Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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Local Egyptian billionaire, Naguib Sawiris, owner of AKH Gold, had one investment that initiated Egypt’s gold boom. Sawiris’s investment brought $4.1 million in USD to the region for investing in gold mining. These funds allowed for more contracts for workers with increased pay.
Gold Production and Export Contribution to Jobs
The primary mine in Egypt is the Sukari Mine. This mine opened in 2009 and started operations with a minimum of 850 workers. This number remains stable, but with Egypt’s decrease in gold exports, there is concern about employment availability.
The Sukari Mine is owned and operated by Centamin, a “mineral exploration, development, and mining company.” Centamin was founded in 1970, and as of 2021, employs more than 3,000 people. The lowest salary recorded for a current Centamin position is 4,000 Egyptian pounds, slightly more than 250 USD a month. Estimating with 4.5 weeks in a month, five days in a workweek, and eight hour days, 250 USD a month means that some Centamin employees live fifteen cents above the extreme poverty level, at 1.40 USD per day. Prospects for salary improvements were good between 2018-2020, but since Egypt’s decrease in gold exports, the funds are likely to tighten and threaten more workers with extreme poverty.
https://www.borgenmagazine.com/egypts-gold-exports/
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Is this 'Sawiris Propaganda' a sign of what's coming?
I think CEY is secondary to gold at the moment. Lots of investors (including ME) view CEY and other miners as a geared exposure to gold, not that interested in minute details on the company, as long as it's solid.
Don,to save time 35%Egyptian mineral resources Auth y.
34% Miistry of Defense Nat Ser projects org.24 % Nat Investment Bank. 7% Egyptian cCompany for Mineral Resources.
Coutesy of Goldgnome ,yesterday morning.
You dont get heaverer than that mob.
Cane, I meant the Q3 update on the 19th October - it’s since been falling.
A sustained rise in gold until December 1st would certainly help then it’s over to CEY to hopefully give some positive news to ignite the SP out of this down trend.
"I think the share price action since the update says it all."
You mean the CEY price action: +0.48% ? OR gold.
Gold is looking better, but it NEEDS to maintain some momentum. It's not exactly an explosive move yet. I'm going to get excited if we break $1830 and crack open the champagne if we get to $1900.
Looking at Shalateens Major holdings , and who are they tells all.
- Interpretation using remote data underway
- Local infrastructure and team being established
- Fieldwork to begin in Q1 2022
- 4 Exploration licenses in Egypt total area 2,902km2
- Framework to negotiate exploitation terms between the Egyptian Mineral
Resources Authority (EMRA) and mining industry progressing
https://s25.q4cdn.com/322814910/files/doc_presentations/2021/11/Barrick_Q3_2021_Results_Presentation.pdf
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This is the dawn of a new era for the Egyptian gold mining industry - sometimes I never thought we'd see this day...
This is worth a watch.
https://www.youtube.com/watch?v=Zg7uDuSrE1A
Just so Steve, roll on Dec 1 for better or worse, and roll on gold finally getting off on the fast falling real interest rate, I expect a market tumble taking us down as investors raise liquidity and PE rates rise, even if gold rises at first, but then is to come very good as rest of market suffers. The big question is when, and maybe not quite yet as Powell is still letting real rates fall
https://www.linkedin.com/feed/update/urn:li:activity:6861428239311650816/
updated numbers**
41 people from Centamin PLC viewed your post **
40 Barminco**
19 Maaden**
3 Gold Pyramid Group
16 SUKARI GOLD MINES**
3 Shalateen Mineral Resources Company
8 Endeavour Mining Corporation**
2 Aton Resources Inc.
Plus 19 Executive Directors of unknown origin**
newly added today++
7 Barrick Gold Corp++
4 Egyptian Mineral Resource Authority++
----------------->>
Compared to the last decade the speed at which the EMRA has made its latest move (i.e. awarding Shalateen PRIME concessions next to Sukari) may indicate a force greater than Centamin has spurned them to act FAST.
Any thoughts as to who(m) or what THAT force might be are welcome!
I think the share price action since the update says it all.
We have performed in line with pretty much all PMs ytd- sector remains unloved for now. As we all know prod dip from oct2020 caused the other exceptional drop. Dec 1st is important as I’m hoping on good news on Sukari, where we’re at and what future holds- it was Sukari that caused the dropsonof importance. All financials can be estimated - of course we are still in YoY comparisons so each quarterly RNS can cause a drop, as can full FY results.
Tornado over 3months Cey has underperformed gxj by -13.4% to -9.8%, year to day -31.4% to -17%, 2 years -32% to -1% and 5 years -41% to +30%. The price is an expectation of profit cemented by what profit actually is. A poster suggested we should shoot up on Dec 1st news, all I said is this is not definite and the continually falling share price compared to Gdx suggests we need a larger gold price rise than we are having to get us going. I think Dec 1st is likely to make a difference but more the end of year financials but which way I don’t know, nor how badly the news will be taken. Of course gold is a huge influence on the shares but as the above figures show rising gold does not convert to rising profits IF ounces fall and costs rise faster. So we badly need to see how bad the figures are, we have been told but will they be better or worse, which could give us a rerate to gold, tho hopefully not in the usual direction…down
I agree we need some politicians with integrity, genuine belief and some passion!
Of course a truly democratic electoral system would help to deliver some real option's and a more balanced parliament!
https://www.electoral-reform.org.uk/
https://www.electoral-reform.org.uk/voting-systems/
Gold in pounds up £31 an ounce today!
The UK has been hobbled by Boris & his nasty clown cabinet, the BOE puppet governor daren't raise interest rate's because it will expose the true state of the mess the present government has created
Sotolo,
Wouldn't you be more content investing in something else?
Hi Tony,
Thank you for reminding us of this, you may recall how at times in the past "Uncertain" referred to this correlation between those charts and the Cey share price, seems more prevalent when there is some apprehension about what is happening at Centamin.
I remain very optimistic about the future, not least because Kees Dekker who knows his profession inside out is of the opinion from what information is available that Martin Horgan's operational strategy at Sukari is best practice and that as long as the POG remains around these levels Centamin will easily cope with what need's to be done whilst still making money.
But whatever happens at the present time things will get better and Sukari will emerge a far more efficient and indeed profitable operation on very much more sustainable basis.
Yep Canetoad- there’s enough uncertainty out there to see a rise in gold - here’s hoping…
I view it very much simpler:
- If gold drops, CEY will drop.
- If gold rises, CEY will rise, except when there's negative CEY news
Gold looking positive for the past few 'hours'. Let's hope it can hold it for more than 1 day.
Sotolo
The GDX ETF chart for the last 3 months is virtually the exact of Centamin. So your comment about the company being a concern specifically is not correct. Tony
Patryk depends on whether Dec 1st news is better or worse than expected. We know what to expect but not which way it will differ, not how investors will react when we see the figures in Black and White. The price says the market is a bit worried….
Auson
40% in your example on what is probably 65% of the total cost. Productivity improvements remain the same as before. Tony
Tornadotony,
Its a vicious self perpetuating circle the way I see it. A guy I heard speaking the other day has a construction company, he was paying £10 an hour for labourers now hes paying £14 an hour.
Learnt something the other day, the USAF B1-Spirit (stealth bomber) has a thin coat of pure gold covering all of its windows - essential apparently for avoiding radar detection!