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Major European stock markets jumped high into the positive territory deep into Friday's session following remarks by Russian President Vladimir Putin about the Ukraine crisis.
Addressing the nation, Putin hinted that there are "certain positive shifts" in the negotiations between Moscow and Kiev. On the other side, NATO confirmed its efforts in making sure the conflict between Russia and Ukraine doesn't spill out on the rest of the world.
The DAX jumped by 3.11% or 417 points at 12:36 pm CET, while the FTSE 100 gained 1.68% and the CAC 40 expanded by 2.77%. The euro climbed 0.34% against the dollar to sell for 1.10142, while the pound inched up by 0.15% to $1.31047.
Baha Breaking the News (BBN) / ND
US extends gains in premarket,
Dow over 400 points
3 minutes ago
Putin: There are positive shifts in
talks with Ukraine
5 minutes ago
Something just happened... Putin says certain positive shifts in talks with Ukraine: ifx
Yes indeed but I had no idea costs might go up 50% reducing profits and hence share price three fold, with gold staying same in real terms. New info new price. Wish we had taken Endeavour now. However maybe next week will see the Nadir and as wall solved costs will fall despite Inflation, however hard to say as Gnome points out. None of us knows what Cey inflation with full exposure to oil etc might be. We may find out
More
Next week?
From the December 21 Investor presentation:
Do you have any plans to hedge fuel costs for the longer term to ensure you are not caught out by unexpected, unforeseen rises.
Horgan: I don't think we can.
Ross Jerrard: No
Horgan: We buy from government. There's a centrally mandated price. It's not like it's a commercial provider like Shell or Vivo or Total. We are a price-taker from the government . If we were to try and hedge the fuel price it would have to be some sort of financial instrument where we had some sort of synthetic proxy to the in-country price. I can imagine some rather rapacious banker rubbing his or her hands at the potential to put that programme in place. And it would not be a perfect correlation anyway. The short answer is no.
"So need gold around $2200 for profits to be where they were, Gnome and others what do you think?"
Good question!
Like I said, it does depend on how the company plans ahead and sees the future. For instance it might have predicted an Oil Chris for its supply source, and bought enough fuel for a 12 month period to minimise such risk? It may have gone further, and I would argue should have. It may have a group that focusses on managing future risk and managing such risk. Top Managers do this. Or try to do this.
I suspect the (top?) CEO should be across this and positioned wisely. Given "commodities at risk in Ukraine and Russia"(assuming the normal sanctions game), as I have mentioned previously, it would not be rocket science to position and manage. The management instrument machinery is here now.
There is not sufficient clarity in reporting to answer the above, which is a sad reflection on the LSE. Not much good expousing the virtues of the market, when there is insufficient clarity in the market rules for the market to be efficient (some minor drivel overlooked by the economists of deity standing)
sorry to be obtuse, but this is the nature of "the market"
good luck
the gnome
Here in Southern Europe, PC s acting very srangely , slowly .
Receivg messages and Data from abroad.
Especially from the Americas.
Is that temporary I wonder.
Anyone else noticed, for example new messsages ,you need to totally refesh the page even on here.
Sotolo , prior to "the wall" events (doesnt time move on? 2 1/2 years ago now? ) you were saying you expected Centamin to go up to £3. Lets say Barrick or Endevour or anyone else doesnt come in with an offer of £1.50, will you sell your holding IF (WHEN!) we reach that price?(£1.50 , not the £3)
Costs are up for all it's called inflation. However the upside for cey lays in the new management and their approach to bringing increased resources and driving costs down both of which I'm confident will happen IMHO.
Gnome, sorry about your personal CPI but the big question here is what do you think Centamin’s current CPI is? Gold has risen about 12.5% in a year, (I guess in real terms that is a fall for Centamin whose overall costs may be up further as they were expected, by management, to be up 12.5% this year, it could be getting on for double that meaning a real fall in what they are getting for gold of maybe 10%? So need gold around $2200 for profits to be where they were, Gnome and others what do you think?
Major European markets recorded slight gains ahead of Friday's opening bell following the release of the latest British GDP and the German inflation figures. As the Ukraine crisis continued, the Biden administration was set to present new measures against Moscow later today.
