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HIGHLIGHTS
Sukari underground expansion drives further production growth
Initial evaluation based on the current resource model exceeds the necessary return threshold to be advanced to the next phase of engineering.
Increasing underground ore mining rates to 1.5Mtpa, a 31% increase to current life of mine average.
Low capital intensity with an estimated US$25-35 million additional capital expenditure.
Increased gold production driven by higher-grade underground tonnes displacing lower-grade open pit and stockpile mill feed.
Safety, cost and productivity benefits with the use of underground portals from the base of the open pit.
Short project delivery time, targeting steady state for full year 2025.
Next step is to fully engineer and schedule the expansion in H1 2023.The Company has completed an independent option study carried out by Entech, the mining consultants specialising in resource geology, mining engineering, geotechnical and ventilation services based out of Perth, Australia, and supported by site management. The study included extensive scenario modelling assessing cut-off grade analysis; optimal ore mining rates ranging from 1Mtpa to 2Mtpa; geotechnical risk analysis; orebody geometry; mining methods; existing infrastructure and fleet capacity requirements.
Using the current cut-off grade of 2.2 grams per tonne of gold, the study recommended increasing ore mining rates to 1.5Mtpa as the optimal expansion-cost-risk trade off, with no material change to mining method. The expansion is facilitated through the use of portals into the open pit which will significantly reduce haulage distances and improve productivity. This will allow the trucking fleet requirement to remain reasonably consistent even as mining continues to depth, and from a safety perspective it provides an additional means of egress.
The capital investment is estimated to be between US$25-35 million and will primarily be spent on ventilation upgrades, underground development, additional fleet items (two trucks, one development drill rig and a loader) and potential increases to the paste-fill plant capacity.
As part of the study, a base case mining and development schedule was produced for the expanded 1.5Mtpa mining rate utilising the 2021 underground resource model. The next step is to deliver a fully engineered mining schedule by mid-2023, incorporating the upcoming 2022 Sukari mineral resource estimate, scheduled for publication in December 2022. Given lead times for equipment delivery and infrastructure implementation, it is estimated that underground mining rates will gradually ramp up throughout 2024 and reach the increased steady state for 2025.
Centamin plc
("Centamin" or "the Company")
LSE: CEY / TSX: CEE
CENTAMIN CONFIRMS POTENTIAL TO EXPAND SUKARI UNDERGROUND
Centamin is pleased to announce the potential to expand the Sukari Gold Mine ('Sukari') underground mine to 1.5 million tonnes per annum ('Mtpa') of total ore mined, as supported by the independent option study. This is at the upper end of the previously indicated range and represents a 31% increase in ore mining rates from the current life of mine average of 1.1Mtpa. Total material movement (ore + waste) for the expanded underground would be approximately 2Mtpa.
MARTIN HORGAN, CEO, COMMENTED: 'Expansion of the Sukari underground mining capacity is a significant step towards delivering on our commitment to consistently produce 500,000 ounces per annum from the Sukari Gold Mine. The ability to expand the underground is a result of our transformed approach to mineral resource management which delivered a doubling of the underground reserve in 2021, coupled with the productivity and cost benefits that are being realised following the transition to owner mining. The expansion option that we are taking forward to the next phase of mine planning offers both low capital intensity and a lower level of execution risk.'
For those wishing to have another look at the fiat system ...
The financial enigma resolved: A debt laden-money system
The Money Myth Exploded, written in 1936, is one of Louis Even's first articles and it remains, to this day, a favorite to explain how money is created. It is available in several languages: English, French, Spanish, Italian, German, Polish and Portuguese. For those that struggle with the understanding of the system, you can go to
https://www.michaeljournal.org/articles/social-credit/item/the-money-myth-exploded
Chapter 1. Shipwreck survivors
An explosion had blown their ship apart. Each one held on to the first bit of wreckage that came to hand. And when it was over, there were five left, five huddled on a raft which the waves carried along aimlessly. As for the other victims of the disaster, there was no sign of them.
