We would love to hear your thoughts about our site and services, please take our survey 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.
Also I wonder if the mill going down due to a maintenance issue that cost three weeks' production in Q3 has resulted in this appointment. If so, good.
Major European stock indexes traded higher on Thursday during the premarket session with all eyes on new reports on German retail sales and unemployment rate, and the Eurozone inflation set to be released during the day. Additionally, several European Central Bank officials are expected to give speeches today.
The DAX added 0.24% at 7:36 am CET, while the FTSE 100 increased 0.23%. The CAC 40 improved by 0.25%, and the pan-European Euro Stoxx 50 rose by 0.22% at the same time.
The euro traded 0.08% higher compared to the dollar at 7:48 am CET, going for $1.09808. The British pound gained 0.10% against the greenback to sell for $1.27960.
Baha Breaking News (BBN) / JJ
Pog flat at $2044.43
Hi Tibbs, the reason for hiring people such as Jaques Calvert in a commercial contracting environment is they are a "known quantity" with known and demonstrated skills and experience, a proven track record and someone who will fit in well with the CEY existing team.
CEY are fishing in a small pool and I don't see anything untoward in recruiting known experienced personnel.
Indeed a common practice in oul and gas whete teams or at least a good number of personnel would move from one project to another
Jacques Calvert 3rd+
I'm excited to start my new role as Plant Engineering Superintendent,with Centamin PLC, at Sukari Gold Mine in Egypt.
https://www.linkedin.com/posts/jacques-calvert-529072b8_im-excited-to-start-my-new-role-as-plant-activity-7133138269776551936-thiU
Plant Engineering Superintendent
Centamin PLC · Full-time
Nov 2023 - Present
Egypt · On-site
HOD for the gold plant maintenance at Sukari Mine in Egypt, overseeing a multi cultural team in optimizing equipment availability.
Toro Gold Limited
6 yrs
Maintenance Manager
Apr 2019 - Oct 2023 · 4 yrs 7 mos
One has to wonder what the benefit is in hiring so many former Toro employees and who was in the post prior to Jacques arrival and why are they being replaced?
Ofwat published its annual assessment of company operational performance and a summary of the financial resilience of companies. Both the Water Company Performance report 2021-22 and the Monitoring Financial Resilience report 2021-22 have identified areas where water companies are letting down their customers, and the environment.
https://www.ofwat.gov.uk/pn-39-22-worst-performing-water-and-wastewater-companies-called-out-in-latest-ofwat-assessments/
Louis de Quincey, who led the Environment Agency investigation, said:
With only a single pump in operation, this was always likely to increase the chances of an incident. Anglian Water should have sped up its response time as a result. Many hours passed before a technician stopped sewage entering the water.
Anglian Water could and should have acted quicker.
https://www.gov.uk/government/news/anglian-water-could-and-should-have-reacted-quicker-to-pollution
Anglian Water fined £1.2m for causing pollution
Published 17 October 2022
System and maintenance failures led to incidents in Cambridgeshire, Buckinghamshire and Northamptonshire in 2019, the Environment Agency (EA) said.
In a separate case, a pumped sewer in Cambridgeshire burst in 2019, the sixth time in several years.
Anglian Water pleaded guilty to charges in both cases, brought by EA and heard by magistrates.
The company was fined £870,000 by Loughborough magistrates on Wednesday after a series of process failures "caused damaging blockages and pollution" between May and September, EA said.
After one particular incident, a subsequent biological survey showed dead aquatic invertebrates for 1,500m (4,921ft), the agency added.
At another site, an unchecked build-up of cotton buds and sanitary pads caused a blockage, resulting in discharge of "settled sludge" into the treated sewage, EA said.
The company admitted failing to comply with an environment permit condition in Steeple Claydon, near Buckingham.
It also pleaded guilty to failing to comply with permit conditions over final effluent discharges into the River Lark in Cambridgeshire and over water discharge activity into the River Tove in Northamptonshire.
The company also admitted causing poisonous, noxious, or polluting matter to enter inland freshwaters without an environmental permit and was fined £350,000 by Cambridge magistrates on Thursday.
The Environment Agency said officers visiting a pumped sewer at Bourn Brook in Caldecote, near Cambridge, found ammonia and low oxygen levels in the water, posing a potential risk to wildlife at the site.
Anglian Water's methods of preventing pollution spreading "proved insufficient", the agency added, and 4km (2.4 miles) of the watercourse was affected for at least five days.
The company only located air valves, designed to reduce stress on the sewer, after the incident took place. The valves had been in place for at least 25 years, EA said.
On the subject of being poor!
Egypt to sell subsidised bread for non-ration card holders starting January: Official
Ahram Online , Wednesday 29 Nov 2023
Egypt's government will start selling discounted bread to citizens not enrolled in its ration card programme through designated prepaid cards, as of January 2024, an official announced on Tuesday.
