Centamin PLC Share Chat (CEY)

Output increased X 20?
Some claim, especially considering the ongoing grade problems in the underground excavations?
Seems a quite ridiculous statement especially when considering the events of 2018!

Cowichan, I agree with your sentiments ,too many negative sentiments by far on this BB recently.
I understand why but mining is not like mass production because mother nature is a fickle partner.

Quality, error-free journalism has never been Egypt's strong point...

Cowichan Yousef is mine manager not chairman,and often misleading and vocal with the press ,like December 2018 gaff.
Many get mixed up as his name is so similar . Raghy not Raghby.

Hi flopticalcube,
Yes I remember you are based in Canada.
Its as I suspected ,what you said, but like you after many years here is not a big surprise.
The mine as it is has 30 years or more reserves,which most don't realise.
Once the rest is opened ,only another 160 sq km, with much more to follow ,but under the new terms with EMRA the price will likely be 10 fold or more.
One day people will wake up.
Trouble is I may be dead,lol.

er

(reactions to the mining law amendments are sure to be mixed - some even saying the reforms could have gone further - which would be a totally new attitude towards foreign investment in Egypt ! )

Tue, Jul. 16, 2019 Cairo

Although little is known about the draft amendments, which were passed by the cabinet and will soon be out, the announced new clauses attracted different reactions by experts and officials...

According to local media outlets, clauses introduced to the law seek to control the mining process, prevent random drilling and protect the country’s resources from stealing.

Geologist and mining expert Abdel Aal Attiya criticizes one of the amended clauses that allows EMRA to issue licenses for mining materials, navigators, research and exploitation, while stipulating a ratification from the minister or governor or the new Urban Communities Authority. “The draft law should have assigned to a sole authority concerned with regulating the mineral resources, instead of several bodies having the final say on licensing mines, which would hinder investments,” Attiya tells Business Today Egypt...

Minister of Petroleum and Mineral Resources Tarek el-Molla explained to the media that the amendments aim to attract reliable investments, as they seek the separation of exploration process from the utilization stage in a way that promotes the guarantee of state’s rights, and stimulates investment in the mining sector...

Youssef el-Raghy, chairman of Centamin, tells Business Today Egypt. Centamin’s Sukari is the only operating gold mine in Egypt, with its exports representing 2% of Egypt’s total ex- ports. Although Centamin claims it is capable of pumping projects 20 times the size of Sukari mine...

https://www.egypttoday.com/Article/3/72865/Sitting-On-A-Gold-Mine

--------------------------------------------------------------->
( And finally it's refreshing to see some positive chatter about Centamin's role in facilitating the purchases of Egypt's record high gold reserves...)

The country’s reserves and exports of the yellow metal recorded an increase during the first quarters of the current fiscal year. According to Trade Economics, Egypt’s reserves of gold reached an all time high in the second quarter of 2019, hitting 78.60 Tonnes from 78.40 Tonnes in the first quarter of the year. Gold Reserves in Egypt averaged 75.81 Tonnes from 2000 until 2019.

Hi Miz,

Last few days on the TSX we had a bot inching the shares down into stops and then buying the resulting dumps. Most retail brokers in North america now only permit call-in purchases for CEY and not online. That makes it difficult to snap up dumps like this. The bottom line is that for investors there is nothing to see here, same old games as always. Today we have so far traded 3M shares on the TSX and alternate Canadian exchanges with an hour and a half still to go. All driven by algos.

Kalimera2, thank you for taking the time to post the article...

I’m a sucker of press comments on any company but it’s it brings heightened interest from other investors.
In my opinion Centamin’s time at current prices will be short lived.
Thanks again fo the post.

I accept your view, is very possible.
There has to be some logical reason.
Unfortunately there is nothing to stop this gambling with other people money.
Which is close to fraud.
IMHO.

mizolgit,
No shorts above 0.5% but Euroclear showed 4.94% stock on loan at end of June. So there are shorts here in my view.

There have been no open short position since mid March.
More likely algos,
There is no real logic to the SP, in that.
The price does not seem to follow large buys or sells ,as a series of either affects equally.
That is not logical Captain Kirk.

Theres still some shorts here and looks like some accumulation yesterday and after hours. Either an algo driven drop to help the shorters close or mms dropping the bid to fill the orders after 16.35.
That's my take. Not very clever being short a gold miner when POG is above $1400 !

Well its certainly not pog causing the drop as that is heading skyward again.

The Switch from LSE to TSX. Last few days the volume at TSX from 0 volume to over million.

But I am may be wrong and it is the manipulation after all before the news and Divi next week.

GLTA,
Dan

23 JULY 2019 • 5:55 AM
Questor share tip: the mining firm has disappointed in the past but profit forecasts are rising and the balance sheet is sound
Having made a total hash of Avesoro Resources, the West African gold producer we tipped in May last year and sold last month at a 77pc loss, this column returns with some trepidation to Centamin and its Egyptian Sukari mine.

