Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Russia ties Ruble to gold, now America is very angry WW3?
In an interview with @TheAfricaReport our CEO Martin Horgan discusses how maintaining financial flexibility is key to achieving Centamin’s growth strategy. #CEY $CEY #growth #strategy #gold #mining
https://twitter.com/CentaminPlc/status/1512392528267460610
Posted on Friday, 8 April 2022 06:00
Egyptian gold-miner Centamin considers debt facilities for acquisitions, says CEO
Centamin, which operates Egypt’s only gold mine, is reviewing its capital structure with a view to creating flexibility for possible acquisitions, CEO Martin Horgan tells The Africa Report.
Setting up credit facilities would allow Centamin to take an “opportunistic” approach to buying assets, Horgan says. The company would be able to bid with a combination of unused debt and shares if a target became available. “It’s far quicker if you have the banking relationships” already in place....
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My Thoughts
The IR person taking over for Alex is keen to increase the # of social media posts - that's great.
However, the Annual Report mentioned the preference of management to 'communicate' with shareholders via 'trusted 3rd parties' - that's not so great IMO
What is the point of signaling intentions thru backdoor channels? New IR person - if you're reading this - shareholders want more direct accountability from the BOD - not another layer of shielding or more avenues of conjecture
Nice to see a good afternoon trading on breaking 94p again
Some large-size buying, I see on the last few minutes 2x30k and one 25K buys
and order book strong on the bid side
https://m.youtube.com/watch?v=XDw7PR6rrHQ
If charts interest you
Think the break out is happening now..gold going up alongside DXY is a good signal
I took a final lot today at 92.88. Fully stocked now until divi payout which will be re invested. I think we're on the verge of a pretty large move in metals. I've been wrong quite a few times :) but I've loaded up the last few weeks on top of my core holding in the hope that the decent move happens...if and when gold breaks the all time high well be off to the races
Major stock indexes in Europe traded higher in the premarket on Friday, as the tumultuous situation in Ukraine continues. The British Defense Ministry shared that the Russian army has completely withdrawn from the north of Ukraine. Earlier, the European Union agreed on the fifth sanction package against Russia.
The DAX rose 0.51% at 7:08 am CET. London's FTSE 100 increased by 0.45% at the same time. The CAC 40 was up 0.55% at 7:08 am CET.
The euro lost 0.16% against the dollar at 7:20 am CET, selling for $1.08615. The pound was flat against the greenback to go for $1.30705 a minute later.
Baha Breaking the News (BBN) / AY
Enjoy your weekend y’al
David Payne, commercial executive, has benefited from the company’s recent performance and the share price movement. He sold half a million shares at 96p a share on 25 March, which came shortly after he offloaded 1mn shares on 22 March at 95p a pop. This means that he has sold £1.4mn-worth of shares in recent weeks.
https://www.investorschronicle.co.uk/news/2022/04/07/capital-exec-cuts-stake-as-shares-rise/
Thank you Cowichan for posting the announcements and your thoughts, you raise some relevant points.
I share your opinion on the ability of the BOD, I doubt they will notice anything has been announced for some time, they have seagulls to watch!
Lets face it from past experience the BOD move slower than the Egyptian judicial and the SCC system!
So I think its pretty certain that any negotiations will be left up to Martin Horgan.
The agreement enumerated the importance of the draft law, foremost of which is the control of indiscriminate exploration (civil mining) for gold ore and the accompanying minerals, explaining that the full funding of research and exploitation expenses falls on the shoulders of the Shalateen Company without the government or the authority bearing any expenses or costs. (1) Government participation in production from the start of the first production to be achieved.
The parliamentary report indicates that the government receives (2) a royalty of 5% of the total production before deducting the value of the recovery costs, pointing to the establishment of the Shalateen Company, a factory or factories to produce gold, either by itself or in partnership with other international companies or companies operating in Egypt in the mining sector.
