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Only proper that cey can review and renegotiate their terms for Sukari on the back of better terms for new mining entrants into Egypt.
First sentence should say "why would I buy CEY when I lose half my profits".... when "if I go into Egypt and are lots of new concessions out there, and I don't get battered with the 50/50 share, in fact a lot better deal"
Yes, but I maintain "hey would I but CEY when I lose half my proftis"... when "if I go into Egypt and there are lost of new concessions out there, and I don't get battered with the 50/50 share, in fact a lot less"... so my question remains, why would I buy CEY? I'm very disappointed that has the 50/50 didn't change when new concessions were offered at a much better rate- especially have CEY have constantly given a lot of money to Egypt with the 50/50--- what price loyalty? Where's the loyalty benefit? As for the SP, the "jam tomorrow" remains. Need s strong Q1 and Q2 and so on to demonstrate the turnaround. Sorry to sound less optimistic, but this is how I see CEY- am frustrated about the lack of share purchases by the Board- especially as they are so well renumerated- I'd sooner see Horgan's salary slashed by 80%, along with the rest of the board, and have them being paid on SP performance. Have been trading this one over the years, and accept the poor management in the past, but do think they owe more to the average shareholder.....
Sotolo, your post is so very considerate and reflects very well on your. My best wishes to everyone recovering from illness.
In terms of CEY, I have been out for a while now but am considering whether and if so when to re-enter. GLA. DYOR.
They have told us that going forward the dividend is likely to be upto 45% lower that`s why the share price is over 10% down !
they haven't cut the dividend they have hedged the dividend going forward.. at least... means at least so under promise and over deliver which is about time for this company albeit from a low point.
By cutting the dividend at this stage the directors and their advisers have lowered the takeover price for an acquirer by over $100 million. It was essential the the management maintained the dividend at least until the higher productional levels come through. By cutting the dividend now they have reduced the market cap. by at least $100 million and consequently reduced takeover price which would be paid. Fools or knaves?
Major European stocks saw gains ahead of Friday's session as the ongoing Ukraine crisis kept unfolding, with air raid sirens and explosions being reported in the Western part of the country. Additionally, Ukrainian President Volodymyr Zelensky has been nominated for the Nobel Peace Prize by a group of European politicians.
The DAX gained 0.48% or 29 points at 8:01 am CET, while the FTSE 100 rose by 0.17% and the CAC 40 climbed 0.44% or 120 points.
The euro lost 0.08% against the dollar to 1.10832 at 7:58 am CET while the pound inched up by 0.09% to $1.31606 at the same time.
Baha Breaking the News (BBN) / SP
Have every faith, Cey will come good.
Y’al have a great weekend.
What happened re Tibbs? Need to catch up.
Market. Always such a gentleman you are actually very on topic, as your and Tibb’s views like all others here are so very welcome, and it is important to all of us you are both better. Market I am particularly pleased to hear from you after your long battle and given your rare posts, Tibbs I hope your short break means nothing too awful? One gets to know voices here, and many who have gone for different reasons are sorely missed, including those who sold out and moved on. I bravely made two further small purchases yesterday.
Makes one cry ... the LONG bets make a fistful of money, the SHORTERS cry for help ... LOL What a market structure! I could bet that there are few people who get paid a lot of money who would not be able to organise a raffle for the local primary school.
Hedge funds that placed bullish bets on commodities are notching sizable returns from the biggest rally in decades following Russia’s invasion of Ukraine.
Soroban Capital Partners LP, a $10 billion stock-picking hedge fund in New York, is one of the biggest winners, making at least several hundred million dollars on the trade since February, a person familiar with the matter said. Other winners include New York macro fund Castle Hook Partners and value investor Pilgrim Global. The bet was that a yearslong drop in spending on new commodity supply and efforts to limit carbon emissions would push up materials prices and shares of producers, according to people familiar with the firms.
Commodities-focused funds that made similar wagers are posting outsize returns—about 30% in the first two months of the year in some cases—after years of poor performance.
no symapthy for the commodity middle men , they deserve everything they get, and so does their market ... with a few simple rules it could be so much better, rather than its present chaos/structure.
the gnome
Europe’s largest energy traders have called on governments and central banks to provide “emergency” assistance to avert a cash crunch as sharp price moves triggered by the Ukraine crisis strain commodity markets.
EFET wants state entities such as the European Investment Bank, or central banks, such as the European Central Bank or the Bank of England, to provide support through lenders, to soften the impact of margin calls.
Ructions in commodity markets stemming from the invasion of Ukraine are starkest in nickel, an important Russian export. Global markets for the metal were shut for a week after prices shot higher and left those with bearish bets struggling to meet banks’ demands for cash to cover derivatives positions, known as margin calls.
Of topic hope all well Tibbs , you can bounce back i am proof of that .
Geodrill ??