Citizens will be able to buy bread loaves for 1 Egyptian pound each from government-run bakeries nationwide, Abdullah Ghorab, head of the bakeries division at the Federation of Egyptian Chambers of Commerce (Fedcoc), said.
All 30,000 government-run bakeries countrywide will participate in this initiative, Ghorab said in remarks to the ONTV channel on Tuesday evening.
Citizens can acquire prepaid cards through the Egyptian postal service, he explained.
Earlier this year, Minister of Supply and Internal Trade Ali Moselhi said the initiative would allow non-holders of ration cards to buy 10 or 20 loaves of subsidised bread.
However, Gohrab asserted that there will be no limit on the number of loaves that can be purchased per person.
Egypt relies heavily on wheat for making bread, a main staple of the Egyptian diet.
Government officials estimate that citizens consume almost 100 billion loaves of bread annually.
The government provides the 90-gram loaf of subsidised bread – locally known as baldy bread – to citizens enrolled in the ration card system for five piasters instead of its actual cost of 90 piasters.
Egypt's decision to offer subsidised bread for non-holders of ration cards comes as the country is facing challenges related to wheat shortage, primarily caused by the Russian-Ukrainian crisis.
Before the conflict, 80 percent of Egypt's imported wheat originated from Russia and Ukraine.
A World Bank report identified Egypt's food subsidy programme as the largest in MENA.
The bread subsidy programme alone serves 72 million citizens, while the food ration cards cover more than 64 million people, according to the report.
New Environment Secretary. His wife is a top executive with Anglian Water who is obviously happy to pollute and release sewage to the benefit of foreign investors. Couldn’t make it up and I have voted for all parties in my time as someone fast approaching 70.
Do get a grip. Quasi Marxist. You sound like my Torygraph dad. Would never accept he might be wrong. Won’t accept the state of our rivers. Won’t accept the xenophobic outbursts after brexit . Won’t accept climate issues. Won’t accept small businesses can’t now export to EEU. Won’t accept that young people wanted to stay in. Won’t accept that cheat labour moved back to their home countries. Won’t accept that illegal migrants could be returned to their European point of entry etc etc etc
This subject has been a dead duck for aeons(?eons) Having been invested since a map on the wall at -33p it has always been a share of interest rather than an investment for my old age . I have had enormous fun with this one and Tibbs
has been absolute stellar with his quasi Marxist slant on things and I must say many posts of merit for those less fortunate.!!!!
Having been bought up in a family of the 50s where dinner chouce was tomato or browns sauce on your bread I applaud the capitalist regime which allowed me to climb through horrendous hard work at the expense of family and friends to reach the pinnacle of corporate sucess, Only to regret achieving it.!!!!
Please keep this board civilised and civil as it is now.
Gold flip flops are not all and if you have financila sucess in CEY or anything else remember those in need far less foprtunate than yourself.
Sorry for the off topic rant but couldnt resist. Apologies to all.
Bob
Mon 07/09/2015 11:26
From Buchanan PR
One of the analysts in London has picked up on the development in Cairo – GMP Securities issued the following this morning:
Centamin – CEY LN – thorn removed with arrest of main opponent to Sukari
• As operations continue their smooth progress and the company moves towards 500k oz for 2015, enabling the company to recently raise its dividend to a healthy ~3.7%, the story looks in good health.
• But one issue which has continued to hold back the company over recent years has been the blight of the court cases it has faced in Egypt, spear-headed by one particular individual (Hamdy Fakharany). So it is especially comforting to see management’s long-stated view (that this individual was only out for personal gain and they would not bow to his demands) corroborated by the fact that he has been arrested after being caught attempting to bribe a company facing a similar legal situation to CEY.
• He had sought payment from CEY in order for their court troubles to “disappear” which the company had consistently ignored – and that tactic looks like it will now pay off. Clearly it won’t be overnight progress, but as we have long-stated, the court cases facing the company have not been brought by the State, but rather an individual with an agenda. Now that this individual is likely removed, the company is in a solid position to continue unimpeded its strong operational progress.
• Remains my top pick of the growing, established lower cost producers and with a healthy dividend yield on top, it screens extremely well versus all peers.
Agreed Rebess, although likely its dragged on for so long the vast majority will hve either forgotten about it or never known about it!
Just to remind everyone-
Centamin Court Case Share Price Discount
24 April 2014, 10:33
https://www.sharesmagazine.co.uk/news/shares/centamin-eyes-end-of-legal-pains
Gold producer Centamin (CEY) implies a new law in Egypt could result in the dismissal of a legal case questioning its right to operate the Sukari gold mine. Investors understandably like the news, sending the share price up 9.3% to 61.17p. It is very encouraging but this remains a risky stock as the legal matter is not yet concluded and political instability is still a problem.