The report noted the commitment of Shalateen Company to market mineral ores in the local and international market and to complete all sales on the best terms that can be obtained in accordance with the prevailing market conditions at the time of sale, and (3) the transfer of ownership of fixed and movable assets automatically from Shalateen Company to the Mineral Resources Authority when the company has recovered the cost of these assets in full or upon the expiration of this Agreement.
------------------------------------->>>
My Thoughts:
(1) Unlike the Centamin agreement - benefits to gov't from start of production
(2) A royalty of 5% is pretty dang low - how can the EMRA justify anything more from its ongoing negotiations with Barrick, B2 and Centamin ?
(3) 'transfer of ownership of assets after cost recovery' This is like the Sukari arrangement only with less 'profit share' - so Shalateen (and any mining company that partners with it) will have an advantage over the new terms offered to the last concession bidders Barrick, B2, centamin, etc. in that cost recovery will be allowed AND at a much reduced 'profit share'
https://pigthumbs.com/amp/africa-news/egypt-news/parliamentary-committee-the-gold-industry-has-become-active-in-egypt-thanks-to-the-attractive-mining-climate/
Sounds like everything is up for negotiations with the Egyptian government - one only has to be willing to ask - fairly confident our current BOD's are NOT up to the task - but maybe Mr Horgan is - we'll see
Al-Sisi ratifies seven laws allowing Petroleum Ministry to search for gold in Eastern Desert
President Abdel Fattah Al-Sisi ratified seven laws allowing the Ministry of Petroleum and Mineral Resources to contract with the Egyptian General Authority for Mineral Resources as well as Shalateen Mineral Resources Company to search for and exploit gold and associated minerals in the Eastern Desert.
This includes research and exploitation of these minerals in the area of ??Jabal Iqat, Jabal Al-Jarf, Jabal Masih, Jabal Elba, the Aswan region of the Eastern Desert, as well as the Hamata, Atoud, and Wadi Allaqi regions.
The laws were published in the Official Gazette on Wednesday.
The presidential ratification came days after the House of Representatives — headed by Speaker of the House Hanafy Al-Gebaly — approved a number of laws allowing the Petroleum Ministry to research and exploit gold and minerals.
It is worth noting that the Jabal Iqat mining area is a promising area in terms of of natural resource deposits, the most important of which is gold.
The ministry asserted that Egypt has a minimum reserve estimated at more than 1m ounces of gold, with total investments exceeding $1bn.
https://www.linkedin.com/posts/petroleumtodaymagazine_al-sisi-ratifies-seven-laws-allowing-petroleum-activity-6917753297089032192-vPZv?utm_source=linkedin_share&utm_medium=member_desktop_web
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My Thoughts:
1) Why was it necessary to create new laws?
2) I thought the new mining code was a done deal - intending to draw new foreign investment - why would the EMRA need to partner with the Ministry of Petroleum?
3)Who would finance? The Ministry of Petroleum never self-finances - always has a foreign partner.
4) If Siko is reading this perhaps some insights?
5) I thought the EMRA was taking a backseat in future gold projects i.e. not needing to 50/50 partner with new explorations and developments - this seems to be a step backwards.
6) As far as Shalateen goes - do these new laws make it more attractive to the likes of Sawiris/La Mancha?
April 2022
I’m happy to share that I’m starting a new position as UG Mobile Fleet Maintenance Planner at Centamin PLC!
https://www.linkedin.com/in/jacobus-richard-thorne-70378666/
That makes TWELVE former Barrick employees now working at Sukari...
Hi Halfpenny, I agree a buy rating is beneficial, my point was the analysts don't really have an in depth knowledge of work in progress at Sukari and it is now apparent that during the annalists Sukari visits in the past that the analysts weren't looking where they should have been or didn't ask the right questions, or perhaps they simply didn't realise that the site was being high graded and that it was in danger of disappearing under a decades worth of uncleared waste, just like the Jersey BOD who were watching the seagulls!
