Centamin PLC Share Chat (CEY)

http://www.lse.co.uk/regulatory-news-article.asp?ArticleCode=dz7kksdk&ArticleHeadline=Appointment_of_NonExecutive_Director. ATB

Anyone invested in SOLG or IRR

Beware of phishing scams purporting to come from HMRC tax rebates.
I received one that could only have originated from this not secured LSE site.
The email address they sent it to is one I solely for this site.
It has been reported .
GLA :-)

Agnico-Eagle 0.9%
Barrick 0.9%
Franco-Nevada 1.3%
Goldcorp 0.6%
Newcrest 0.6%
Newmont Mining 1.1%
Alamos 0.5%
AngloGold Ashanti 0.5%
Buenaventura 0.4%
Evolution 2.1%
Gold Fields 1.8%
Kinross 0.0%
Kirkland Lake 0.3%
Northern Star 1.7%
Polymetal 3.5%
Randgold 2.6%
Royal Gold 1.1%
Yamana 0.7%
Centamin 8.0%
Detour 0.0%
Eldorado 0.0%
Endeavour 0.0%
Harmony 1.5%
New Gold 0.0%
Oceanagold 0.9%
Osisko Gold Royalties 1.6%
Regis Resources 3.7%
St Barbara 2.6%

http://www.kitco.com/commentaries/2018-08-17/Metals-Mining-Analysts-Ratings-Estimates-Seniors.html

Rainy River is a sorry tale, but New Gold is an extremely poorly run company with 11 (!) Vice Presidents. I am told that no one of head office ever goes to site. The capex blow out is even larger than they admit to because they pushe US$250m of TSF capex into operations so now it is in their sustaining capex.
So an $850m project has cost (so far) $1.6B to build. For a 24,000tpd plant which must be a record high.

New Gold's Rainy River mine

1) 2018 projected production of 325,000 oz. gold at all-in sustaining costs of US$765 per oz.

2) 2018 revised guidance to between 210,000 and 250,000 oz. gold production at all-in sustaining costs of US$1,600 to US$1,700 per ounce

3) actual results, first half production 84,000 oz. gold at all-in sustaining costs of US$1,790 per oz.

Also, the mine's feasibility study outlined total capital costs of $350 million

that has now been revised to a cool $1.2 BILLION

Bottom Line: It pays to take your time before rushing to build a mine that will never return a dime of profit to shareholders...

http://www.northernminer.com/news/new-gold-aims-for-rainy-river-turnaround/1003798732/

A good reminder that loads of research must go into a project before a determination can be reached - good or bad

but a warning from analyst Kees Drekker to consider before buying Atlantic Gold

When I started on the valuation of Atlatic Gold I expected it to be a short and straightforward exercise. Atlantic Gold is a company with a very short history starting off in 2014 picking up projects in Nova Scotia, quickly adding others to get critical mass, upon which it could start mine construction. Commercial production was achieved on 1 March 2018.

It proved not to be. Reviewing the documentation was complex and frustrating. Management has not made much of an effort to present a coherent business plan for its projects. It just cobbled together two feasibility study documents, one completed in 2015 on initial production, another in 2017 on expansion and published the cobbled-together report in 2018. The 2018 report did not even bother to remove aspects forecast for 2016 and 2017, to give information in the same format and breakdown for the 2015 and 2017 study, to give cash flow in annual periods, etc. It took a lot of digging and cross referencing to get to a cash flow model on the overall plan.

It is little wonder than this study identified that the 2018 report overlooked in its Economic Analysis capital expenditure for one of the projects. it is just one of the many issues that are of great concern. For the others, just read the Executive Summary of the appended report.

All the concerns earned the report the title: Expect Many Disappointments.

"Foreign investors bought $417.4 billion of US assets in Q2, the most in any quarter for a decade," according to U.S. Treasury data

When the US stock market takes a downturn we're likely to see some of these dollars return to gold & gold ETF's

Agree with you Down Hill, also London, Paris, Toronto, New Your, Germany, Egypt, Yemen, etc. please avoid investment any where in the world. BTW, Western US all kind of fire we shouldn't invest their too.

