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By my calculations Gold will be $ 2,700 an ounce this time next year . I have a feeling in my bones that I will be right about this one.
If it has so many flaws , why does another party want it?
It doesn't matter which CEO was involved , it has a commercial value , to them at least ..
Don't give it up ..not without a fight at least. It doesn't have to be a legal matter , it could be behind closed doors acts of diplomacy. None of us really know the situation that exists. If I did, I night agree with you , but there is also a point of principle here.
I would like to know what the Egyptian Government's view is of this ..after all , they have a 50 % stake .
The CEO\BOD have made the right move,
Get rid, walk away. I's history by a previous CEO an incompetent liar.
Why renew a licence for an asset with many flaws.
You win some you lose.
Forget it.
Hi Monkey. I got in at 92p but don’t listen to me , I am always wrong
Cowichan is right though. This is still a strategic asset of Centamin, and we have spent $36 million exploring and developing it to its current potential .
Calculations show that it has a Net Present value (NPV) of $282 million at consensus gold prices. This is a considerable sum ..
It must NOT be surrendered for free, without putting up any fight , otherwise what would be to stop them from grabbing our other assets .
We must get something back in return, whether this be by monetary compensation, or by the granting of additional exploration licences.
As Gnome says , let's see what happens .
Gold bulls should be patient. The growth is going to slow down, and when inflation persists for several months, the pace of real growth will decline even further, shifting the market narrative to worrying about inflation’s negative effects and stagflation. Gold should shine then.
To he who never gives up everything is granted!
https://www.instagram.com/p/B5mqshWg-Ek/?utm_medium=copy_link
Yes indeed a good news, from memory I think most of the solar plant is already costed in , so any extra cost for this kit shouldn't be too bad and pay back won't take very long.
I agree mrtibbles. It is what it is..
HI Mike,
Considering how long things have taken in the Egyptian courts which is by comparison a much more stable country I would hate to hazard a guess of how long a legal challenge to the behavior of Burkina Faso politicians might take and how much it might cost, also assuming there is a court to take it on and the verdict was in Centamin's favour there is no guarantee that any compensation would ever be paid.
Sometimes although it sticks in the craw it's best not to throw more good money after bad.
Razor. Good find re Juwi deal. Obviously the captal cost will come into it ultimately .
Of course the share price of Cey is market related…it’s primarily due to Blackrock reducing their holdings . Providing they don’t offload more then the share price should go up. Regarding positive updates…I hope you are right as I can’t remember when the last positive one was.
If you have an overhang on the market, the price wil be depressed. It is the nature of the beast....
Good times will be coming
best
the gnome
I’m thinking the tanks maybe dust suppression, possibly Capital truck dust related.
My gut feeling on Centamin is that the negativity on the share price is market related and that Cey has an excellent management team in place who will be delighted to inform the world of their progress once results begin to show.
German developer and EPC contractor Juwi, back in May, secured a deal to design, supply and build a solar-storage hybrid project at Centamin’s off-grid gold mine in Egypt.
Juwi said the solar-plus-storage plant will reduce diesel consumption by 22 million litres per year and lower the site’s exposure to fuel price volatility.
——
Cobra projects Johannesburg, 2nd 55,000 L water storage tank off to Sukari
https://www.instagram.com/p/CT0-ZIsDFUh/?utm_medium=copy_link
(I’m guessing these tanks are solar system related)
No matter how many millions the installation of the solar system is costing, it is going to save Cey the cost of 22 million litres of diesel pa.
*hope the link works.
**Mercian f1 qualifying on c4 @ 8:30am
Good links mrtibbles… one of the many statistics there that sticks out is that they are 151 out of 183 countries to do business there.
You could be right…maybe they shouldn’t have drilled there in the first place, but given that they did , they can either attempt to salvage some value from it or take a pragmatic approach and walk away . Only they can decide on that
On a more positive note , Sukari is a crown jewel of an asset , and Doropo sounds very promising ?
Ironic that it is a Glasgow based company dealing in equipment that can reduce server rooms energy consumption by 50% !
Cops 26 venue should have installed this equipment to cope with the hot air Boris produces!
Fri, 5th Nov 2021 21:00
Alliance News
Iomart Group PLC - Glasgow-based cloud computing company - Says prototype of passive cooling system has been implemented in its Glasgow data centre. Test results for the new cooling system indicate the potential for an up to 50% reduction in electrical power consumption by the site's cooling system, which could help reduce the carbon footprint of the data centre industry.
