gordon "Ed" Haslam, Senior Independent Director and Mark Arnesen, Non-Executive Director will not stand for re-election at the upcoming 2020 annual general meeting ("2020 AGM") on 29 June 2020
· Completing a comprehensive handover, Jim Rutherford will become the independent Non-Executive Chairman ("NEC"), effective 29 June 2020, following the 2020 AGM
· Dr Sally Eyre will become the Senior Independent Director, effective 29 June 2020
· The impact and potential duration of the COVID-19 pandemic remain uncertain. The Company has taken prudent steps including risk scenario analysis and put in place contingency plans for the business to navigate these difficult times. Centamin is closely monitoring the situation,?with an active response framework in place to manage and mitigate future impacts within its control
· Sukari operations have continued to be uninterrupted with sufficient staffing resources and critical supplies in to Q3, during which it is expected global travel restrictions may begin to ease. Should such restrictions be extended well into H2, it is possible that operations may be affected
· Centamin maintains its 2020 full year guidance, targeting production between 510,000-540,000 ounces o
CEY SP is only now at level where it was 3 years ago when Josef sold a bunch. Gold price is now about $400 above where it was at that time. Wow.
The price of gold in dollars advanced over 1% on Monday to reach the level last seen in January 2012, as extending coronavirus pandemic prompted investors to turn to safe-haven assets. Gold also rose to new record-highs in euros two times, first in April and then in May.
Spot gold in dollars was up 1.18% at $1,763.94 per ounce at 2:00 pm ET, while in euros it gained 1.23% to reach €1630.99 per ounce.
A minute later, platinum increased 2.31% to $812.18 per ounce and palladium jumped 4.09% to $1,954.58. Spot silver surged 3.42% to $17.22 per ounce at 2:01 pm ET.
Breaking the News / ND