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Barrick Gold Corp. is buying Acacia Mining plc in an all stock deal valued at £951 million, the gold mining companies announced on Friday.
Acacia's stockholders are set to receive 0.168 Barrick shares for each share they own. The transaction values Acacia's shares at £2,32, a 53.5% premium on the closing price on May 20, the last business day prior to the announcement of the possible acquisitions.
Barrick, which recently failed to acquire Newmont Mining Corp., formed a joint venture with Newmont Mining Corp. in Nevada.
Shares on major European stock markets rose premarket on Friday despite rising geopolitical uncertainties. Last night, the United States claimed it shot down an Iranian drone, while Tehran failed to confirm it lost the aircraft. Meanwhile, local media reported at least three ministers in the United Kingdom's government plan to resign if Boris Johnson becomes the next prime minister.
The FTSE 100 was up 0.49% at 7:55 am CET, while the DAX increased 0.65%. At the same time, the CAC 40 rose 0.66%.
The euro slipped 0.19% against the dollar at 7:55 am CET to change hands for 1.12560, while the pound fell 0.13% to $1.25298.
More metrics on our 3 legged stool, is this roughly right? Ball park figures at: aisc $1050, production 480000 oz, pog $1300, profit after increased profit share (that hit profits as much as prod fall) around $60m For every 5% aisc falls profit up $12m For every 5% gold rises profits up $13m For every 5% production rises (the hardest 5%) $12m From today’s report Prod is up 5% giving profits up $12m More important aisc should be down 10% but we don’t know as they give a wide prediction but at midpoint give extra $24m But Gold is up 12.5% trouncing them and giving profits up $32m
If gold rises another 25% then our profit and share price should get back to its previous peak, I can’t see aisc or production doing anything like this. Please do mend my figures With gold at $1450 share price should be back at 120. Let’s see. At $1500 should be back to 133 imho
Gold reaches six-year high as US, Iran tensions flare
Precious metals continued to rise on Thursday with the price of gold jumping to the highest point since May 2013 following the news that the United States Navy shot down an Iranian drone in the Strait of Hormuz.
Gold was up 1.37% at $1,445.93 per ounce as of 10:25 am CET. Silver was 2.31% higher at $16.34 and platinum gained 0.90% to $852.26 for one troy ounce. At the same time, palladium was down 0.38% to $1,530.90 per ounce.
Am I wrong in thinking that the difference between mined and sold for Q2 of 5.2koz, sounds like a very big shipment thinking back to when Siko used to post weekly shipping? Suspect deliberate holding back to give them a good start to Q3.
President Donald Trump said the U.S. “immediately destroyed” an Iranian drone that approached the USS Boxer near the Strait of Hormuz, the latest sign of escalating military tensions around the critical oil chokepoint...
I am sure that you realise what's needed at Centamin! If a racing pigeon has a bad season and then fails to improve next season some pigeon owners wring the necks of those birds because are no longer worth their corn!
I agree absolutely, but after the management failing to do their jobs properly in 2018 and their failure to offer a frank and open account of the Sukari situation to their share holders and the market they are no longer trusted to deliver on their promises. In reality today after taking their free shares (for what, possibly doing what they are paid for anyway} all they delivered was management waffle speak and yet were more promises of better times to come and reports of yet more drilling's in West Africa. God's teeth I am sick and tired of being presented yet more reports about drilling of yet more promising holes, its gold ore I want, not yet more frigging holes and coloured charts at presentations! Perhaps I am a little naïve and I don't fully appreciate the way that mining companies treat their share holders, but I didn't invest in Centamin for well over a decade for never ending promises and yet more drilling, (a nice little earner for Capital Drilling) whilst the management get rewarded for failing to deliver the promised quantity of gold ore. They can't even deliver their promised 3 year forecast , true I understand that gold mining is unpredictable and it's difficult to judge what the situation will be 3 weeks ahead, then why promise to deliver this report? Was this just another diversionary tactic by the management, most of you will have noticed today's referral to the ongoing underground low grade problems, yet last May these were supposed to be transitional grades that the production crews were getting through ahead of schedule? So did Mr Pardey and his geologists team not realise the severity of this underground grade problem last May or is that too much to expect? Will they now be relying on high grading from the open pit to compensate, assuming that is possible? If only the management were as good at sorting out the Sukari problems and delivering on their production promises as they are at taking their bonuses! Sadly today was more of the same mediocrity! However there is little point in complaining on here on here because the management appear to not to care a jot! iI needs more share holders to write in to Centamin or even phone in on the conference calls and to ask for some answers.
After a run of poor operational results, Centamin (CEY) has upped production at the Sukari mine in Egypt in the first six months of the year. The company produced 234,096 ounces (oz) of gold in the period, an 8 per cent increase on last year’s difficult first half. Centamin said it would make full-year guidance of 490,000-520,000oz on the back of higher second half gold production. The underground grade at the mine, which also has an open pit, dropped 24 per cent between the first and second quarters this year, to 4.83 grams per tonnes (g/t), although an overall pickup in throughput kept production stable. Buy.
The market thought that CEY were worth £1.36 in February with gold at $1320. Even though since then, production is up, POG is up and costs are down(compared to 2018 figures which were all we knew before any results). Even with increased profit share maybe absorbing $48 oz there is still a +$50 oz increase which should be worth something on the £1.36.
It’s hard to arrive at a conclusion on how the market reacted to Centamin today. The nil response is what is seen on the surface but if the 1/2 results clear the way for the pps to access higher prices then the response isn’t nil at all. I expected some increase in the second 1/2 guidance and thought the market would have given credit on that, although someone pointed out earlier that gold has only been in the $1400’s for a month or so. All the changes in the Egyptian government on mine licences, well reported by Cowichan may come public knowledge out of the blue.. a Sunday Times story or some other source. There’s one thing Centamin can’t be found guilty of and that’s loudmouthing about how great they are.. No forward sounding statements... ever!
Where did you read Kees, did he say anything else? Always worrying how expensive it is for the PM miners to keep production up long term, Berensford yesterday said Hoc’s biggest mine was running down resulting in a quick tumble, Fres has taken a big hit today with lower production already coming through, and all have rising costs especially to find new metal.... hence my thought that cey is around fair value at this gold price, till/if gold rises or costs fall
"Medium term guidance promised for interims on 31st July" But assuming they are announced how reliable will they be and who will really believe them anyway? Still it may be opportunity for increasing share holder value, or at least directors bonuses! It's gold production that needed, not promises of it sometime, perhaps!
Why not email Andrew Pardey and ask the question or why not phone in on the next conference call (It's Toll Free} I am sure that everyone would luv to hear Andrews explanation. Still at least the directors got their "Bonus share awards" this surely must be justified by them exceeding expectations in some way, doesn't it? So perhaps if we are patient we shall also get our rewards?