The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Hi Mr Tibbles!
FWIW, I agree with almost every word of your analysis. It was perhaps more by luck than skill, but I'm grateful that I sold back when the share price was over 200p. If we'd known the truth back then, the share price would never have risen so high.
I wish Martin Horgan well. He's got a big job in front of him.
I'd still like to see resignations or sackings from the board of all directors who have been in office for more than, say, two years. It's not good enough for them to plead that they didn't know what was going on.
Thank you Mr Bond,
That is also as I understand the situation, no mean task, but never the less once done will make the open pit area safer,more stable and access far easier which should provide greater working flexibility if unexpected events occur in the future..
The wall may be stabilised but my understanding is there is still much work to be done removing waste above the West wall of the pit, once that is out of the way they can continue excavating the West side of the Pit ,possibly into existing underground workings with high grades. But that is not certain as he explained in a questions and answers clip I remember.
The West side is in general much higher grade.
As they work into it the whole angle of the pit wall has to be maintained ,from top to bottom, hence the need to remove more unstable overhanging waste from the top, in order to expand the size of the pit.
I hope that explanation is clear.
Have a good break everyone.
It says in one of the previous RNS that the west wall issues should be fixed during H1 of this year and added into the scheduled mine plan for H2 this year. As H1 is nearly over could we expect an RNS soon stating that? Would do wonders for the sp I would imagine
Far too much of it in the markets, politics and the world in general!
Unfortunately Centamin share holders are now being punished by the market for choosing to believe the Andrew Pardey and associates version of what was going on at Sukari for many years.
However having acknowledged that, shareholders placed their trust and their money with the Centamin management and quite rightly they expected integrity and honesty from the CEO of the company in return .
Just how much did the board sitting in Jersey really know about the true state of the open pit we can never be sure, (pardon the pun) but I think by the time it became very apparent just what a hole Pardey and co had dug the company into at Sukari the board were frozen into a state of WTF do we do now!
I think we can assume that Pardey's tactics with the board were much the same as with share holders , each time he got into a fix he would fudge it, or carry out what should have been a temporary fix, then kick the can down the road with a plethora of coloured charts and more drilling in West Africa and more promices of great things to come next time, or the time after that!
However after yet another unexpected occurrence of naff ore grades and the self destruction the sole LHDR it was blatantly clear that Pardey was out of his depth and his Sukari side kick Youssef was as much use as chocolate teapot!
But possibly the board hey were too afraid of the consequences of admitting just how dire the situation at Sukari was becoming with no intermediate solution or way out, so Pardey went and things shambled on whilst professionals from other miners came and went
The board counted its blessing's when Martin Horgan took up post and things seemed to improve, possibility if it had been possible to carry on producing to guidance whilst the huge amount of open pit waste was gradually cleared it would have been better, but unfortunately the pooled water and potential of a pit wall collapse necessitated more urgent and comprehensive open pit remedial work.
I can understand the frustration and anger some share holders feel about the West African assets , but after the way Pardey kicked the can down the road on so many of the issues I can't say that I am surprised at Martin Horgan's announcement.
I think most of the West African assets were never managed properly, but just expensive Pardey pie in the sky diversionary tactics
True huge amounts of money has been spent on drilling, but possibly it would be better to sell off most of them or come to an arrangement with another junior minor.
My own preference is sort out Sukari, get the right agreement with the Egyptian government on the new concessions. possibly at the same time addressing other outstanding issues and then concentrate on operations in a known jurisdiction!
Once again I am really sorry that friends like Cowichan have been so dissapointed after all their enthusiasm !
Sorry Mr Gnome,
Typo, posted your name twice in my last message!
Best
Tibbs
Hi Mr Gnome,
Hi Mr Gnome,
I can't recall at time, even in the early nineties that I felt such despair about the state of things in the UK,, I wasn’t a fan of Thatcherism, but at least her cabinet had a better understanding of how to behave properly as ministers with some integrity and certainly didn't lie as much Boris Johnson and his cabinet full of odious and evil self serving parasites.