Although when you consider the value the analysts are putting on the company is barely what it was when stage 4 was still under construction and the repayment of CAPEX not to mention profit share was somewhere in the future, the share price was over a £1 when the first revolution was taking place in Cairo .
Yet even though there is the temporary increased AISC and profits are being split 50/50 the CAPEX has been repaid,no company debt, Sukari reserves life is better than previously estimated and underground grades better then expected ,solar soon to come on stream and there is the likelihood of some good Egyptian reserves being announced.
This company is making a profit and will no doubt make a lot more and yet the analysts come up with piffling targets of £1.20, well big deal!
Brokers giving the company a buy signal hardly a bad thing Tibbles as puts cey on the radar?
Equities in Europe traded lower in the premarket on Thursday ahead of the release of the reports on Germany's industrial production, house prices in the United Kingdom, and retail sales in the Eurozone.
Investors will also keep an eye on the North Atlantic Treaty Organization's (NATO) meeting on the crisis in Ukraine, and whether the European Union will impose another set of sanctions on Russia over its military operation in the conflict-hit country.
The DAX traded 0.39% lower at 8:00 am CET. At the same time, the FTSE 100 declined by 0.35%. The CAC 40 went down by 0.34%.
The euro gained 0.22% to the dollar at 7:58 am CET to sell for $1.09194. A minute later, the pound sterling rose by 0.14% against the greenback to go for $1.30858.
Baha Breaking the News (BBN) / JR
The political climate in Burkina Faso and Mali is decreasing, sadly.
In BUrkina, the cowards are now attacking and killing defenseless women gathering water. Animals don't do this, so gives you some idea of what they are dealing with.
https://www.voanews.com/a/more-than-30-people-in-burkina-faso-killed-in-armed-attacks-/6485090.html#:~:text=Armed%20militants%20killed%20at%20least,the%20restive%20area%20above%2030.
Mali is appalling in the north
https://www.voanews.com/a/rights-groups-call-for-investigation-into-mali-killings/6517572.html
Although no company has lost tenements or had their assets stolen or taken from them, due to Coup d'états, in either country - there has been some reviews when the prevailing laws have not been adhered to by the previous regime.
Its an extremely sad situation in these countries, and one of the factors, less we forget, is the "liberation" of Libya.
the gnome
Guest(s): Martin Horgan CEO, Centamin
The Sukari gold mine in Egypt is on its way to become a tier one asset with production of 500,000 ounces a year for ten years at an all-in sustaining cost approaching US$1,000/oz, said Centamin (LSE:CEY) CEO Martin Horgan, as a new mining code sees Egypt become a coveted destination.
Horgan spoke to Kitco correspondent Paul Harris at BMO's Global Metals & Mining Conference held in Florida last week.
{*article dated Mar 10}
https://www.kitco.com/news/video/show/BMO-Conference-2022/3910/2022-03-10/Sukari-to-become-a-coveted-asset#_48_INSTANCE_puYLh9Vd66QY_=https%3A%2F%2Fwww.kitco.com%2Fnews%2Fvideo%2Flatest%3Fshow%3DBMO-Conference-2022
Here's another golden flipflop story I recently added to my *speculative* tenbagger holdings - obviously do your own research - but a video to get the curious started
https://goldinvest.de/videos/video/930-omai-gold-mines-guyana-ist-zu-einem-hotspot-der-goldexploration-geworden
https://money.tmx.com/en/quote/OMG
Hardly sticking their necks out with such a ratings, what do these analysts really know about mining or what is happening at Sukari, not much more, if anything from the majority of share holders.
You can forget most of these ratings until here is some actual evidence of the progress at Sukari and some actual evidence of improved production and news on if there will be any further write downs or not, or any as yet undisclosed skeletons in the cupboard that the BOD were unaware of, then its pointless quoting the pathetic piddling estimates they are banding about on these notes, they are in short pie in the sky!
