The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Inflation going through the roof added on the pull back.
As most of you will be aware household energy prices in the UK are due to rise by over 50% in April, yet our UK oil rigs in the North Sea continue to flare huge amounts of gas and although banned in Nigeria over since the 1970's the oil/gas companies regard it cheaper to pay the fines than to fit gas collectors!
The Sukari Solar plant was certainly the right decision by the Centamin management for many reasons in addition to just reducing AISC!
Nigeria -
Joy and her family are among two million Nigerians living within 4km of a gas flare in Nigeria's oil-rich south.
Climate change has had a devastating impact on Nigeria. Fertile lands are turning into deserts in the north, while flash floods have become more common in the south.
The country's oil industry is making things worse as the practice of flaring - the burning of natural gas that is released when oil is extracted from the ground - is common despite its illegality. The practice is a major source of greenhouse gases and a contributor to climate change.
Shell, BP, Chevron and many other fossil fuel and even many mining companies display an appalling lack of care or regard for our planet and far too many corrupt government ministers go along with the exploitation and pollution of their countries as long as they are making personal gain out of turning a blind eye!
https://www.bbc.co.uk/news/av/world-africa-58549010
Share holders and indeed even day traders have for far too long failed to accept that it is morally wrong to invest invest or trade in companies who fail to comply fully with environmental protection regulations or fail to adopt or instigate more environmentally friendly methods of carrying out their business, no matter where that business takes place!
An oil production ship capable of carrying up to 2 million barrels of oil has exploded off the coast of Nigeria.
According to local reports, the Trinity Spirit exploded at the Ukpokiti oil field off Nigeria’s coast near the Escravos terminal close to the River Niger delta.
“It was like a Hiroshima site,” said Sharon Ikeazor, Nigeria’s minister of state for the environment, after she inspected the damage at the OML 29 Wellhead operated by Aiteo Eastern E&P Co., a Nigerian oil company. The licence is operated under a joint venture with the state-owned Nigerian National Petroleum Corporation (NNPC).
The river and ocean tides carried the spill into communities in neighbouring Rivers state, also part of the Niger Delta, where the majority of Nigeria’s oil and gas reserves are located. A unit of US services giant Halliburton was enlisted to cap the well.
The oil field was purchased by Aiteo from Shell and partners for $2.7bn in 2014 in one of the largest local acquisitions made as Shell scaled back its operations in Nigeri
https://african.business/2022/01/energy-resources/nigerias-spill-hit-communities-demand-more-from-petroleum-industry-act/
Centamin is certainly setting standards that other mining companies should fol
I bought shares in two different companies yesterday and both transactions appeared as 'sells' on LSE.
The buy/sell indicator doesn't seem that reliable.
Intraday buy/sell ratio currently
333k sold against 2m bought.
Quite so Rebess, Our lying and corrupt PM has pledged £ 88 million to Ukraine for arms etc (they cut aid to starving counties) and his slimy cabinet has refused a Labour proposed and easily affordable windfall tax on Shell after they have screwed the ordinary people and instead our out of touch government is going to grant £200 repayable over loans per customer to offset energy prices.
Energy giant Shell posts 'momentous' £12BILLION profits as millions face soaring bills and cost-of-living crisis - sparking calls for windfall tax on power companies
London-based company collected $8.88 for every thousand cubic feet of gas it sold to customers in Q4 2021
This was a huge rise with gas previously selling for less than half this amount only six months earlier, at $4.31
Gas prices soaring with Russia restricting supply to Europe and China buying up more global gas shipment
And unusually still winds last summer meant more gas was needed to replace electricity from wind turbines
Energy price cap is to rise by around £650 in today's announcement taking average household bill to £2,000
Shell has increased its profits nearly fourteen-fold to £12billion amid soaring oil and gas prices – with the energy giant revealing a bumper three months on the same day that the UK price cap is set to rise by around £650.
The London-based company collected $8.88 for every thousand cubic feet of gas it sold to customers in the last quarter of 2021 - with gas previously selling for less than half this amount only six months earlier, at $4.31.
Gas prices have been pushed up in the last year with Russia restricting supply to Europe and China buying up more international gas shipments. Meanwhile, winds in Europe were unusually still last summer, meaning more gas was needed to replace the electricity that would otherwise have been produced by wind turbines.
The price rises have led to energy suppliers going out of business and contributed to soaring inflation, while from April 1 households will be hit with a hike in energy bills that will see the average hit nearly £2,000.
