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That was an ordeal.
But look at Sawari now, not doing very well,poor sod, ;-)
https://www.google.co.uk/search?q=International+Miners+Day&ie=UTF-8&oe=UTF-8&hl=en-gb&client=safari
There’s then followed a barrage of company RNS releases the amount of which I’ve never witnessed in all my years of share trading.
Are we in a calendar sweet spot…
Somethings gotta give!
—————
The Board of Centamin plc ("Centamin" or the "Company") notes the announcement by Endeavour Mining Corporation ("Endeavour") regarding an unsolicited preliminary proposal for a potential all share combination of the Company and Endeavour based on an exchange ratio of 0.0846 Endeavour shares for each Centamin share, implying a 5% premium based on the preceding 30-day VWAP of each company to 22 November 2019 (the Proposal).
The Board of Centamin has reviewed the Proposal with its financial and legal advisers and believes, based on publicly available information on Endeavour, that the terms of the Proposal provide comparatively greater benefit to Endeavour's shareholders, do not adequately reflect the contribution that Centamin would make to the merged entity and that Centamin is better positioned to deliver shareholder returns than the combined entity. As a result the Board has unanimously rejected the Proposal. Centamin will be making a further announcement with its detailed response in the near future.
In the meantime, the Board strongly advises its shareholders to take no action in respect of the Proposal.
Centamin shareholders should note that the announcement made by Endeavour does not amount to a firm intention to make an offer under Rule 2.7 of the Code. There can be no certainty that an offer will be made or as to the terms on which any offer might be made.
As a consequence of Endeavour's announcement, an "Offer Period" has now commenced in respect of Centamin in accordance with the rules of the Code. The attention of Centamin's shareholders is drawn to the disclosure requirements of Rule 8 of the Code, which are summarised below.
In accordance with Rule 2.6(a) of the Code, by not later than 5:00 pm (UK time) on 31 December 2019, Endeavour must either announce a firm intention to make an offer for Centamin under Rule 2.7 of the Code or announce that it does not intend to make an offer for Centamin, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline will only be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code.
The person responsible for the release of this announcement on behalf of Centamin is Josef El-Raghy, Non-Executive Chairman.
https://www.lse.co.uk/rns/CEY/statement-re-possible-offer-by-endeavour-mining-lzwb93en56hicc9.html
Equities in Europe traded lower in the premarket on Friday amid the unveiling of the newest reports on Germany's trade balance and the euro area's producer prices.
Previously, European Central Bank (ECB) President Christine Lagarde noted that Federal Reserve's tightened monetary policy affected the Eurozone's industrial production as much as it did the United States output. Meanwhile, Bank of Japan (BoJ) Governor Haruhiko Kuroda projected that global economic activity will slow down "toward 2023."
The DAX went up by 0.17% at 8:00 am CET. At the same time, the FTSE 100 lost 0.07%. The CAC 40 decreased by 0.30%.
Both the euro and the pound sterling stood flat against the dollar at 7:58 am CET to sell for $1.05295 and $1.22377, respectively.
Baha Breaking News (BBN) / JR
Happy Friday y’al
Enjoy your weekend.
The one thing Martin Horgan and co have significantly failed to do is improve / talk up the share price.
Spent lots of shareholder’s cash on good stuff for the future and longer term but zero SP increase in the shorter term Ideal situation for a takeover. My worst nightmare.
Other gold miners are good at self promotion why not Centamin. We need positive focus and statements in respect of value added for cash spent + good news as and when it occurs and not just dry formal statements. Martin Horgan, in this respect, and the communications team are failing badly.
Tomorow profit taking in both Gold and CEY.
Soon see.
GLALTH
more than 500,000 ounces for more than 10 years in the bottom half of the cost curve
That's cey in a nutshell.
Thursday December 01, 2022 14:08 Kitco News
He (Mr Bristow) also noted that the cupboard is bare stating that there is a lack of projects that would fit within Barrick, namely tier one assets.
