Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Oil Minister Tarek El Molla wants to increase mining’s contribution to Egypts GDP tenfold by 2026
Snapshot of milestones and ongoing projects:
- Egypt has recorded $550 million profits from Sukari Gold Mine located in the Eastern Desert over the past 10 years.
- This comes as a result of a collab- oration that dates back to 1994 between Australian gold mining
company Centamin and the Mineral Wealth Authority.
- Under the terms of the agree- ment, the Australian company finances the project, paying the authority 55 percent of profits and 3 percent of revenues respectively in the process.
- 75 percent of the country’s mining minerals are attributed to a metallic and nonmetallic mineral
https://www.arabnews.com/node/2001191/business-economy
Egypt awards eight exploration blocks through a digital bid round to global companies. (Credit: Anita starzycka from Pixabay)
The Egyptian government has awarded eight oil and gas exploration blocks in the country to Eni, BP, Apex International, Energean Egypt, United Energy, Sipetrol, and INA.
The blocks are part of the first international digital bid round held by the Egyptian Ministry of Petroleum and Mineral Resources.
According to the Ministry, the eight blocks are spread over a total area of nearly 12,300km2.
https://www.nsenergybusiness.com/news/egypt-eight-oil-and-gas-exploration-blocks-2021/#
Jan 24, 2022 • 14 hours ago • < 1 minute read •
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Article content
CAIRO — Egypt targets $7 billion in direct foreign investment (FDI) for its oil and gas sector in the fiscal year 2022-2023 that starts in July, Petroleum Minister Tarek El Molla told Sky News Arabia TV on Monday.
The petroleum ministry said earlier in the month that it planned to increase investments in the state-owned oil companies to 30 billion Egyptian pounds ($1.92 billion) in 2022-2023, which is the highest ever.
https://leaderpost.com/pmn/business-pmn/egypt-targets-7-bln-in-fdi-for-oil-and-gas-in-2022-2023
Old news, but interesting considering present oil prices are now and the still outstanding Centamin claim for removed diesel price subsidy .
Wednesday, 24 October 2018
Egypt spends USD 1.5 bn a month to cover local market demand for petroleum products
Egypt spends over USD 1.5 bn a month on petroleum products it supplies to the local market, Reuters quotes Oil Minister Tarek El Molla as having said yesterday. The amount covers imports, as well as foreign oil companies shares’ of locally-refined products from JVs with the government, which add up to c. USD 700-800 mn a month, El Molla added. Earlier this year, former finance minister Amr El Garhy had said that tightening consumption of petroleum products in Egypt will help mitigate the impact of rising oil prices that have recently been straining the state budget. The government has reportedly spent an additional EGP 10 bn on fuel subsidies in 1QFY2018-19 as oil prices surged beyond a projected USD 67/bbl in the budget to cross the USD 80/bbl mark. Sources had told us that the fuel subsidy bill for the fiscal year could jump to EGP 100 bn, from EGP 89 bn, if Brent crude remains north of USD 75 / bbl.
Oil Minister Tarek El Molla announced 4 companies handed concessions.
That will be interesting.
Enterprise AM.
Thank you MrBond great to hear as I rely on this feature often.
Cheers
European stocks were higher in the premarket on Tuesday following steep losses recorded yesterday. Today, traders will monitor the latest report on the business climate in Germany, as well as the standoff between the West and Russia on Ukraine.
The DAX increased by 1.14%, London's FTSE 100 was up 0.80%, while the CAC 40 grew 1.28% at 6:59 am CET.
The euro was 0.13% lower compared to the dollar at 7:11 am CET, trading for 1.13064. The British pound declined 0.10% against the greenback, changing hands for 1.34725 a minute later.
Baha Breaking the News (BBN) / MS
Mr T
Burkina Faso has not always been like this. The reasons it is having trouble are many. A few observations.
1. Prior to the brutal French invasion, the Mossi Kingdom had ruled Burkina Faso, and lasted for several centuries,
2. The effect of the French on Burkina has been consistently net negative, not unlike Mali, where in short they are detested.
3. The French have been "more accepted" when they have propped up an unpopular and unsavory President [Compaore ](for 27 years), but this is an odd form of acceptance, given the way the Compaore family robbed the poor to pay the rich (themselves and friends)
https://www.reuters.com/article/us-burkina-mining-corruption-idUSKCN12Q2QO
(etc)
4. The power vaccum left by the Coup which threw Compaore out (to the French disgust) has been filled by various players, who have neither the competence, the know how, or the correct foreign asistance to manage the country.
5. The country is natural resource poor, and industries it does try and operate in, like cotton have foreign government subsidized companies compete gainst them. Cotton subsidies have long been seen as a symbol of the injustice of the international trading system. The subsidies provided by richer countries give their farmers an artificial advantage in global markets, while depressing global prices and undermining the livelihoods of farmers in low-income countries, many of whom struggle in conditions of severe poverty and hardship...
https://www.wilsoncenter.org/blog-post/chinas-cotton-subsidies-immiserate-farmers-worlds-poorest-countries
and the gold industry is plagued with profit shifting at the big end of town, and corruption and exploitation at the bottom end
(environmental degradation child labor, exploitation of the poor and uneducated etc)
Over simplyifying things, but if you have no job, no education, no trade, no prospects, cant marry the local girl as you are too poor?, and someone comes up and gives you a gun some bullets, and $5/day, what does a poor man do.