The “mining club Egypt” monthly event is growing at a rapid rate. #alhumdulillah
Last night especially was filled with many esteemed guests, investors and industry leaders from Saudi Arabia, Australia, South Africa, Texas, Canada and Egypt ???? , this months event is kindly sponsored by mining gurus and Industry Experts, Geodrill.
https://www.linkedin.com/posts/raadiyah-e-23410019_alhumdulillah-miningexploration-egypt22-activity-6910306582371196928-3HJP?
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I'll see if I can identify some of these 'industry leaders'
Agree with Cowichan Newmont have a track record of gobbling up miners.
https://www.kitco.com/news/2019-04-18/Newmont-Goldcorp-Complete-Merger-To-Form-Largest-Gold-Producer.html
Hi SteveJones999 and Aether
re: Is it positive/good that Newmont enters Egypt?
For those punters who were hoping that a big player might be interested in buying Centamin to make a quick trade - this should be good news - you obviously need an interested buyer - and this is the first time to my knowledge Newmont has ever indicated interest in Egypt's mining scene.
For myself and perhaps other long term holders - I prefer if Centamin remains in control of Sukari because we haven't yet seen the value creation fully realized.
re: Isn't the current terms at Sukari a non-starter for Newmont or Barrick?
As Tibbs has pointed out many times in the past the 50/50 profit share isn't really egregious all things considered i.e. Sukari's ability to recoup capital/development expenses , the inexpensive labor costs associated with operating in Egypt, the low chance of environmental challenges being based in the barren desert, decent infrastructure, fantastic opportunity to utilize solar power, skilled workforce, etc
Additionally , we know Barrick , B2 and Centamin have been negotiating royalty rates with the EMRA for the new concessions and according to Mr Horgan the particulars are 90% complete - finalization is expected by Q3
To sum it up — Newmont like Barrick isn't interested in small, short duration operations - which means they see Egypt and more specifically Sukari as a long-life/large scale opportunity IMO
Aren't new concessions offered at a much improved rate split eg a lot less than 50% going to government? Unlike we are with at sukari? Isn't this a block for any takeover? Why would newmont coming in be good?
Cowichan, History can't be changed only learned from and I live in hope that the current new members of the board understand the mistakes made by their predecessors and steer the ship back on course or preferably a better understandable course.
So my questions are related to when will Sukari be back to normal production close to or above the 500,000 oz p.a. Not projections finger in the air hopes and wishes, but realistic targets and something that gives shareholders and new investors confidence,
Also we need to know what is going on at Batie West and the impact of an exploitation license that expired November last year. This would normally mean either an application for an extension or reverts back to the Government so what is the impact on the value of the resource and is there a time when any sale or joint venture needs to be completed? A resource can't just be sat on it needs to be developed or relinquished.
I have always been a fan of a focus on relatively small number of achievable targets rather than the confusions of a large number of projects /targets and none being achieved.
One of the reasons why I like the contractor focusing on the additional waste removal and the Cey fleet concentrating on the mining which will also involve waste removal. This however can't go on indefinitely there needs to be a cut off date or a plan that is known and shared with us.
So, it is potentially good news for CEY shareholders?
Yep, that's it Cowichan, the travelling-circus moves on to the next venue with Golden-hellos, Large salary, bonuses, free-shares then the Golden-goodbye. - Like Karno's commandos.
Thanks DASUT
Perhaps another problem for Mr Horgan if he were to address the questions regarding long- term issues — the necessity to dig up skeletons and point blame at past decisions made by the board. Which won't actually fix things and probably make it more difficult to work with them going forward.
That is the trouble with always having a CEO go between - the board never need address their failures. If a major screw up happens - out goes the CEO and his replacement repeats the cycle.
Therefore I would like some board members to address shareholders next week and answer questions
Aether
Newmont is the third (and largest by market cap) major to show interest in Egypt -
Centamin has the only commercially producing mine and largest - perhaps most prospective - land concessions
Therefore a case could be made for multiple offers to acquire or strike some sort of co-development deals with Centamin - the latter being this shareholders preference
Cowichan,
The only reason questions won't be answered is if the answers will directly effect the SP so expect answers that are guarded but experience of the last few phone ins is that answers are normally provided.
If you have already submitted your questions then they will at the very least have time to carefully word responses and or maybe incorporate in their presentation.
What will be the potential impact on CEY?
Question 1:
Has Centamin's CEO and/or management hosted a tour of Sukari with employees and/or management of Barrick recently? And if so to what purpose?
Question 2:
Is Centamin's board of directors willing to publicly state that it deems the shares of Centamin PLC significantly undervalued ? And if they are not willing, please explain the reason(s) it deems Centamin shares are currently fairly valued.
Question 3:
When did the so-called 'bonanza grade' zone(s) actually get discovered? They just sort of appeared with the January 2022 presentation. Was it during the 'relogging' efforts of last year? And if so how did such amazing bonanza grades go unnoticed and unreported for a decade?
Question 4:
Is this statement true or false? "A 2D geoseismic programme was completed in 2019. Initial data interpretation is very encouraging, identifying multiple potential gold systems..." The statement appears in Centamin's 2019 Audited Annual Results.
https://www.investormeetcompany.com/
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How many will be answered ?