Some wonder why the Scot's are now pursuing independence from the UK, it's hardly surprising really when considering all the promises that were made to them by the Westminster Parliament during the last Scottish independence referendum been in the main broken, most likely if the SNP gains independence this may lead to the total breakup of the UK until only "Borisland" remains.
In "Borisland" the subjects live in complete isolation from the rest of the real world and they must renew their passport and apps on weekly basis, just in case they were to stray across the border, should that happen then before they are allowed back in they will have to pay to go into quarantine for 6 months and promise everyday to vote for the "Boris Party" on their return, or be called a loony leftie and deported to Scotland, once again an EU member!
“King Boris” never tells the truth and his subjects must wear all blue, read the "Boris News" tabloids, and watch Sky TV, any subject caught watching the BBC will be deported to the EU!
“King "Boris “often jets off on Caribbean holidays paid for by his Toady Brexit business friends, whilst the brain dead and those poor souls waiting for NHS operations who are unable to move and all his supporter's exist in glorious ignorance of the truth surviving on a diet of chlorinated chicken from the US, vegetables grown in the starving peoples poo fields of India and stinking contaminated pork meat from Kenya!
I thought this was a horrible nightmare, but then I realised I had woken up this morning to Radio 4 interview with a "Borisland" government minister who was talking about how they are hoping to do marvelous trade deal with Mexico on Welsh lamb and British beef in return for importing Taco bread and Tortilla’s!
So although you have some concerns about the competence of your Oz political elite let me assure you that those in the UK are certainly just as unfit for office,quite possibly even more so!
Over the last few years, Central Banks have been collectively selling gold to keep the price down and make the fiat money us dollar desirable. These gold normally dont get moved but rather ledgers are updated to reflect the sale. The "scam" or suspicion is that central banks are selling more gold than they actually have just to keep the price of gold down . Now, with more investors wisening up and begins to demand their physical gold, central banks will have to print more money to start aggressive purchasing of gold to pay their debtors. This phenomenon and other factors will drive massive inflation. That will be the beginning to the end of fiat currency and also create a surge in the price of gold(just like the digital gold - bitcoin). So, if you are invested in Centamin, you are at the right place as long as you are in for the long haul. My advice is to invest in real money, Gold. If you can, buy physical ones and hold. You can buy companies such centamin. Invest in physical assets such as house(invest in paying it off) , farms, gold and silver and a small portion in descent cryptos such as bitcoin. There will be the breakdown of fiat currency and you would wish you had gold. Gold will reach possibly $20000 or more within the next decade. Thanks. Dyor.
According to analysts' consensus price target of GBX 153.29, Centamin has a forecasted upside of 39.7% from its current price of GBX 109.70.
7 Wall Street research analysts have issued "buy," "hold," and "sell" ratings for Centamin in the last twelve months. There are currently 1 sell rating, 1 hold rating and 5 buy ratings for the stock. The consensus among Wall Street research analysts is that investors should "buy" Centamin stock
7 equities research analysts have issued 12 month price targets for Centamin's stock. Their forecasts range from GBX 82 to GBX 240. On average, they expect Centamin's stock price to reach GBX 153.29 in the next year. This suggests a possible upside of 39.7% from the stock's current price.
Centamin pays an annual dividend of GBX 0.12 per share and currently has a dividend yield of 5.87%. CEY has a dividend yield higher than 75% of all dividend-paying stocks, making it a leading dividend payer. The dividend payout ratio of Centamin is 1.27%. This payout ratio is at a healthy, sustainable level, below 75%
Money is cheap, and tax payers money is the cheapest (the Other Peoples Money syndrome)? The White House sent Congress a $6 trillion budget plan that would ramp up spending on infrastructure, education and combating climate change, arguing it makes good fiscal sense (?) to invest now, when the cost of borrowing is cheap (but what happens when interst rates go up?), and reduce deficits later.