Chief Executive Officer Reece Donovan says: "Data centres are essential to a more connected, digital future, but the environmental impact of the sector is something the industry has to come to terms with. Through projects like this, we are able to play an active role in taking steps towards a greener future for the tech industry. We are delighted to have already seen the potential impact of this technology at our Glasgow data centre."
Current stock price: 159.20 pence
Year-to-date change: down 50%
AIM - LOSERS
Iomart Group PLC, down 16% at 181.60p, 12-month range 80.74p-359.91p. The cloud computing firm says it expects its annual results to be below expectations. Iomart says the majority of the customer base has remained stable, however, the slightly higher-than-usual customer churn seen in the final months of its financial year that ended March 31 continued into the first half of its current financial year. In addition, non-recurring revenue, principally hardware reselling and one-off consultancy activity, is GBP2.0 million lower year-on-year in the first half, and the company does not expect this revenue to recover during the second half. As a result, Iomart anticipates results for the full year to March 31, 2022, to be below current expectations.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
Hi Cowichan, one must ask the question if it were ever a wise choice to start drilling there in the first place?
But what real hope is there of any compensation for Centamin & share holders and who to take the case up with?
That is assuming Centamin has a sound legal case and the will to pursue it?
In contrast to its counterparts in Burkina Faso and Niger, Mali’s political class is doing the bare minimum to respond to the conflict. Though the government faces some domestic pressure to address insecurity, it may believe there is an unacceptable political cost to doing more.https://www.lse.co.uk/ShareChat.asp?ShareTicker=CEY&share=Centamin-PLC&thread=D6A39695-AA52-4575-9A39-D06DD32AB6F6&reply=true
2019 was a deeply concerning year for the Sahel. Attacks by extremist groups have increased five-fold in Mali, Niger and Burkina Faso since 2016, with the UN now describing the violence as “unprecedented”.
https://ti-defence.org/sahel-conflict-boko-haram-mali-niger-burkina-faso-defence-corruption/
Burkina Faso is trying to overcome a legacy of bad governance and corruption. Bribery and bureaucratic corruption are widespread, permeating all sectors of society and affecting the daily lives of Burkinabés.
https://knowledgehub.transparency.org/helpdesk/burkina-faso-overview-of-corruption-and-anti-corruption
Corruption in African countries is hindering economic, political and social development. It is a major barrier to economic growth, good governance and basic freedoms, such as freedom of speech or citizens’ right to hold governments to account.
https://www.transparency.org/en/news/citizens-speak-out-about-corruption-in-africa
Burkina Faso has made important progress in improving the business climate, including improving business registration, strengthening land property laws, and establishing commercial courts. Despite the progress made, Burkina Faso still only ranks as number 151 out of 183 countries on the World Bank’s Doing Business Index (2011).
https://um.dk/en/danida-en/strategies%20and%20priorities/country-policies/burkina-faso/key-challenges-opportunities-and-risks-in-burkina-faso/
The representative of Burkina Faso, providing context for how important support from the United Nations has been, welcomed its efforts to strengthen judicial institutions, promote good governance and increase access to justice in his country and others. Despite the security crisis Burkina Faso has been facing since 2015, its commitment to pursuing the rule of law has only grown stronger. He called for the United Nations to continue supporting the development of the rule of law, “a bellwether of sustainable development and peace”.
https://www.un.org/press/en/2020/gal3621.doc.htm
Cowichan ..can I ask you what your views are of the new Board ?
https://www.linkedin.com/posts/don-lawson-98619370_we-thank-hem-rock-marc-christian-kabore-activity-6862801682313580544-gc__
You might warn Mr Kabore that corruption is alive and well in the #BurkinaFaso mining sector. Look what happened to Centamin PLC's concessions surrounding their Batie deposit. Three unnamed Burkinabe received millions from Altair Resources after the confiscation of #Centamin's 1.4 million ounce gold resource along with hundreds of thousands of meters of drill samples. No compensation was given to Centamin who've employed & financially supported the local population for nearly a decade, spending tens of millions in exploration. And this month Centamin may also lose their Batie gold deposit without compensation as well
Barrick Gold Corporation Endeavour Mining Corporation James Rutherford Martin Horgan Ross Jerrard Sally Eyre Marna Cloete Catharine Farrow Mark Bankes Hennie Faul Ero Copper Corp Adventus Mining Corporation Ivanhoe Mines Franco-Nevada Corporation Eldorado Gold Corporation Exiro Minerals Corp Master Drilling Group Ltd
----------------------->>>>
Somebody has got to make Centamin's board of directors understand its shareholder base won't sit idle while time runs out on yet another multi-million ounce deposit we paid to develop
sorry that was the opinion at 1121 Fri
Updated today at 1224
Stocks rallied to fresh record highs Friday following a stronger than expected jobs report that showed 531,000 jobs added in October and a revised gain of 312,000 in September. All three major market indexes closed at new all-time highs, even after a late drop in tech stocks weighed on the final Nasdaq number. Pfizer said interim data showed its COVID-19 pill reduced the risk of hospitalization or death by 89%, which boosted classic reopening plays such as airlines and cruise ships. And positive momentum carried over from the Fed's signal this week that inflation is "transitory" and likely would not require a fast rise in interest rates. For the week, the S&P 500 gained 2%, pushing its year-to-date gains to 25%, the Dow added 1.4%, and the Nasdaq rallied 3.1% for its best weekly showing since April.