The DAX and the FTSE 100 gained 0.52% each at 8:04 am CET, while the CAC 40 climbed by 0.71%.
The euro added 0.26% against the dollar to sell for 1.10060, while the pound inched up by 0.11% to $1.30986.
Baha Breaking the News (BBN) / ND
Have a good weekend y’al
One of the magic mysteries of the universe, is trying to figure out how much an "up tick" in the latest greatest social media platform (company) is worth. 2,000 tonnes of gold is the obvious answer. ?
The contrary answer, is without doubt ... it is worthless (at least for me). In fact worth nothing! I have never been persuaded, by a 20 second shout or a shriek, a wiggle, a giggle, and there is an extraordinaryingly high chance I never will.
The 20 second, or 10 second or 4 second grab is a grab into nothing. No impact. Highly possibly negative impact " How can a company be so stupid to think this will work?"
How much does it cost? I am effectively delegating my vote, to an unelected gathering of entities, whom I know nothing about...
Invest on this at a p/e of 200/1, versus CEY 10/1 hmm ... tough decision..
Invest in a financial system that is complex, opaque, contrived and conficted.... gimme a break
Its where the dumb people go.
and good luck to them
the gold gnome
March 10 (Reuters) - Meta Platforms (FB.O) will allow Facebook and Instagram users in some countries to call for violence against Russians and Russian soldiers in the context of the Ukraine invasion, according to internal emails seen by Reuters on Thursday, in a temporary change to its hate speech policy.
The social media company is also temporarily allowing some posts that call for death to Russian President Vladimir Putin or Belarusian President Alexander Lukashenko, according to internal emails to its content moderators.
"As a result of the Russian invasion of Ukraine we have temporarily made allowances for forms of political expression that would normally violate our rules like violent speech such as 'death to the Russian invaders.' We still won't allow credible calls for violence against Russian civilians," a Meta spokesperson said in a statement.
so the new governors of the world have had their democratcially accepted view, phew...LOL (sadly)
best
the gnome....
https://warontherocks.com/2022/03/the-unfreezable-asset-gold-sanctions-and-russia/
The Bank of Russia spent six years rapidly accumulating gold, doubling its holdings and becoming the biggest sovereign buyer. It stopped in March 2020 as prices spiked at the onset of the pandemic, and has largely kept its stockpile steady since. The Russian purchases provided a key pillar of support for the market at a time when demand from investors was muted. Russia also indicated earlier this year it was to beginning purchases again, now we know why..
https://www.kitco.com/news/video/show/BMO-Conference-2022/3910/2022-03-10/Sukari-to-become-a-coveted-asset
Mr Horgan mentions the consortium between B2Gold, Barrick and Centamin in regards to finalizing extraction terms with Egypt - said they've set a target of Q3 to wrap it up ( said it's about 90% worked out...)
B2Gold president and CEO Clive Johnson said many mining sector CEOs are lying to their shareholders by not disclosing value-creating M&A approaches by other miners.
https://www.kitco.com/news/video/show/BMO-Conference-2022/3906/2022-03-09/Worry-about-the-mining-CEO-who-is-a-gold-bug
---------------------->>>
My Thoughts:
In this video B2Gold CEO succinctly outlines the self-preservation thinking behind many gold miner board members refusal to engage honestly with shareholders.
Freddy Kapako, Datamine Africa-Central & East Africa Reginoal BD Manager, visited SUKARI GOLD MINES in Egypt at the end of February 2022.
On this visit Sukari team were upgrade to Fusion X, a platform to better collect and manage their Geo-scientific data.
Interested Fusion X, visit our page: https://lnkd.in/gT5-J2z
#DatamineAfrica #FusionX #software #mining
https://www.linkedin.com/posts/dataminesw_datamineafrica-fusionx-software-activity-6907615595433467904-fo7x
------------------------------------>>>>>
My Thoughts: regarding the new and improved software with enhanced security features - a couple quotes from the promotional material:
"We make sure you can trust your data as only a certified person can check out and modify it"
"Full security model to control access to data & system functions."
"Check-in and check-out technology ensures data integrity."
https://www.dataminesoftware.com/solutions/fusion-geological-data-management/
Yep. Security is now a priority. Kudos to Mr Horgan for getting this done. Maybe a little late but better late than never.
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