Biden's plan for fiscal year 2022 calls for $6.01 trillion in spending and $4.17 trillion in revenues, a 36.6% increase from 2019 outlays, before the coronavirus pandemic bumped up spending. It projects a $1.84 trillion deficit, a sharp decrease from the past two years because of the COVID-19 pandemic, but up from 2019's $984 billion.
In Oz, we have a government so busy congratulating itself on their management of the covid chrisis and aggrivating China that they dont realise the dependency on our magnificent recovery, on China, in the form of International Students propping up our bloated Universites, and Iron Ore prices the like we have never seen before.
The red earth is our biggest export is currently bringing in $136 billion a year into our economy, according to the Treasury.
It accounts for about 20 per cent of all of our exports, and the iron ore we ship from the Port Hedland and Dampier ports in the Pilbara is worth about 5 per cent of our entire GDP. China – which buys 60 per cent of our iron ore – is buying it up like never before to create steel for its massive infrastructure projects in a bid to recover from the pandemic. It wont continue,as the Chinese Govt has plainly signalled...and then what happens?
I would rather invest in gold than the ideas and thoughts bubbles of governments and their fiat currencies,
Enjoy your weekend! and a great time to buy.
best
the gnome
Looking at the insanity of politicians and the fools managing the monetary policies in the West, I think gold is going way over $2K and won't look back for quite some time.
Next week from Tuesday after the BH will be a better week I am sure.
Mr Biden has announced a spending surge with Usd6 Trillion to come will help us with sustained higher precious metals hedging. Fingers crossed for next week.
Well done for hanging in there. Over the last two days 35m shares changed owner. Not yours or mine or most on this blog.
Investing in gold miners is the very definition of climbing a wall of worry. If you have a fair entry price and no leverage and lots of patience it can be very rewarding. But on the way you are put to the test to say the least. Hold on better days are coming.
The best wine to the end.
Sorry for rambling!!
What we talking about in the corner table? I need a laugh!
Dagger
Enjoyed reading Tibbs and Marms comments.
Tbh I'd love to see questions be asked of Liberum's behaviour. I'm old enough and cynical enough to know where money is concerned, ethics can go out the window. But to see it played out before my very eyes, on the day of the RNS was sickening.
I considered selling, then thought, nope thats what they want me to do. So I'm determined to hang on in there til my target is met. I'm underwater now, not hugely but fudge them, I'm digging in.
Hope so sort of investigation is instigated into how they were able to pre-empt and have such knowledge of the RNS.
TBH it shows how desperate they must be, says more about them than us. If I was an investor with them, I'd be taking my portfolio elsewhere.
Lets hope Gold price keeps going north and drags CEY with it. But as a novice investor, I'm not going to lie, I've definitely been left somewhat disillusioned by their conduct.
Your posts along with the other veterans on this board regarding this episode have helped me understand the skulduggery but more importantly they've helped me get in a better head space. So thank you.
Poxy stockmarket, drives us all nuts in the end!!!
Cheers Dagger
DusterMan, we have a problem with Traders listening and believing people like Liberum.
A company only in existence from 2007 ,and been ever since riding along on top of a riding unsustainable market , now since Covid shook the world they will have a much harder time sustaining their credibility and profits ,along with their investors portfolios.
It is likely they are now in trouble financially !
Yeah I read that too Mr T a few hours ago and yet again from BullionVault the commentary rarely matches the reaction. Last couple of days I’ve heard short squeeze now on Fresnillo and yet it too dropped again today. All the media pump out soooo many things in 24hours and they write for what the consumer wants to hear- every theory and permutation is out there so everyone will get if right at least once as these can only go up or down. I recall last year everyone was lauding Buffet again last year - when he actually bought into gold at the high point and has lost a packet so far.
Have a good weekend all, the sun will shine at last !