The electoral system imposed by the west is simply not amenable to West Africa. As a result they express their dispeasure frequently, by protesting, and when this does not work, then the army moves in, and a Coup is called. More people die in traffic accidents in the country than by Coup's.
Instead of spending billions every year on "security" [which sees foreign soldiers come into their land and Mali], well paid, well fed, and fail every year and this goes on for decades, one would question, just how does doing the same thing that has failed so consistently year after year, make any sense. It does not.
How would you feel if you were sent to fight a battle and were not given a gun but were given a handful of bullets, you were given a vehicle (no armour) but not a lot of petrol...and your platoon got wiped out in the first skirmish....slightly peeved?
sorry about the rant,
the gnome
Yes still here Drunkinfti, unfortunately along with many others I was foolish enough to believe the Centamin management at the time instead of heeding the concerns flagged up by Kees Dekker in the 2015 & 2018 reports.
We retail share holders have been taken for saps by Pardey, Josef & Youssef the carpetbagging crew of the Sukari Pyramid Scheme.
Also it seems that many millions of dollars may well have been chucked down bottomless pits on exploration and supposedly developing mines in what turn out to be unstable zones of insurrection and corruption, although it is hoped that some of these projects may be disposed off for some sort of return if buyers can be found.
That said some of the remaining WA projects may be developed and it is hoped, or envisaged the returns may be good, although they aren't guaranteed by any means, and may not be that good when the initial outlays and other factors are taken into account.
At Sukari It seems that over a decade has been spent on building a hole that is far too narrow and so unsafe and inoperable in some ways that it is now going to take possibly half a decade to put things right, so basically 15 years to create a mine that should have been created in far less time were it not for the deception and greed for short term gain by the previous management!
At least now we have a competent Sukari management who is now doing the job properly and hopefully the new concessions in Eygpt may prove to be as good or better than we hoped for!
Sorry the comment below was to Spoon.
January 24, 202210:55 PM GMTLast Updated an hour ago
Corinne Dufka, West Africa director at Human Rights Watch, said Kabore's government had shown itself unable to tackle a range of problems.
"The coup, and apparent support for it, lays bare the inadequacies of Kabore's government to address deep-seated problems with corruption, governance and civilian protection, which were all made exponentially worse by the armed Islamist threat," she said.
https://www.reuters.com/world/africa/burkina-faso-president-kabore-detained-military-camp-sources-tell-reuters-2022-01-24/
If you don‘t like pickpockets, crime or watching your back at every turn, perhaps Burkina Faso isn't the best destination for you.
https://www.worldnomads.com/travel-safety/western-africa/burkina-faso/burkina-faso-crime?__cf_chl_jschl_tk__=RjUVKGzRVXfYi9VNZx5XqEOI9kikD1hZII4V34mF4fY-1643070313-0-gaNycGzNCBE
For security reasons, the FCDO advises against all but essential travel to:
the capital Ouagadougou, up to the toll booths on all roads out of the city
The FCDO advises against all travel to: the rest of Burkina Faso
https://www.lse.co.uk/ShareChat.asp?ShareTicker=CEY&share=Centamin-PLC&thread=0DCE92ED-BFC8-43B7-A342-165EF15ACBCA&reply=true
Quite honestly is this really a good choice of countries to invest orr build gold mines in?
Sounds like a basket case country that Centamin should have never got involved in, far better to sell up if anyone will buy and cut its losses to invest more in a safer and more stable political environment.
Tibbs
Member info is back. Thanks LSE.
Military suspends the Consyitution.
A very troubled and insecure country.
RT Question more ,live.
Perhaps as well CEY are out.
If you have noticed ,some new posters seem to have somewhat strange agenders, posting strange
[ stuff ] more likely to undermine confidence in other holders.
You would normally hear pumping sounds.
What motive could they have I wonder.
I said Martin Horgan had integrity, quite different from what you are trying to imply.
Hi Dasut
Fair and relevant comments, Martin Horgan has integrity and certainly does not shy away from doing what needs to be done and indeed has already made a considerable number of decisions and followed through with the necessary actions, something that that others of the old club were reluctant to do, you may recall that some months ago I also commented on the fact that Youssef had been given another job title "Country manager".
Youssefs selling of his shares for a property deal did not go down well with the BOD which caused embarrassment and possibly was the final straw!
The 50% retracement line at 92p did hold for 45 minutes. Just gave way after further heavy selling as we end the trading day.
Overall markets the cause- FED and Russia- dovish FED will help this week, suspect Russia issue will run for a while
Is this general PM drop due to a huge paper dumping. It seems very likely even though miraculously the dollar rose after poor news from US manufacturing and Servuce sector PMI.
Will it never end.