A good start would be honest answers to Cowichans and Dasut's submitted "Investor Meet" questions which for some reason they seem unable or unwilling to do!
Why don't some of these brilliant analyst ask such questions, quite simple they don't have any skin in the game and and they don't know as much some retail share holders on this forum.
So there you go Centamin BOD if you are reading this come on and be straight with the share holders or are you going to watch the seagulls instead?
Absolutely correct Cowichan,
I recall your past posting of what actually happens when a pit wall does collapse and it is most fortunate that the fault in the open pit wall structure was detected before any collapse might occur, thus saving life and limb, not to mention the company share price to a great extent!
92.50p +0.32p UTCEY 92.50p +0.32p UT
Berenberg Bank Keeps a Buy Rating on Centamin
Berenberg Bank analyst Jonathan Guy reiterated a Buy rating on Centamin (CELTF – Research Report) yesterday and set a price target of p114.00. The company’s shares closed last Tuesday at $1.22.
According to TipRanks.com, Guy is a 1-star analyst with an average return of -0.5% and a 44.5% success rate. Guy covers the Basic Materials sector, focusing on stocks such as Galiano Gold, Yamana Gold, and FRESNILLO.
Centamin has an analyst consensus of Strong Buy, with a price target consensus of $1.59, implying a 30.4% upside from current levels. In a report issued on March 24, RBC Capital also reiterated a Buy rating on the stock with a p120.00 price target.
The company has a one-year high of $1.76 and a one-year low of $1.06. Currently, Centamin has an average volume of 8,855.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Centamin Plc engages in the exploration, development and mining of precious metals. It operates through the following business segments: Egypt, Burkina Faso, Cote d’Ivoire, and Corporate. The company was founded on March 24, 1970 and is headquartered in Saint Helier, the United Kingdom.
Sotolo -->> you keep reminding people there was a mine wall collapse - there wasn't
in actual fact the company reported 'movement was detected' in the open pit - nothing more
Hi Langford,
In most respects although I agree it is an annoying/frustrating and indeed an unfair situation I have to agree in the main with the answer Prof has offered to your question.
That said though there is some deadwood/free loaders on the BOD who spent too much time watching seagulls out of the jersey window rather then watching what a mess was being created at Sukari!
Its hard to take in, especially when you consider that Sami El Raghy was making statements in the media that they had the best people at Sukari!
So was Sami unaware, didn't know what he was looking at, didn't look at all and believed what he wanted to hear from the Egyptian policeman in charge at the time, or was Sami complicit in the "Pyramid scheme , because like it or not that's what it was and why it narrowly avoided coming crashing down, and the reason why Centamin and us the share holders has to pay for the "Best" or most professionally capable people to sort out a bl**dy mess that should have never happened!
Just shows how much these so called mining analyst know who take part in the Webinars and then produce their notes, also despite visiting the Sukari operations how many of them ever questioned or mentioned any concerns over the way that the site was being operated, none!
Although never having visited Sukari and reliant on the information released the only analyst who ever raised concerns was Kees Dekker in 2015 & 2018 and Pardey tried to discredit those two reports!
Unfortunately in the past share holders good nature and trust was taken for granted and betrayed, not once but now it is apparent on a regular basis, each time the s*it was about to hit the fan Pardey/Josef/Youssef would manage to pull a rabbit out of the hat and calm things down, and all was well, until the next time, typical pyramid schema tactics!
So we have been shafted and we have the choice of either staying and hoping/trusting we won't be betrayed this time or selling out and possibly losing out if Martin Horgan is able to deliver on his stated aims, I hope he will, but it is one hell of a task sorting out a decade or so of crap and that's not just at Sukari!
Took some more today with profits from poly...trying to stay positive and think this is just a prolonged period for accumulation, we're on the thick of the worst bit now so hopefully the market will start too look forward soon