George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
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And about an eighth of that in profit less non Sukarno capex but still nice. Profit nearing £100m PE 12 spot on historic average. So share price right for where we are now. Let’s hope gold rises, aisc rally falls, output really rises oh and what was that large pink thing tailing a q that I just saw flying over the deser….Maybe it will all come true ….
Mr bond
Your fiat in gold very smart
https://www.motorauthority.com/news/1025257_studiom-24k-gold-fiat-500-pepita
Thanks Torn
Nice to see gold cruising through A$3030, and us$2040...perhaps Goldmans are right .. and/or perhaps they are in the market, in a positive way. The 10 year graph looks good to me ... but I am not a graphing expert
The McKinsey report is interesting and thanks for this.
My take on the gold industry in the context of feasibility studies...
1. Too few measurements (on a % of ore volume, and distribution int he ore body) of the amount of leachable gold, which is the gold you make money out of. The infatuation with the new total gold assay method of Chrysos (when its working) is a concern in this (Barrick are installing this throughout their operations?). The industry needs to measure what it makes money out of, and to do so in a far more exhaustive fashion than is current considered best practise.
2. Similarly geotech is undersampled, if not chronically. This leads to the surprises in pit wall failure, and suboptimial blasting. The suboptimal blasting, leads to issues with size fractions resultant from blasting, which are eventually fed into the mill, with suboptimal results.
3. The industry has an unhealthy reliance on measurements out-of-hole, as opposed to in-hole, in-situ, which is a larger measurement volume of what you are going to mine, and between hole which can give you a far greater effective volume of measuremet for geotech.
4. The reliance on drilling to obtain insitu measurements introduces another suboptimal bias (directional) in sampling,
THere are ways around these issues, but the industry does not use them enough, if at all in most sites. Hole to hole tomography would get rid of the drilling bias to a large degree. Routine measurements of leach rate, as is now possible with detectORE would assist in the geomet.
Anyhow the industry is what it is. A slow moving beast, using a lot of thumb sucking...which does not always work
the Gnome
Thanks for your reply and appreciate your comments.
Hehe- 95.55 close... go gold, keep going :-).
So far he was spot on .
He mentioned 27/11/23, so yesterday bught more gold coins.
Well its better than Fiat.
Gold skyward circa $2035.09
Yes but I'm guessing they can only sell bullion mon-fri but I might be being naive.
let's call it $20million a week.
Hi 3bear,
How much does it make on the other two days a week?
Sukari operates 24-hours-a-day, 365 days of the year
https://www.centamin.com/media/2945/centamin-ar22-strategic-report.pdf
Currently $2028.39
Second attempt
https://www.mckinsey.com/~/media/McKinsey/Industries/Capital%20Projects%20and%20Infrastructure/Our%20Insights/Optimizing%20mining%20feasibility%20studies%20The%20100%20billion%20opportunity/Optimizing-mining-feasibility-studies-The-100-billion-opportunity.pdf#:~:text=McKinsey%20analysis%20of%20publicly%20available%20data%20finds%20that,and%20largest%20open-pit%20projects%20by%20around%2040%20percent.
Centamin at 160p please.
Just wanted to point out that with the GP at this level CEY is grossing more than $4million every day. (Mon-Fri)
I hope everyone has their seats in the upright position and their tray tables secured. I look forward to waving at Cowichan from 50,000ft.
Hi Letsi,
By all means if you have something you feel is more relevant, or some new news about Centamin then post it, however I doubt you have because at present the company has decided that it prefers to issue updates during prearranged presentations and quarterly updates, you may have noticed that the once regular and often quite incarnate Egyptian news releases about predicted guidance and gold exports from Cairo airport have ceased , this is a result of a policy decision by the company and intended to ensure that updates and news releases are factual; and accurate
The report is indeed very relevant to Centamin, Egypt and the region in general. and also because it is concerning the future availability and pricing of fossil fuels oil and gas , both of which influence miners operational costs and it also demonstrates that the Arab Emirates may well not be as committed as they claim to environmental issues , thankfully Centamin has commuted to weaning itself off its dependence on oil by employing solar energy from its own plant.
Sorry can I ask what has this got to do with Centamin or am I missing something ??
Major European indexes traded lower on Tuesday's premarket session ahead of the release of economic data and earnings results.
Before the opening, market participants received the latest reports from Germany's GfK consumer sentiment survey for December, but also during the day, consumer confidence figures for France will be released.
The DAX lost 0.14% at 8:07 am CET, while the CAC 40 fell 0.11%, and the FTSE 100 declined 0.07%. The pan-European Euro Stoxx 50 inched down 0.11% a minute later.
The euro was down by 0.09% against the dollar a minute later, selling for $1.09470. In comparison, the pound was flat to go for $0.79207.
Baha Breaking News (BBN) / JG
POG $2016.40
The United Arab Emirates planned to use its role as the host of UN climate talks as an opportunity to strike oil and gas deals, the BBC has learned.
Leaked briefing documents reveal plans to discuss fossil fuel deals with 15 nations.
The UN body responsible for the COP28 summit told the BBC hosts were expected to act without bias or self-interest.
The UAE team did not deny using COP28 meetings for business talks, and said "private meetings are private".
