Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Major indexes in Europe traded with gains in the premarket trade on Wednesday as investors analyzed yesterday's reports on Eurozone inflation and GDP. In addition, market participants are anticipating fresh data on UK housing prices and manufacturing PMI that will be published today.
The DAX gained 0.38% at 7:24 am CET. The Euro Stoxx 50 increased by 0.35%. The CAC 40 was up 0.36%. The FTSE 100 gained 0.25% at the same time.
The euro was down 0.05% against the dollar at 7:28 am CET, selling for 1.05704. The pound lost 0.12% against the greenback and went for 1.21393 a minute later.
Baha Breaking News (BBN) / DD
Happy hump y’al
Tuesday 31 Oct 2023
Egypt lowers natural gas supply to fertilizer companies amid severe shortage.
The news came amid media reports that gas supplies to fertilizer companies had been cut by 30 percent. The news led to a sharp decline in the stocks of petrochemicals companies including Kima, Misr Fertilizers Production Co (Mopco), and Abu Qir Fertilizers (ABUK), which dropped 11.82 percent, 13.11 percent, and 11.49 percent, respectively.
El-Mahdy said there is no cause for alarm, suggesting the market will self-regulate.
“Affected petrochemical companies might have backup plans for such shortage. Also, the lower supply of fertilizers will result in higher prices so the profitability of these companies will likely double,” El-Mahdy added.
Egypt is suffering a severe shortage of natural gas supplies after Israel’s war on Gaza led to the suspension of gas supplies from Israel, down from 800 million cubic feet per day.
As a result, Egypt extended the duration of gas-saving daily power cuts -
many Egyptians complained on social media that power cuts are exceeding four hours -
Other users have complained of twice-daily blackouts lasting nearly two hours each.
https://english.ahram.org.eg/NewsContent/3/12/511318/Business/Economy/Egypt-lowers-gas-supply-to-fertilizer-companies-am.aspx
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Let's see, major Egyptian manufacturers given the middle finger from government in the midst of a growing energy shortage - and saying to those companies they might have back-up plans? and if that fails 'be happy, you'll make double when there is a shortage of fertilizer to sell' is just ignorance on top of insult
CEO Horgan would be wise to read these tea leaves before trusting in Egypt's energy grid
So Tibbs what magic wand would Endeavour have used to get the mine back on track? The good news as I see it is that Horgan and his team are close to the end of their 3 year investment plan and on track to get the mine back to generating cash.
Guess as I have said before we will have to wait to see if we are close to coming out of the dark and the next three months will be the next start hopefully of getting back on track .
Horgan said it often enough "Exciting" "Fantastic" hopefully we will be agreeing with him in the not too distant future.
Fine talk ,but I'll wager that Sisi won't be in the front line he will be leading from the rear!
"If nothing else works, a total pig-headed unwillingness to look facts in the face will see us through!"
https://www.youtube.com/watch?v=rblfKREj50o
Nor will Israelaes dare cross that border.
No.
2023-10-31 | 05:58
In a resolute statement from Sinai, Egypt's Prime Minister, Mostafa Madbouly, affirmed the nation's unwavering commitment to protecting its land and sovereignty.
He declared, "We are prepared to sacrifice millions of lives to ensure that no one encroaches upon our territory."
The Prime Minister reaffirmed that Egypt will never allow any imposed situation or the settlement of regional issues at its expense.
https://www.lbcgroup.tv/news/middleeastnews/731828/egypts-prime-minister-from-sinai-we-are-ready-to-s/en
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Egyptians, ever the masters of hyperbole.
However, the important question is, whose millions of lives are they willing to sacrifice? Palestinians, Jews or Egyptians? An aptly creepy statement for Hallowe'en -
I listen last night and all looked good apart from the rationale for the dire SP.
It's "jam in the future" but the future is getting ever closer and is consistent with what has reported thus far, so good.
My first question 1) was confirmed as "will meet" but detail as to how which was disappointing
My second question was also partially met, eg 80% through, although I can estimate at the rest of the questions based on the project AISC drop
I gave feedback at the end of the webcast as they requested, this was my feedback "The reason the SP is so low is because the costs have risen faster than the gold price has due to inflation pressures, and production is yet to get back to the 500k. Futures look good and in control though- just would have liked these reasons and not geo political and mid cap stuff which doesn't seem correct to me."
On Jan 20 Centamin is likely to announce gold production of around 130,000oz and revenues potentially in excess of US$250 million. (130k x 1900 = 247million). At that point 83p is going to start looking absurdly cheap.
Tibbs, electricity from the grid is close to half the cost of diesel generation on site. The 40-odd million buck cost of grid connection will be recovered in just over one year - ONE YEAR.
Sukari will call on it most at night when load demand from the rest of Egypt is low.
In the case of power outage or blackout they can revert to diesel generation anytime it's needed.
Grid connection is a superb development and absolute no brainer, it cannot happen soon enough.
I don't mind "boring" if the results start to pick up along with the dividends and the share price. I'd much rather that that what the last lot did. Wasn't there a special dividend one year which took the dividend up to around 12p? While it was a nice dividend to have, the money could have been put towards keeping on top of the waste. I'm guessing the reason it wasn't, was because the high dividend suckered people in, the share price climbed and the last lot did one with lots of quids in their pockets.
