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MrTibbles,
RE the truck bodies, that was my understanding from the call also. Lighter, greater load capacity, decreased tyre wear and emissions produced. Bodies being produced locally, benefitting Egypt as well and CEY. What goes around comes around.
Hi Paulmeet,
You aren't wrong about Martin Horgan , he is a completely different CEO to Pardey in just about every way, certainly no can kicker!
Cowichan's find on the trucks was particularly interesting, especially as the new load bodies they are being fitted Fitted with are 20% lighter,stronger, longer lasting and have greater load carrying capacity , but if I understand things correctly using them will result in less wear on tyres and increased fuel efficiency!
Even better these new bodies don't have to be imported, but are being produced in Egypt so ARE easily available and also providing new jobs and contributing the local economy.
Having just finished listening to the H1 results call, I personally found a lot to be positive about. I have 0 mining knowledge, so stand to be corrected on any points, and welcome alternative thoughts;
Costs remain static whilst having processed 22% more material
Cost saving projects have already achieved $56m of $100m target. Review of the processing plant for further cost saving options.
High spending on waste removal and solar project account for significant spending in H2 '21, with obvious benefits.
Solar project cost projected at $37m, saving $9m PA once up and running. Lifetime of Sukari being 12 years leads to long window for returns, especially considering where fuel / energy prices could go in the future.
Plenty of ongoing work to identify new project opportunities. Long term indication that Hogan has had good experiences in Sudan, but confirmed that CEY has plenty enough on its plate at the moment.
Doropo project drilling update due Mid 2022, with exploration of sites around Sukari (North and South) covering 3000 Sq. Km.
Overall FCF remains viable with gold price down to $1,500/oz.
Continued investment in workforce
No environmental incidents
On track for FY 2021 targets.
Negatives -
Further work on clearing the unstable open pit section planned for H2, problems here could cause an impact for H2 / FY 2021.
Deeper sections of Sukari not showing as high a gold content as upper sections (Can someone confirm this interpretation?)
Hi Paul
Agree, Martin Horgan is an unknown quantity at this time and to be fair, needs some time to prove himself one way or the other. But, he is just the CEO, following on from previous CEO's. - They take orders and guidance from others. Considering the sabotage and vandalism that took place under previous management raises the question as to the 'Ethos' that was in place that dictated/allowed such behaviour. - The big question for me is whether this Ethos is still in place. - If it is, Martin Horgan will have to toe the line just as others had to. - The jury is still out for me. - Time will tell.- Q3 is the truth quarter, let's see what emerges.
I think most of what is in the results has been expected. Id like to give a slightly different POSITIVE! look at the not too distant future. We are all hoping that Martin Horgan is a decent bloke, especially after what appears to have gone on at Centamin prior to him taking over. We also hope he knows his onions. Lets just suppose he is keeping his cardsclose to his chest for now and look at what COULD happen in the not too distant future.
(1) The new licenses will be signed off.
(2) work will progress clearing away the mess from previous years
(3) The energy saving and the Solar will start to kick in
(4) Just supposing, as I have no idea of its worth--------------that Batie West sold entirely , or some sort of agreement reached where it is sold at a discount but Centamin takes a % of any future profits. If it was sold entirely, then the money could go in the bank and/ or maybe used to fund a dividend.
There are a few other things that would be nice. Sorting out the court case being one!!! :-) . Gold slowly making its way upwards would be another nice one.
Didnt Cowichan find out that Centamin had taken delivery of some new Egyptian built trucks with others in the pipeline?
That is saying that things are looking to pick up ?
Anyhow, fingers crossed and hopefully the next 3 to 6 months things will start to get better.
Nice £3000 divi coming my way..
All aboard the cey choo choo as she's about to leave the station.
Battle was finally joined this last week in the ongoing rivalry between duelling billionaires Richard Branson and Jeff Bezos to see which of them can have the more dementedly expensive and ostentatious midlife crisis. Oh, and they went into space as well.