"I don't think they're any tier one assets in Canada that fit our criteria, and that is you've got to be more than 500,000 ounces for more than 10 years in the bottom half of the cost curve."
https://www.kitco.com/news/2022-12-01/I-don-t-think-I-d-be-sitting-here-if-we-hadn-t-done-that-Barrick-CEO-on-debt-reduction-over-M-A.html
--------------------->>>>
Interesting that for the first time in Centamin's decade plus history of mining Sukari that management has suddenly prioritize/publish a 'ten year' production forecast.
Additionally , the rush to front load the costs of a massive waste clearing project.
I I wonder whether it was Powells speech or a combination of Short Covering for Basel 3 at the end of the month.
Either way onwards next to possibly 1900 maybe more.
The price of gold jumped on Thursday after Federal Reserve Chair Jerome Powell once again hinted that the central bank is likely to opt for a slower pace of interest rate increases at its next meeting, scheduled for this month.
The Fed official insisted that the central bank doesn't want to "overtighten" the monetary policy, as the goal is not "to crash the [United States] economy." The comments seemingly prompted the American currency to decline, raising appetite for the yellow metal.
Gold soared 1.53% to go for $1,797.14 per ounce at 9:24 am ET, the highest in over 3 months. Silver grew 0.82%, selling at $22.38 per ounce simultaneously and reaching its highest point since early June. Platinum gained 1.01% to go for $1,046.63 per ounce at 9:25 am ET. Meanwhile, Palladium lost 0.49% to sell for $1,873.35 per ounce at the same time.
Baha Breaking News (BBN) / AY
*Gold price currently $1800.73
110 would see me back in profit :)
The Egyptians have seen a huge drop in their currency. They could be the next Sri Lanka at this rate, their central bank is cherry picking what foreign bills are allowed to be paid as we speak.
https://twitter.com/centaminplc/status/1598270966223740929?s=46&t=YqeLaJMUYb23CF4RUMVfSQ
Any chance gold could repeat 2016 and 2019 when it ros by around a quarter bottoming before Xmas, could we be in the foothills, if only…..
Equities in Europe traded higher in the premarket on Thursday ahead of another series of data that was to be released throughout the day, including the reports on the unemployment rate in the Eurozone, and manufacturing in Germany, the euro area, and the United Kingdom.
The day before, Federal Reserve Chair Jerome Powell signalized the United States' central bank could slow the pace of raising interest rates at its next meeting in December.
The DAX traded 1.37% higher at 6:58 am ET. At the same time, the FTSE 100 rose by 0.52%. The CAC 40 gained 0.84%.
The euro advanced by 0.35% against the dollar at 7:05 am CET to sell for $1.04439. At that minute, the pound sterling grew by 0.37% against the greenback, changing hands for $1.21007.
Breaking News (BBN) / JR
Gold price currently $1780 + .59%
Its normal in BF Cowichan.
Forget Goverment intervervention ,they have no control.
Best out in BF .
The deposits are difficult and really worth little.
Perhaps a gracious gift to Endevour.
were apparently being mined by artisanals - and some violence/deaths have just occurred
Posted 1Hr ago
Adama SORO
Country Manager Endeavour Mining & Président Chamber of Mines of Burkina Faso
#Batie exploration has been damaged by some ASM workers yesterday, this is sad indeed as it is another mine asset damaged. It urges to find a lasting and peaceful solution for cohabitation between ASM and industrial mines. Violence is not and cannot be a solution. We strongly condemn such actions and call on Gov of Burkina Faso to protect all parties. We convey our condolences to those who have lost someone and our quick recovery wish goes to those who have been injured.
The whole mining industry is going through though time due to #security issue #inflation then we should collectively act to preserve assets we are struggling to run in this context. Burkina deserves the best.
Chamber of Mines of Burkina Faso #konkera #mining #ASM #Burkina
https://www.linkedin.com/posts/adamasoro_batie-security-inflation-activity-7003809320953913345-Zb4O
--------------------------------------->>>>
My Thoughts:
Burkina must get its act together quick if it hopes to preserve its mining industry - Endeavour in particular must be extremely nervous.
And it's interesting to note Mr Soro considers these Batie deposits important assets. If only our Centamin leadership was as like minded to preserve them until such time as they could be exploited.
