Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Mines gone down 23%! Use go compare! Electricity and gas up though
The law has changed: - From Jan 1st - New customers, previously offered special enticement deals, cannot now be charged at a lesser-rate than existing customers. - Early days, but I suspect this will be the outlook from here.- If this is what we can expect across the board, there are hard-times ahead.
Each year my car household goes up and each year I go through to terminations, retentions and ask them for a better quote or I leave. They have always dropped. Its a shame you have to make the calls....
It's normal,
If you've been with for years with no changes or claims then they'd rather quit whilst they're ahead.
I bet if you got a quote in your partners name, using a new email address and phone number, you'd get it cheaper than the renewal.
First shock of New Year and a harbinger perhaps of what's to come.
Just received my LV car-insurance renewal and the premium has increased by 21.26%. - There has been no changes, I've had no accidents, no claims, nothing. - Been with them for yonks.
If this is typical and what to expect going forward, It's going to be impossible for many to survive.
Yep, that’s because, like me, think this scenarios is NOT likely to happen.
MARTIN HORGAN, CEO commented: "Building a strong active growth pipeline is central to our strategy, while maintaining our capital allocation discipline. Today's announcement of a positive preliminary economic study at Doropo and the exploration potential at the earlier stage ABC, demonstrate the quality and potential of our portfolio.
The Batie West Project has potential to deliver a profitable mine, but not one that would currently meet our strict investment criteria. We are now initiating a review of development options for this asset.
The Doropo Project is very exciting and is our priority growth target outside of Egypt, showing excellent potential to become Centamin's second mine. Our highly experienced team has proven expertise at delivering successful gold projects in West Africa and will now commence the PFS, the results of which we look forward to announcing in mid-2022."
https://www.centamin.com/assets/doropo-project/
Hi Mike,
Firstly my knowledge of geology and gold mining techniques is limited so I seek the advice of others who are professionally qualified and experienced in such fields.
It wasn't my intention to cause alarm or cast doubts but to make other investors ware of issues this was the opinion of Kees Dekker mining analyst of the issues/criteria that need to be considered based on his own experience
Short excerpt from Kees
"You need good grade in Western Africa to pay for extraction there. There is such a thing as an African cost structure and it is relatively high."
"To that you need to add the security risk which is increasing annually with the fundamental Islamist insurgency."
Official response from Centamin
Kees has a decent point re the grade - but I would not be too concerned about the level of detail of the PEA.
He is usually right that PEAs tend to be on the optimistic side, but this is because PEA projects ultimately then need to have a bankable feasibility study (ie the numbers need to be strong to get the equity/debt funding required to build that mine).
Centamin doesn't need the feasibility to be bankable - they have the necessary resources to build this without external finance. However, they need to do more work on Doropo - it already looks robust at $1,450 per oz, and is very robust at $1,900, even with the relatively low grade.
Building a mine in Cote d'Ivoire is also better than many other African countries. We are not at the point yet!
Re the spend on the West African assets - you are right that a lot has been spent. The key will be what the returns will be from that spend, which is largely drilling and resource interpretation.
End of reply
Hope this helps.
Tibbs
Tibbs
Dump stocks? Doesn’t look like BR and other IIs got that memo.
Tibbs the added frustration is that a one off visit with a guide for the day won't do it you need a small team with individual skills to look at the project as a whole and lay over the mine plan to understand what is achievable and what input is required to discuss with management.
Another frustration is that I have been out of the business for too long .
Be careful what you wish for - timing is vital if you believe in this scenario which I don’t and the current situation is very different to 2008.
If I thought 2008 was likely I wouldn’t be holding gold or gold stocks, I’d dump and wait for the recovery.
Liquidate to cash tends to happen quickly then monies reinvested when recoveries on the cards- don’t get left holding the baby… stocks are the baby when big crashes and cey is a stock.
mikefluk My guess just over 415,000 ounces and yes the guys at the mine will be aware by now what production numbers are and if they sell at or over the $1829 close then great news.
Thank you Mr Bond for the heads up on this
Central banks and public institutions started boosting holdings of gold after the global financial crisis of 2008, which caused an outflow of funds from US government bonds, resulting in falls in the value of dollar-denominated assets.
https://www.rt.com/business/544825-dump-dollar-gold/
Trust in dollar assets thus “faltered,” market analyst Itsuo Toyoshima says, as quoted by Nikkei Asia.
Yes indeed ,for now.
Read ,
rt.com://business/544825-dump-dollar-gold/
But the time frame ?
Maybe 10 years or so ,to become critical. A lot can happen,especially in a war of attricion.
Flying! Happy New Year.
I like a positive outlook.
Thanks Goodnight and New Year.
Mr T...you are the first poster on here from (what I have read so far) to cast doubt on the Doropo project ..I thought that had already been more or less pencilled in by the company at 5 million ounces ..this is important because that would buy another ten years of production life , giving ample time for bringing new discoveries into production
If you are right , then that does put a different complexion on things .. on what basis do you hold that opinion please ?
