Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Oh and FTSE(~+7%)
Selected PM performance YTD - AYM(~-52%), FRES(~-39%), SRB(~-37%), HOCHS(~-32%)m CEY(~-23%), POLY(~-17%). Gold YTD (~5%), SILVER(~-4%). Selected indices DJ(~+15%), S+P(~18%), NAS(~+16%), HSeng(~-1%), NIKK(~+1%)
From Alliance News today: BERENBERG RAISES CENTAMIN PRICE TARGET TO 138 (137) PENCE - 'BUY'
'That barbarous relic' was a quote from Keynes where he was talking about the gold standard. It doesn't refer to gold as a commodity, in the way it is regarded today.
Like everything else, there is good and bad in every exchange rate mechanism. In the 1930s, the effect of being on the gold standard created terrible hardship, particularly for the USAs poor. We will see in a few years time in the West, whether coming off the gold standard in 1971 was such a good idea afterall.
Exciting in a boring way. Halfpenny, i didn't think it was appropriate to compare year on year, as we hit the problem with the Mine wall in October which effectively reset the mining schedule going forward. Likewise, that has reset the share price to its new levels. I did a Q2 to Q1 comparison, which is very good when you read between the lines and understand the numbers (see my posting at 10:34 yesterday why i think this result should be great).
Equities in Europe traded higher in the premarket on Friday ahead of several data reports that are to be released during the day. The United Kingdom will reveal its latest performance in retail sales and manufacturing in services. The Eurozone and Germany will unveil their freshest results in the latter category.
Earlier, Britain observed the highest rise in consumer confidence since the start of the COVID-19 pandemic in early 2020.
The DAX traded 0.20% higher at 8:00 am CET. At the same time, the FTSE 100 increased by 0.18%, and the CAC 40 gained 0.17%. Both the euro and the pound sterling lost 0.06% to the dollar, selling for $1.17642 and $1.37607, respectively, at 7:59 am CET.
Breaking the News / JR
Happy Friday y’al
We seem to have survived the Q2 update relatively unscathed.
Onward to August 5th and the H1 interims
Gold production in the quarter to June 30 of 100,228 ounces, slipping 4.0% from 104,047 ounces in the first quarter. On a yearly basis, gold production in the first quarter fell 23% from 130,994 ounces.
Cash costs came in at USD883 per ounce produced, up 41% year-on-year from USD625 and rising 20% from USD733 in the first quarter.
Revenue fell to USD177.5 million from USD189.9 million in the first quarter, and sunk 22% year-on-year from USD226.6 million.
So no not such great reading. But digging itself out of a hole at Sukari so to speak. If ever there was a time for pog to climb back over 1900 it would be helpful if it comes soon.
Excellent well reasoned comments in this thread. Thank you to both Sotolo and El Prof.
I would like to add we have some forthcoming positives in the pipeline being:
Sukari reserves and life of mine
Offloading of West African assets
The new licence areas
However if these will actually have a positive impact on the share price or just help prop up the existing SP I really don't know.
Martin Horgan explained that new developments would not be a drag on future dividends so seemingly movement in gold price will be the significant driver for CEY SP in the forthcoming period.
You two make me smile.
Sotolo,
Yes I remember their commitment to this year's dividend - it is next year's I worry about. My hope is that 2023 revenue is good enough to pay and current levels without it being uncovered and that they decide to take the hit and pay next year's from reserves too. I would rather we avoid any excuse for Mr Market to smash us (again).
Best wishes,
Prof
Prof, in the March results they promised a minimum divi this year down 40% which I think they are likely to stick to: “The Board has proposed a final dividend for 2020 of 3 US cents per share, equating to US$34.7…The Board reiterates its intention to recommend a minimum 2021 dividend of US$105 million (interim and final)”, ie 9 cents to come. We have had a very variable divide 2015 3c, 2016 15.5c, 2017 12.5c, 2018 5.5c, 2019 4c, 2020 15c. So as said this year we already know will be 9c (generous as partly paid out of cash reserves as bot fully covered so as said down only 40%), more than many years. Next year should be down further, unless paid again mainly from reserves before hopefully a recovery in 2023. Like being a dissenter tho not sure I pray enough
Hi Sotolo,
Yes I loved every word of his post but particular that 'dissenters are welcome' (hello Sotolo) and that gold has to stay high for long enough for CEY to get its costs under control.