Shell's chief executive Ben van Beurden said 2021 had been a 'momentous year' for the firm, but it came as the Chancellor is set to announce how the Government will help families pay soaring bills amid the cost of living crisis.
But Labour's shadow Treasury chief secretary Pat McFadden said Shell's bumper profits showed why a windfall tax was the best way to fund a support package for struggling families. He told Sky News: 'They are planning share buybacks and increased dividends but they are not being asked to pay a penny towards the package.'
Shell's chief executive Ben van Beurden said 2021 had been a 'momentous year' for the London-based energy giant
So just proves the Tories are worse than they were in the Eighties when they sold to the people what they already owned!
It seems to me that come hell or high-water, sanctions are going to be imposed, the decision has already been made IMO. - US/UK are goading Russia into making a move to create the justification for deploying sanctions. - If Russia doesn't invade they'll find a different reason. - None of it has anything to do with Ukraine. - Same old imperial playbook strategy.
Hi Dasut,
I agree entirely with you, also considering your past professional experience of the industry and Sukari your opinion regarding the recent presentations is especially appreciated and indeed should be regarded as an endorsement of the professionalism of Martin Horgans new strategy, also endorsed by Kees Dekker which I find most reassuring as Kees doesn't give approval without justifiable cause and neither does he hold back or mince his words!
I am glad to learn that Cowichan is intending on putting this query to Centamin via Investor Relations, to be fair he seems to be one of the minority who rather than just complaining on web forums does also follow through by taking the time and trouble to write to the company via the correct channel's.
As I have said before one can be whomever they want to be on internet forums,although when it comes to actually writing to the company,or as you rightly suggest asking questions on the telephone, well that requires quite a bit more genuine conviction and effort which many are unwilling to make!
But credit to those that do!
Bit of information on Geodrill could there be a deal struck between Cey and Pru for the West African assets?
Geodrill has been successful in establishing a leading market position in Ghana, Burkina Faso, Cote d'Ivoire and Mali. The Company is also expanding its geographic presence into Egypt in North Africa, and Peru in South America. With the largest fleet of multi-purpose rigs, Geodrill provides a broad selection of diverse drilling services, including exploration, delineation, underground and grade control drilling, to meet the specific needs of its clients. The Company's client mix is made up of senior mining, intermediate and junior exploration companies.
TORONTO, Jan. 11, 2022 /CNW/ - Geodrill Limited ("Geodrill" or the "Company")
GEO
+0.07%
+ Free Alerts
, a leading West African based drilling company announces the Company has been awarded significant multi-rig long-term drilling contracts with Perseus Mining Ltd ("Perseus") (ASX: PRU)
PRU
-0.01%
+ Free Alerts
, a West African-based mining company with gold production and exploration activities in Ghana and Côte d'Ivoire.
The contracts with Perseus are for exploration drilling in Ghana and Côte d'Ivoire and to be completed by August 2023 utilizing up to 15 drill rigs from the Company's existing fleet. The contracts are expected to generate revenue in excess of US$45 million over the term of the contracts. Geodrill currently has a rig fleet of 71 drill rigs operating in West Africa, Egypt and Peru.
"Geodrill continues to build meaningful relationships and revenue by expanding contracts with top-tier gold customers in our core geographic region. These contracts bring top-line growth, improving economies of scale and support our goal of delivering consistent earnings in 2022," said Dave Harper, CEO and President of Geodrill.
European equities traded mixed in Thursday's pre-market hours amid earnings season and ahead of new data to be released during the day. Starting the day, Roche announced that its sales for the fiscal year 2021 rose by 8%, while ING Groep N.V. published that its net result for the fourth quarter of the same year climbed 30%. Investors are also expecting the Services Purchasing Managers Index (PMI) from Germany and UK.
The DAX lost 0.13% at 8:00 am CET, while the CAC 40 added 0.15%, and and the FTSE 100 declined 0.23%. The euro was down by 0.11% against the dollar at 7:58 am CET, selling for $1.12928. In comparison, the pound decreased by 0.16% to go for $1.35500. at the same time.
Baha Breaking the News (BBN) / JGA
Looks like the rich guys are positioning the poor guys to start shooting each other again...sigh ....
The U.S. military ordered up to 8,500 U.S. troops on standby to potentially deploy to Eastern Europe as tensions rise over Russia’s presence near Ukraine’s border, in what amounts to an escalation toward U.S. military involvement (new concept?), Nancy A. Youssef and Gordon Lubold report.
The “prepare to deploy orders” were issued to troops stationed at several U.S.-based installations, the officials said, but the troops haven’t been technically activated to deploy to the region.
