Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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https://www.reuters.com/markets/europe/futures-edge-lower-earnings-flood-2022-10-25/
Thanks Cowichan
There is a big difference between aeromegnetic and electromagnetic surveys.
Magnetic measures magnetic properties.
Eletromagnetic measures conductivity properties.
Not the same.
However in an electromagnetic survey you do measure magnetic properties as well
thanks
the gnome
Gnome,
True, Centamin recently completed its own geomagnetic survey over the Sukari tenement BUT the very 1st geomagnetic airborne survey over the entire Eastern desert of Egypt was actually done in 1983 - 1986 by an American company (it took three years to complete.) The data was recently converted into a computer usable format and reinterpreted using the following software/techniques:
1) Regional–Residual Separation
The spectral analysis technique is used to isolate the regional and residual components
from the RTP map (Radial Average Power Spectrum Technique).
2) First Vertical Derivative (FVD) Method
The FVD map is critical for detecting near-surface magnetic characteristics associated
with geological formations; it resembles the upward continuation map and is used to
enhance local anomalies, while attenuating regional anomalies because it is sensitive to
shallow magnetic sources.
3) Total Horizontal Gradient (THG) Method
The THG method is extremely good at detecting structures such as faults from the
borders of anomalies [23], and it is generally insensitive to data noise and interference
effects between close sources. This method is widely used in mineral exploration; however, it is lease susceptible to data noise because it only considers the two first-order horizontal derivatives of the magnetic field.
4) Tilted Derivative (TDR) Method
The TDR is employed in this search for mineral exploration targets and mapping
shallow basement structures using Oasis Montag (8.4); however, it is not usable in deep
sources, since the observed edges have vanished.
5) Analytical Signal (AS) Technique
One of the most essential features of the AS technique for deriving magnetic parameters from the aeromagnetic data is that it is independent of rock magnetization. The AS
amplitude can be used to map the borders of rock units and delineate underlying structural
features.
6) CET Porphyry Analysis
This technique is used in our research to explore porphyry mineral deposits across the
area using the RTP grid, and it involves several processing stages, including the Circular
Feature Transform plugin, the Central Peak Detection plugin, the Amplitude Contrast
Transform plugin, and the Boundary Tracing plugin
A summary of the study states: We have analyzed the aeromagnetic data to delineate the
alteration zones, geological structures, geological boundaries, and depth to the rock of
conceivable basement mineralization zones that are linked to hydrothermally altered zones.
The study area has been subjected to previous geophysical studies, including paleomagnetic studies on some chromite ores [9] and others using aeromagnetic data to create the
curie point depth map by means of the spectral analysis technique [10], but it is the first
time that the aeromagnetic data has been analysed using the new Centre for Exploration
Targeting (CET) grid analysis technique to map out geological structures and highlight
the best pl
Not all of us have to vote Gnome. I lived on Cocos (Keeling) Islands for a period of time nearly 30 years ago which resulted in my falling off the electoral roll.
I have managed to avoid reinstatement so far and greatly enjoy mocking my family & friends turning out to vote for one pointless cretin or another while I pour myself a drink & put my feet up :)
The degree would not be in political"science" - whatever that is. Political governance, required course, as would be common sense, commerce, law, ethics, how real economies work or fail etc.
CEY seem to do an excellent job in training their empoyees. It is in everyones best interest. For instance Universities in Egypt have alomost no practical geology taught in their degree courses. It is all theory. Some of the graduates dont even know how to use a compass.
Egypt is not alone and the old "education system" in many African countries produce graduates who lack practical knowldge (I have said this before) but in Africa it is worse than those int he developed countries. It creates enormous problems. Thye need to introduce Training Instiutes which train them how to use the knowlege they acquire in a practcal way.
CEY is acting as this training Instiute, and this needs to be recognised by the Egyptian Government. I think it is a government repsonsibility, but then thats a problem as Egypt has never had a mining Industry, and thus is devoid of Gexperienced practical Geologists to teach at such an Instiute. I have heard that there might be a new Training Instiute/Education College being formed...no details, but much needed.
