Adam Davidson, CEO of Trident Royalties, discusses offtake milestones and catalysts to boost FY24. Watch the video here.
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Egyptian legal system is legendary hence the government's desperate attempts with law 32 to try and protect government businesses contracts from it.
Had it not been for our Mr Alfrahani's illegall blackmailing spree the government wouldn't have needed to come up with law 32.
But this also demonstrates the government's willingness and determination to resolve this issue.
Its not in anyones interest to prevent businesses investing and expanding in Egypt.
Major European stocks traded mostly higher during Thursday's premarket session as investors awaited the British government's fiscal statement in which finance secretary Jeremy Hunt is expected to announce a package of tax increases worth about £35 billion and spending cuts of £20-25 billion.
The fiscal statement will come a day after the United Kingdom registered a new record high in the annual inflation rate, which soared to the highest level since 1981. The October inflation data for the European Union was set for release after the opening bell. Meanwhile, the latest missile attacks in eastern Europe prompted new uncertainties across the continent.
While London's FTSE 100 traded unchanged at 8:08 am CET, Frankfurt's DAX rose 0.24%, and the French CAC 40 gained 0.38%.
The euro fell by 0.19% against the dollar to sell for 1.03777, and the pound declined by 0.16% to push past $1.19.
Baha Breaking News (BBN) / ND
Spot the Civil law in UK is slow.
This is Egypt.
Then of course there is the Diesel subsidy ,that is still in dispute.
Legal in Egypt is very slow ,it has been rumoured they have not settled disputes fom the Pharoahs yet.
My take on this is ether outcome is good news.
If law 32 is approved then thats the end of it.
If its rejected then centamin can then go back to court with all the correct documents and armed with the fact that the very man who brought the case is now a convicted criminal for blackmailing companies not to take legal action etc.
In many ways law 32 has dragged this out further by prohibited centamin from finally settling this in court in the normal way.
The Egyptian government is trying its best to encourage the mining industry to Egypt so nothing ever was going to come from the joke legal challenge.
There was a time many years ago that this action weighed heavily on the share price but i don't believe that's the case anymore.
If if was settled tomorrow the sp would be the same i believe.
I doubt the egyptian govt would endanger the golden goose, and the mining industry...
But it appears the Government would like all disputes finished.
Which may be very good,by passing the judiciary.
Hopefully.
Like Siko announce Yeserday /
Depends on SCC Commisioners deceision ,not yet published,.
If it is negative, it is probably not good for CEY SP
Going back in hisory ,a big shock for most.
Council of Ministers Meeting # 217
Presided by Dr. Mustafa Madbouli Prime Minister
During today's meeting chaired by Dr. Mustafa Madbouli, the Council of Ministers approved a number of resolutions, namely:
10- The Cabinet has approved the recommendations issued by the Ministry of Justice's Dispute Ending Committees in 59 disputes, in the context of the purpose of ending all judicial disputes between the governmental sides and settling any disputes without resorting to the judiciary.
https://www.facebook.com/EgyptianCabinet/posts/pfbid0yY5pja8bhKkTBHoFJDr7HsGxbB5eLpw2dHeiCHhwV3uyr2jU46oDsGQEd9vRcntzl
--------------------------------->>>>
FWIW - don't know if this will effect any outstanding PGM related laws/cases
Equities in Europe traded lower in the premarket on Wednesday after two missile strikes hit Poland and killed two, for which Ukraine and Russia either directly or indirectly blamed each other. Warsaw itself said the origin of the missile is still unknown. Meanwhile, the international community expressed its deep concern over the event and offered Poland help in the investigation.
The DAX declined by 0.21% at 8:00 am CET. At the same time, the FTSE 100 fell by 0.08%. The CAC 40 dropped by 0.30%.
The euro grew by 0.27% against the dollar at 7:58 am CET to sell for $1.03818. At that minute, the pound sterling went up by 0.12% against the greenback, changing hands for $1.18759.