For hours, long hours, their eyes searched the horizon. Would a passing ship see them? Would their make-shift raft find its way to some friendly shore?
Suddenly a cry rang out: “Land! Look! Over there, in the direction the waves are taking us!”
And as the shoreline draws nearer, faces brighten up. There are five of them:
Frank, the big and energetic carpenter; it was he who had first cried “Land!”
Paul, a farmer, whom you can see front and left in the picture, kneeling with one hand on the ground, the other gripping the mast of the raft.
Jim, an animal breeder, is the one wearing striped pants, kneeling and gazing in the direction of land.
Harry, a plant specialist, a little plump, is sitting on a trunk salvaged from the wreck.
Tom, a geologist, is the big guy who stands in the back with his hand on the carpenter's shoulder.
There are about another 19 short chapters, very simple writing. Probably 15 -20 minutes read
On the other side
https://famguardian.org/Publications/InThisAgeOfPlenty/plenty.htm
The system we have is flawed, opaque, and favors a small minority
Enjoy!
the gnome ...
For those interested in the role of gold in decarbonisation, please read on.
Gold and climate change: Decarbonising investment portfolios
Key findings
• The findings indicate that holding gold can contribute to
portfolio alignment with climate targets and a Net Zero
scenario. The benefits of gold allocations on a global
multi-asset portfolio (of equities and corporate bonds)
include:
– Reducing the portfolio’s overall carbon footprint
– Increasing portfolio alignment to climate
decarbonisation – Net Zero – pathways
– Reducing the vulnerability of the portfolio to climate
transition risks and shocks, such as the introduction
of a carbon tax
• A range of measures were used to quantify these
impacts, showing a consistent trend.
• We also found that these positive climate impacts
were achieved without adversely affecting the riskreturn profile of the portfolio. In fact, there were strong
indications that an allocation to gold would improve the
performance and risk profile of the portfolio, in addition
to its climate transition benefits.
• While the latter finding needs to be qualified, given
the limited (five-year) time frame of the back-testing
and gold’s relative outperformance during this period,
longer-term testing found that the performance and risk
profile impacts of gold allocations on the portfolio were
similarly favourable, although to a lesser extent.
https://www.sprott.com/media/4496/wgc-gold-and-climate-change-decarbonising-investment-portfolios.pdf
Any comments?
cheers
the gnome
Ha Ha, Goldnome.
A sense of humor ,it is clear.
A company ,with their '' Invest advice'', have only one way to end up.
Seriously without investor support.
Or are there suffucient to continue. That would not surprise.
Below is an excerpt from a Senegal newspaper regarding Endeavour's latest results. Instead of celebrating a foreign investment success story, harsh criticism against the company. If anything, these complaints must be addressed to the government for setting royalties/tax at an unpalatable level. But alas, what foreign investor would take the risk to build a costly mine in a undesirable setting with uncompetitive ROE metrics?
------------------------------------>>>
Questioned about these performances of the company with the billions of dividends distributed to shareholders, the coordinator of the Civil Forum Birahime Seck "I think it is indecent, inadmissible that such amounts are shared between shareholders, at a time when the populations of the mining areas are sinking into precariousness, without water or electricity. This shows sufficiency that the communities, like those of Saraya, are left behind, that they are the least of the worries of these multinationals who like to boast of the crumbs injected into the communes. This is unacceptable.''
According to the coordinator of the Civil Forum, we must be very careful about the abyssal gap between these ostentatious demonstrations of the companies and the precariousness in which the populations impacted by these exploitations live. “This glaring manifestation of social injustice, says Mr. Seck, could disrupt social peace. People in mining areas deserve respect and consideration. Why should shareholders continue to reap such large revenues and leave people with crumbs? This shareholder bulimia is a challenge to the constitutional principle that "natural resources belong to the people".
more:
https://www.enqueteplus.com/content/distribution-dividendes-endeavour-plus-de-300-milliards-f-cfa-aux-actionnaires-entre-2021et
(Endeavour bought this Senegal mine thru its acquisition of Teranga in 2020/2021)
Is this the Marshall Wace you refer to?
https://www.mwam.com/about-us/
Some interesting action in the markets and the "market makers and influencers". Elon Musk is hinting he may have believed his own image one too many times, and his Twitter investment maybe a bit more than he can manage, LOL. Perhaps he is mortal? It might be his "management style" is not as all conquering as what he thinks it is. Love the BBC documentary on him...a hootin tootin $ootin man.
