Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Thanks Siko - Wow!
For Centamin long-termers, this will be remembered in the context of where they were when the news broke. :)
Echoing Tibbs and thanking you for your input over the years. - Many thanks.
Hi Siiko,
Excellent news at long last!
Thank you so much for all your efforts on our behalf!
Keep Well!
Tibbs
The Supreme Constitutional Court has ruled Law 32 is constitutional..
The SCC decisions are final. There are no appeals against them as it's the highest court in Egypt.
This means that this is the end of Centamin court case which was filed by Alfakhrany. The case and any previous initial rulings get cancelled.
I guess we should expect an announcement or a clarification from Centamin regarding this so that the whole market knows officially about it.
Details about the SCC decision today are in these links:
https://www.shorouknews.com/news/view.aspx?cdate=14012023&id=3a9d162e-d8f2-4943-99ac-b2f3d56be4c9
https://www.vetogate.com/4789302
Sikol
Thanks Spoon...
The Banks are being careful with their messaging for obvious reasons. Here is the next joke bouncing down the road...
Treasury Secretary Janet Yellen called on Congress to raise the debt ceiling as soon as possible, warning that the government could become unable to pay its bills after early June ! What a surprise!!!
In a formal letter sent to party leaders in Congress, Ms. Yellen said the government would hit the roughly $31.4 trillion borrowing limit on Jan. 19, when the Treasury Department will begin implementing so-called extraordinary measures to manage the government’s cash flow.
“While Treasury is not currently able to provide an estimate of how long extraordinary measures will enable us to continue to pay the government’s obligations, it is unlikely that cash and extraordinary measures will be exhausted before early June,” Ms. Yellen wrote to Congressional leaders.
“The president and the country will not stand for anyone saying, ‘unless I can cut Medicare, Social Security, Medicaid, or other programs seniors and middle-class and working families count on, I will cost tens of millions of Americans their jobs and retirement savings’,” White House spokesman Andrew Bates said Friday.
“The thing that makes me most concerned is the timing,” said Mark Zandi, the chief economist at Moody’s Analytics. “This is all going to come down to later this year…when most economists think recession risks are going to be their greatest.”
Its all fairly obvious...but we wont talk about it in polite company
best
the Gnome
Have a look at the reverse repo market Gnome, the big banks have now got over 2.5T parked with the Fed, a clear indication that those closer to the real truth foresee some nasty times coming :)
The biggest U.S. banks are preparing for a recession but aren’t feeling one yet.
They pointed to rising interest rates as the reason for the likely economic slowdown, though their quarterly earnings are only starting to reflect that. The four largest commercial banks collectively stowed away $2.8 billion in the final three months of 2022 to cover potential loan losses. As investors p****d the first batch of bank earnings, U.S. stocks climbed into positive territory, with the S&P 500 gaining 0.4%, the Nasdaq Composite up 0.7% and the Dow Jones Industrial Average adding 0.3%.
Below may be of interest, more on the status of Egypt rather than CEY specifically but I did find the reference to the removal of the energy subsidies being an IMF requirement rather than a decision of the Egyptian government to be notable.
I like Patrick Boyle, he gives fact based, non-political presentations which is refreshing in the current world environment :)
Hope you all have a good weekend.
https://youtu.be/RkhJrQyP0QQ
Thanks for the information Siko, it certainly puts a slant on the way the ruling may go.
With potential of Law 32 being ratified and entry of the Saudis into the Egyptian gold mining market I hope these developments don’t result in a take over of Centamin, especially given the abject failure of Centamin / Buchanan to promote the real value (jam tomorrow aspect) of Centamin and for this to be reflected in the share price.
Thanks for the information Siko, it certainly puts a slant on the way the ruling may go.
With potential of Law 32 being ratified and enrty of the Saudis into the Egyptian gold mining market doesn't result in a take over of Centamin, especially given the abject failure of Centamin / Buchanan to promote the real value (jam tomorrow aspect) of Centamin and for this to be reflected in trhe share price.
Gold +1.15% $1920.59
*Its a long time until 8am on Monday but gold closed well at 9pm
https://youtu.be/RkhJrQyP0QQ
may be of interest
Chief Operating Officer - CoTec Holdings Corp
Jan 2023 - Present
London, England, United Kingdom
Centamin PLC - Head Of Corporate Development
Centamin Egypt/Pharaoh Gold Mines
Jun 2019 - Aug 2022
Jersey, United Kingdom
https://www.linkedin.com/in/john-singleton-6055ba174/
https://cotec.ca/
--------------------------------------->>>
Apparently he left last summer. No notification to shareholders? The title sounds impressive/important but what exactly did he accomplish? Why was he let go? Did he screw up? Who, if anyone, has replaced him? Once again, I don't see any value creation from these professionals. (somebody will blithely comment that is why he was let go, of course)
LinkedIn Press release Jan 13, 2023
The Ministry of Energy, Mines and Quarries has been informed of a massive influx, in recent weeks, of gold miners on the Konkera gold site in the municipality of BOUSSOUKOULA whose permit belongs to the CENTAMIN mining company. This situation degenerated into an attack and caused the destruction of the CENTAMIN facilities by these miners from various backgrounds. On Thursday, January 12, 2023, an altercation between the miners left one dead. To deal with any eventuality, the regional authorities have suspended gold mining activities and ordered the eviction of gold miners from the site. The Ministry of Energy, Mines and Quarries deplores this situation, which has caused a loss of human life and was created by gold miners who do not hold any operating permit. This disorder thus undermines efforts to organize artisanal gold mining. Juni The ministry says that all measures will be taken to curb this crisis as soon as possible. of t Mines and The Director of Quarries The Department of Communication and Press Relations
https://twitter.com/Dieuson1/status/1613856486735618049
----------------------------------------->>>>
My Thoughts:
I sent Centamin a message on LinkedIn (even though they blocked me from tagging their director names) asking whether in fact Centamin knows it still has possession of these concessions.
