Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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The modern world is truely amazing, I can be called a Brit, without censure, even though I am English. Wheras it seems I can't call a person from ****stan a P.a.k.i. There is nothing derogatory in using such a term.
“It is fair to say Australian gold producers have probably been a little over-optimistic as to how quickly that [opportunity in America] can be delivered,” says Evolution boss Jake Klein.
On the day he bought Red Lake, Klein was explicit that years of work and hundreds of millions of dollars of refurbishments would be required to achieve Evolution’s vision for the mine.
Capital spending at the site has been roughly equivalent to earnings over the past 18 months and with a further $500 million to be spent in the next three years, Red Lake may not be a cash-flow contributor for Evolution until fiscal 2025.
Klein acknowledges that Red Lake is unlikely to be a major contributor in the near future, but says it will prove its worth eventually.
“At the end of that [refurbishment] we will have an asset with a more than 15-year mine life, producing sustainably at least 350,000 ounces of low-cost gold ... it will be restored as a premier Canadian gold mine,” he says.
Most would agree that it [Pogo] has underperformed relative to initial expectations.
— Reg Spencer, analyst, Canaccord Genuity
While future spending at Red Lake will be higher than he previously expected, Spencer says Evolution has gone closer than its peers to delivering on the expectations set when the companies acquired their North American mines.
“At this point, Evolution’s purchase of Red Lake looks the best in terms of initial expectations. They are looking on track to deliver initial production and cost targets, but have enhanced the project through exploration success,” he says.
Life in North America has proved harder for Northern Star in the three years since it told investors that Pogo would immediately deliver about 260,000 ounces of gold a year.
A short mine life seemed to be Pogo’s main challenge on the day it was acquired, but Northern Star was confident it had the skills to extend the life by finding more gold nearby.
Extending the mine life has proved to be the least of Northern Star’s challenges, with a change to Pogo’s mining method proving harder than expected.
The coronavirus exacerbated the challenges by reducing Pogo’s ability to use fly in, fly out workers.
Pogo has struggled to dig enough ore to run the mill at full capacity at times and annual gold production has averaged 196,000 ounces in the past three years; about 25 per cent below expectations.
“I think most would agree that it [Pogo] has underperformed relative to initial expectations, and then the disruption caused by COVID in the US hasn’t helped,” says Spencer.
Spending on new fleet, exploration and a mill expansion at Pogo has largely offset earnings over the past three years and Pogo is unlikely to be a major cashflow contributor in the year ahead given spending at the site will top $70 million.
Northern Star boss Stuart Tonkin says a turning point will come in fiscal 2023 when the mine starts consistently delivering 300,000 ounces a year.
“We have got a lot
Major indexes in Europe traded mostly lower in the premarket on Tuesday as investors focused their attention on new developments in the Ukraine crisis.
Earlier, Ukrainian President Volodymyr Zelensky shed some optimism by saying that his country was prepared to promise that it would not apply for NATO membership in exchange for Moscow's acceptance of a cease-fire. Meanwhile, Moscow asked the US to stop escalating tensions.
The DAX lost 0.17% at 8:01 am CET, while the CAC 40 fell 0.50%, and the FTSE 100 was flat.
The euro was down by 0.41% against the dollar at 7:58 am CET, selling for $1.09708. In comparison, the pound lost 0.33% to go for $1.31242 at the same time.
Baha Breaking the News (BBN) / JGA
Barrick Gold (NYSE:GOLD) had a tough year in FY2021, with production down year-over-year due to challenges at Hemlo, a mechanical mill failure at Goldstrike, and having no contribution from Porgera. However, 2022 has started off on the right foot, with the company announcing a more attractive dividend framework, enjoying much higher metals prices, and reporting exceptional reserve replacement. As we close out Q1, the most recent news has strengthened the bull thesis, with the Reko Diq Project getting a second lease on life. Given Barrick's attractive valuation and an upgrade to its development pipeline, I would view sharp pullbacks as buying opportunities.
The Reko Diq Project is in ****stan. ****stan has reached an out-of-court deal with a foreign firm that has agreed to waive $11 billion in penalties and revive a mining project stalled since 2011, officials said on Sunday.
The consortium Tethyan Copper company — of which Canadian gold firm Barrick and Chile's Antofagasta Minerals control 37.5 percent each — had found vast gold and copper deposits at Reko Diq in Balochistan.
The hugely lucrative open-pit mine project came to a standstill in 2011 after the local government refused to renew Tethyan Copper's lease, and in 2013 Supreme Court declared it invalid.
Porgera has an interesting history, which includes ....... the Porgera Gold Mine has consistently been criticized for environmental and human rights issues. Its own internal investigations have revealed that killings, brutal gang rapes and beatings have been carried out by mine security personnel.... Political risk, Social risk, pile them up, ....
best
the gnome
Barrick Gold Corporation
ISLAMABAD, ****stan, March 20, 2022 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) and the governments of ****stan and Balochistan have reached agreement on a framework that provides for the reconstitution of the Reko Diq project in the country’s Balochistan province. The project, which was suspended in 2011 due to a dispute over the legality of its licensing process, hosts one of the world’s largest undeveloped open pit copper-gold porphyry deposits.
The reconstituted project will be held 50% by Barrick and 50% by ****stan stakeholders, comprising a 10% free-carried, non-contributing share held by the government of Balochistan, an additional 15% held by a special purpose company owned by the government of Balochistan and 25% owned by other federal state-owned enterprises. A separate agreement provides for Barrick’s partner Antofagasta PLC to be replaced in the project by the ****stani parties.