Stocks rallied to fresh record highs Friday following a stronger than expected jobs report that showed 531,000 jobs added in October and a revised gain of 312,000 in September. All three major market indexes closed at new all-time highs, even after a late drop in tech stocks weighed on the final Nasdaq number. Pfizer said interim data showed its COVID-19 pill reduced the risk of hospitalization or death by 89%, which boosted classic reopening plays such as airlines and cruise ships. And positive momentum carried over from the Fed's signal this week that inflation is "transitory" and likely would not require a fast rise in interest rates. For the week, the S&P 500 gained 2%, pushing its year-to-date gains to 25%, the Dow added 1.4%, and the Nasdaq rallied 3.1% for its best weekly showing since April.
Yer a day late the jobs data was out yesterday! Jobs came in over 80k higher than expected. But gold rallied on Fed admitting they won't be raising rates anytime soon. Just need cey to preform now and we'll be over 150p by Xmas.
It's been a long week of economic data, high-profile events and Q3 earnings, but there's one more to go before it comes to a close. The Labor Department will report the latest numbers on job growth this morning, with the figures set for release at 8:30 a.m. ET. Headwinds like the summer surge in COVID-19 infections are hoped to have subsided, giving more evidence that economic activity regained some momentum early in Q4, though seasonal hiring and worker shortages have been wild cards, weighing on recent reports.
Snapshot: Consensus estimates call for 450K jobs added in October, though September's report totaled 194K additional jobs, far short of a forecast of 500K. The unemployment rate is expected to tick down to 4.7% from 4.8%, while hourly wages are expected to climb by 4.9% on a year-over-year basis. That last number will be especially important for investors, given that the market is hyper-focused on inflation and whether it will continue to run hotter than expected.
"[The] payrolls numbers become even more significant, as it is the first full month of hiring following the expiration of federal enhanced unemployment benefits, while public health has simultaneously improved and labor demand has remained strong," noted Chris Hussey, managing director at Goldman Sachs.
Outlook: If job reports over the next few months point to stronger hiring, the Fed could accelerate its newly announced tapering plans. On the flip side, the central bank's announcement this week put markets on high alert for inflation, meaning it will be more sensitive to economic reports in the near-term. The ADP National Employment Report already showed an acceleration in private payrolls on Wednesday, while the number of Americans filing new claims for unemployment benefits has remained under 300K for four straight weeks.
Kitco does not always pump gold and you will have seen some quite negative commentary over the past couple of months. It tends to have Crypto pushers though ! Have a great week-end all and here is to another positive week for gold.
OK, take with a pinch of salt, as Kitco always pump gold, but worth a read...
The article was posted at 16:15 yesterday when the gold price was ~1813
https://www.kitco.com/news/2021-11-05/Gold-price-jumps-nearly-25-is-this-the-start-of-a-breakout.html
Steady on Mr T and B. This is a public forum. Let's keep things civil.
The cyclical nature of the mining sector is something I am well aware of and attracted to . It presents many attractive investment opportunities .. I have invested profitably in several other mining companies in the past. As always , patience is the key and the market will catch up... .eventually .
This is my first foray into Centamin, and is similarly based on the underlying fundamentals .. I am learning more about them each day , from the more knowledgeable people on the board .
Whilst the fundamentals of the company remain strong and is the main reason for being here, that doesn't preclude me from not having a blind faith in the current management team. Some of my posts reflect that .I accept you may have a different view. With respect , I think it's time to move on in that regard.
Yes , Gnome, I agree, it will be interesting to see how the current management team handle the Burkina asset .
Regards