The good news, however, is that after three downgrades to its production guidance for 2018 the FTSE 250 company is sticking to its predicted numbers for 2019 in the wake of last week’s second-quarter trading update in term of both production and costs.

This is enough to keep Questor more than interested, especially as gold is doing exactly what we thought it would as it holds firm near $1,420.

After ending 2018 with production of 484,322 ounces of gold (below its initial goal of 560,000), Centamin continues to target between 490,000 and 520,000 ounces this year. That increase in output provides welcome exposure to the rising gold price.

Better still, the firm is still on track to keep its “all-in sustaining cost” in the region of $890-$950 an ounce, compared with $884 in 2018. That combination – of production up, only modest rises in costs, gold price up – is about as good as it gets, and forecasts for both earnings and the dividend continue to creep higher.

Meanwhile, a balance sheet with around $300m (£240m) in cash and no debt provides some welcome protection should there be any further missteps, as does the decent dividend yield.

Centamin could yet encounter production problems, so it is too early to get carried away. Gold prices could also remain volatile. Yet when hedge fund legend (and billionaire) Paul Tudor Jones publicly declares that gold “has everything going for it”, perhaps we should all take heed.

Read Questor’s rules of investment before you follow our tips
Gold has finally broken through the $1,350-$1,360 price level that had capped its advances for the best part of five years and it has already moved smartly above $1,400.

If the global economy really does start to slow and central banks respond with rate cuts (as per the current plans of the US Federal Reserve and the European Central Bank) or more quantitative easing, that could be a good environment for the precious metal, at least if history is any guide.

Gold zipped from around $650 to $1,900 an ounce between 2007 and 2011 as the Fed cut interest rates and launched QE in response to a deep recession and the financial crisis.

Further dollops of unorthodox monetary policy could conceivably prompt more gains for gold and, if Centamin can hold its all-in cost at around the $920 midpoint of its target range, profit margins would rise sharply. They are already close to $500 an ounce.

Gold miners are risky stocks but everything could just be falling into place for Centamin. Still worth a punt

Probably the Telegraph questor tip, after the last one our share price tumbled

Why the sudden drop - 118.63 (1420hrs) to 114.50 (1455 hrs)

In today's Telegraph

'Questor share tip: the mining firm has disappointed in the past but profit forecasts are rising and the balance sheet is sound:'
https://www-telegraph-co-uk.cdn.ampproject.org/v/s/www.telegraph.co.uk/investing/shares/questor-gold-price-output-costs-control-good-gets-centamin/amp/?amp_js_v=a2&_gsa=1#referrer=https%3A%2F%2Fwww.google.com&_tf=From%20%251%24s&share=https%3A%2F%2Fwww.telegraph.co.uk%2Finvesting%2Fshares%2Fquestor-gold-price-output-costs-control-good-gets-centamin%2F

iweb wont trade GDX, WTF is going on there??

Not good for world stability but potentially good for pog?:

South Korean jets fired 360 rounds of warning shots after a Russian military plane violated South Korea’s airspace, Seoul officials said, in the first such incident between the countries.

The three Russian planes had entered the South Korean air defence identification zone with two Chinese bombers, but it was not immediately known whether the two countries deliberately did so, according to the South Korean official.

https://www.theguardian.com/world/2019/jul/23/south-korean-jets-fire-warning-shots-at-russian-planes-after-airspace-violation

European stocks gain premarket ahead of Tory race results

Stocks in Europe posted gains in Tuesday's premarket trading, ahead of the announcement of whether Boris Johnson or Jeremy Hunt will succeed Theresa May as prime minister of the United Kingdom. The membership of the Conservative Party voted through a postal ballot on the next leader of the party, who automatically becomes the head of government. Former Foreign Secretary Johnson is widely expected to beat the sitting top diplomat by a large margin.

The earnings season is heating up, with UBS reporting higher earnings per share and reported profit before tax in the second quarter.

The DAX increased 0.57% at 8:00 am CET, as London's FTSE 100 added 0.35% in premarket trading. French CAC 40 was up by 0.21% at the same time.

The euro was 0.16% lower against the dollar at 8:02 am CET, going for $1.11908, while the British pound sank 0.15%, changing hands for $1.24567 at 8:03 am CET.

Breaking the News / NI

Hear Hear! mrtibbles

Quite so Ol Griz,
All things considered the situation with Gippsland and Centamin could not be more different. We have been assured many times that the court cases are not really a big issue for Centamin, as the government are on the same side re the license issue, and the fuel subsidy is already factored into all of the economics of Sukari ever since the dispute began.
In the meantime Sukari continues to deliver the gold ounces and returns to its stakeholders, of which Egypt is a large one.
Let's hope that the management have some good news for us on July 31st that will not only lift our spirits and the share price but also restore some of their lost credibility!

I find it quite amusing. With nothing to lose, this company is ready to call out the ineptitude and dithering and offer some push-back. And what can the red-faced bureaucrats do about it? But I think I'd be inclined to maintain CEY's current diplomatic response to it all.