Thought about buying some more THS today but actually bought more CEY. Can't help but think, provided gold doesn't do anything silly, that CEY is going to rise and rise from here as Horgan delivers and the market regains faith. My biggest fear for CEY, other than the price of gold falling, is that in the H1 update, they announce a reduced dividend and that all the investors who here for the juicy yield, decided to exist hence driving the price down.
My biggest fear for my heavy miner centric portfolio (CEY, FRES, JLP, RMM, THS, SLP) is that the overall market that I consider to be stupidly valued, crashes and drags them down too.
Tomorrow is another day (GWTW) !
Best wishes,
Prof
Let’s see if we have any new broker estimates after the analyst’s have had chance to digest the update. F
Lukee the SAG MILL of which their are two needed the teeth that rotate the large drum repairing.
The SAG mill is primary crusher before entering the Ball Mills which crush it to a finer recoverable dust for separation of gold from the material.
In Cornwall in history the crushing was done by women with hammers called Bal Maidens.
So yes there may be an improvement in production, as the Ball Mills (Fine crushing) were refurbished last year.
A horrible hard life, nothing glamourous there, poor souls.
Prof wasn't Adamsmith's post great. I nearly sold some more Cey on the results and bought more THS, (now have same of each), wish I had as THS is way undervalued on a PE of around 3, while Cey will I guess be around 30 this year, I might tomorrow even though THS up and Cey down, as from what Horgan said about delayed Capex next half will be worse and it is painful hanging on till (if) it gets better, and as AdamSmith points out our recovery depends on getting costs back down and gold recovering. And how about you...
Listening to the presentation, during Q2 they had a 10 day shut down which was going to happen in Q3 . Hopefully we see a better Q3 than expected because of this.
Looking at the SP I would think Traders were selling off today. Having bough in the last week, hoping for a quick profit. But it didn't rise enough for them, so they got out quickly.
I may be wrong but traders are only interested in quick trades, no patience and not interested in divi's
Some of the important Q on Q comparison metrics were in negative territory. - This might have had an effect. - Q3 is the vitally important one now. Make ground-up and it will be well received. - Q3 will tell us if there's any bulls**t being spread. - The markets are wise to Centamin's tricks. - Old habits and all that. Difficult to erase the memories. However, pull one out of the Q3 hat and a new perspective may come into play.
Disgusting reaction by the market to what is a solid and expected update, against the background of a rising POG.
Centamin
I notice some vicious selling going on for CEY, or is it shorters .
Yes MrT .
I clearly remember all of that tragic fiasco.
And remember the Contractor mainly responsible for the emergency , the emergency shut off valve not functioning.
Who made it ,Halliburton.
There fine for them was minuscule , because of links and friends in US Government and being a military contractor.
The American way.
Hi Mr Bond, I well remember being invested in BP, utter pants of a company , very poorly managed, they too failed to managed their contractors properly and it led to the Gulf of Mexico Deep Water Horizon disaster The oil spill response plan that BP submitted for all of its offshore operations in the Gulf of Mexico would be laughable if it hadn't led to an environmental and economic disaster.
The plan talks about protecting walruses, sea otters, seals, and other Arctic wildlife that don't live in the Gulf but contains no information about currents, prevailing winds, or other oceanographic or meteorological conditions.
The plan also listed a Japanese home shopping website as a primary equipment provider. Yet BP claimed its plan would enable the company to handle an oil spill of 250,000 barrels a day—far larger than the one it so clearly couldn't handle after the Deep water Horizon explosion.
https://www.liveabout.com/deepwater-horizon-facts-1203711
BP also had its pants pulled down by Putin and co , they didn't like good old Bob Dudley, well he was a Yank and an utter Toss Pot!, so BP and got kicked out of Russia!
There will not be any Buyback.
It does not fit this Business Plan.
The money will be better used in expansion. Much expansion and prospecting.
I Remember BP Oil doing it. All it did was to artificially raise the SP, for a while, take a look at where they are now, back down.
I heard Martin in a presentation that they would look to see what is best at the time in future Im sure