Looks like there might be more investment money looking for a more reputable home (GOLD!), as the crypto world splutters again. Investors began pulling funds from Singapore-based Crypto.com on Monday, questions on the exchange’s handling of a $US400 million ($600 million) transfer, in a sign that the dramatic collapse of FTX.com last week is sparking contagion among more digital asset exchanges. FTX’s offshore status and its willingness to keep American traders off its Bahamas-based exchange (and why would one not do that) in large part shielded the company from strict U.S. laws that govern trading and how investments can be sold to the public (one wonders when the investors are going to wake up to the shonk moves, and we wont mention legislators).
FTX’s implosion last week and reports that it used customer funds to back an affiliate’s risky venture investments have exposed the company and its founder to potential criminal liability?. Again the darling young things thinking they have some sort of divine powers?
The narratives built up around the special powers and superhuman characteristics of some of the market players by the US propaganda press does get a bit tedious? LOL
And to remind everyone of the workings of the press: Tutankhamun's tomb is not inscribed with a curse on those who disturb it. This was a media invention of 20th-century tabloid journalists.
However the Egyptians did have a healthy respect for gold going back a few Millenia, and this continues to this day. "Gold is a good investment at a time when the world is concerned about inflation", Egyptian billionaire Naguib Sawiris recently told CNBC, and this is where his money seems to go. The ancient empire of Egypt, made gold the first official medium of exchange for international trade in about 1500 BC. OLD HABITS DIE HARD?
Sawirus recently created a $1.4b fund to invest in gold abd battery metals. La Mancha’s gold mining assets include a 19.1% stake in Endeavour Mining (TSX, LON: EDV), 33.4% in Golden Star (NYSE, TSX: GSS), and a 35.1% interest in Altus Strategies and another investment in Elemental Royalties [now merged into Elemental Altus Royalties Corp. (ELE on TSX.V)]
happy reading of the press, but please have a few buckets of salt at your side.
go gold!
the gnome.
Ha! Eat my Shorts, er, shorts.
Lol
Marshall Wace have lowered their short posittion.
I could smell the singe from their tail. ;-)
Shanta Gold just tweeted.
https://twitter.com/shanta_gold/status/1592087806800986114?s=61&t=gHuRLLXk9tc3RC_UPrU_JA
Shanta are off by 11.5% on the news today’s announcement.
On the subject of M&A, calendar wise since Endeavour bid for Centamin on December 4th so if there’s a sweet spot for a bit I think we’re in it.
Major European indexes rose in premarket trading on Monday as world leaders started arriving in Bali for the G20 summit. The two-day event is set to officially start on Tuesday, but a meeting on the sidelines between American President Joe Biden and his Chinese counterpart Xi Jinping is scheduled for later today. On the data front, investors are awaiting the industrial production report from the Eurozone.
The FTSE 100 added 0.19% at 7:13 am CET, the DAX was up 0.26% and the CAC 40 increased 0.31% at the same time.
The euro fell 0.46% against the dollar to sell for 1.03102 at 7:15 am CET and the pound slid 0.73% compared to the US currency to go for 1.17574 at the same time.
Baha Breaking News (BBN) / NP
Happy Monday y’al
What is amazing is the strongest Fiat currency is the one loaded with debt, founded in social unrest and polical division and led by the military which has lost every war it has fought in for the last 3 or more decades. The holy US$
If logic has a place int the financial system (no guarantees here of course), the US$ is overpriced, will not remain so as it is no ones interest that it is this strong, and so in all probabilities the most likley out come will be that the value of the dollar will decrease. We are at PEAK DOLLAR. It would follow the price of gold in the US$ terms is likely to increase.
