Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Anyone else smelling a "moment" here?
Oh another yet another miner hits unexpected low grades,despite all the expertise these mining companies claim to have they seem more likely to deliver excuses rather than the predicted output!
(Alliance News) - Shanta Gold Ltd on Monday said it has cut 2021 production guidance for its New Luika mine in Tanzania.
Shares in Shanta Gold were down 27% at 11.75 pence each in London on Monday afternoon.
Guernsey-based Shanta Gold is an East Africa-focused gold producer, developer and explorer.
Group-wide gold reserves as at June 30 were 666,000 oz with grading 2.99 grams per tonne.
"Whilst we are looking forward to the future, we are disappointed that we will be reducing this year's production guidance to [between] 60,000 and 65,000 oz. Whilst this is partly due to a deferral of ounces to 2022 onwards, it is not the outcome we hoped for this year. Our softer production for the second quarter has also meant that our revenues have been slightly reduced for the quarter but we are pleased to confirm that we have received USD4.2 million in VAT offsets as we work with the Tanzanian government to clear the outstanding balance," said Chief Executive Eric Zurrin.
https://www.lse.co.uk/news/shanta-gold-shares-sink-following-cut-to-2021-production-guidance-ef8pzvgpf6zawal.html
It's "Freedom Day" in the U.K., which just lifted the majority of its remaining coronavirus restrictions, but investors seem to be more nervous there, as well as across the globe. The rise of the rapidly spreading Delta variant is threatening to derail many efforts towards a full economic reopening as worsening outbreaks continue to cloud the once-promising outlook. U.S. stock index futures are also joining the global selloff after the major averages posted their first negative week in four: Dow -1.1%; S&P 500 -0.8%; Nasdaq -0.4%.
Mixed feelings: "If we don't do it now we've got to ask ourselves, when will we ever do it? This is the right moment, but we've got to do it cautiously," British Prime Minister Boris Johnson said in a statement. It's a continuing argument that's playing out worldwide. Some have warned that hospitalizations could rise substantially over the coming weeks, jeopardizing the progress made in containing the pandemic, while others have put more of a focus on personal responsibility, saying there were worse consequences for the economy, livelihoods and mental health.
Just weeks after they celebrated their "Freedom Days," the Netherlands and Israel reimposed COVID restrictions as Delta variant cases rose throughout the countries. Over in Australia, Sydney and Melbourne are tightening lockdowns, while more athletes are testing positive for COVID-19 upon arrival in Japan, challenging the Tokyo Olympics in a region that just declared a coronavirus state of emergency. In the U.S., more states are also reinstating restrictions that had been lifted since late April, including Arizona, California, Colorado, Florida, Louisiana, Michigan, New Mexico and Texas.
Go deeper: Delta isn't the only thing weighing on investors' minds. Inflation fears resurfaced on Friday after data from the University of Michigan showed that consumers believed prices would jump 4.8% over the next year, marking the steepest climb since August 2008. There's also worries about a peak in economic activity, tapering talk, the Q2 earnings season and whether the bullish sentiment in markets has reached a tipping point.
Thank you to Mr Bond!
https://www.kitco.com/news/2021-07-17/Record-inflation-levels-are-coming-with-no-growth-the-worst-of-all-worlds-Steve-Hanke.html
News Bites
Record inflation levels are coming with no growth, 'the worst of all worlds' - Steve Hanke
David Lin Saturday July 17, 2021 21:32
Kitco News
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Inflation in the U.S. will climb to between 6% and 9% by year-end, said Steve Hanke, professor of Applied Economics.
Speaking to David Lin, anchor for Kitco News, Hanke, who has served on Ronald Reagan’s Council of Economic Advisors, said that the rapid growth of the money supply last year has “worked like a charm” in boosting the economy and in turn, fueling growth in asset prices.
Hanke’s comments come as headline inflation in June reached 5.4% year-on-year, the highest on record since 2008.
He noted that the rise in inflation in 2021 has been caused “100%” by the growth of the money supply.
“The main thing about inflation is that it is always and everywhere a monetary phenomenon. This is what Milton Friedman taught us long ago and the transmission mechanism goes from growth in the money supply to growth in asset prices to growth in economic activity to ultimately to increased inflation. That’s the transmission mechanism. It always works,” he said. “Right now, the rate of growth of the money supply has been about three times higher than the rate of growth should have been if the Fed would have wanted to reach its inflation target of 2%.”
Hanke added that between 6% and 9% inflation, the economy will experience the highest growth in consumer prices since the 1970s, an era that experienced an economic phenomenon of low growth and high inflation known as stagflation.
“We’d be clawing our way back into those stagflation years in the 1970s,” Hanke said.