Centamin has been fighting a court case since October 2012 brought by Hamdy El Fakharany, a lawyer and former Member of Parliament who has had previous success with similar asset ownership challenges in the property space. He has challenged the Egyptian government over the way in which the original licences were awarded for Sukari. This Q&A from Centamin provides further details on the court case.
Today's announcement highlights a new investment law which restricts third parties from challenging contractual agreements between the Egyptian government and investors. The new law appears to apply to both new and respective legal cases. Effectively that should free Centamin of the legal battles that have weighed heavily on its market valuation.
While the signs look good for Centamin, hence the big share price movement today, the matter has not officially been concluded. Nonetheless, analysts remain optimistic.
Stockbroker Numis says: 'While by no means certain this could well squash the legal case and remove the stone around Centamin's neck.' Goldman Sachs comments: 'The overhang on Centamin (regarding the ongoing challenge in relation to the Sukari concession agreement) has been removed. We see today's announcement as a big positive for the stock.'
Westhouse Securities says: 'It is obviously positive news for the company, and reinforces our belief that the company is likely to win its appeal. However, until the challenge is removed we are retaining our 18% discount rate on the stock.'
Impediment to takeover bid is Centamin only owns half although endeavour did bid for that half at a price rather better than now!
The court ruling means very little.
The gold price and US $ ,make the difference,but we will wait "Patiently" ,as normal ,to find out.
More likely now, plus price is still low- well under what endeavour bid when this issue was on the table and the future no where near as bright …. Lots has been done since then esp. in terms of the backlog !
Impediment removed, does this now clear the way for the long-rumoured take-over bid?
Should have an influence on SP I would have thought. - A long standing impediment that would flash-up during due-dilligence procedures now out of the way. - It should make a differnce. IMO
Not much reaction so far...............I guess it was factored in , in all honesty but good to get sorted.
Maybe will get a delayed reaction Thursday up to a£1
Good news indeed, now let us see how the market reacts. Also if CEY communications wake up and do something usefull with it.
Today 10:30
RNS Number : 0754V
Centamin PLC
29 November 2023
29 November 2023
Centamin plc
("Centamin" or "the Company")
LSE: CEY / TSX: CEE
favourable FINAL egyptian Court Ruling
Martin Horgan, CEO, commented: "Further to the announcement made by the Company on 16 January 2023, we are pleased to confirm that the Egyptian Supreme Administrative Court issued a final judgment today, Wednesday 29 November in Centamin's favour, setting aside the 2011 third party challenge to the validity of the Sukari Gold Mine exploitation licence issued under the Sukari Concession Agreement. This final court judgment marks an end to this long-running litigation and is warmly welcomed."
Summary
· On 14 January 2023 Egyptian Law No. 32 of 2014 ("Law 32") was upheld as constitutional by the Egyptian Supreme Constitutional Court ("SCC Judgment")
· Law 32 provides that only parties to contractual agreements between the Egyptian government and an investor(s), such as the Sukari Gold Mine Concession Agreement ("Concession Agreement"), have the legal capacity to raise challenges against these agreements. Third parties are accordingly prevented from lawfully instigating such challenges.
· Following the SCC Judgment Centamin applied to the Supreme Administrative Court ("SAC") to rule that the 2011 challenge to the Concession Agreement is now legally inadmissible on the basis that the original complainant had no capacity to bring the claim as he was not a party to the Concession Agreement
· The SAC has today ruled in Centamin's favour, rejecting the original case in its entirety. The claimant has no right to appeal and today's judgment is final and therefore brings this long-running litigation to a close
· Operations at Sukari Gold Mine have remained unaffected throughout.
For more detailed background information on the original proceedings and the Law 32 constitutional case please refer to the announcement issued by Centamin on 16 January 2023 (link to full announcement).
Court ruling
What caused the rise yesterday?
Major European stock indexes traded mostly higher on Wednesday during the premarket session as investors focused their attention on a new batch of economic data. Reports on UK housing prices, German and Spanish inflation, and European Union consumer confidence are expected to be released today.
The DAX increased 0.25% at 8:00 am CET, while the FTSE 100 was flat. The CAC 40 improved by 0.06%, and the pan-European Euro Stoxx 50 added 0.13%.
The euro gained 0.12% against the dollar at 7:58 am CET, to sell for $1.10011, while the pound went up 0.14% compared to the greenback, going for $1.27125.
Baha Breaking News (BBN) / JJ
Happy hump y’al
Pog + .15% $2044.36
And about an eighth of that in profit less non Sukarno capex but still nice. Profit nearing £100m PE 12 spot on historic average. So share price right for where we are now. Let’s hope gold rises, aisc rally falls, output really rises oh and what was that large pink thing tailing a q that I just saw flying over the deser….Maybe it will all come true ….