I do hope the FAMILY is not at it again...
https://www.rollingstone.com/culture/culture-features/netflix-the-family-jesse-moss-secret-christian-cult-washington-dc-869396/
good luck all, especially those in unforms and in Eastern Europe.
best
the gnome
NATO allies are bolstering the alliance’s eastern flank in response to Russia’s military buildup around Ukraine, as the European Union set out plans for loans and grants for Kyiv worth more than $1.3 billion, James Marson and Laurence Norman report.
The moves are part of sharpening efforts by the U.S. and its allies to gird for what they believe could be an imminent military invasion of Ukraine, which Russia denies it is planning.
The Fed has produced its white paper on digital currency. One wonders the motivation to get off its backside, but perhaps they have realised the unproductive waste of investment going into a casino with no rules is not providing a benefit to society, aside from the mass of illicit wealth being transferred with little regulation...and on I could go. If you missed it, here it is
https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf
Fed Chair Jerome Powell has argued that introducing a US CBDC will undercut demand for crypto. That is one of the Fed’s motivations for producing its white paper. But a lot of the demand for cryptocurrencies, such as bitcoin, is from the global underground economy, whether for illegal drug purchases on the dark web, sanctions evasion by Russian oligarchs, capital flight, money laundering, or tax evasion.
There is no getting around the need for strict regulation of advanced economies’ cryptocurrency use now, and of other countries’ CBDCs as they come into international use. The Fed’s reluctance to rush into launching a digital dollar is understandable, but that is no excuse for the slow pace of regulatory reform.
Quite another pathetic effort from a well heeled group who could and should do so much better to provide broad, societal benefit, rather than heaps of benefit for the chosen few
Gold will shine again ... and again
the gnome.
DASUT,
The Airsurveys do not have the same resolution as the seismic surveys. This is a physical impossibility. What would be good to know is what the coverage of the Respective surveys are, parameters of surveys and what informatIon they are getting from the surveys, and how they are using this information to target BETTER to make DISCOVERIES SOONER.
the gnome
Dear Mr T, $900 cash costs means much higher aisc so Candid has a point; it may not be quite as bad as he suggests but profits will likely halve unless gold shoots up which is looking increasingly unlikely if it hasn’t yet, despite soaring inflation and ultra low interest rates. The company could pay a special dividend as Candid asks, or a share buyback, but more useful would be to use the cash to keep paying us a dividend as the profits shrink so won’t be there to cover it imho. It will also need cash from this pot, or to borrow which is getting more expensive, to do the much needed new Egyptian exploration with no promise of finding anything.
Dasut - I agree Mr Horgan and his team from Toro have brought some improvements.
In regards to our shared responsibility to ask questions - I have to admit I have never called in myself - the time difference being an issue (but not a good excuse!)
I'm going to email IR re: the seismic survey but I rarely get a response. I'm on the naughty list. Actually I had my LinkedIn account suspended yesterday - they said I 'appeared to be using automated means' to operate my account. I have no idea what they are implying - perhaps it's simply some corrective action due to the reports/flags I get from those (Centamin IR?) trying to hush my inconvenient questions - but it's back up and running now after I agreed to follow the rules (which I still haven't an idea how were broken)
We'll see if the persecution continues.
All the best !
Cowichan, I am not disagreeing with you I am just pointing you to the shared information that is currently known by the company. I would suggest the seismic survey along with the drilling that they have undertaken has enabled the new guys to push for more such as the air surveys.
I do think that the reports and presentations we have seen over the last 12 months have been far more professional and enlightening but I agree we do need to be brought more into the fold.
We also need to do our bit by asking questions when we get the opportunity during the phone ins.
Well noted about the 3d seismic survey which would have cost a few $m. I have seen nothing in Sukari, but many other companies have such data sets and they have proved to be very valuable. Simply it will give you the best image of the geology, based on density and/or velocity contrasts, down to 2 kms or more depending ont he sources they used (thumpers). It has shown the existence of intrusives, by virtue of their lack of internal contrasts. If properlly done and processed, it wil provide information on the geometry of major structures, geometry of lithologies, and alteration. It can map out rock strength, and has been used in planning open pit mines, by recognising and mapping steep faults which may have a negative impact on the pit walls, and not be recogonised in vertical drill holes.
http://www.dmec.ca/getattachment/d9857f40-92d6-4d51-97ca-ee45b82ae5d8/Resources/Exploration-17/Demonstrating-why-3D-seismic-data-are-assets-for-e.aspx
In general the presentation of exploration results pre the present management has been paltry and poor. The investors have a right to know in my opinion.
cheers
the gnome
Dasut - I'm not sure if we understand each other.