So it goes nito the Govt Mining Administration, which is packed with people who have no Mning or Geological experience...and so on..and you know what flows from this ...impractical laws, the highest ground holding costs in the world and so on. This then discriminates gainst having vibrant Junior Companies...
regards
the Gnome
Bob
We have to vote, even if there is no party worthy of getting a vote. So yes, we can also vote informal, but we have to vote.
regards
the gnome
Cowichan
CEY completed an airborne TEM survey (VTEM), the first in Egypt
regards
the gnome
Major stock indexes in Europe traded mostly higher on Tuesday ahead of the ceremony where Rishi Sunak, former British Chancellor of the Exchequer, will officially be sworn in as the United Kingdom’s new prime minister. Sunak was elected for the position earlier on Monday, as Penny Mordaunt withdrew from the race.
On the earnings front, HSBC saw a 3% decline in its revenue, while UBS' net profit tumbled 30% in the third quarter of the fiscal year. SAP and Novartis are expected to post their quarterly reports soon as well.
The DAX was flat at 7:00 am CET, while the CAC 40 added 0.36% simultaneously. The FTSE 100 gained 0.11% at the same time.
The euro was up 0.07% against the dollar at 7:02 am CET, selling for 0.98797. The pound rose 0.21% versus the greenback and went for 1.13031 at the same time.
Baha Breaking News (BBN) / AY
The new folloers have the same optimim we had in 2011 , and it reached 2 maybe te same is
is happening but is was a long wai to double your money with many caught on the swift way down. watch your bvucks this is a cash cow if you are on the board
Apparently Centamin did not complete the first aeromagnetic survey in Egypt's Eastern Desert. The first took place in 1983 by the Aero Service Division at the Western Geophysical Company of America for the Egyptian Geophysical Survey.
And a brand new interpretation of these old surveys are hot off the press:
Received: 9 August 2022 Accepted: 7 September 2022 Published: 9 September 2022
And the map data can be viewed here:
https://www.mdpi.com/2076-3417/12/18/9078/pdf
Some excerpts:
'As can be seen, the study region contains many locations for porphyry mineral deposits, which are almost concentrated in the Barramiya gold mine area in the western part of the region, as well as large deposits delineated on the Barramiya Umm-Salatit belt in the northeast of the study region and extending in the NE–SW direction. However, the western part of the study area, which is represented by Abu Marwa and Abu Mireiwah, covers a large amount of porphyry deposits.'
'Our results for these two alteration zones are consistent with findings (on the ground gold sample collection fieldwork studies) by [28] (see footnotes in study.) They integrated fieldwork and satellite datasets with geochemical and mineralogical data to investigate new* gold discoveries in two alteration zones in the northeast (zone 1) and southeast (zone 2) in the ultramafic–mafic successions of the Barramiya gold mine'
------------------------------------->>>>
The Bottom Line: These new* gold discoveries discussed above are part of Centamin's newly awarded 'Nugrus' block concession ( Barramiya is about 100km west of Sukari) So this is very good news - and likely means Centamin won't need to do its own airborne survey (right away at least) to pinpoint prospective Sukari-sized porphyry drill targets. Booyah!
Touch screen problems
disparaging view of the Aus voting population . Am I correct that it is a legal obligation for all registered voters in Aus have to cast a vote in an Election.?
You have very correct views of the standard of those elected but do you really believe the younger would be politicians will be better. No real world experience experience and straight from UNI with degree in political science .
However as this is a Centamin board am I correct that :
They have an education facility for dependants of workers, a fair wage policy well above the Egyptian norm, a medical programme, that they have a programme to educate and bring through talented Egyptian management , a safety record to be admired throughout the mining industry. Perhaps Siko (much missed from this board ) has a better insight into Centamin policy on these matters.
Lastly as you have little faith in the present system of National Governance what do you propose to put in its place?
Such a pity you are in Aus as sharing a beer with you would be a delight.
