The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Thanks CI
I am commenting on the stockpiles of ore they have paid to get onto the stockpile. To get them from the stockpile to the processing plant and through (etc), would not be a large cost, so AISC of doing this whenever they want, is not going to be a large number.
My thouht is that it is an optionality they have up their sleeve as to when they actually process the stockpiled ore, and it would be very useful for a host of reasons.
Business is often won or loss on having sufficient optionality to negotiatie whatever reality throws up at you.
So to me its a smart move to build this optionality in now, the future is uncertain from a number of perspectives...ploitics,virus, fed iraationality (continued)..etc. Most of the mining component of the future AISC has been paid for ...
You can read about definitions of AISC at
https://www.gold.org/about-gold/gold-supply/responsible-gold/all-in-costs
...
The US producer prices index (PPI) posted the biggest annual gain in at least 11 years on Tuesday with an eye-popping increase of 9.6 per cent for November, following an 8.8 per cent surge the previous month.
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and in Oz the usual gross stupidity from the politicians.."off budget spending"...LOL
Some years ago, politicians discovered a pot of seemingly free taxpayer money known as “off-budget” spending that magically doesn’t detract from the budget bottom line.
Now, federal and state politicians are increasingly setting up special “investment” funds to deploy money to pet projects.
The charade is particularly popular around election time, as we already see from plans by the Coalition and Labor for climate, social housing and fast-rail spending in the lead up to next year’s federal poll.
Former federal Department of Finance deputy secretary and former NSW Parliamentary Budget Officer, Stephen Bartos, says, “ministers have the illusion that cash on the balance sheet is free money”.
While so-called “off-budget” capital spending still requires borrowing and adds to the public sector’s gross debt, it can avoid adding to the government’s annual budget deficit.
Conveniently, it does not necessarily worsen net debt if the “off-budget” asset is held in a fund purporting to be a commercial entity, which in theory could sell its assets to reduce debt.
We will end with poltical party investment Banks!?! ... and on the show goes....
best
the gnome
Dr Angelique Coetzee is asked how many patients infected with Omicron she has seen with the most severe symptoms.
"No one," she replies. Apart, that is, from a man with HIV who had pneumonia and comorbidities.
COVID-19: Omicron variant may be 'milder' but its infection rate could be 'devastating', expert warns
"I haven't seen any COVID-19 pneumonia and neither have my colleagues," she adds.
A couple of patients she saw before her interview with Sky News were showing mild symptoms.
"They're happy, they're going on holiday," she says with something resembling a shrug. Boris Johnson is creating "hysteria", the GP who also heads South Africa's Medical Association says, adding that the UK is much better vaccinated than her country.
With tens of thousands testing positive every day, few South Africans doubt the explosive transmissibility of the Omicron variant.
Yet Dr Coetzee says the difference between Omicron and the last dominant variant, Delta, is stark.
COVID-19 passes for nightclubs and large events come into force in England as booster jabs open to all adults
Chef tom kerridge
COVID: Tom Kerridge warns 'restaurants will crumble' after hundreds cancel bookings due to new coronavirus restrictions
"Delta was terrible, it was heart-breaking. When (the patients) opened the door you just knew they were in trouble," Dr Coetzee explains.
"The next thing I had to think about was beds, oxygen, what are we going to do. At this surgery, I think in total we had 10 deaths and the patients were extremely, extremely sick."
She is asked if, three weeks into the Omicron outbreak, she has witnessed similar scenes
"No," Dr Coetzee replies.
The medic has been asked to scrutinise the UK government's response to the new strain by Westminster's science and technology committee
Britain's approach to Omicron - with predictions of one million infections by the end of the month and moving hospitals into "crisis-mode" - rankles with Dr Coetzee because she does not think the evidence supports such actions.
"They need to understand the clinical picture," she says, adding that there is a "huge gap" between "the science and what is actually happening".
"What do I give to (Omicron) patients? Do I give them the same treatment as Delta? No, you don't have to. There is no need for that."
"Do you think the UK is over-reacting?" she is asked.
"You need to take precautionary measures, you have to be prepared but don't hype it up, (don't say) that people are going to die from viral infection, that hospitals will be overwhelmed. It is better to wait and see."
...
Never really understood the differrnce between “all-in sustaining costs” and “all-in costs” metrics but there is some very useful information at https://www.gold.org/about-gold/gold-supply/responsible-gold/all-in-costs
On another point I really do think LSE should add another category "Well F****d in the Opinion drop down menu.
Gnome..when you refer to AISC are you talking longer term ..
The company have already said that they expect AISC to go up to $ 1,275 to $ 1,425 in 2022 which will involve a significant whammy on profits unless gold increases up to average out at $ 1950 ish dollars for the whole year .
Lower AISC are projected for later years , but they are unlikely to be reliable given cost pressures
Well the data seems to support her. And since the UK has already taken SA off its red list, it's hard to level any accusation of ulterior motive at her. All the evidence thus far is that omicron is more transmissible but much much less severe. The SA data on hospitalizations and # of patients ventilated and needing oxygen support make the UK's response disproportionate and fairly bizarre. Looks more like a cynical attempt to distract from last week's Christmas party fallout.
Hope she's right on all this. She speaks well and sounds coherent but is under pressure to reduce the impact on SA so let's see. We'll know soon...
