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The sterling dropped to a new March 2020 low against the dollar on Tuesday following the news that both British finance and health secretaries resigned their posts.
Rishi Sunak and Sajid Javid separately sent letters to Prime Minister Boris Johnson earlier today, stating different points of view regarding governing the country compared to Johnson as the reason behind their decisions.
The pound fell 1.32% against the dollar to change hands for 1.19466 at 8:30 pm CET.
Baha Breaking News (BBN) / MM
Wait for the bounce back only lemmings selling into this drop..
Crikey, finance minister Rishi Sunak resigned today surely that is the death nail for Teflon Boris lol
yawn
The clown will soon be out.
Hi, I'm not sure if anyone has posted this yet.
https://www.thearmchairtrader.com/centamin-shares-recover-2h22/
Centamin’s principal asset, the Sukari Gold Mine, is a long-life, bulk tonnage open pit and underground operation located approximately 700km from Cairo and 25km from the Red Sea. It began production in 2009 and is the first large-scale modern gold mine in Egypt, forecast to produce more than 400,000oz per annum. Earlier this year Sukari produced its five millionth ounce, according to Centamin. The Sukari Gold Mine has a life of mine of at least 12 years, with eight years of underground mining and 5.8moz in proved gold reserves. Additionally, Centamin holds 3,000km2 of new exploration licenses across Egypt.
Centamin is also developing the Batie West Project in Burkina Faso (2.1moz inferred reserve), as well as the Doropo (5.3moz estimated reserve) and ABC (2.16moz inferred reserve) projects located in Côte d’Ivoire. Undoubtedly, Doropo is the largest of these projects, consisting of seven exploration permits, covering an area of approximately 1,850km2 in the northeastern part of Côte d’Ivoire. A PEA (Preliminary Economic Assessment) completed in 2021 has suggested that the project has the potential to average annual gold production of 207,800oz for the first five years, with a total life-of-mine of 13 years.
Why have Centamin Shares Fallen in Value?
Centamin’s share price has fallen drastically since it reached a record-high peak in August 2020, when the company’s stock was valued at 220p. Today, it is struggling at just under 80p a share, falling almost 25% in the past year. Although the macroeconomic headwinds witnessed throughout 2022 have played a part in Centamin’s stock price decline, some of the company’s operational failings have also been a significant factor.
In April, the Jersey-registered miner said that full-year profits had halved on the back of forecast lower revenue and impairment on assets in Burkina Faso. This has resulted in a return on capital invested falling from 19% five years ago to 11% today, well below the industry average of 15%. It is likely that this has put quite a few investors off the company.
What do Centamin’s Investment Prospects Look Like?
Centamin has a consistent record of financial performance with revenue and profit growth achieved consistently over the past half-decade. Since 2017, the company has always earned over $600m in annual revenue, together with a positive net income at least exceeding $50m. It is difficult to see this changing in the upcoming years.
Centamin also has no existing debt on its balance sheet currently, which gives the company a great deal of financial flexibility with regard to investments in future mining projects. Its dividend yield stands at 9.05%, further incentivising investors to purchase the stock.
With such high levels of inflation being seen in today’s economy, it is well worth considering investing in a gold mining company such as Centami
The prices of precious metals continued to decrease on Tuesday, with gold extending its losses beyond 2% and silver reaching a drop of 4%.
The fall followed the sharp declines observed by oil, stock markets, and the euro, which reflected concerns about the future of the global economy, which is heavily influenced by Russia's military operation in Ukraine.
Gold fell by 2.18% at 12:03 pm ET to sell for $1,768.57 per ounce. At the same time, silver sank by 4.01% to go for $19.18 per ounce. Platinum declined by 2.44% at 12:04 pm ET, selling for $869.45 per ounce. A minute later, palladium fell by 1.06% to go for $1,921.10 per ounce.
Oil futures prices continued to tumble, with West Texas Intermediate (WTI) falling below $100 per barrel for the first time since May 11.
Fears of a recession appear to indicate that demand for fossil fuels may be reduced further, while the European Union urged an agreement on the Joint Comprehensive Plan of Action (JCPOA) is reached soon.
West Texas Intermediate (WTI) for settlements in August dropped by 10% at 11:40 am ET, to sell for $99.62 per barrel. A minute later, Brent for September settlements plummeted by 9.38% to go for $102.92 per barrel.
Baha Breaking News (BBN) / AB
Thanks- it does really annoy me- past few years we have been funding their salaries and bonuses - the SP never seems to be on their radar- accept that markets causing issues etc at no, but even so doesn't ever make shareholders feel like we're part of the team
Hope so Tornado, from what is shown in the video the site is certainly looking so much better now!
Absolutely agree Steve, I have written expressing the need for some uplifting news!
Wow hoc taking a hammering down 11% so far
Wish Horgan would say something...
This may have resolved an important concern I had. Great to have this kind of info and the pit wall when they sell paper gold to support USD.
Thank you Cowichan for the updates!
