Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Sorry meant "Luck" !
Buffett had always been inclined to ridicule people who invested in gold. Once I learned he had bought Barrick shares, I should have taken it as a contrarian indicator. To some extent, I did. At least I have bought my shares at much reduced prices from the top. I'm still down on all, though. Centamin's are quite good in comparison.
I think Buffett also messed Tesco up to some extent. I haven't owned those for many years - sold in September 2014, 229p.
Hi Cowichan,
I would rather trust my lick with a rattle snake in a lucky dip than join anything run by "Sawface!"
Tibbs
La Mancha Holdings, owned by Egyptian billionaire Naguib Sawiris, has unveiled a $1.4 billion fund to hold the magnate’s gold mining investments and pursue new opportunities in the sector.
It noted that the first closing had already been completed with the receipt of all of La Mancha’s gold mining assets, which include a 19.1% stake in Endeavour Mining (TSX, LON: EDV), 33.4% in Golden Star (NYSE, TSX: GSS), and a 35.1% interest in Altus Strategies (AIM: ALS) (TSX-V: ALTS).
“Creating a fund is the natural consequence of what we have been doing since we vended-in our operational assets into Evolution and Endeavour in 2015,” Naguib Sawiris, Chairman of La Mancha’s board, said in the statement.
“Transitioning to a fund structure and welcoming new investors is timely when we are seeing opportunities in a gold mining sector which is fragmented and needs further consolidation,” he said.
La Mancha Capital Advisory LLP (LMCA) will advise the new fund, after consulting an advisory committee made up of mining professionals and chaired by Sawiris.
https://www.mining.com/la-mancha-launches-1-4-billion-gold-mining-fund/
---------------------------------------------->>>>
My Thoughts: "welcoming new investors" is the key takeaway for me
Yep- it's timing- Buffett gets it's wrong too- he stacked up on gold at the peak in 2020 which was well publicised at the time.
Great article! Thank you Mr.Tibbles.
Forgine me for assunning your genda ilham , "He who dares wins!" if he buys at the right time that is, some of us believe this is such a time!
According to Warren Buffett, this is the time to be greedy when others are fearful about stock market.
As others are scared, they would sell their shares without even considering what is the right price of a stock!
https://www.growwithmoney.com/blog/be-greedy-when-others-are-fearful-why-we-should-do-so-in-stocks/
This share,2nd of Aug, Minimum 107.95.Just before they announce min Div 9c on the 5th.I have changed all my portfolio to Cey now.
Major European stock indexes traded below the flatline premarket on Monday with today's batch of corporate earnings and economic data in focus. Philips N.V. reported its revenue rose 6% per annum to €4.23 billion.
The FTSE 100 was down 0.46% at 7:40 am CET, while the DAX dropped 0.60%. The CAC 40 lost 0.47%.
Both the euro and the pound were flat against the greenback at 7:38 am CET, changing hands for $1.17804 and $1.37538 respectively.
Breaking the News / MD
There is the usual mischief and shade of incompetence going on in the Central Banks.
Now we have (again) congressional inaction on the artificial debt ceiling limit and the real (as distinct from rhetorical) budget. This nonsense is limiting how many Treasury bills and short-term government securities can be issued.
For its part, the Fed is ensuring that much of the short-term US government paper that might be available is locked up in accounts where it cannot be used to secure the myriad financial transactions that keep the global economy ticking over. Sort of like the idiot teenage horror victim who loses the keys to the escape car.
Unless you believe in fairies and cross-party goodwill, there will be no resolution of the debt ceiling and budget legislation before October or November, which means November.
At least until then, the collateral shortage will get steadily worse, which will be a drag on growth. And god help us if there is any global margin call – a demand for leveraged traders to place more collateral with counterparties – before then. The required paper won’t be there.
Fairies or gold?
best
the gnome
There is a lot that gets swept under the carpet in the gold industry, and Mining industry in general, Dare we think of WMC's marvellous follies in their move into Nth America.which cost them $0.5+b? plus repuational damage
But the industry buries its past, and does not learn, so in 2019 the Australian gold companies charged out of the starting stalls..so what has happened so far?