The general consensus appeared to be that Jeff Bezos won on points; not only was his flight a good 69,000 feet higher than Mr Branson’s (both billionaires, it should be pointed out, merely blasted themselves straight up into the stratosphere then straight back down again rather than going into orbit or doing any proper astronaut type stuff like that) but he truly explored the Embarrassing Divorced Dad potential of the journey by going up in a spaceship that was, quite literally, dick-shaped.
One supposes that a degree of phallic-ness is inevitable where space rockets are concerned, but if you’ve seen pictures of Mr. Bezos’s Blue Origin craft, you will know that there were design elements present which definitely looked more like a conscious expression of virility than anything to do with aerodynamics.!
What a complete pair of "Knob's" these blokes are when you consider how much tax they have both avoided to literally blow it on this waste of resources!
They could have saved a rain forest, irrigated parts of Africa, provided healthcare and education for millions of the worlds poor, but no they would rather blow it on trying to be the billionaire that got that little bit higher than the other one!
UK Uncut flashmob walk down Regent Street, London, to draw attention to the fact that Starbucks have paid no corporation tax for the last three years, and that the tax that rich companies haven’t paid would pay for the cuts the government is making to public services.
https://www.icij.org/investigations/paradise-papers/global-corporate-tax-crackdown-plan-moves-forward-but-faces-key-us-hurdle/
Haven't posted for a while as I sold 2/3 of my holding on the announcement of bad news last year. Having been through similar before with Centamin, I wasn't going to see all my profits evaporate again.
Anyway, I forget why they were so low now but I remember jumping at the chance to buy in the 80p range in 2019. 2021 is something of a write off in my opinion but the fact that it is still over 100p is encouraging. A buy at this level should be good value but I am not expecting any decent SP appreciation just yet...
Hi Mr Gnome,
Thank you for posting this , shows just how corrupt those that are in charge are, what is wrong with these people when there is so many poor in their countries that don't have access to clean water, heath care unless it is provided by overseas aid and charities from other countries!
It’s a case of will the investors quicken to buy when the price is low or hasten to sell when they see it recover.
Personally I’m in quite deep and not worried about the stock.
Rtq 103.63 was 100.00 last Friday
Another chance to top up imo!
Easy Money!
GLA!
Last word in my opinion these are a good buy at this price for the long term holder and I am certainly not selling, hopefully the market will come to terms with what it expected, after its horror seeing it in black and white, and we’ll end nearer flattish
Read my earlier posts today and earlier in the week, which resulted in a whipping for being a pessimist. Turns out cash is down by over $50m if I read it right and free cash flow by 85%. These figures are no worse than expected but the market hates seeing such misery in black and white and potentially this year no cash flow at all. We have one even worse set to come in 6 months, then back to more like this and then in 2023 upwards tho whether we’ll ever get back to 2019 profit is doubtful. This is not my fault, I am only the messenger of the board’s figures and trying to explain our share price not as a conspiracy but because of the money we make taking a tumble, as eve Occam’s razor the simplest answer is likeliest
Why are the shares down on seemingly good results?
I am afraid every reason share hhalved as cash flow appears to me down 85%, the encouraging thing to me is share price hasn’t fallen further as many like me believe in the 2023 recovery, however Mis Market won’t be amused to see these figures in black and white even if heralded, nor the next heralded to be even worse at current gold price. Then upwards
Falling again
Even better divi only down a 3rd and final at 5c should be up
no reason for 50% down from High No debts, cash at bank $ 312 mil , waiting new licenses ! real value more than 500p!
Good Micky B
Thanks for posting.
That's a very positive set of results again. We knew they wouldn't be as good as last year but none the less good profit made and strong confidence for the rest of the year!
Shares on the major stock market benchmarks in Europe traded mostly flat on Thursday, as the investors anticipated the Bank of England's (BoE) monetary policy decision.
On the earnings' side, Credit Agricole and Siemens came out with their report for the second and the third quarter of the year, respectively, while pharmaceutical giants Moderna, Regeneron, and Novavax are scheduled to unveil their results later during the day.
The DAX and the CAC 40 were unchanged at 7:38 am CET, while the FTSE 100 lost 0.2% a minute later. Both the euro and the pound were muted versus the dollar at 7:40 am CET, selling for 1.18354, and 1.38937, respectively.
Breaking the News / BU
And a 5c final divi to come