This is the bet I have placed, so lets see...
the gnome
3bear exactly and as I say I don't see110,000 to 115,000 ounces as good news rather I see it as a poor sorry a very poor 3 - month production figure and will need some detailed explaining. 12,000 ounces or 17,000 less than last qtr. is the equivalent over a week or close to two weeks loss of production ounces.
Given that production guys work to lost minutes or percentages of an hour, not days and certainly not weeks, it is difficult to understand, what "problem" takes one to two weeks to correct.
Has in the past been blamed on cutbacks but they have a fleet of equipment dedicated to moving waste in addition to their own fleet.
DASUT 125,000oz would be great, my sentiment is right with you, but I feel Horgan's guidance during the Q3 presentation was for 110-115,000oz next time - AISC is still going to be $160million-plus so we're not out of the woods quite yet but certainly heading in the right direction?
Sotolo agreed currently SP following GP so what we need is some good news from Cey over the coming month or so. Mid- range production performance I don't feel is good news. This would presuppose less than 120,000 ounces which is down on third quarter numbers, and this is going in the wrong direction, and I don't accept that a possibility of reduced underground production should impact that significantly.
Given the additional fleet of equipment moving waste the mine should already be far more flexible and accessing different areas with multiple benches bringing about a more efficient mine and hopefully higher average grades.
It is so important to get the strip ratio down hopefully one day in the not-too-distant future below or close to 6:1, which will basically mean Capital's contract has finished, now that would be good news and if coupled with close to 125,000 ounces in 4th quarter and predictions for next year for 125,000 ounces or above per quarter therefore the magic 500,000 ounces pa, we would be back on track.
So, as I say Sotolo agree that we need a more efficient predictable consistent mine together with a strong gold price.
Also, would be useful to see a strong set of numbers for Doropo.
So, no pressure Mr Horgan.
Not sure about zero diesel and zero carbon because all of their work tools such as drills, trucks, loaders, dozers, graders etc are all powered by diesel engines. can they burn alternative fuel maybe, what affect would this have on performance and productivity, not sure. Certainly, worth a watch to see what develops.
Sold at 86p a few weeks ago on the basis that more inflationary pressure would drop gold.
I hope all those with better judgement than me are enjoying themselves!
An older colleague who was approaching retirement some years ago had a phrase he used when things were going well. "We're in the pound seats now," he'd say. It was learned from his father and referred to the best seats in the local cinema, front row middle of the dress circle (!) which, when his dad were a lad, came at the unimaginably high price of one whole pound sterling per seat.
Since my grumble on Q3 results day the SP is up more than 25% and is in the pound seats, sort of. Let's hope it has further yet to go.
European indexes rose in premarket trading on Friday amid a global rally prompted by the better-than-expected United States inflation report and China's decision to ease COVID measures in the country.
The FTSE 100 added 0.38% at 6:47 am CET, the DAX jumped 0.85% and the CAC 40 climbed 0.79% at the same time.
The euro gained 0.35% against the dollar to sell for 1.02322 at 7:08 am CET and the pound added 0.06% compared to the US currency at the same time.
Baha Breaking News (BBN) / NP
Happy Friday y’al
Enjoy your weekend.
*Is this not a ‘Sales Brochure’ for Sukari to any gold mining CEO.
Centamin’s solar system and eventual connection to the national grid (zero diesel, zero carbon) is bound to have any serious CEO salivating.??
https://www.miningmx.com/news/gold/51083-centamin-may-tap-into-egyptian-power-grid-in-order-to-end-diesel-fuel-reliance/
Lol Mr Bond :-)
Ditto. I'm more of a macro/data guy
Of course I do not agree with many your posts, so take that as a compliment.
;-)
Oops I, of course, meant top and drop
Well, I hate self promotion lol, but I have been predicting too and drop of inflation and how positive it would be and look today after data release- S&P up 5.53%, nasdaq up 7.35%, dow up 3.69%, gold up massively, barrick gold and others in usa up. This is why I don't follow charts but data points... and only follow RNS from cey rather than lots of detail on mines etc which never amounts to sp changes...