Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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https://twitter.com/centaminplc/status/1490945230434152450?s=21
MARTIN HORGAN, CEO, COMMENTED: "The decision to transition the underground to owner mining reflects extensive planning and evaluation to determine the most effective operating model as we continue to grow and maximise the value of the Sukari orebody. Following a 200% increase in underground reserves with further identified growth opportunities and an underground expansion study underway, we believe this move best places us to extract the maximum value safely, efficiently and cost-effectively from the expanding underground operations. In addition, we welcome Geodrill to Sukari and look forward to working with the team as a key partner and contractor as we continue to explore and develop the full potential of the underground operations."
End.
Sotolo I normally enjoy reading your posts but the latest. As a long term holder the last thing I would like to see is a sell out and especially to Endevour. Sorry but my view on this is no surrender at least not less than GBP 5 per share. Best wishes Peter.
SUKARI UNDERGROUND RESERVE GROWTH SUPPORTS TRANSITION TO OWNER MINING, DELIVERING COST SAVINGS AND INCREASED FLEXIBILITY
Centamin announces that, following an independently managed contractor tender process, the underground operations at its Sukari Gold Mine ("Sukari") will transition from contractor-mining to owner-operator mining with immediate effect. This change will deliver significant cost savings and improve operational control and mining flexibility, whilst also enabling the company to upskill the local workforce.
The decision to move to owner mining, following the expiry of the current five-year contract, has been based on the following:
· Reserve growth - the 200% increase in Sukari underground Proven and Probable Reserves, as announced in December 2021, underpins an eight-year underground life of mine, with identified near-term growth targets to extend beyond a ten-year life of mine
· Leadership team - the operational leadership at Sukari has been significantly strengthened, with experienced underground expertise and increased investment in the development of the national workforce
· Operational benefits - an owner-operator model including risk-based analysis against the submitted contractor-mining tender proposals identified significant operating synergies for the broader Sukari operations
· Cost savings - the transition to owner-operator mining is expected to generate long-term cost savings of an average US$19 million1 per annum from 2023 onwards compared to the 2021 cost base, and
· Mine life extension and upside - 90,000 metres of underground drilling is budgeted for 2022, including identified near-term growth targets to extend the underground beyond a ten-year life of mine and helping to support the underground expansion study which is due for completion in H2 2022.
UNDERGROUND MINING
A detailed transition plan to owner-operator mining is in place with implementation underway, including utilising a third-party underground mining specialist to assist with workforce training. The Company has also executed its contractual right to purchase the current underground mining fleet from the incumbent contractor for a total capital cost of US$10.5 million to be paid this quarter, Q1 2022.
UNDERGROUND DRILLING
Following the completion of an independent tender process, the Company has awarded Geodrill Limited ("Geodrill") a five-year contract to provide underground drilling services, including a minimum of 90,000 metres of drilling per annum and introducing reverse circulation ("RC") drilling to the underground which is faster and enables larger samples to be taken. The contract is to commence this quarter, Q1 2022.
2022 GUIDANCE
There is no change to the 2022 annual production and cost guidance. As a result of purchasing the incumbent contractor underground mining fleet, the annual capital expenditure guidance for 2022 is increased by US$10.5 million to US$225.5 million.
Cont…
If only Endeavour would offer the same again, their offer would now be worth around £1.50 as the Endeavour share price has risen considerably since the offer as it has gone from strength to strength while our share price has fallen. Or if only anyone would make a similar offer and the board, unsurprisingly keen on keeping their own jobs, would actually recommend what is in the interest of us, the shareholders, for once. Presumably if the Endeavour bid had gone through Cey would have been a drag on the Endeavour rise but we at least would not be talking about having lost money over the last couple of years. I for one would welcome any bid at £1.50, but chance would be a fine thing, especially if it left me with shares in a better growing gold miner. Roll on Barrick but I imagine that only being able to get 50% of the company is putting them off.
Hi Steve, Gold price is popping, currently $1822.11
Was $1823. 53 earlier.
It’ll all come good.. patience reaps reward!