Baha Breaking News (BBN) / JR
Happy hump y’al
As predicted, his hat is in the ring, and the next "evolution" or "revoltion" of the USA begins. Donald Trump has announced he will make another bid for the White House and run in the US presidential elections in 2024. “America’s comeback starts right now,” Trump told supporters at his Florida resort on Tuesday night, US time. His speech included personal digs at President Joe Biden, who may stand (if he is fit to stand? and can still stand up) again for the Democrats. Trump’s team filed paperwork with the Federal Election Commission setting up a committee called “Donald J. Trump for President 2024?.
go gold
the gnome
Hi again Siko
Link here with Q&A on Egypt's conditions relevant to IMF involvement
I am sure you will be more conversant with this than I but the question is whether the Egyptian "old guard " has total disregard for a destabilising of its values which are at prejudice with IMF Western standards. Not good prospect for the ordinary Egyptian populace who need a change to improving their lives
Is it too much to ask Egypt at this stage of their development. Eastern Countries have crossed this rubicon . can Egypt similarly respond . I very sincerely hope so as they are a wonderful people from my albeit pampered visits.
Bob
Hi Siko
To follow up on my previous post I attach a relevant article from the IMF agreement which as I understand it was to cut through the red tape in respect to SOE (which of course would encompass CEY as a joint venture of sorts)
Was the program successful in addressing some of the structural reforms that were proposed?
Structural reforms undertaken during the Stand-By Arrangement included measures to strengthen public finances, further fiscal transparency and governance, and advance laws to improve the business climate. This included the publication of an updated State-Owned Enterprises (SOE) report to include detailed financial information for FY2018/19 on all SOEs and Economic Authorities, to enhance transparency of Egypt’s large SOE sector. The authorities’ structural reform agenda also focuses on developing a greener and more sustainable economy by ramping up green investments and integrating environmental considerations into government policies.
Hi Siko
Good to hear from you again.
I presume that the IMF are fully cognisant of this variation in contractual commercial obligation . I believe there input and support was on the basis of fair and equitable commercial contractual trading conditions applying.
regards
Bob
Oversold? If anything, it’s been overbought for a number of days. Sold mine at 105.5 and waiting for the price to go back to 90. This share is one of the slowest moving recently. Long term prospect looks good though based on pure technical analysis.
Cowichan...preferably partner CEY at least £2 plus a share and preferably a lot more
Great seeing you Siko not sure what this all means
Cheers for the info Siko and ace to see you on the board again :-).
Hello Siko,
Thanks for sharing the information.
Good to see you back posting.
Kind reegards
Som nam na
I hope that does not mean a total re hash all over again , with the caos that went with it.
It was a very bad time.
Thanks Siko ,hope you and all your family are well.
Hi Steve,
The SCC commissioners report has not been published yet, which of course will give a big hint about the verdict.
Last time their recommendation was to cancel the law as they thought it was unconstitutional. Seems like the SCC did not like the commissioners recommendation and asked them to reconsider their recommendation and re-write the report.
The SCC does not have to agree with the commissioners or accept their recommendation, but it would be odd to go against their recommendation.
If the SCC decides that law 32 is constitutional, then no one could appeal against state contracts, then Centamin court case gets cancelled altogether as if it never existed because the law applies to all existing cases where no final verdict was delivered.
If the SCC decides that law 32 is unconstitutional, then the Supreme Administrative Court (SAC) starts Centamin case again at the appeal stage.
Remember that the initial court ruling was only to limit the area allocated to Centamin to 3km sq area because no signed contract was submitted for the 162km sq area, which Centamin has submitted later during the appeal (I sent a link here for the signed contract).
Thanks Siko- any idea on verdict/resolution?
Who knows, a bit odd, most miners when down a bit but for some reason we got a whack- heyho onwards and upwards...
Has once more dropped their shorts.
Could that explain today,perhaps.
Thanks Siko.
Makes me wonder if it is a request by a third party. Who would want to partner/buy Centamin with an unresolved court case hanging over them. We shall see.
Hello everyone,
I'm in Egypt now..
Do you still remember the court case?
Do you remember how it has been suspended because of an appeal in the Supreme Constitutional Court (SCC) against law 32 which prevented appeals against state contracts?
Well, I have been told that the SCC has finally decided to deliver the verdict on 14th January 2023.
Bit of a shocker tho nearly 5% with gold stable, that’s AIM for u