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MY_CPI has doubled PLUS! Petrol now $2.20/litre, Diesel $2.10, thats through the $10/gallon hurdle. House prices through the roof. Rents sky high, if you can find them. Wheat? Bread up 40%. But supply chain bottlenecks, skyrocketing fertiliser prices and tougher growing conditions linked to climate change present significant challenges to the Australian solution...so not all beer and skittles for the farmers...
Council rates up, federal taxes will climb, CPI 6% my ?ss
the gnome
Core CPI was 6.4% versus 5.9% expectation.
February 2022 CPI: 7.9% vs. 7.8% Expected
Siko
Posts: 1,703
Opinion: No Opinion
Price: 129.45
Re- bardill - diesel dispute
Today 13:40
Hi bardill,
Your view on the diesel dispute is not different to mine as I personally don't have a view and all I posted was from the commissioners report. I think we all disagree with commissioners report otherwise no one here would be investing in Centamin as we know that the report is so negative and its final recommendation is very bad, but everyone here believes/hopes that the court will ignore that report and rule based on the facts.
As to the diesel dispute itself, the court had asked the state council to submit its view about this subject, and their response was what I had posted earlier.
From the papers, the report claims that Centamin should be treated the same as petrol companies
which pay international prices as they don't fall under the law regulating subsidized diesel as they all have separate agreements, while Centamin's argument is that the company (Alsukry) is one of the industrial companies registered in the industrial register, so should be subject to the local subsidized prices which apply to industrial companies.
Unfortunately, I could not post the commissioners report here as I have it in paper copy and pdf file, so not able to post a link, but I managed to find a link to the state council report regarding this matter.
I'm trying hard to save some money to get back at this attractive SP, so hopefully soon I might be able to get back on board. I have just come back from Egypt, so it might take some time.
Here is the link for the state council report (It's in Arabic, but I tried Google translate and it did an OK job).
https://www.youm7.com/story/2014/9/9/%D9%81%D8%AA%D9%88%D9%89-%D9%84%D9%80-%D9%85%D8%AC%D9%84%D8%B3-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D8%A9-%D8%AA%D9%83%D8%B4%D9%81-%D8%B4%D8%B1%D9%83%D8%A9-%D8%B0%D9%87%D8%A8-%D8%A7%D9%84%D8%B3%D9%83%D8%B1%D9%89-%D8%AA%D8%AD%D8%B5%D9%84-%D8%B9%D9%84%D9%89/1857010
Info courtesy of Siko
Centamin Diesel Fuel Case Subsidy 10th Feb 2020
Siko
Price: 130.20
View Thread (2)
Diesel fuel case
Regarding the diesel fuel case, I never looked at this in details before, but as it was mentioned here a few times over the last few days, so I thought to have a closer look.
As you now I have all the CC papers, so I looked through the latest file which is the latest commissioners report in 2013, which CEY described as £Negative£, and this is briefly what the report says about the fuel case (pages 60-64):
-Article 3, point D of the agreement states (Pharaonic company to pay for all the costs and expenses to carry out all the operations
£with the right to recover any costs/expenses as per the agreement")
-Egypt was supplying the mine daily with 1,600,000 Egyptian pound worth of subsidized fuel, while the investor was gaining 50% out of this.
-There is no mention at all in the concession agreement about the fuel supply, and there was nothing to commit the Egyptian government to supply the fuel, either subsidized or in full price.
-As the agreement did not force the investor to obtain the fuel from any specific supplier, local or international, so it either’s the investor’s responsibility to source the fuel locally or imported and to benefit from the agreed tax exception as per the agreement.
This does not affect the investor's rights to recover the costs and expenses as per the agreement.
-Egypt supply investments projects, based on law 43 year 1974 and law 230 year 1989, with subsidized fuel. All investment projects are treated the same, unless a project had a special agreement in which case that project would only benefit from the terms and conditions of that agreement.
-As the agreement between the Egyptian government and Centamin is based on law 222 year 1994, so it does not fall under the same laws as other investment projects.
-The agreement clearly states that the investor has the rights to recover any operational costs and expenses, and that includes fuel obtained at any price.
-The company, incorrectly and against the agreement, was supplied with subsidized fuel, but that does not give the investor any right or legal position.
-Petrol projects have special agreements and pay for fuel at international prices, and so should Centamin, otherwise it would be classed as favoritism, which is against the constitution and the law.
More in the report, but I think this gives you an idea of the situation..
I hope this could help you a little in your discussions..
As said before at £1.50 I would jump at it, but if it ever happened more likely to offer £1.30; I am only sorry I was anti the endeavour takeover as endeavour has done so much better than us over the last two years. The question is does Barrick want a mine that is half owned by the Egyptian government, but it would make sense for them in helping open up Egypt, but so far looks like this is too much of an impediment tho Bristow is good with governments and way better than our lot.
Stock exchanges in Europe were below the flatline in premarket trade on Thursday with investors directing their attention to the European Central Bank's next interest rate decision and the press conference by ECB President Christine Lagarde, coming up later in the day. Also, the United States will release the latest inflation report before the markets open in New York and provide insight into the state of the world's leading economy.
The DAX declined 0.21%, London's FTSE 100 lost 0.34%, while the CAC 40 was down 0.37% at 8:01 am CET.
The euro was 0.13% lower against the dollar at 8:00 am CET, trading at 1.10570. The British pound was flat compared to the greenback, going for 1.31836 a minute later.