Based on what Tornado? Bad day for pretty much everything- hopefully FED will be less hawkish than expected this week- many bargains out there now but as always impossible to predict bottom. Gold and crypto holding today(fingers crossed), big panic is when all sell off at same time. Here’s hoping FED steady ship this week- needed on top of Putin crap.
Should hold and start moving up.
Centamin's Performance Should Start to Improve This Year
0931 GMT - 2022 is set to be another challenging year for gold miner Centamin from a cash-flow perspective, but over the next 12 months, production and costs should start to move in the right direction, Tyler Broda from RBC Capital Markets says. There are a lot of catalysts this year, including updates on exploration, a pre-feasibility study for the Doropo project in Ivory Coast and a potential change in the company's capital structure, he notes. Centamin shares continue to be attractive, considering the upside potential of its flagship Sukari gold mine in Egypt, and the unpriced optionality associated with its other exploration projects, Broda says, reaffirming an outperform rating on the stock.
https://www.morningstar.com/news/dow-jones/202201243658/ftse-falls-pound-could-fall-further-vs-dollar-on-global-equity-weakness
Spoon I hear your frustration and agree there has been as Tibbs explains some rubbish management and misrepresentation and short term gains creating long term disasters.
Results when mining can be achieved by short cuts and this is what has happened at Sukari what we appear to have is a narrow hole in the ground when we need a wide hole in the ground, so to get the hole wider they are having to employ a contractor to widen the hole (over simplifying but trust you get my drift).
4 or 5 years of creating this issue isn't going to be corrected quickly and results aren't going to improve for some time. As gnome rightly says strip ratio of over 10:1 means 10 times as much waste producing 0 ounces and at a direct cost to the bottom line. Unfortunately this is a necessary evil and nothing Horgan or any hands dirty miner can sort out any quicker unless they throw even more money at the problem and employ another contractor with more equipment and doubt very much that this is a solution worth looking at as more costs to the bottom line won't improve your results.
I am not sure I agree that Horgan lacks technical hands on abilities as when I listen to what he has to say he comes across as very knowledgeable in pretty much all aspects of mining.
Unfortunately he joined Centamin at least 2 years too late because given the decisions made during his tenure we would have been in better shape than we are currently although in my opinion we are way better placed than we were this time last year.
Whether Horgan is a "good chap" or not I have no idea in fact I hope he is far from it and is a strong ruthless SOB and gets things done, maybe another thing that hasn't been picked up on is there has been a change of General Manager at Sukari and that suggest Horgan can make difficult decisions and has put someone in on the ground floor who understands the nuts and bolts of mining rather than a political appointment.
Are you still in here mr Tibbs.. I must say, I got in then Sukari happened and my instinct started to flash.. but things do go wrong.. but I find the older I get my instincts seem to be right more often than my 'judgement'!
I remember that time well Mr Tibbs. - I believe he spoke at the 'Denver' conference and informed the world as to how Centamin were on target to reach objectives/guidance. - As you say - 3 weeks later he performed a U-turn with the unexpected announcement that shattered the SP. - An act of sabotage to what looked like a deliberate attempt to accommodate Endeavours' interest. - I've often wondered if Denver was where they got together and agreed a plan of action.
The present situation at Sukari with loss of market is a direct result of bad or unsound mining practice and it's pretty obvious who is too blame, its no good trying to sugar sweet the facts now.
Kees Dekker's reports of 2015 & 2018 were warnings of the reality and offered opportunities to the management of the day to put things right, but instead Pardey denied the findings and although initially entering into dialogue with Kees then failed to supply his supposed correct data, instead Pardey then contacted the Seeking Alpha editor and tried to get Kees Dekker silenced.
When questioned on the 2018 Webinar after yet another RNS guidance cut in 2018 despite three weeks previously predicting output of over 600,000ozs Pardey denied any knowledge of the 2016-2018 Kees Dekker reports warning of impending dire consequences through previous years high grading to pump up output, this was deliberate deceit and misrepresentation of the facts to the share holders, further more this deceit was condoned by Josef & Youssef El Reagy.
Why did hedge funds like Worldquaint take short positions on Centamin over so many years, pretty obvious now they must have had an pretty strong inkling that all wasn't as well as being claimed.
After the revelations about the true situation at Sukari then it would not be unreasonable for share holders and the market to question if the claims made about West African reserves are accurate or even to be relied upon.
Matin Horgan has already proved his integrity, credibility and indeed professional abilities by what he achieved with his previous company.
I had many misunderstandings or misconceptions about large scale gold mining techniques but I am grateful to Dasut for since teaching me taught me a a tremendous amount about Sukari and gold mining in general.
That said whilst I admit my misunderstanding of the gold mining industry I do have a greater understanding of integrity and whilst I am always willing to accept that no one is perfect, mistakes can happen and that in most instances the benefit of the doubt should be given with an opportunity to put things right, there comes a time when the continued deliberate bad practice and deceit can be tolerated no longer, as with Sukari!
I implore everyone to read and digest the last paragraph of Dasut's post it is VERY relevant, I would say more, but it would be inappropriate in an open forum for several reasons at this time!
Best
Tibbs