Keep in mind this press release has been sent directly from Burkina Faso's Ministry of Mines. If they are indicating Centamin still has possession - why is their confusion/disagreement? If Centamin shareholders can benefit from these substantial Konkera gold deposits - either by sale/joint development agreement/royalty takeoff - we deserve management pursue this to the best of their ability. Answers Mr Horgan/Alex ??
https://www.linkedin.com/posts/don-lawson-98619370_centamin-plc-why-is-the-burkina-faso-ministry-activity-7019728720546451456-WgBX
Siko excellent explanation. We await your news tomorrow.
Many thanks Siko.
The reasons behind the commissioners recommendation:
The report supported law 32 constitutionality, considering that granting the right to every citizen to challenge state contracts violates the conditions of direct personal interest in litigation, and turns the matter into lawsuits that justice rejects in its latest forms, in addition to the people’s oversight of the government in its management of state affairs is through its deputies (MPs), which is a political oversight, not judicial, and its place is ballot boxes, not court arenas, so that the right to litigation remains a final resort and is linked to the direct personal interest, not by the citizenship.
The report also considered the law compatible with the constitution, which explicitly obligated the state to encourage investment, provide an attractive climate for it, guarantee different types of ownership, and adjust the litigation system in a way that preserves balance and stability in the contractual relationship between the state and investors.
As you know, we are expecting the Supreme Constitutional Court (SCC) to rule on Saturday on law 32.
Normally, the SCC refers cases to the SCC commissioners to discuss the case, listen to both sides and write a report with their recommendation.
The SCC does not have to agree with their recommendation, but it would look bad to rule against their recommendation, and normally they agree with it.
Last time, the commissioners recommended that law 32 was unconstitutional and recommended to cancel it. The SCC did not like their report/recommendation, returned the report to the commissioners and advised them to re-write it after further considerations.
Now the new report has been published, and the commissioners have found law 32 constitutional and recommended to cancel the case challenging its constitutionality.
If the SCC agrees with them, which is the most likely outcome now, that means law 32 is constitutional, which means the end of Centamin case because the law applies to all the cases which did not have a final ruling, and if you remember, the Supreme Administrative Court (SAC) has suspended Centamin case during the appeal stage pending the decision of the SCC on law 32, and the ruling from the first Administrative Court in Centamin case was an initial ruling, not a final one.
We will find out for definite on Saturday..
I will let you know as soon as I know..
(I will write the reasons for the commissioners recommendation in a separate post)
The Saudi announcement and the review of Law 32, converging all at the same time like some well thought out strategy. - Coincidence or what? - Maybe. - Will it be a slam-dunk for Law 32? - Courtesy of Siko, we should soon know.
Larry Centamin do not want or need partners.
The Saudis maybe interested in Shalateen, then their Fund will be less wealthy, but they would likely get a welcome, ;-)
Hi Tibbs,
The Saudi's could be interested in investing in SGM/Centamin satellite exploration blocks. There could be enough gold in the ground to share with them especially if they fund the building of the infrastructure to get to production. Its common practise in the oil exploration business to have partners with a free arry clause exchanged for cash.
Whats not to like.
It is great news that there is another major mining investor in the market, and particularly one which has some grasp of the importance of the Arabian Nubian Shield geology!
Possibly this vehicle will be looking for strategic stakes in companies outside of Saudi, although I doubt they would want to take only 1-5% ,seems rather small!
As to the terms of the exploration licenses in Egypt re Centamin, Barrick, and B2, although we don’t know where things have got to on this front It has taken a number of years/decades to get to the point where Egypt actually considering a mining a code which is quite an achievement in it's self.
I understand from a well informed source that we will be informed of the terms as soon as they are agreed.
Just look at all similar companies, pretty similar story... I always basic comparators before anything company specific.
I’m not complaining am in similar profit boat;) just observing the obvious that CEY is not rising with the gold price since hitting the 120s, as if it’s waiting for news…
I reinvested my dividends in November at 83p a share and at the current real time price of 123.05 I’m up between 48 and 49 %
Darn it’s so depressing.