Baha Breaking the News (BBN) / MS
Western investors are raising the risk of Russia’s President Vladimir Putin using nuclear weapons, following powerful sanctions imposed on Russia that have smashed the rouble and wreaked havoc on the country’s financial system.
Billionaire investor and hedge fund manager Ray Dalio spoke of concerns earlier this week of Russia resorting to nuclear weapons, while a new analysis by BCA Research put the chance of them being used in the next 12 months at 10 per cent.
The US has banned imports of Russian oil, gas and coal over the country’s invasion of Ukraine, while Western countries have also sanctioned Mr Putin’s inner circle and cut off most of Russia’s banks from the SWIFT international payments system.
Nickel through the roof, Uranium to do the same. Wheat ... etc
Interesting set of circumstances,
good luck to us all !
the gnome
You would think CEY would have purchased some additional capacity in reserve?
via https://www.investormeetcompany.com/
23rd Mar 2022 at 2:00pm GMT
Q&A
You can pre-submit questions directly to the company up until the day before the meeting, in addition to asking questions during the live presentation. Whilst the Company may not be in a position to answer every question it receives, it will address the most prominent within the confines of information already disclosed to the market.
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.
-------------------------------->>>
It will be interesting to see if my Q's are 'prominent' enough to get addressed
one thing we need to hear from Centamin at this retail investor event - a public declaration that Centamin's current share price is far below what the board of directors deem as a 'fair market value'
Yamana Gold chairman Peter Marrone recently did just that - you can watch it here:
https://www.kitco.com/news/video/show/BMO-Conference-2022/3899/2022-03-08/MA-needs-to-pay-fair-value
obviously this would go some way in alleviating the suspicion that our beaten and battered share price hasn't been a catastrophe of our own making ( to benefit a third party )
and to lay out the rules of engagement/minimum requirements should any takeover bid suddenly appear
(feel free to share with Centamin IR if you like)
Think Cey burned around 200 million litres of diesel in 21, can't find the actual figure but it's big. Solar will save c20 million litres. The company must buy diesel from the Egyptian government at a price given to them...
Oilers turn to drop tomorrow brent off by 12+% just now.
Gold at 2000 and cey at 98...it never fails to dissapoint.....this time next year rodders
Pog trend is up but won't be a straight line up. Putin won't stop until he's no other option, could take a while, so whilst the West speculate on cease-fires and peace talks pog will swing wildly. Chance to make money here if you're savy..
https://wallstreetonparade.com/2021/03/janet-yellens-plunge-protection-team-has-142-billion-to-play-with/
The Working Group on Financial Markets (also, President’s Working Group on Financial Markets, the Working Group, and colloquially the Plunge Protection Team) was created by Executive Order 12631, signed on March 18, 1988 by United States President Ronald Reagan.
https://www.marketwatch.com/story/the-federal-reserve-has-lost-control-of-the-financial-markets-2019-04-04
https://redhawk500.wordpress.com/2010/04/12/a-primer-on-the-plunge-protection-team-manipulators-extraordinaire/
November 10, 2017
https://kingworldnews.com/andrew-maguire-it-was-the-plunge-protection-team-that-conducted-the-17-minute-raid-in-the-gold-market/
To add - oil is now plummeting to ~ 13% drop on the day, bring gold with it today as Ukraine says it's ready to compromise - whatever that means... both could easily spike back up if this doesn't lead to agreement - again we are but passengers to the newsfeeds we read. I hope there are some positive surprises in the RNS next week that we don't know about... here's hoping ...
I agree Sotolo on costs- I expected inflationary costs to be calming down but then Ukraine escalated quickly and hit oil which hit our cost base. Gold price has risen but late to the party compared to inflation of costs. All PMs have suffered in a similar way- the problem here is the turnaround of the company has been too slow .
I remain confident long term but am too concerned of short term with results next week abs gold could drop more quickly that the inflationary costs.
As for takeover - been waiting soooo long. I guess A big player would take us out if they could mine our current base more cost effectively and believe in the expansion capabilities .... only those on the inside really know the truth - we are but passengers
Sotolo - maybe Barrick could buy Centamin and the production costs would then go down.
With all Barrick's purchasing power and such - what do you think?
Tornado yes far more ounces but at far higher cost, with $2000 gold now same profit as with gold at $1500 pre cost explosion or last year probably around $1750. Cost is the most important metric in gold mining and the market really hasn’t entirely woken up to the explosion that is coming, hopefully the solar will help us
Prof the problem is it is still going to be next year, and this year will also be horrid, the rising gold price just obviates the increased costs (which will be even higher than expected I would guess $1500+ for this year overall if oil keeps rising). Even if gold could average $2000 we would make about £75k or less which is hardly great given a mcap of ove £1.1m at this price
Gold over $2000 and a day after new ATH and CEY is a penny share.
The previous regime really did decimate both the fundamentals and the credibility of CEY as an investment.
I have faith in the new CEO, I hope that it is not misplaced. I would really like to see more widespread faith in the company returning other than from the stalwarts in places like this Board.
Keep thinking it is going to get better and remain confident that we will see a good share price turnaround this year. Or is it just the light of the on-coming train?
Best wishes to all,
Prof
Thanks, Rebess.
The response of CEY to historic high POG is eye opening.
Compare with HOC.
On a positive note, once the solar panels are running costs will fall.
I am concerned about the financials next week.
Who are PP team?