Hi Steve.
As you with FED knowledge will know (but few on here will)Comex is operated by the Chicago Mercantile Exchange Board. Digging deeper will reveal that the FED has close if not total collapsed Chinese Wall relations with the board. However what fascinates me is the extent which the FED can influence and support the losses required to continually depress Comex to what it considers is enabling a support of the dollar. I believe that many I NSTITUTIONAL investors see the cracks appearing (viz the Powell reaction today ) and will trade on what they believe the FED;S ability to keep Comex price subdued.
I believe (as the Chinese say) we live in intersting times.
All conjecture on my part just to add a bit to this great board. Good to see Rebess adding a bit as well.
Kindest regards to all. Guess who got suckered into selling 5000 at 85.5 recently Yep Moi
Bob
As you know, I trade around FED. Moves things a lot more than anything else- apart from RNS from
CEY- and RNS only yield big movements on actual results or issues- the last RNS is another case in point. Inflation top and drop is where's its still at, as drives FED policy
Thanks Steve.
Yes I have noticed on Kitco.
Even Musk is calling them out for Rubbish Statements.
Which are behind the times and like their previous,saying infation was transitory. :-)
If you were wondering why gold and markets were moving
Rebess if a Chamber of Mines has been established in Egypt, I would suggest it would have been the organisation that could be behind the CC resurfacing, not only in support of Centamin but also establishing precedents for the future, benefitting all members.
I haven't been able to confirm that a Chamber has been established but feel sure Tibbs mentioned that one is now in place.
If this is the case and all mining companies are now members, then this organisation will have serious clout and legal strength in depth, so yes, I would hope for a positive outcome.
Good morning Razor
I'm still tune in but don't say much these days. - I'm adopting Miz's style. - Popping up every now and again with a cryptic comment. :) - It's still a good forum with people like yourself forming its backbone through thick and thin. - Some great contributions here, well worth reading I always feel. - Mr Bond, yes, a degree of sarcasm, I put my hand up to that. I do feel however, that Cowichan is keeping them on their toes with his exposes/comments, always well researched and factual. - He reminds me of the 'Sting' song - 'I'll be watching you' and I do believe it's having an effect. - One thing that recently made me sit up was the revival of the CC news. - How very interesting I thought, after all these years it still has life/influence. - You may or may not recall that I predicted that this trump-card, held by the powers that be, would be used, when appropriate, at some future date. - I agree with Cowichan's assessment, assuming I've understood correctly, if a take-over is to be accommodated that suits the controlling powers behind the scenery, then likely that Law 32 will go through. - If however, it is revived in order to finally make a judgement on the original court-case, I'm not assuming that the outcome will be favorable. - The CC trump-card has been held for too long now for it not to have a purpose. - IMO - Good luck one and all.
European stock exchanges were mostly higher in the premarket trading on Wednesday, with all eyes on the key economic data releases.
In the coming hours, investors will receive data on the euro area's consumer price index (CPI) and unemployment rate in Germany. European Central Bank previously warned that Eurozone is "not done with inflation," underlining that economic uncertainty owing to soaring prices of energy still remains high. Germany revealed the day before its annual inflation came in lower than projected with rising prices of energy and food keeping the figure at 10%.
At 8:00 am CET, the DAX dropped by 0.08%, while London's FTSE 100 and the CAC 40 were up by 0.11% at 0.20% respectively.
The euro edged up against the dollar by 0.15%, selling at $1.03418, and the pound sterling was up 0.10% versus the American currency, going to $1.19590 at 7:58 am CET.
Baha Breaking News (BBN) / AB
Happy hump y’al
Always remember..
Isopon waits for no one!
No word of historic Egyptian Pound devaluation in this article - just excessively high bullion demand...
"On Thursday, November 24, 2022, the price of gold in Egypt reached its highest historical level, as the price of the 21-karat gold recorded LE1,373 per gram.
The price of gold in Egypt jumped as a result of a sharp increase in the demand for buying bullion."
https://www.egyptindependent.com/gold-price-hits-highest-rate-in-its-history-in-egypt/