The seismic survey covers an extensive area - 10km lines , etc. with the goal of finding NEW porphyry deposits in the greater Sukari area. Nothing has been shared about those results. Apart from the current open pit and underground the nearby extensions and satellites remain a mystery.
I encourage everyone to watch the video of Perseus seismic survey. The point being a lot of information is gathered covering a very large area.
Would it be too technical for the average shareholder to understand if the results were shared? Other companies do it all the time. It's called promotion. Besides, let shareholders decide what is relevant.
And as far as Mizoglit's comment about keeping it secret in case of competitors. Well, Centamin is the only one able to mine Sukari and the surrounding area for possibly decades. And potential suitors will want or already have access to the survey info - it's only fair to shareholders that the market gets to price the 'potential' of a new porphyry discovery/extensions/satellite deposits beforehand.
And what is the alternative? Nah, I don't need Centamin to behave like every other miner and actually share info like this? That kind of attitude isn't logical for a shareholder (like Mizolglit claims to be) but perhaps he/she isn't what they appear.
There was also mention of a possible Bonanza find in the open pit.
Without giving more info confidential to competetitors, there was no more they could report.
Cowichan you may need to have a read of the company presentation relating to the resource geology back in September last year as whilst not specifically mentioning the seismic survey the report goes into far more detail than would be gained from a stand alone seismic survey.
Not sure what more we can be told about the porphyry?
The more company interest - the higher the share price
Tweet from Mining Catalyst
https://twitter.com/MiningCatalyst/status/1488929826371084294
Start watching video at 5:45 to see seismic survey results from Perseus' Yaouré Gold Mine in central Côte d’Ivoire from 2020
https://youtu.be/2MuC-pA6jzU
Remember, Centamin had a similar seismic survey done at Sukari as outlined in this market update in 2018/2019:
------------------------------>>>
In 2018, the Company began a multi-staged geo-seismic programme to create a 2D
and 3D architecture of the Sukari license up to a 1.5km depth, with the
objective of identifying additional porphyries and resource potential. A 2D
seismic survey and Full Wave Sonic bore hole log was run across the main
Sukari structures.
Throughout Q2, three 10km 2D seismic lines were set out in an east-west and
north-south orientation, with final ground preparation to be completed in
early Q3, ahead of the full seismic acquisition.
Late in Q2 two surface drill rigs arrived on site to commence multiple work
programmes, including supporting the seismic drill programme; geotechnical
drilling for the new tailings storage facility site; and drilling priority
regional greenfield exploration targets.
<<<--------------------------
My Thoughts:
I feel that Centamin shareholders should have already been provided the results of these surveys. After all we paid for them.
Think about it - it is highly likely any potential suitor (like Barrick) would be granted access to this info already - as well, several if not all of those 5 employees that swapped positions between Barrick & Centamin would have seen the results (the latest who left for Barrick most intimately familiar with the details)
Isn't it time shareholders are informed?
Withholding information is what led to the blindside waste clearing project that's costing us $350 million to catch-up. Let's not get blindsided again - for all we know there could be a huge porphyry deposit already identified yet only know by suitors, former employees and new Barrick hires.
Centamin touts it is making ESG a priority. They can start by improving governance - BOD , please inform your shareholders of the results of the Sukari 2018/2019 seismic surveys NOW.
Hi Tibbs - it does appear at some point starting fresh might be the only alternative to drowning in debt!
There aren't too many people.
We just need to stop wasting food (and the resources used to produce the wasted food).
https://www.theworldcounts.com/challenges/people-and-poverty/hunger-and-obesity/food-waste-statistics/story
'If “Food Waste” were a country it would be the world’s 3rd largest emitter of CO2 after China and the US.'
'An area the size of the US, India, and Egypt combined is used to grow food that is never eaten.'
I don’t like to speak against the elimination of poverty but the problem is at the moment if we eliminate poverty we will simply increase the speed at which we are making the planet uninhabitable for humans (maybe not such a bad thing).
The planet cannot support the current human population even with a significant number living in varying degrees of poverty, imagine if we were all consuming at the level most of us take for granted.
The root cause of all humanity’s problems whether economic, environmental or social stems from our mindless goal of achieving perpetual growth in an environment with finite resources, unless we take action to cease population growth & indeed dramatically reduce the current human population we, as a species are doomed. Considering our inability as a society to make hard decisions that involve us putting up with any form of hardship I personally am betting on the doom outcome :)