Northern Star August 2018 acquisition of Alaska’s Pogo mine cost $351 million…investors initially told that Pogo would immediately deliver about 260,000 ounces of gold a year. Spending on new fleet, exploration and a mill expansion at Pogo has largely offset earnings over the past three years and Pogo is unlikely to be a major cashflow contributor in the year ahead given spending at the site will top $70 million. Northern Star boss Stuart Tonkin (new) says a turning point will come in fiscal 2023 when the mine starts consistently delivering 300,000 ounces a year.
Newcrest March 2019 $US806.5 million ($1.15 billion) acquisition of British Columbia’s Red Chris. It was no surprise to see Red Chris be a net cash drain of about $US40 million in the two years since Newcrest bought it. Analysts have been happy with the exploration results to date and the dream of building a giant block cave at Red Chris remains alive.But doing so won’t be cheap; the Cadia caves cost $2 billion to build, suggesting Newcrest will need to spend billions more to achieve its vision for a mine that has already absorbed well over $1 billion of investment.
St Barbara’s May 2019 acquisition of Nova Scotia’s Atlantic Gold for $780 million. Promises made by St Barbara on the day it acquired Atlantic have also proved to be fools’ gold, most notably the pledge for its Nova Scotia hub to be producing 200,000 ounces by 2023. St Barbara now concedes barely half that volume will be produced in Nova Scotia in fiscal 2023 and even that diminished target is subject to government permits being obtained. The Fifteen Mile Stream project was scheduled to produce gold in 2021 but is now slated for June 2024, while a plan to have the Cochrane Hill project producing gold in 2023 has been pushed beyond 2025. St Barbara has spent about $845 million acquiring Nova Scotia gold assets over the past two years and yielded about $160 million of cash flow after capital, sustaining and exploration spending. Permitting in Nova Scotia in a sensitive watershed area will not happen quickly if at all…
Evolution Mining paid $US375 million ($550 million) for Ontario’s Red Lake in November 2019 and that spend in Ontario is now $895 million after neighbouring assets were bolted on. Capital spending at the site has been roughly equivalent to earnings over the past 18 months and with a further $500 million to be spent in the next three years, Red Lake may not be a cash-flow contributor for Evolution until fiscal 2025…
So CEY value?
best
the gnome
YAAWWWWNNNNNNNNNNNNNNNNNNNNN . same ole thing with you
“Investing…”
I think I’ll retire now
(Until 7am at least)
is a business where you can look very silly for a long period of time before you are proven right."
- Bill Ackman
Hi Red,
What a bunch of crooks we have for a government,, they only care about themselves whilst wasting money at a truly alarming rate, the NHS & social care is starved of funding unless we pay more tax supposedly ring fenced , my rear end, why do people trust the buggers!
The Tories are just a bunch of spivsters!
A former Tory councillor was given a £120m government contract for personal protective equipment (PPE) which is now lying unused because of concerns about its quality, it has been revealed.
Steve Dechan, who owns medical device manufacturer Platform-14, had his offer to supply protective equipment from China fast-tracked through the government’s controversial “VIP” lane.
The Sunday Times newspaper reports that fewer than 1 in 400 of the face shields procured by the company on behalf of the government have been used, because the regulator does not believe they meet the right standards.
The original order for 120 million shields has delivered just 274,200 into the NHS supply chain, representing 0.23 per cent of the overall stock.
It means the shields used so far have cost the equivalent of £423 each, despite similar ones being available to buy online for less than £1.
The Health and Safety Executive (HSE) has to authorise all PPE that is not CE marked (an EU designation that means it complies with European standards).
But the regulator said: “None of the documentation provided to HSE indicated the product to be CE marked.”
The regulator wrote to officials in September last year saying the shields “cannot enter the NHS supply chain” and repeatedly refused to approve them.
https://www.msn.com/en-gb/news/uknews/former-tory-councillor-got-%c2%a3120m-vip-lane-government-contract-for-face-shields-now-lying-unused/ar-AAMxuZ4?ocid=AVRES000&li=BBoPWjQ&OCID=AVRES000&pc=UE00
I updated my share price chart today, and found my gold, silver and platinum mining shares were all badly down - one as much as 40% (NYSE: PLG). They have all been hugely positive in times past. Do I care? No. And this is the reason why:
https://blog.smartmoneytrackerpremium.com/
Most people do not realize that, in Britain, gold has been in a secular bull market since the 4th August 1914. For well over 100 years we have been taxed just for holding our money. And that secular bull markey isn't over yet. The best is yet to come. So a few pence off the Centamin price and a few pessimists mean nothing in the grand scheme of things. In a few years' time, gold miners will be the new Facebook.
