Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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European stocks were lower in Friday's premarket trading as investors look to the ultimate session in 2022 amid recession fears, hoping that the United States Federal Reserve may slow interest rate hikes in an effort to achieve employment balance. The traders also scrutinize the positive effects of China's reopening, while countries introduce testing requirements for Chinese travelers due to the COVID-19 surge.
The FTSE 100 lost 0.20% at 8:00 am CET, the DAX fell 0.13% and the CAC 40 was down 0.31% simultaneously.
The euro decreased 0.23% compared to the dollar to sell for 1.06436 at 7:59 am CET and the pound declined 0.18% against the greenback to go for 1.20455 at the same time.
Baha Breaking News (BBN) / MX
Last trading day of the year
U.K. markets trading on a 1/2 day
8:00 — 12:30pm
*Other bourses around the world may differ!
Happy Friday y’al, enjoy your holiday weekend.
Not a bad sign for CEY and the goldies ....
https://www.ft.com/content/e0983ebb-bbe0-4d33-8517-e19fa06e1a77
regards
The Gnome
Well noted Dasut, a similar situation existed in the oil and gas industry until it was reaslised how easy it was to tilt a contract in the direction of a fvaoured bidder, be it at company level or by management in their own, often personnal interets .
Well noted Goldnome re fleet avaiability, I would have expercted that to be a techinical crieriteria balanced against need for early start and price diffrerential.
My feelin g on the waste contract is Centamin through Buchanan could do a better job of informing and communicatiing, espcially the costs v future benefits in more detail. This way Shareholders could understand better the rational.
Hi Cowichan
As always with your posts nail on the head observation/.The Chicago Mercantile Exchange (a la Comex and the Fed) can only manipulate and obscure for so long before real world pressures burst the dam
Or does the saying dont fight the Fed still reign.
Kindest regards and thanks for the work and insight you bring to this board
Bob
Hi Cowichan
As always with your posts nail on the head observation/.The Chicago Mercantile Exchange (a la Comex and the Fed) can only manipulate and obscure for so long before real world pressures burst the dam
Or does the saying dont fight the Fed still reign.
Kindest regards and thanks for the work and insight you bring to this board
Bob
Central banks are scooping up gold at the fastest pace since 1967, with analysts pinning China and Russia as big buyers
Acknowledging its intake — but also possibly trying to signal its limited role — the People’s Bank of China (PBoC) reported earlier this month that in November it made its first increase in gold holdings since 2019, with a 32-tonne bump worth about $1.8bn.
Yet the gold industry says Chinese buying is almost certainly higher.
Mark Bristow, chief executive of Barrick Gold, the world’s second-largest gold miner, said China had bought tonnes of gold around the high-200s mark, based on his discussions with numerous sources.
https://www.ft.com/content/e0983ebb-bbe0-4d33-8517-e19fa06e1a77
My Thoughts:
How long can physical gold demand stay 'hidden' ?
Tibbs As we have seen from Cowichan's input the Mining world is somewhat incestuous and mercenary with people from mining companies jumping from one to the other for improved financial rewards. mining and drilling contractors are no different. Machine equipment dealers also have their tech guys tempted to work for all of the above companies.
Early days Pharoah Gold saw people moving from Tanzania from the likes of Barrick North Mara, AngloGold Ashanti's Geita. Capital had a base in Mwanza supporting the Tanzanian mining projects so no surprise that they were introduced to Pharoah Gold.
It is also common place to see contractors moving with Mining companies particularly into new mining areas. Ashanti Goldfields move to Geita in Tanzania saw African Mining Services venture into Tanzania as Tanzania developed then other West African Contractors spread their wings.
The only comment I can make is that getting equipment into and out of Egypt is a major headache, and delays are the norm, it is just a matter of how many months if not more than a year. There was and still is limited mining industry sevices in Egypt...this may have flavored decisions...
Spot prices of precious metals rose on Thursday after an unemployment report from the United States seemingly made traders believe the increase in jobless claims would result in a slowdown of the Federal Reserve's restrictive monetary policy that aims to push inflation down.
The market appeal of gold is often negatively affected by rising interest rates and the latest data could have offered investors some optimism about the yellow metal's potential in 2023.
Gold increased by 0.71% to $1,817.33 per ounce at 1:42 pm ET. Silver gained 2.04% and reached $23.97 per ounce at the same time. Platinum advanced 4.68% to $1,057.61 per ounce at 1:43 pm ET. Palladium climbed up 0.44% to $1,781.60 per ounce concurrently.
Baha Breaking News (BBN) / MS
From 2019
From the most recent report on 25th Feb 2019 the Cleopatra incline and the open pit are still not producing the higher grades or the improved output within the timescale share as promised to share holders by Andrew Pardey on behalf of the Centamin board.
This arrangement of Centamin and Capital Drilling being so closely intertwined by way of share ownership and the same senior management on both company boards and being represented to share holders by the same PR representative may be perfectly legal.
But even if this arrangement is perfectly legal then is it really in the best interests of the share holders as there will no doubt be occasions such as in 2018 (the effects of which of which we share holders are still suffering) when there may be a conflict of interests or management may be in a position where a particular situation means their loyalties may be divided?
Is this another example of glossing over a too close connection that may prove to be imprudent between the company and one of is contactors
It may be worth contacting Centamin Investor Relations or Bobby Morse of Buchanon , but as some shareholders are all too aware they seem to have adopted a policy of silence when it suits them towards investors.