The chair of the South African Medical Association, who helped alert the world to Covid’s Omicron variant, is still trying to persuade the British government not to panic about it. Dr. Angelique Coetzeewrites this week in the Daily Mail:
" As a general practitioner for more than 33 years, I am one of the foot soldiers who sees patients first. We clinicians deal day-to-day with real people, not statistical projections, and I can reassure you that the symptoms presenting in those with Omicron are very, very mild compared with those we see with the far more dangerous Delta variant...
In the part of South Africa where I work, there haven’t been many patients admitted to hospital with Omicron, and most have been treated at home, using anti-inflammatories, such as ibuprofen, and low doses of cortisone.
Bear in mind, too, that most of those who contract Omicron here are unvaccinated (only 26 per cent of South Africans are fully vaccinated). While this is certainly not an argument against vaccination — I cannot stress the importance of that enough — it’s reassuring to know that even unprotected bodies fight off this variant much more easily than Delta. Current data indicates that the majority of cases admitted to ICUs are unvaccinated people. "
The Fed kept on expecting inflation to fall back by itself, but all Mr. Powell’s arguments were upended as prices not only kept rising but broadened out beyond narrow categories such as energy and used cars, BUgg$r another ecomic theory down the drain. Be great if reality didnt stop chipping in. It is real, after-inflation, interest rates that matter to the economy, and higher inflation with unchanged policy means lower real borrowing rates. The higher inflation gets without the Fed acting, the more stimulus monetary policy is providing. The more stimulus money provided the omre real assets will bubble and froth in price. Like housing, now out of reach, and the prices are increasing every month. Strategy is what here? Disdvantage the youth of today?
Analysts, economists and other forecasters are no better at predicting inflation than at predicting anything else: They stink at it. As then-chairman of the Federal Reserve Alan Greenspan noted in 1999, estimates of future inflation—including those by the Fed itself—“have been generally off,” and even changes in inflation that were “doggedly forecast” never occurred. And this is big coming from a guy who spent more time off than on, so to speak.
So who would you believe ? I think the CEY story and gold is far more bankable than the latest economic theory, or prediction by the "experts".
The stockpile, pile is an iterestig option to have up your sleeve, heading into choppy waters. CEY could chop into this to decrease AISC, protect the divi, increase free cash flow for development in W Africa etc. My view is I would look at raising some form of debt at these ultra low interest rates, for development ...
best
the gnome
At the moment it would make more sens ethat there was a "merger of equals". There are quite a few good single operaiton gold mining companies who have had their SP trashed by 30% or more. It would make far more sense, if CEY found such a company, (whose operations complimeneted CEY's, so spread geographic risk, had largish reserve, resources and pipeline, .. just unloved by the market) and looked/negotiated a merger. 1+1=4 sort of thing.
Even a few in Oz which might fit the bill?
the gnome
Yuk- this one is £8,890- 3 year cam belt service plus corrosion, and lots of pipes and other parts - yuk
Yes I understand ,mine is the same ,not many produced,parts becomming difficult.
On this island now only 2 , mechanics that are competant,difficult.
Last bill 7000 for head rebuild :-(
Lol! I’ve just purchased an air chamber for it as occasionally my garage which is huge, gets moisture in it- had this car for 15years now- and didn’t spot the corrosion appearing on the underside chassis plus lots of perishing hoses- airchamber will hopefully stop a repeat- but older Ferraris are a love affair and just as expensive to maintain!
Yes Alfas are the same.
But its special.
The divi covers it.
Cheers- it’s at the garage as I get 20% reduction getting work done on it- got a call yesterday and the bill is a big one alas :-(.
Steve a merger in W/A is more likely.
Centamin have enough prospects in Egypt to keep them busy.
Hope the Ferrari is warm and comfy..
Takeover would not be good like many say- I was a fan of the idea, but that was when the SP was 50% higher so the buy price would be good- at this SP, a 25% premium only gets this SP just past the £1.
Agree Tibbs/Mr Bond, let's hope it doesn't pan-out this way. - We'll see.
Quite so Mr Bond!
Hi Rebess,
Can understand you thinking that way after all that has happened, hope it does'nt pan out like that though it really would be an appalling way to treat shareholders .
Rebess as always the thinking , intellegent,cynic.
You may be right, time will tell.
All that matters to myself is dividend.
Under who is not important ,because there is always the final option.
The companies future prospects are excellent .
I for one would like too see it through.
Very much in line with my own thinking- If it turns-out to be true, then the disappointing Dec.8th update will have played a significant role/part in manipulating the SP to accommodate. -A strategic chess-move in the overall plan/strategy. - Just as happened with Endeavour. - Once again, at the expense of shareholders. - IMO
Quite so halfpenny yet the bunch of crooks we have in Downing Street still keep using to that supermarket bag of shopping as the true measure of inflation regarding the cost of living ,wages and pension increases etc.
Utter bullsh*t, but then with a PM who spends £10,000 of public money per roll of wall paper for his additional official flat more than a years ordinary state pension shows the contempt with which they regard the ordinary people!
Hi Tornado,
Thank you for the post , lets hope the the predictions in it come true!
Don ,what occured to me is which mine are they destined for?
Possibly Cote de Ivorie ?
Maybe.
banana poo poo