Whoop whoop Razor :-). Hopefully gold, and CEY will continue with traction.
More US CPI this week...
Thanks 3bear
For responding really appreciate.
Closing on today’s high.
sorry typo last para should read
That said though and football aside Martin Horgan will be judged on whether he can deliver!
I am sure we all hope he exceeds his ambitions and our expectations!
Martin Horgan comes across well, but that said I never not hang too much on these type (sometimes paid for) interviews.
It was clear that he gave a well prepared speech and tried hard to come across as being one of the boys, whilst I believe someone in that type of role should be approachable, there are ways to achieve staff respect without becoming too familiar which can be counter productive or lead to misunderstandings in the long term.
That said though and football aside Martin Horgan willl be you judged on whether he can deliver.
Thank you for posting drunkinfti,
Certainly sums the situation up, especially the appalling calibre of the majority of western political leaders and the failure of their unfit for purpose policies!
Hi Kal02,
Centamin is due to present its full year results on March 16 and will announce it's final dividend then. According to their guidance it is likely to be 5 cents US taking the FY21 divi to 9c in total. XD and payment dates will be announced then and if it's the same as last year it will be XD in mid May and payment in June.
Analyst consensus is that the dividend for 2022 is likely to be around 6.4c Hopefully we'll get some guidance about the 2022 divi in March.
The dividends are excellent, long may they continue.
Not a fan of the show but today's is worth a listen.. ''Inflating a cold war state of mind'' https://www.rt.com/shows/renegade-inc/548324-inflating-cold-war-state-mind/ Downloadable so you can listen to it while sitting on the loo...cos it'll relieve any constipation you may have!
Yes, my average is .89 now....
All bodes well, been dip buying recently, anyone else doing the same?
European markets were higher in the premarket trade on Monday as investors awaited economic data reports on United Kingdom house prices, German industrial production and Eurozone investor confidence. In the afternoon, German Chancellor Olaf Scholz will speak to United States President Joe Biden at the White House. Over the weekend, ECB Governing Council member Klaas Knot said that the central bank could raise interest rates in the fourth quarter of 2022, while UK Prime Minister Boris Johnson reshuffled his Downing Street team.
The DAX increased by 0.40%, London's FTSE 100 was up 0.29%, while the CAC 40 grew 0.36% at 6:37 am CET.
The euro was 0.18% lower compared to the dollar at 7:11 am CET, trading for 1.14341. The British pound declined 0.07% against the greenback, changing hands for 1.35221 at the same time.
Baha Breaking the News (BBN) / MS
Happy Monday y’al
Chief executive Martin Horgan joined Proactive's Stephen Gunnion with an update on the company's flagship Sukari Gold Mine in Egypt and its projects in West Africa.
Horgan telling Proactive that the Sukari ore body still presents an opportunity for growth and expansion as Centamin prepares to complete a 36MW solar plant at the mine and enters an exploration bid round for an additional land package in Egypt.
The company is also preparing to deliver a pre-feasibility study for its Doropo project in Ivory Coast.
AFRICA CUP OF NATIONS
FINAL
Senegal verses Egypt
19:00
https://twitter.com/centaminplc/status/1490309444567285760?s=21
Unfortunately Spoonington animal charities lost out yet again!
https://www.change.org/p/uk-parliament-governments-370m-given-to-national-lottery-not-for-animal-charities/w?source_location=psf_petitions_controller&from_guest_psf=1
No my friend you will receive all my praise!
Anyone who loves doggies is a truly *****in person!
My lady has cured me of smoking + drinking addictions that for 35 years I could not correct - it is quite unfathormable
The huge question faces us, as discussed with the likes of Prof, Tiger, Uncertain etc over the years, is what happens when the bonds and shares tumble. Will gold shares be hit by falling overall PE’s, will the gold price fall as in March 2020 as investors seek cash to pay for their margins on falling bonds and shares, or will us long-term holders, who have been holding Centamin as Insurance for just this eventuality, finally receive our payback? It looks like we will know the answer this year.