Nice one Cowichan!
Hi Nunquam,
Despite Centamin's troubles you have achieved a great deal with your home project, thank you for sharing it with us.
Very best wishes to you and your loved ones in 2022!
Tibbs
Hi Dasut,
Thank you for your thoughts on this.
Possibly it would be worth suggesting to Martin Horgan that some retail investors should be offered guest visits to see Sukari when Covid restrictions permit?
Dasut, there is nothing more that can influence the year end result now as the 2021 year came to a close earlier today ..ended on a relatively high note with gold at $1,820 per ounce ( it's even higher now )
For what it's worth my guess is for production to be 410-415,000 ounces ( based on company prediction )
Earnings per share US cents 9.5 to 10 with dividend of 9 cents per share ( based on company statements )
Given the events which have unfolded this year , it isn't a bad result and annual production will only increase each year from here , although the projected AISC of $1,275 to $1,425 projected for next year is high and out of kilter with both current and future years ( presumably due to waste stripping costs )
Anyway gold prices need to go higher to compensate ..hopefully with inflation at current levels they might
Hi Marmot,
You raise some very valid points, as a matter of interest which N American companies directors were you thinking of?
I can't understand how such free share awards to some of the directors can be justified , what is the criteria
Considering the BOD failure to monitor what was going on at Sukari and their failure safeguard shareholders best interests over recent years?
It seems that that it does'nt matter what the share price is they feel no financial pain and still get awarded free shares?
I can't help finding the behavior and reward criteria of Exec Centamin directors as having much in common with the pyramid schemes of door to door home cleaning products!
I once raised the issue of the rational regarding the awarding of free shares with IR Centamin who said it was because the pay of Centamin senior directors was less in comparison than other miners?
I think its time that the retail share holders contacted the Centamin BOD on this for some explanation.
Best wishes to you and everyone else for 2022!
Tibbs the frustration for me is that I don't have the opportunity to walk the mine and talk to the guys on the ground and allocate guys to analyse the mine plan, look at areas of the mine that aren't seen to be important but that give you a true insight to the detailed strength of the operation. As I say a frustration that unfortunately I can't change and have to put up with and like you have to rely on the stuff that we are fed.
Do I have renewed confidence given the rubbish that we have been fed in the past? I am not sure but at the end of the day open pit mining is all about moving material at lowest cost per tonne whether it is ore or waste, and the more ore quite obviously the better.
The increase in machine fleet size with the contractor fleet means they are able to move one hell of a lot of material. Is this the most efficient way of moving material I don't know but would hope so given there will be a known and agreed cost per tonne paid to the contractor?
The proof or otherwise of my pontification will be in the year end results and 2022 projections.
1. Mark Bankes 289,000 shares (incl. buy 29,000 30/12/21)
2. James Rutherford 250,000
3. Ibrahim Fawzy 140,000
4. Martin Horgan 41,405
5. Ross Gerrard 30,000
6. Catherine Farrow 30,000
7. Marna Cloete 15,000
7. Sally Eyre 15,000
9. Hendrik Faul 0
Exec. Directors total Share Options
Ross Gerrard 1,380,000 (includes 420,000 transferred to family Trust 5/6/19)
Martin Horgan 1,240,000
What is the Executive Director strategy here ? Avoidance of risk of their own capital and rely on generous share options which conveniently get reported in the financial media as the "Directors shareholding" rather than shares bought and shares options granted.
Gerrard has been Finance Director for more than 5 years but appears to have only purchased 30,000 shares with his own money. Horgan's purchases to date would suggest the Pardey/Gerrard model of risk free share options is still the strategy. Yet the optics are terrible. The best N.American precious metals public company directors all make sure they lead and set a reassuring example. To date Horgan and Gerrard fail on this metric.
The difference in risk of own capital between the top 3 Non-Exec Directors and the Exec Directors is striking. The three Non-Exec Director have bought a total of 679,000 shares. That is 10x the total purchases made by the two Executive Directors of 71,405 shares.
How will Horgan and Gerrard persuade new institutional investors to take a significant stake in Centamin if the two Exec. Directors continue to take negligible capital risk in the company they run ?
After all it's not as if these highly paid Directors can't afford to buy a significant holding. On top of that the shares have just closed out the year at the cheapest price for 5 years.
Happy New Year to you.
Exploration underway on our Wadi Dubur licence in the Eastern Desert of Egypt.
With 1,550km2 of highly prospective gold exploration licences in Egypt, Altus through its wholly owned subsidiary, Akh Gold, is excited for the future and the potential to discover the next Sukari in Egypt.
We are building our team and logistics in Egypt to get ourselves ready for what looks to be an incredibly busy 2022.
#gold #mining #investing #exploration #egypt
https://www.linkedin.com/posts/activity-6876962153220333568-f7Pr
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Sorry Matt, the next Sukari will be discovered by Centamin