Kindest regrds
Bob
Hi Gnome , Thanks for your succinct and concise reply.. Am I correct that Aus requires all at voting age to vote in an Election. Percentage voting in the 90's %
a little disparaging of you to have
https://twitter.com/centaminplc/status/1584577610683535360?s=12
Phew
Rishi just got the job.
Rishi spin would be more apt
Interesting there is no Rishi bounce forecast.
Major European stock equities were above the flatline in the premarket session on Monday ahead of the release of economic data across the bloc and the United Kingdom.
Last week's survey on economic sentiment showed that both the Eurozone and the EU experienced a modest improvement in October.
Frankfurt's DAX increased by 0.65% at 7:16 am CET, while the CAC 40 gained 0.50%. At the same time, FTSE 100 was up 0.06%, recording modest gains ahead of the opening session.
The euro fell by 0.20% against the dollar, to change hands to $0.98438 at 7:20 am CET. Meanwhile, the pound sterling rose by 0.37% versus the American currency, selling at $1.13460.
Baha Breaking News (BBN) / AB
Happy Monday y’al…
Could Q4 be bid season
for the newly revitalised Centamin?
Thanks Bob
Yes, we have the vote to kick out one group of nutters and vote another group of nutters in, thats our lot these days in the democratic world. We have to be far better at attracting a better class of people to do the job, obviously.
Well the quick anwer to your question, is I dont favour or see as even slightly attractive any of the governments you mention. What about Egypt?
Regardless of this, I also do not see much attractive about the UK system which delivers up an array of buffoons of various flavours and ideologies, and I wont speak about the US.
I would far rather a proper system be put in place to have potential politicans go through a rigorous x-year education and training programs which teach them how the world works, how businesses actually work, and give them a decent understanding of ethics and morals (etc) Now wouldn't that be fun.
It is extraordinary how politicians (esp in the southern penal colony) can be elected, who have no significant education, no life skills, few morals, basically unemployable, serve with distinct incompetence, some even have relationships with Bikies whilst serving on the parliamentary law enforcement committee that was gathering material about outlaw motorcycle gangs in an inquiry into online drug trading?! and then retire on a handsome pension, free air travel etc. whilst consulting and being paid a fortune to lobby on behalf of any foreign powers and cronies wandering the streets. LOL
As commented previously the lunatics are playing a brilliant game, and if we dont watch out we will be wiped out.
Thank goodness for the younger generation, who will put all this right, and wonder constantly about what the older people (who will be locked up in Aged Care homes) were ever thinking about? Or even if they were thinking at all.
Back to my medicine, I might have taken an overdose with my porridge, in between rain showers down under.
cheers
the Gnome
Hi Gnome,
As in Aus the people have the vote to kick out whichever Gov't is in power for the prosctribed period or before if sufficiently alienated. Try that in Russia , North Korea , Iran Venezuela and your dead or worse as is your family. With all its failings the present system (warts and all) suits me and the majority of the democratic world just fine. Happy to here and consider your defense and views on those Governments listed above
Regards Bob
.
That was a solid report by Centamin, and some very interesting comments on the exploration, in particular the airborne TEM surveys at Sukhari. My read was that they provided very insightful data, such that will may see more focus, and more results coming from exploration.
Lithium has run so hot, its a good thing to get out of, and gold has run so poorly (against logic), thats its a good thing to get into now!
I think with Centamin obviously turning a corner now, its a great time to reposition it in your portfolio! and I say that not calling for a small fee?
Not sure how the UK can go through so many PM's, so quickly, each being a few cents short on the dollar, not to mention Chancellors,
Kwasi Kwarteng
2022
Nadhim Zahawi
2022
Rishi Sunak
2020 to 2022
Sajid Javid
2019 to 2020
and now we see Boris being touted as being a front runner to be new PM...and certainly not by the people, matter of fact in the UK the vote of the people seems to count for nought? An odd state of affairs all round to see the least.
