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Bought a few more at 93.1p a bargain
Phew it has been a long wait. Finally decent AISC, decent ounces and decent forward guidance. On these figures and Cey historic PE our share price is well undervalued. Very much looking forward to the market reaction at the finals, and hopefully starting today. Also a dividend recovery.
The quality of the results have exceeded my expectations and give confidence that the company going forward can achieve materially better profitability.
Well done Henderson, 3bear and Martin Horgan & his team. After a bad Q3 they managed to pull it back.
Good all round. Now looking very cheap
Https://www.lsegissuerservices.com/spark/Centamin/events/7e02f555-5752-4816-ad8a-cc6070561d9b
Webcast link 08:30
450,000 ounces hit.
https://www.londonstockexchange.com/news-article/CEY/quarterly-report/16293731
Excellent report.
M Henderson- you were correct for the second time :-).
Quick headline scan looking good!
New Sukari Life of Mine Plan completed: the plan delivers increased gold production, lower operational costs, reduced operational risk and significantly reduced carbon emissions. Link to full announcement here
· Group Proven & Probable ("P&P") Mineral Reserves increased by 3.5 million ounces ("Moz") since 2020, before depletion, and exceeding the Company's stated multi-year target of 3.0Moz. This growth has been driven by an increase in Sukari reserves by approximately 1.6Moz and declaration of maiden reserves at Doropo of 1.9Moz. Link to full announcement here
· Robust balance sheet: cash and liquid assets of US$153 million, as at 31 December 2023 and total liquidity of US$303 million including the undrawn US$150 million sustainability-linked revolving credit facility
· The Company will publish its audited full year 2023 financial results on 21 March 2024.
OUTLOOK
2024 guides to a year of higher production at lower costs
· Gold production guidance range of 470,000 to 500,000 oz per annum weighted evenly between H1:H2 (50:50)
· Cost guidance:
o Cash cost guidance range of US$700-850/oz produced, and
o AISC guidance range of US$1,200-1,350/oz sold
o Guidance reflects a range of diesel prices from 75-90 US cents per litre https://www.lse.co.uk/rns/CEY/quarterly-report-uxnt8mbysiy2pt5.html
For the three months ended 31 December 2023 (unaudited)
MARTIN HORGAN, CEO, commented: "In 2023, Centamin delivered another excellent performance, underpinned by our improved safety results. We have extended our track record of meeting production guidance to a third year and importantly through our culture of continuous improvement we have beaten our AISC guidance for 2023.
We look forward to 2024, guiding for another increase in annual gold production. Combined with our disciplined approach to managing operating costs, Centamin is extremely well-positioned to benefit from the current strong gold price environment, as we complete our capex reinvestment programme and connect Sukari to the Egyptian national grid.
Our strategic focus remains on growth as we continue to define and convert resources to reserves at Sukari, build on our recent exploration success at EDX and progress towards a financial investment decision at Doropo in Cote d'Ivoire.
I would like to thank the whole team for their ongoing hard work and dedication to deliver this outcome, and to our broader stakeholders for their support as we position Centamin for 2024 and beyond."
HIGHLIGHTS
2023 production guidance delivered
· Achieved 9.5 million hours worked at the Sukari Gold Mine ("Sukari") with zero lost time injuries ("LTI"). The Group recorded zero LTIs in the fourth quarter ("Q4") across all assets and one LTI for the twelve months ended 31 December 2023 ("FY"). The Group's total recordable injury rate ("TRIFR") for Q4 was 0.97 per one million hours worked, representing 67% improvement compared to Q4 2022 ("YoY")
· Annual gold production delivered in line with 2023 guidance (450-480koz): Q4 production of 128,127 ounces ("oz"), totalling 450,058 oz produced for 2023
· Annual revenue of US$892 million: Q4 revenue of US$265 million, generated from gold sales of 133,465 oz at an average realised gold price of US$1,983/oz sold; FY23 revenue of US$892 million, generated from gold sales of 456,625 oz at an average realised gold price of US$1,948/oz sold
· Annual cash costs delivered at the lower half of the 2023 guidance range (US$840-990/oz): Q4 cash costs of US$984/oz produced, resulting in an average annual cash cost of US$895/oz produced for 2023
· Annual all-in sustaining costs ("AISC") beat 2023 guidance (US$1,250-1,400/oz sold): Q4 AISC of US$1,172/oz sold, resulting in an average annual AISC of US$1,220/oz for 2023, beating the bottom end of guidance by US$30/oz
· Annual capital expenditure ("capex") of US$204 million below guidance of US$272 million: Q4 spend of US$36 million, impacted by savings from lower diesel prices, lower than expected capitalisation of operating costs, deferral of the grid power project deposit payment to Q1 2024 and changes to the equipment rebuild schedule
*Cont.
Europe's major stock markets are set to open higher on Thursday as market participants closely follow the World Economic Forum in Davos, Switzerland.
Yesterday, several European central bankers in Davos sharply criticized interest rate cuts and warned that, despite progress in the fight against inflation, markets have gotten ahead of expectations for rate cuts in the spring.