Barrick will be the operator of the project which will be granted a mining lease, exploration licence, surface rights and a mineral agreement stabilizing the fiscal regime applicable to the project for a specified period. The process to finalize and approve definitive agreements, including the stabilization of the fiscal regime pursuant to the mineral agreement, will be fully transparent and involve the federal and provincial governments, as well as the Supreme Court of ****stan. If the definitive agreements are executed and the conditions to closing are satisfied, the project will be reconstituted including the resolution of the damages originally awarded by the International Centre for the Settlement of Investment Disputes and disputed in the International Chamber of Commerce.
Barrick’s president and chief executive officer Mark Bristow hailed the agreement as an important step towards the development and operation of Reko Diq and a tribute to the decisions of all parties to work towards a mutually beneficial outcome in a spirit of partnership.
“Barrick has successfully partnered with host countries worldwide and our philosophy of sharing the economic benefits our mines generate equitably with core stakeholders is also evident in the ownership structure of the new Reko Diq. This is a unique opportunity for substantial foreign investment in the Balochistan province and will bring enormous direct and indirect benefits not only to this region but also to ****stan for decades to come. In addition to local employment and skills development, local procurement, infrastructure upgrades and improved medical and education systems, Reko Diq could also be the springboard for further exploration and other mineral discoveries along the highly prospective Tethyan Metallogenic Belt,” he said.
On closing, Barrick will start a full update of the project’s 2010 feasibility and 2011 expansion prefeasibility studies, which envisaged a conventional truck-and-shovel open pit operation with comminution and flotation processing
A public declaration that Barrick are currently on the hunt.
Maybe not about Cey but who knows possibly only the powers that be.
(Tweeted three days ago)
https://twitter.com/barrickgold/status/1504783491321540608?s=21
There is of cource a huge difference ,between a suitor and hostile takeover.
If the company does not need help or a joint venture, then why ,because some predator or dictadorial people wish it maybe.
There is already a partner in reality, EMRA.
Cowichan the difference with the joint ventures in Nevada and Dominican republic is that they also share the investment costs and operating costs so an OK ROI for both companies.
Problem with EMRA is they are Government not private and at the same time non operational.
These are only my opinion certainly wouldn't guarantee that Newmont aren't a prospective suitor.
I realise why it doesn't work. - LSE edits the link and removes P*A*K*I from the word P-A-K-I-S-T-A-N in the link address.
It still isn't right - f***k it. - Hopefully Tibbs will oblige. :-)
There you go - thanks to the good-offices of Tibbs, a new link.
https://finance.yahoo.com/news/barrick-****stan-balochistan-agree-principle-094500776.html
Take a look at FTSE 350 FTNMX551030 and look on the monthly chart. Things have to bottom at some point.
Can see this creeping back above 90 by close....
Their liberation army sound prticularly un savoury.
Thanks for trying ,I often have the same problem ,.
With that government they probably got special terms.
Not a very stable place.
No better - It works when copied to other platforms but not on this one. - Never mind.
Barrick entering into a 50/50 arrangement with the ****stan government.
Sorry Mr Bond - Try this one.
https://www.barrick.com/English/news/news-details/2022/barrick-****stan-and-balochistan-agree-in-principle-to-restart-reko-diq-project/default.aspx
Rebess, ha ha ,you maybe missing something on you link ,all I get is error.
I may be missing something, but 50/50 seems to be acceptable here.
https://www.barrick.com/English/news/news-details/2022/barrick-****stan-and-balochistan-agree-in-principle-to-restart-reko-diq-project/default.aspx
Sotolo I already have
Sotolo I already have
At least you can discard your regret of last week when you posted on results day “ My biggest upset about yesterday is that I only bought 80,000 shares.. ” as you can now buy more at same or cheaper
Hi Spoonington
Absolutely agree fair comments,
Here we are over a decade on and the company value and the dividend more than halved whilst those on the BOD & the NED'S who failed to execute their legal duties with the appropriate due diligence keep their heads down and continue to receive their handsome resumptions hoping we shareholder’s take our scraps be grateful and forget!
it all very well to claim that it’s no good blaming the previous management, but let’s face it most of those that were complacent or lax, or both in that comfy Jersey boardroom are still in post.
Were the BOD & NED’s ignorant of the true state of Sukari, if so that is quite an appalling state of affairs, or were they complicit in what seems to have been a mine operating along the lines of a “Pyramid Scheme”, is the reason for our present sad state the former or the latter, or possibly a combination of both, whichever neither are acceptable or excusable in any decently run company.
Martin Horgan seems to be trying his best to rectify the bad mining practice and poor Sukari oversight of over a decade but it is no mean task which may well account for his handsome £ 2.5 million and share option’s annual remuneration package.
If the present BOD wants to demonstrate that they have learned by their past failings and indeed have faith and confidence in their new CEO's strategy then they should at least have the courage and conviction to purchase at least £1-£2 million of share each and Martin Horgan should seriously consider reciprocating
At present it seems that we shareholders have been fed "Baloney" (the polite word) for over a decade and our reward is a kick in the crotch (polite word) with yet more promises of rewards for our patience sometime in the future.
Mr Bond once explained that Sukari was chosen to be developed first because of its close location to the sea (water) but that there were richer resources/reserves that were further but not so far away that possibly may now be feasible for Centamin to exploit.
I would like to write more but I feel I am unable at the present, although I shall be expressing my feeling to the company by the appropriate means.
Shane's biggest regret was Liz, a true love lost like a stone thrown could not be returned.
May cause a few rumblings.
https://www.centamin.com/investors/investor-calendar/