Thanks for your advice Down hell.

2 miners shot dead in BF yesterday. If you look at the news in BF its all killing and terrorist attacks. The country appears unstable and anyone thinking of investing in the country will be aware of this and the consequence of actions that they cannot quantify on a spread sheet.

Just acknowledging that you found the articles Mt Bond.
I think everyone will realise that you weren't expressing an opinion on the articles in anyway.
it is clearly up to each individuals reader to form there own opinion on the the information and views expressed in each article.

NOT RECOMMENDED ,JUST A READ.
YOU MAKE YOUR OWN MINDS UP.

https://www.rt.com/business/436264-gold-real-value-paper-money/
The world will inevitably dip into crisis, with gold and silver again emerging as real money, Claudio Grass, an independent precious metals adviser and Mises ambassador told RT.
“People today, especially in the West, have forgotten that paper money used to be a mere property title for a certain amount of gold or silver. Today, paper money is nothing more than a debt security. It is nothing more but collateral: the promise of the former generation that the future generation will pay off the debt via taxes and inflation,”

https://www.rt.com/business/436002-turkey-gold-futures-lira-crisis/

Precious metals strategist at Mitsubishi Corp UK Jonathan Butler told Bloomberg. “This is consistent with gold’s status as a safe haven and will likely be mirrored on the physical market with demand increasing for jewellery and gold bars.”

Russia proposes deal with Turkey to ditch US dollar for lira-ruble trade amid currency crisis
Published time: 15 Aug, 2018 07:18Edited time: 15 Aug, 2018 10:47
https://www.rt.com/business/435978-russia-turkey-ditching-dollar/

Moscow is still interested in trading with Ankara using the Russian ruble and Turkish lira, according to the Kremlin. Both currencies have been falling against the greenback, with lira setting new record lows every day.

http://www.thedailysheeple.com/while-trying-to-kill-a-familys-dog-cop-shoots-11-year-old-boy-instead_082018

IRAN VENEZUELA AND TURKEY REVEAL GOLDS TRUE VALUE WHEN PAPER MONEY BECOMES WORTHLESS.

I COULDN'T AGREE MORE.

The communication between company and retail investor needs some improvement, even if financial regulations prevent an answer to a specific question at that time, then surely it would be preferable if Centamin were to reply to that effect, rather than remaining silent.

In the present climate of lower gold prices and the reduced production guidance obviously investors are very concerned and total silence may not be the best policy although obviously the company may feel differently.for whatever reasons

Like many other long term investors I am very concerned about the recent production downgrade and also feel let down by the Centamin management in whom I had so much faith.

But perhaps I can offer some small reassurance or explanation to fellow share holders by reposting a response on 04th April 2018 from Centamin Investor Relations Office.

With regards to the referenced “export” gold numbers published in the MENA press. It is very important to understand

1) these are not verified numbers and often substantially inaccurate;

2) Centamin’s gold is handed over to a third party at the mine gate, and therefore Centamin are not the responsible company for the risk/reward of the exported gold;

3) Then the gold needs to go on to be refined in Canada.

Centamin publish quarterly, half yearly and annual audited results to the market via both our listings (RNS on the LSE and SEDAR on the TSX) as per our financial calendar.

Within these results are accurate number of gold sold ounces.

Centamin management appreciate your remarks about our ability to comment.

On a weekly basis Centamin Investor relations review comments about Centamin on LSE, iii and ADVFN..

It is not appropriate for IR to engage in direct dialogue, but of course they take note of the shareholder feedback and comments.

All Centamiin IR contact details are readily available on the website and at the bottom of RNSs,should any shareholders or prospective shareholders wish to contact Centamin Investor Relations with queries directly..

Tibbs

Some food for thought today on the board and great research by some as usual, still very concerned about the production figures or shipments to date I am out at the moment for that reason.