It declined to comment on what was discussed in the meetings and said its work has been focused on "meaningful climate action".
The documents - obtained by independent journalists at the Centre for Climate Reporting working alongside the BBC - were prepared by the UAE's COP28 team for meetings with at least 27 foreign governments ahead of the COP28 summit, which starts on 30 November.
https://www.bbc.co.uk/news/science-environment-67508331
It's a war with many names - The Yom Kippur War, the Ramadan War, the October War.
What is clear 50 years after it was fought is that it was a conflict that really did change the world. In this Archive on 4, Michael Goldfarb tells the story of the war that began on 6th October 1973 and ended less than three weeks later, yet somehow the combatants and the rest of the world still live with the aftermath.
The consequences of the war were immediate. Arab oil producers united for the first time and raised the price of oil precipitously. The resulting inflation in the developed world would end the post-World War 2 economic boom virtually overnight
https://www.bbc.co.uk/sounds/play/favourites/m001r0tz
Borrowing levels have soared during recent global crises. Author and financier Mike O’Sullivan asks if a reckoning is on the way. Have governments already accumulated so much debt that they won't have the resources left to handle the next big disaster - be it another pandemic, a war in Asia, or a global recession? And if so, which nations and regions are mostly likely to bear the brunt?
https://www.bbc.co.uk/sounds/play/m001styj
The “Art and Science” of feasibility studies has been the subject of innumerable papers over the decades and have been performed since commercial mining commenced and yet the success rate of the development of mining assets (the ultimate test of a feasibility study) is cited at 20% in the above paper (source: McKinsey & Company survey of 41 major projects with capex greater than $500 million completed between 2008 and 2018) and Lawrance (1997) reports that: “There is strong evidence that, at least for major projects, there is an unwelcome record of failure (Morris and Hough, 1986, page 5). The World Bank (1978) lists 109 operations of which a quarter had cost overruns of 25% or more, 10% had cost overruns of 50% or more. Apparently half had time overruns of 25% or more and a third had time and cost overruns of 50% or more.”
I THINK THE FIGURES ARE WORSE THAN THIS ... BUT ACCOUNTTANTS CAN MAKE THE FIGURES LOOK ROSIER
best
the gnome
Ha, I live in the driest state on the driest inhabited continent (some call it an island?), and we are having the heaviest downfall 3 days before summer starts ...weather patterns continue to change as they have for a few billion years ...
cheers
the gnome
Thanks Torn..
Interesting notes, and it seems that the industry is totally incapable of learning from its catastrophic failures. Part of what you describe is that yet again that they did not have the geomet model right, which is what blew 3 nickel laterite projects up, with one led by Twiggy Forrest..and losses of $billions ... If you dont understand the GeoMet, you will not get the design of the flowsheet for the Met plant right, you will not know what you are feeding into the plant and so on. The industry still seems to thinkit can design met plants based on a sampling of a fraction of a %..0.001% of an orebodies mass, Have a look at the work of Peter McCarthy in Australia ...
Surveys of many studies reported by RL Bullock in 2011 reveal that accuracy ranges are:
Scoping -50% to +30%
Prefeasibility -27% to +30%
Feasibility -20% to +27%
Detailed engineering -12% to +20%
These ranges are wider than generally understood but are constrained by what is practical (and what is achieved in reality is rarely within these limits). For example, many people expect a feasibility study accuracy to be +/- 10% but this is rarely achievable other than within the constrained boundary of the processing plant, and I would believe this when I see it. Estimates for mining and infrastructure are much less reliable. It takes twice as much effort (and cost) to reach +/- 10% as it does to reach +/- 15%.
In fact when you have a look at what happens in a gold processing plant, and the flow paths there its only marginally better than a thumb suck most of the time? Industry best practise is a long way whort of what is needed, and its 2023.
The logistics of supply for complex engineering projects is challenging at the best of times ... and during COVID times it was horrific.
Can you post a link to the mcKinsey article please
thanks
the Gnome
Goldgnome
I got caught out on HZM, but it was mid single digits in the portfolio and had traded a significant percentage to create free carry for some of it. The problem in HZM was having the banks and major funders making sure that HZM only had the minimum spare capacity of $30M (5%) in case anything went wrong. The company did extremely well on the build for 15 months. They then hit one problem after another in very quick succession. The problems were a reservoir dam which is essential for a nickel mine and they noticed soil at depth had changed water retention properties properties and so they had a big earthworks job, they discovered with new kilns installed that refactory requirements were underestimated (was incompetence), but a really big key hit was a major contractor unable to deliver causing a raft of other work to be delayed. The banks immediately stopped all funding and the company was to run out on its own resources in mid December. The cost of building nickel mines has absolutely rocketed in the past year, far more than gold mines. I suspect Glencore who are now in the driving seat are happy to get a mine 70% built on the cheap. McKinsley have done articles showing only 25% of all mine builds end on budget and time. 50% of them have issues like HZM. I should mention La Mancha who own 23% of HZM were on the board. HZM employed first rate contractors throughout the project. However, if you have several 1000 people on-site things can and do go wrong.
Goldgnome, is it a dry storm likely to start bush fires.
That happens here.