Re liberum it's the bad is good thing
Slowly, slowly does it, I think. Thanks for the link Mr B.
The West is becoming ever more draconian towards its people, in the time honoured fashion of falling empires. We have no statesmen today who have the necessary gravitas to give an opposing view and be listened to and respected by the people. Revolution in France starting 23/24 September this year? That'll raise the price of gold, but I'd rather we got that rise without the conflict.
https://www.armstrongeconomics.com/world-news/civil-unrest/is-a-revolution-coming/
I have spent a lovely afternoon in the garden, and shall sit in the deckchair outside tonight and see if I can catch a glimpse of the Perseid meteor shower. It should be fairly cloud free.
If the shops start having difficulty supplying food, I shall have an all apple diet option for this year. The trees are heaving and I've been thinning the apples on the trees every evening during this last week. Discovery's first at the end of August, with William pears and plums. At least I won't get scurvy.
If I didn't read the news, I'd never know the world was in such a mess.
" we expect production of 430koz at an AISC of
USD1,157/oz." ( For 2021)
I missed that in the RNS.
Looks all good to me!
Thanks for finding that MrTibbles.
Those Part 3 figures just read like telephone numbers to me. Apart from Revenue, 0; which is somewhat disconcerting : )
All I ca say is US Sanctions don't work ,Global Investment and "Belt and Road do.
To boost share of Chinese yuan while reducing U dollar holdings.
Survey by OMFIF . GLOBAL INVESTOR SURVEY.
By London based financial Investors Forum
https://on.rt.com/bcz6
Report authors
Jonathan Guy
Analyst
+44 20 3753 3379
jonathan.guy@berenberg.com
Richard Hatch
Analyst
+44 20 3753 3070
richard.hatch@berenberg.com
Oliver Grew****
Analyst
+44 20 3753 3215
oliver.grew****@berenberg.com
Please its not possibly to post some of he charts that form part of this report , sorry.
Part 7
Source: Company reports, Berenberg estimates
We have updated our ESG matrix for 2020. In the environmental category the combination
of an increase in the gold price and challenges with production drove a pullback in
greenhouse gas emissions to revenue, but an increase in emissions to tonnes processed
and production. Tailings waste to production also increased due to lower grades being
processed. The 26MW solar farm and associated 7.5MW battery storage system that should
be completed in H1 2022 should have a material and positive impact on emissions moving
forward; however, only 29% of water is recycled water drawn from a sea pipeline and is not
depleting aquifers. The main areas for improvement from an environmental perspective
are the external certification of the environmental management system and a policy on the
management of environmental impacts within the supply chain.
Within the social category the company reported no strikes and fatalities and a lost time
injury frequency rate of 0.84, which is low compared to peers. Centamin scores well in this
category with the main outstanding items being setting targets on diversity and opportunity.
The governance category is more mixed with good independent and female board
representation, but with only 9% of executives being female and only 1.5% of the workforce.
Centamin links executive compensation to ESG performance and has policies on bribery
and corruption, but is not a UN global compact signatory
Part 6 Valuation metrics
2019 2020 2021E 2022E 2023E
P / adjusted EPS 22.7 11.8 7.6 8.9 14.4
P / book value 1.3 1.4 1.1 1.1 1.0
FCF yield 4.3% 8.1% 2.6% 6.9% 4.4%
Dividend yield 2.7% 5.6% 5.5% 3.9% 2.6%
EV / sales 2.3 1.9 1.8 1.8 1.9
EV / EBITDA 5.1 3.6 3.6 3.5 4.3
EV / EBIT 8.9 5.1 5.1 5.0 6.9
EV / FCF 9.5 5.1 13.6 6.7 8.8
EV / cap. employed 1.1 1.2 1.0 0.9 0.9
Key risks to our investment thesis
? Gold: With no financial gearing (no debt), Centamin has lower-thanaverage sensitivity to the gold price. Given the strength of the
balance sheet, the Sukari mine will survive a lower price than most.
? Updated mine plan: The updated mine plan, due before the end of
2021, could materially alter our long-term assumptions for both the
open pit and underground mine.