During his election campaign he stated that he would have an inventory of the gold in Fort Knox, still waiting for that ?
I am afraid as far as I am concerned Trump is in the chair, so he is responsible and his policies have encouraged the manipulation on the Comex to increase..

hi,mr tibbles this trump problem is everywhere and these crooks are here in the uk basically very wealthy familys controlling what happens here and abroad its like a secret society and folk don,t know the half of it !
don,t you think they put them in or control thing ?

Bought a few more CEY today but not expecting great things until December. the gold bulls are expecting the usual September rally but I think until the US mid terms are done the USD and stock markets will stay strong, boosted by the expected September US rate hike and more great (tax rebate funded) Q3 earnings..

The fun will begin in late November/December IMO when another rate hike will cause mass pain in one or more of the emerging market currencies and weaker Euro countries and the contagion will spread globally like wild fire. This will make the current Turkey issue look like a kindergarten party.

If you don’t mind short term pain now is a great time to top up on gold mining shares and look forward to a bumper 2019.. Personally though I think gold will see $1150 or even $1100 in the near term.

I fully agree with you Mrtibbles, neither candidate is fit to hold such office.

Forget Trump... what's the US done to deserve Hillary, asks RICHARD LITTLEJOHN
http://www.dailymail.co.uk/debate/article-3474068/LITTLEJOHN-Forget-Trump-s-deserve-Hillary.html

10 Scandals Involving Hillary Clinton You May Have Forgotten
http://www.mrctv.org/blog/10-scandals-involving-hillary-clinton-you-may-have-forgotten

But, we have digressed from the point I was making, which is that Donald Trump can hardly be blamed for American manipulation of the gold price, when it has been going on for years before he was elected to office.

I believe the same thing happened in UK. - Allegedly, the Duke of York/Sarah Ferguson family house was on the market for £3.0m and was bought by an Arab interest for £9.0m. - They could have had it for 3m, but what the hell, we'll offer 9m. - With no CGT on ones home, it was a nice little earner. - Honi soir mali pense. - Something like that.

Both GDX and GDXJ ETF's hit 18 month lows yesterday and arguably became technically oversold on a 5 year comparative basis. CEY is a key constituent of both and goes up and down with them.
In the first hour of trading today in NY :
GDX $18.77 +0.61 +3.22%
GDXJ $27.58 +0.77 +2.87%

I think neither candidate were fit for such an important position.
Although Clinton knew better how to behave in public office , for instance it isn't right or proper fo he president of the US to be tweeting the things that he does, they should be dealt with though diplomatic channels, Trump behaves like a gangster rapper!

Trump's businesses went bankrupt so many times in the 1990s that many legitimate banks wouldn’t lend to him anymore. He turned to Russian oligarchs -- Putin’s ruling clique -- to bankroll his projects, and launder their dirty money for them. This was, and continues to be, a huge part of his business. He’s a Russian money launderer.
"We don’t rely on American banks. We have all the funding we need out of Russia."
Donald Trump JR, 2014
This isn’t speculation or hyperbole. There's mountains of evidence. Trump’s former election campaign Chairman, Paul Manafort, has deep ties to Russian oligarchs, and is currently in jail awaiting trial on, among other charges, money laundering!

Trump’s main financial backer for the Trump Tower Toronto was a Russian-Canadian billionaire who got the money by selling a massive steel mill in Ukraine for nearly a billion dollars. $100 million of that money was paid to a Kremlin-backed fixer, likely as a bribe to VERY high Russian officials. The Chairman of the Bank who financed the deal? Vladimir Putin.ng collusion with Russian Trump bought his home in Palm Beach, Florida for $41 million. A few years later, with no real increase in the value -- he sold it for $95 million -- the most expensive home in America at the time! Why? A major Russian oligarch bought it -- we don’t know yet why he effectively ‘gave’ Trump $54 million. But it’s classic money laundering practice.

I could carry on but I won't because I have posted links before..