During June, our mining team walked our last excavator out of the Stage 5 East cutback area at the Sukari Gold Mine, handing the completed area over to the mine and moving it to the Stage 6 cutback area to join the rest of our fleet. The great start we had in 2021 has been maintained in 2022 with our team continuing to strive for excellence. Their attention to detail and pride in their work can be clearly seen in the video below, clean walls, good crests and a pit floor as smooth as a putting green!
https://www.linkedin.com/posts/capital-limited_sukari-gold-mine-stage-5-east-cutback-area-ugcPost-6950039137068412928-srUs?
-------------------------->>>>
At least somebody is keeping Centamin shareholders updated (with a video no less ! )
Our new lab in Egypt is progressing well with an MOU signed yesterday between the Egyptian Mineral Resources Authority (EMRA) and MSALABS. The new lab will establish Egypt’s first commercial fire assay gold analytical services, in Marsa Alam and is anticipated to be commissioned and operational during Q3. The faster turnaround time will make exploration programs more efficient and assist the EMRA in its objective of developing a stronger mining industry in Egypt.
#MSALABS #Egypt #FireAssay #EMRA
https://www.linkedin.com/posts/msalabs_msalabs-egypt-fireassay-activity-6950065172157714432-_R4h?
----------------------------->>>>
A lack of local assay services might well be why we haven't seen much (any?) new concession drilling from B2Gold, Barrick or Centamin these last twelve months?
About time the flipping pumps started to reflect it!
Brent down 6% +
Yep alas so
Dow heading for a 400pt fall at open
Maybe the market has got wind of good results I wouldn't be surprised lol
Holding up well today considering... need some new though...
Trending
Bezos vs. Biden
Speaking of inflation, another Twitter feud erupted over the weekend between the White House and Jeff Bezos, who is increasingly becoming vocal on social media (shades of Musk?). The Amazon (AMZN) founder already criticized the Biden administration for rising price pressures back in May, saying the failed "Build Back Better" bill and proposed $3.5T to federal spending would have only exacerbated the current inflationary environment.
Bezos has also taken issue with claims that "wealthy companies do not pay enough in tax," and is likely upset at Biden's support for organized labour given recent unionization efforts at Amazon that have been building since he took office!
The latest: "My message to the companies running gas stations and setting prices at the pump is simple: this is a time of war and global peril. Bring down the price you are charging at the pump to reflect the cost you're paying for the product,
" President Biden tweeted on Saturday
Before Bezos took to Twitter with a response. "Ouch. Inflation is far too important a problem for the White House to keep making statements like this. It's either straight ahead misdirection or a deep misunderstanding of basic market dynamics."
"Oil prices have dropped by about $15 over the past month, but prices at the pump have barely come down. That's not "basic market dynamics." It's a market that is failing the American consumer," White House Press Secretary Karine Jean-Pierre wrote, wading into the tussle. "But I guess it's not surprising that you think oil and gas companies using market power to reap record profits at the expense of the American people is the way our economy is supposed to work." According to AAA, the price for a gallon of regular gas now averages $4.80 nationwide, around $1.70 higher than a year ago, but down 4% from the record high of $5.02/gallon seen on June 14.
Go deeper: Pump prices can vary tremendously by location, and currently span several dollars even based on the state due to taxes and fees. Some point out that gas station operators have very small profit margins on their gas (making the bulk of their money from in-store purchases), though refiners and oil-and-gas companies can have influence on those final prices. Looking to alleviate pain for U.S. drivers and the economy, the Biden administration has already tapped the U.S. Strategic Petroleum Reserve and is seeking to enact a federal gas tax holiday. It has also lobbied the G7 to impose a cap on Russian oil exports, tried to increase the global production of OPEC producers and just proposed a drilling plan that could allow limited leasing off Alaska and in the Gulf of Mexico.
Wall Street Breakfast:
Fears mount !
Trouble is brewing in Europe, where the euro just hit its lowest level against the dollar since 2002. Traders are gauging the amount of hiking the ECB will be able to pull off, given growing fears of a recession that could compound problems resulting from the war in Ukraine. That would translate into a tougher time matching U.S. interest rate hikes, on top of risk-averse investors that continue to pile into the safe-haven greenback (the dollar is up 9% vs. the euro since the start of the year).
Bigger picture: "The question of how the ECB will deal with a potential widening in spreads is set to come increasingly to the fore as they almost certainly embark on their first hiking cycle in over a decade this month," noted Deutsche Bank's Jim Reid. "And yesterday we heard some further comments from ECB officials on that hiking cycle, with Estonia’s Muller pushing back against the calls from others to start with a 50bps hike, saying that it was appropriate to begin with a 25bps move in July, and then 50bps in September as they've signaled."
On the geopolitical front, Russia next week will shut down the Nord Stream 1 pipeline for summer maintenance activities, but many regulators and analysts fear the EU's biggest piece of gas import infrastructure won't be turned back on. Shares of Uniper (OTC:UNPRF) plunged 28% in Germany on Monday following reports that the gas giant was talking to the government over a potential bailout package worth as much as €9B. Many companies are buckling under the cost of soaring prices for natural gas imports, and crunches could trigger a collapse in the eurozone market.
Across the channel: The Bank of England also sounded the alarm in its latest financial stability assessment published this morning, warning that the outlook for the economy has "deteriorated materially" and is "very uncertain." "Given this, we expect households to become more stretched in the coming months," according to the report. "They will also be more vulnerable to further shocks.