The DAX gained 0.32% at 8:01 am CET, while the CAC 40 added 0.29%, and the FTSE 100 rose 0.11%. The pan-European Euro Stoxx 50 went up 0.42%. The euro and the British pound improved by 0.22% and 0.12% against the dollar at 7:59 am CET, selling for $1.09054 and $1.27001 at the same time.
Baha Breaking News (BBN) / JG
Happy numbers day y’al
May the report be well received by the market and may the shares rise considerably.
Bol to you all.
Gold currently $2012.69
“Gold miners are historically undervalued relative to gold, a trend likely to reverse and overshoot during the forthcoming secular gold bull market,” the analysts said. “Gold miners are also historically undervalued compared to the S&P 500, presenting a unique and attractive entry point.”
2024 will catalyse a substantial upswing in gold prices for the foreseeable future,” the analysts said in the report!
With higher gold prices driving margins, the analysts noted that mining companies have healthy balance sheets. In the current environment, AuAg expects smaller and mid-cap producers to outperform the mega-cap companies.
http://tinyurl.com/2cvtv55x
(Alliance News) - Chancellor Jeremy Hunt will tell political and business leaders at the World Economic Forum that the UK is "on the up and open for business the chancellor will use his visit to champion the UK's ambition to be a science and technology superpower and pitch that the country is ripe for investment from the international business community.
https://www.lse.co.uk/news/uk-is-on-the-up-and-open-for-business-hunt-to-tell-davos-summit-o7ri548fi8d2xot.html
The green trade row dividing the Davos elite
16 January 2023
https://www.bbc.co.uk/news/business-64296229
10 things you didn't know about Davos World Economic Forum (WEF)
https://www.bbc.co.uk/news/business-46895332
40% of Physical gold at Comex goes on its departure travel to Hong Kong.
And of course their Election sherard.
Well Razors Edge ,for the US market to put importance on Christmas December sales figures is nothing more than a smoke screen.
The busiesies month of the year for even poorer homes ,trying to celebrate the season witn presents and food.
Januaries figures will show a huge drop in retailing. The US and the Fed doing what they think is correct,to maintain confidence in their precious dollar,and of course maintain the confidence in the worlds trading currency. The truth is they are Bankrupt. Buying Gold as paper promises , maybe because they remember the 1930s confiscations.
Hi Henderson,
No doubt that's why Pardey and the rest of the previous Centamin management got in such a mess !
But have things really changed or are still being fed the same old baloney with a slicker presentation?
Lets see what happens tomorrow!
hi tony,
how ridiculous is this, the pundits predicted and taking in to account this is the christmas period a rise in retail sales of wait for it a whole 0.4%, but what happens retail sales up a blistering 0.6%!
what a load of horse ****!
but never mind desperate times demand desperate measures and its a greta excuse to dish out a severe spanking for the gold price!
of course the pog will recover over the next few days !
Precious metals traded with losses on Wednesday, with gold dipping to its lowest point since mid-December 2023, as investors fretted over the future steps of the Federal Reserve.
With hotter-than-anticipated retail sales data in the United States and the most recent remarks from Fed Governor Christopher Waller, hopes that the central bank could start cutting interest rates as early as March seemingly diminished, raising further concerns about the Fed's monetary policy path. This apparently sent US Treasury yields up and gold in the opposite direction.
Gold tumbled 1% to go for $2,008 per ounce at 10:55 am ET. Silver slid 1.34%, selling at $22.61 per ounce a minute later. Platinum plummeted 2% to $882.79 per ounce at 10:56 am ET. Palladium plunged 2.91% to $898 per ounce at the same time.
Baha Breaking News (BBN) / AY
Should say January month in previous.
The worse month for gold I have seen in the last 15 years. The excuse today was December sales in what is a Christmas month.
Tibbs the maiden drill results are very good given it is what it says the maiden drill, to be honest I was very surprised how good the results were.
Blockbusters are few and far between like winning the lottery.
The Egyptian stakeholders I am sure would be impressed that Centamin have something positive so quickly to be honest as I say I was amazed to see anything as good this early in proceedings.
Don't get me wrong it isn't going to be anytime soon that they are extracting gold from these areas but small steps in the right direction.
Tornadotony
If you tell the truth, you don't have to remember anything.
As I see it:
Last financial year 440,974 - AISC 1,399 - Av Gold Price 1,794
Q4 last financial year was 109,564
This Year so far:
Q1+Q2+Q3 = 321,921, therefore 128,079 needed to meet the minimum for the year:
Q1 AISC was 1,348
Q2 AISC was 1,228
Q3 AISC was 1,226
If the min annual guidance gets hit- the Q3 to Q4 increase will be very large and also Q4 last year to this year; the annual amount mined will be an increase also although slight.
If the AISC is similar to the first 3 quarters this year it will be in target and a fair slug lower on Year On Year, and within target.
Therefore, if the OZ target is met I would have thought the market would react accordingly, especially considering the annual gold price will higher.
It's, as always, how you feel if you trade:
1) are you happier to miss out on a possible jump and try to get in on a rise, but remove the risk of a drop if results are poor?
2) are you OK with a possible loss but don't want to miss out on possible jump?
On the 19th Oct (OK so only about 3 weeks into Q4, Horgan stated in the RNS that the annual guidance will be met despite the bumper Q4 needed, albeit lower end, and the AISC will be in the lower end).
Only you can make this choice...
GLA.