https://www.youtube.com/watch?v=qWMvFPoBuvg
best
the Gnome
Wall Street rallied after a muted start on Friday, with the Dow adding more than 700 points and both the S&P 500 and Nasdaq up around 2.4% as investors reassessed the outlook for monetary policy. The trigger for the abrupt upside move was a report from the WSJ that showed that some officials are signaling a desire to slow down the pace of the increase soon to gauge the impact of such tightening on growth. The market movement came in tandem with easing Treasury yields, which brought some respite to growth-oriented stocks. Still, volatility showed no signs of abating amid Friday’s $2 trillion options expiration. Meanwhile, a slew of negative quarterly results from corporate America capped gains. Snap crashed 28% after the company forecasted zero growth for the current quarter, triggering a selloff among other social media companies dependent on advertising revenue. All major US indices closed in the green for the week with the Dow gaining 4.9%, the S&P 4.7%, and the Nasdaq 5.8%.
The debt facility was ALWAYS an ace move- this was viewed as a risk when it was first muted, I recall the CFO's less than convincing verbal performance on the webcast, plus CEY weren't delivering as they are now so at the time was construed by some as being needed to get out the hole(or dig a deeper one, pardon the pun) rather than build futures on many fronts. To me, it is only what an sane company does and demonstrated correct drive for expansion, much needed from the high risk, single mine approach. It's good to see that since this was first mooted it is continually mentioned and couple with very good performance keeps away from being seen as the former concern. CEY comms have improved, not perfect but miles and miles better than previously.
Fascinating stuff. It'll probably cost even more by the time they do it - no wonder they want a debt facility. I hope they're open with the results and detail of the PFS
Comparing two very similar mines to be constructed in Cote D'Ivoire.
Endeavour's Lafigué -->
4Mtpa CIL plant; 203k ounces/yr ; AISC $871 ; 12.8 year initial mine life
Costs Breakdown Millions: Treatment Plant 75.9 ; Reagents/Services 20.6 ; Infrastructure 74.7 Mining Facilities/Establishment 21.5 ; Construction Distributables 36.3 ; Management Costs 33.3 ; Owners Project Costs 71.9 / Freight 26.4 / Tax/Duties 5.6 ; Contingency 43.0
Project cost $ 448.0 million after-tax IRR of 21% and NPV $477m at a $1,500/oz gold price
VS
Centamin's Doropo -->
4Mtpa CIL plant; 208k ounces/yr ; AISC $904 ; note: initial mine life & AISC to change as Doropo grade & resource has improved since PFS ;
Cost Breakdown Millions: Treatment Plant 71.33 ; Reagents/Plant Services 14.23 ; Infrastructure 30.75 ; Mining 22.86 ; Construction Distributables 17.62 ; Management Costs/Specialist Consultants 19.62 ; Owners Project Costs 59.80 ; Contingency 38.98
Project cost $ 275.2 million ( IRR & NPV to improve as Doropo resource has grown considerably therefore better metrics ) at $1450.00/oz gold price
----------------------->>>
So why does Centamin's near identical project cost so much less? It was calculated in Q2 2021 prior to the worldwide inflation explosion whereas Endeavour's project projected costs were recalculated (updated) just this month (Q3 2022)
(( So then, compare Endeavour's OUTDATED Q1 2021 PFS estimate 74.4 Reagents/Plant Services ; 14.4 Infrastructure 70.4 ; Mining 50.3 ; Construction Distributables 23.5 ; Management Costs 24.5 ; Owners Project Costs 34.2 ; Working Capital 4.8 ; Contingency 37.7 ; DFS Costs 3.8 Project Total $ 338.0 ))
Now you can see it was once a much closer amount
Bottom Line: Doropo's estimated cost to build is EXTREMELY OUTDATED. One must expect the updated PFS coming in Q4 to reflect the new reality of inflation and be revised to nearer Endeavour's Lafigué DFS costs - namely add another $100 million or so.
Also note: It appears Endeavour included some costs Centamin neglected to account for in its initial assessment i.e. freight/tax/duties, perhaps a cynanide recovery system, etc. If a more exact comparison was made perhaps an addition $150 - $175 million is needed.
But, the good news is Doropo's resources have been growing - perhaps making the case for the considerable extra spend easier to swallow.