Although stagflation is the situation we are likely headed towards, the economy currently is not that bad yet.
“[The 1970s] was terrible,” he said. “It was the worst of all possible worlds. You have a lot of inflation and jobs are scarce. That’s not what we’re seeing now, by the way. We’re seeing inflation in a booming economy. We’re not seeing the stagflation type of thing where the real economy is weak. The real economy is very strong and booming right now as we’re coming out of lockdown and things are getting on track.”
For more information on how the consumer price index (CPI) is calculated, watch the video above. Follow David Lin on Twitter: @davidlin_TV (https://twitter.com/davidlin_TV).
Hi Freedom,
Because central banks are puppets and their master are their governments who use monetary policy manipulate the true effects of their political policy failures so as to stay in power and continue to do very nicely!
The pandemic has provided our present government with an unexpected opportunity to personally make huge amounts of money and also hide their lies to the ordinary people on Brexit etc.
!“The only way to do more was to delink ourselves from unbridled profiteering,” he said.
https://www.bollyinside.com/news/soros-and-gates-back-purchase-of-uk-diagnostic-technology-group
https://uk.finance.yahoo.com/news/bill-gates-reimburse-companies-covid-195622308.html
Major stock exchanges in Europe were lower in premarket trade on Monday as the resurgence of the coronavirus continued to weigh down on investor confidence. Over the weekend, British Housing Secretary Robert Jenrick revealed that the country's government "won't really expect this wave of the virus to peak until late August, maybe even early September," and the French authorities introduced a stricter set of rules for unvaccinated travelers coming from certain EU countries.
The DAX decreased by 0.75%, London's FTSE 100 lost 0.87% and the CAC 40 declined 0.77% at 8:00 am CET.
The euro was flat against the dollar at 7:59 am CET, trading at 1.18020. The British pound was 0.08% down compared to the American currency, going for 1.37530 at the same time.
Breaking the News / MS
Hi Mr Tibbles
I've just returned from a week off in North Devon. Apart from last Sunday, the weather has been fanatastic. So many great walks along the coast - I didn't stop off in Lymington, the place I found the silver spoon all those years ago on the biology field trip.
I visited the Haynes Car Museum today. The two cars I particularly wanted to see were not on show today. That's a 1930s Lagonda and a 1960s Gordon Keeble. But I've got pictures of the Delorean, TR8, Spitfire Mk3, Ferraris, Alfa Romeos, Jensens -so many. Of course an e-type Jag as well. Some of the vintage cars are enormous - I thought some of the tanks on the road today were unnecessarily huge, but some vintage cars are like having a living room on the road (some US cars are just as big!).
The nicest car? An early 1930s Alfa Romeo. Just nice to look at.
The donkey sanctuary - I'll do something about it this week.
Hi Mr Bond,
You reminded me of our conversations regarding the reason for Josephs share dispoasls
https://www.thisismoney.co.uk/money/markets/article-4604538/DIRECTOR-S-DEALS-Josef-El-Raghy-46-Chairman-Centamin.html
All becomes clear now , he took us for mugs!
Read Kitco news article.
Record inflation levels are coming with no growth. Interview with Steve Hanke.
Governments are deficit spending constantly, even when there is no crisis, their debt which they call public debt is only rising and is clearly unpayable. Why are the Central Banks allowing this, to what end is this scheme?
Specially for Red and Australian friend Mr Gnome as Jacobs Ridge is in Oz!
https://www.youtube.com/watch?v=7N1ljhWAsAU
https://www.youtube.com/watch?v=4lER8x4ZYmc
If this gives you a laugh and a giggle or brightens your day a little, please show some love by clicking the link to secure the sanctuary
http://fnd.us/11nYQc?ref=sh_238uyc
Yes Mr T .
Joseph the chairman, started liquidating his Shareholding in May 2016.
Which could possibly be a coincidence if you believe in coincidences .
Then finally resigned.
Though he still owns 10 million in his own name.
Whereas the wind bag Uncle Youseph sold his last year giving a lame excuse.
Not setting a good example is putting it mild.
Hi Market,
Sorry forgot to mention, quite a change of attitude at Centamin since Martin Horgan's arrival full communication's have resumed with Kees Dekker!
Hi Market,
I hope that you are in good form and still managing to enjoy a few "Tot's" very important!
You may recall the concerns flagged up by Kees Dekker mining analyst in 2016 and 2018 which Pardey denied and claimed were due to Kees using inaccurate information.
However, when Kees offered to review the 2016 report if Pardey would like to send him what he regarded as the accurate information all dialogue ceased and instead Pardey put in a complaint to the editor of Seeking Alpha.