It's like we have a boogeyman in this share...we need to kick his ass. CEY back to £2 as gold is going above $2000
Re Colinic irrigation I think we all had one yesterday. Such is life! Have a good weekend all. Onwards and upwards.
https://www.zerohedge.com/commodities/us-mint-delays-silver-shipments-due-global-silver-shortage
Rush to Buy Gold by Central Banks as US Inflation Outruns Interest Rates by Most Since 1975
Friday, 5/28/2021 15:29
PRICES to buy gold headed on Friday for their 3rd highest month-end ever and the highest weekly finish in London since early November, eve of the first successful Covid vaccine trials announcement, amid rumors of heavy central-bank gold buying, a fresh rise in crude oil and other industrial input costs, plus the highest inflation on the US Fed's preferred measure in nearly 3 decades.
Losing $100 per ounce on Monday 9 November, the day of the Pfizer/BioNTech news, gold prices bottomed in March at $1675.
Today gold priced in US Dollars rose to $1896 ahead of the 3pm LBMA benchmarking buy-sell auction in London, having risen through $1900 earlier this week.
New US inflation data today said the cost of living in the world's largest economy, excluding 'volatile' fuel and food, rose almost 3.1% per year in April, the fastest annual rise in the core PCE index since July 1992.
With the yield offered to buyers of 10-year US Treasury debt ending last month at 1.65%, that put long-term interest rates 1.4 percentage points below inflation, worse than any time since 1975.
So-called base effects continue to drive annual inflation higher however, because last April saw the core PCE index rise just 0.9% from 12 months before, near its slowest pace of the last 6 decades.
Crude oil prices, having gone below zero in April 2020's Covid Crash as producers struggled to find storage space amid the collapse in demand, today rose back to $67 per barrel of US benchmark WTI, a record high when first reached in 2006.
Shipping costs for China-to-Europe freight have meantime jumped to record highs, up 5-fold from this time last year, says the Drewry World Container Index.
Back in the gold market, gold being bought inside the Bank of England's vaults – heart of the world's wholesale bullion market – "has traded for as much as 50 cents above benchmark London prices," claims Bloomberg today, citing "sources" and "traders" and suggesting this signals strong demand among official-sector agencies, defying earlier analyst forecasts for moderate central-bank gold demand in 2021.
The Bank of England held over 5,640 tonnes of gold at end-April according to data on its website, all but 310 tonnes – the UK's own gold reserves – held for foreign governments and central banks, as well as international bodies and also the commercial-bank clearing members of the London Bullion Market Association.
The Bank for International Settlements – the central banks' central bank – "bought as much as 1 million ounces...from various commercial banks at a premium of 30 to 40 cents recently," Bloomberg claims.
With the BIS typically acting for central-bank clients, analysts at Commerzbank this week said new data show the Bank of Thailand buying 43.5 tonnes of gold for its reserves in April, while Uzbekistan added over 8 tonnes and Kazakhstan over 4 tonnes.
. . . but WHEN?
CEY has become one of the biggest conundrums encountered.
Okay, there was the west wall fiasco.
The knock-on effects have however been largely inexplicable.
A higher AISC could be contributory.
Perhaps it will be mitigated by >$2,000/oz.
Cheers Mr.Bond you’re telling me what I want to hear but both could actually become reality.
Have a good b/h weekend, you’re lucky you’re there and not here as I think my dog needs a colonic irrigation... OMG!
Thank you Marmot for your explanation and indeed confirmation of the continued attempted gold price repression and manipulation by the usual Cartel members (BIS & Co) and also the exposed and underhand, but failed strategy by Liberum's "Shyster's in suites" to cause panic and crash the Centamin share price.
So many people are worried about becoming victims of financial fraud and yet they put their money/ portfolio's and their financial futures in the hands of the likes the shower of banking parasites that inhabit Liberum.
No doubt this will not be the last attack by parasites or predators whilst Centamin is regarded as at a disadvantage during the implementation of Martin Hogan's recovery strategy, but the window for predators attacks is become ever smaller as time goes by whilst Centamin becomes ever more fit and able to actually deliver on a sustainable output rather than lurching from one unexpected crisis to the next as in the past!
Also Basel 3 next month should help!
Have a good Bank Holiday!
Tibbs