Hi Dasut,
I agree entirely and it must surely raise some concerns that the same Buchanan PR director may well have been party to some pretty sensitive information regarding Centamin is also representing Capital Drilling in a PR capacity and it is Buchanan PR who are now justifying the way the contract was awarded.
It is also of note that the El Raghy have had close ties with Capital Drilling in the past.
https://offshoreleaks.icij.org/nodes/82006106
Perhaps of interest, I see that Capital Drilling forms strategic partnerships with companies, which includes drilling for equity, which it does for a range of companies. Other drill companies do the same. It may have been a good thing for Centamin at the time to help it get going? It also is rapidly expanding into West Africa, including Burkina Faso and Cote D Ivoire. It may of course be a coincidence that that is where Centamin is expanding, and then again it may not be.
http://www.capdrill.com/about-us/strategy
https://www.imd.org/research-knowledge/articles/the-four-tiers-of-conflict-of-interest-faced-by-board-directors/
In all my time working in the mining sector I never saw such a complex form of tendering. I guess this is because the contract isn't technically complex. As I have said previously if Centamin production team don't know their cost per tonne then they need sacking so doesn't take a lot to work out if you are being ripped off.
Capital will have had an advantage because they already had an in country infrastructure and as far as I am aware there isn't an established contractor capable of this project.
In reality it will take several months for the regulators to get going.
By that time it will be clear from trading if Basel is functioning.
Witnessed on a number of occasions over the past couple of months a c.20 point rise in gold price on US open and we saw the same yesterday which is clearly the commercial banks.
Also interesting to note the increased gold buying activities over the past few months from the central banks with record amounts of deliveries being seen in 2022.
Major stock indexes in Europe traded mostly lower on Thursday, as concerns over China’s COVID-19 control continued to mount on a global level. Following the United States’ step to introduce negative virus tests on travelers coming from China, the United Kingdom mulled over placing the same measures.
The DAX declined 0.27% at 8:04 am CET, while the CAC 40 slipped 0.28% and the FTSE 100 was flat at the same time. The Euro Stoxx 50 traded with a 0.36% loss at 8:05 am CET.
The euro traded 0.07% above the dollar at 8:05 am CET, selling for 1.06153. The pound added 0.08% against the greenback to go for 1.20250 simultaneously.
Baha Breaking News (BBN) / AY
The announcement refers to "competitive tender process" but not a two stage competitive tender process (with seperate technical / contractual and priced envelopes) which is good practice for technically complex major contracts. By two stage I mean the first envelope is opend first and evaluated and aligned for technical and contractual complaince and only after all bidders are aligned is the second priced envelope opened then the contract is awarded to the lowest pricxe technically acceptable tenderer. i.e. all have priced on the same technical / contractual basis. Single stage tendering mixes technical and price aspects and is open to abuse, hence the reason for two stage tendering. Buchanan are not giving the full story.
The fact that they responded shows that you are having an impact.
Your patience & tenacity are impressive, please keep on if you can maintain you’re energy :)
Hi Mr Bond
I think you hit the nail on the head re US intentions. Question is who can say nay. Nobody and survive. Use the knowledge to your own advantage. The US dollar is sacrosanct and therefore should be central to investor thinking.
Raytheon in October was a good bet.
Regrds
Bob
@Buchanan notes and would like to respond to the allegations made in the above post by guiding the author to the below announcement, which was made publicly on 2 December 2020 by Centamin via RNS of the London Stock Exchange and on the TSX, which provides details on why the highly competitive tender was awarded to Capital. Announcements such as these from companies which are regulated by either FCA in the UK, or the CSA in Canada (or both), undergo significant scrutiny before being announced.
https://www.linkedin.com/feed/update/urn:li:activity:7007435213572116480?commentUrn=urn%3Ali%3Acomment%3A%28activity%3A7007435213572116480%2C7010937328881795074%29
------------------------->>>>
Note: there has been an overwhelming response to the post Buchanan mentions, with several Centamin & Capital Drilling employees, mining professionals agreeing with the allegations made - thus Buchanan was pressured into issuing some sort of defense.
Despite this, increased scrutiny has been brought to bear - esp. in regards to a certain employee who was key in destroying Centamin's share price via a pit movement fiasco
https://www.linkedin.com/in/andrew-sands-0b6b9458/
Andrew Sands
Group Mining Engineer -Open Pit Planning Superintendent Sukari
Apr 2019 - Present · 3 yrs 9 mos
Endeavour Mining - Senior Mining Engineer
Endeavour Mining Corporation
Nov 2016 - Feb 2018
Paul ,your guess is as good as mine.
I suppose it depends on the regulators, but as in the past, the US changes rules and breaks accords if it wishes.
So what will happen? Anything or will it just pass by and be ignored?
Sorry forgot to mention that I feel sure that Doropo will have featured in the business plan to the syndicate of banks for the $150 million.
I am hopeful of a good year end report.
Tibbs welcome back I am not surprised that KD is somewhat vague and guarded with his views on Doropo as the update in November did sort of let us know that things are sort of looking good because the process is less sort of complicated. Guess we will all need to wait until the vague report becomes a real PFS/bankable document.
What I do however find interesting is that progress seems to be advanced in evaluating the contractors bids. So there must be more detail on the initial phases to give the contractors a mine plan to work with.
Still attractive Dividend at this level alongside the capital gains potential
Hi Tibbs
Missed you and our civilised difference of opinion debates.
Wish the rest of the world could follow our example
Kindest regards
Bob