As we now know after another critical Kees Dekker report in 2018 again flagging up concerns about how Sukari production was being managed, yet again Kees has been proven right.
Pardey and his sidekicks have been proven to have acted unprofessionally and irresponsibly for many years, sadly this seems to have been condoned by the El Raghy family who must accept some responsibly for knowingly going along with what can only be regarded as deception of the shareholders!
I fully admit to not being a mining professional, I fully accept that some of our members are, I also accept that mining is dangerous, difficult and fraught with some unforeseeable difficulties.
Howler I have learned that when a mine is operated in a professional and proper manner with the aid of previously acquired geological knowledge and todays technological aids that production risk should be mitigated.
Clearly this didn't happen, despite what turned out to be avoidable Sukari production setbacks Pardey continued to "Sail close to the wind" with his first mate Youssef until the most recent near catastrophe that had the potential to render the Sukari world class asset to a pile of uneconomical to mine pile of low grade spoil!
There is no defence for Pardey he failed to execute his professional duties in the proper manner, instead of safeguarding the shareholders best interest it seems he duped them.
Surely, it's not unreasonable to suspect that the El Raghy family considering their involvement at Sukari were aware of the mismanaging of the open pit and yet they chose to ignore it, even condone it.
So, after so many years of kicking the can down the road sitting on the fence and promises of "Good times coming!" only to result in more lame duck excuses then how reliable is the information presented on West African reserves?
However, at long last and just in time it seems that our new CEO Martin Horgan has the professional capabilities and intentions to run Centamin as it always should have been, but of paramount importance he seems to have genuine integrity!
Good to hear from yo Market.
Sounds like Nurse Ratchet is a good sort.
I suspect you are her naughty boy ,who she keeps a beady eye on..;-)
I do hope centamin moves forward for the loyal gents on this board - enough to give you a good exit point. For the old guard who know me I play a little on line poker for the thrill and I am not to bad at it. Nurse ratchett is always a pain when on my lap top telling me not to do anything silly hence why i am always late. when in my position being able to follow this board is a real +thanks all and lets get the flip flops out again x
CAPD sounds strong and good fundamentals, looks like doing well in the future.
And paying a Divi.
At Sukari in Egypt, where it is working for Centamin PLC (LON:CTY), Capital said earthmoving works continue to ramp up in line with expectations and guidance for full operating run rate remains the fourth quarter of this year.
From proactive 2 days ago.
Evolution Mining will invest a billion dollars over the next two years in a bid to halt a four-year decline in output and grow gold production by at least 30 per cent. [it has tried exploration and MandA]
The growth strategy will include the $380 million expansion of the Cowal mine in NSW, where an underground mine will be built beneath the existing open pit so long as final government approvals can be obtained.{and of course that it makes money, meets investment hudles etc, but lets move on]
The new strategy was announced on the day Evolution revealed it produced 680,788 ounces of gold in fiscal 2021; about 20 per cent less than the company produced in fiscal 2017 and the fourth consecutive year of lower gold production [gulp?].
Strategy of course has somewhat of an ambiguous meaning in the goldindustry The gold industry is not famous for its strategies, but it does continue to try, somtimes real hard...
best
the gnome
Let us be fair, if not brutal. Democracy does not elect smart people. just those popular (for one reason or another). The biggest revelation of the covid shenanikans, is just how self centred, utterly incompetent and arrogant are our elected few.
Chief Health Ministers aside, who have had protected careers, in government, NGO' amd academia their entire life. It is hard for a mere mortal to see an end to the fiasco.
good night and good luck
the gnome
In this week’s Live from the Vault, Andrew Maguire sheds some light on the Bank of England's attempt at carving out an exemption from the Basel III compliance. The precious metals expert explains the implications of this LBMA accommodation and whether or not it's capable of freeing gold loans and leases from Basel III and capital requirements.
Andy Maguire also confirms his position on his bullish outlook on gold and explains what we can expect in the precious metals market in the upcoming months, as we’re observing the extended Basel III window slowly closing.
https://www.youtube.com/watch?v=pCJ7QF3cZbs
My thoughts, the UK government has failed to consider, or possibly out of desperation to hide its failed policies ,or even so used to lying that it doesn't care, that this action of trying to protect a financial activity that is deceitful and corrupt has tarnished the reputation of the BOE and indeed the decent people of the UK .
Shame on Boris Johnson, his cabinet and above all the BOE governor for his gutless capitulation!
22nd July I believe q2 production report
I must have missed the announcement. - The next I am aware of is the interim report on 4th Aug.
Look at the list of the top FTSE 100 fallers today and they are nearly all mining companies.