As I've previously mentioned, Martin Horgan is going to a lot of trouble, with opening up the mine, new trucks and solar.
Maybe it is a cunning plan to switch from mining to producing electricity from solar? ;-)
Excellent post Tibbs, I think that sums it up perfectly, perhaps it was the wrong move being against the takeover, I cannot see how it could have been worse for us!
RE: Berenberg raise target price to 173p23 Oct 2023 06:47
More detail this morning from Berenberg on Citywire:
Https://citywire.com/investment-trust-insider/news/expert-view-aviva-moneysupermarket-gb-group-firstgroup-capital-ltd/a2428592?re=114049&refea=218441
"Don’t ignore Capital’s investment portfolio, advises Berenberg
With the gold price at $2,000 now, PDI shares rose 6% overnight to A$0.245, which is its highest for almost 2 years and getting towards its highest ever level from around that time.
At current exchange rates that's worth £18m against the £148m m/cap:
Https://www.asx.com.au/markets/company/pdi
Allied Gold's shares have also bounced 14% to C$4.80, so this holding is worth another $10m or £6m.
Pity Centamin share holders don't get some uplifting news instead more of the same old boring spin which if it were a meal would be described as "Bland!" at best!
Major indexes in Europe traded flat to higher in the premarket on Tuesday in anticipation of the newest reports on Eurozone inflation and GDP. Heading into another day full of earnings reports, BP, Stellantis, and Caterpillar will also reveal their results for the third quarter in the coming hours.
The DAX gained 0.12% at 8:03 am CET. The Euro Stoxx 50 increased 0.18%. The CAC 40 and the FTSE 100 were flat at the same time.
The euro was down 0.07% against the dollar at 7:58 am CET, selling for 1.06081. The pound lost 0.17% against the greenback and went for 1.21489 at the same time.
Baha Breaking News (BBN) / DD
Wish we were only down as much, from the highs Cey is down well over 65%, the free cash flow is now a trickle and the dividend is table scraps!
Possibly Endeavour will make a bid again!
Hi Mizolgit,
It is depressing, Centamin is in the spittoon of the "Last Chance Saloon!" and is likely to remain there for some time, in fact it may end up down the lavatory pan the ways things seem to be going!
Hi Cowichan,
Difficult to offer an opinion without knowing all the full facts and how often do ordinary people of mining company retail shareholders get told the full facts or even the full truth!
$375 million may sound a lot, likely worth twice that, but that aside if $375 million is only 5% of the county's economy then it all depends on what are the down sides of this contract?
Far too many multi national companies exploit the countries they operate in often because they pay back handers to corrupt politicians and officials who like far too many company directors don't really care a jot about anything other than filling their own saddle bags with cash and expenses !
How many times the retail shareholders get sold a bum steer by mining companies, have a look at some of the cases in Crux investor, not to mention a company that we are all familiar with!
Have to agree Bobliz35, the best way to convince people and give them confidence in whatever you are trying to sell them is is to buy in yourself!
See my communication below-
Questions for Investor Meet Presentation -Why aren’t the BOD buying shares?
Dear CEO Martin Horgan,
There seems to be some reason why with the POG at around $2000 the free cash flow seems to remain poor and despite polished company presentations the market remains to value the company as though all isn’t as well as being claimed!
So It seems very clear now that however polished and in many respects stage managed the company presentation’s, it’s not enough because the market, existing shareholders and potential new investors seem to retain serious reservations about the true state of the company, it is regraded by many now as a short term trading stock, not an investment!
I appreciate that that a directors bonus scheme is in operation, but in reality the hurdles are pretty low and rewards aren’t linked to the share price, so basically its directors being awarded shares for doing their job, not really that convincing to those who have bought shares that are now at 35% of what they once were!
The measure of a director’s effeteness and worth is directly related to the company share price, so what better way for you and your fellow BOD to demonstrate your confidence and belief in your forward strategy for company to the market and other existing and potential shareholders than to step up to the plate by making some substantial share purchases, say at least 30% of a year’s salary, because if is all as well as your company presentations would like everyone else to believe then you and your fellow BOD members would be able to benefit just like other ordinary shareholders from the rise in share price, an additional but justifiable directors bonus it might be said!
However if none of the Centamin BOD are willing to put some of their own “Skin”, that is money out their own pocket, rather than just hanging onto free bonus shares until they are allowed to sell them, then it’s time to be honest and seriously consider resigning and let the company be taken over by others!
Yours Sincerely
Contact details supplied
UK Shareholder
Hi Sotolo,
Have to agree with your partner, in fact they are so bored they can't be asked to buy any shares out of their own pocket, although the CFO is now in favour of buying back shares with the company's / shareholders cash, although with his caveat!
Agree with you Cowichan, including who has the biggest ego, although to be fair they both make big claims but seem to have difficulty delivering, but both are very adept in moving the goal posts or kicking the can a bit further down the road!
Ahram Online , Monday 30 Oct 2023
The Egyptian government is planning to create around 800,000 new jobs during the fiscal year 2023/2024, according to a report by the Ministry of Planning and Economic Development on Sunday.
The new jobs will be provided mainly in agriculture, construction, retail, and manufacturing sectors, the report said.
The government plans to increase female contribution to the labour force from 16 percent to 25 percent in the current fiscal year.
https://english.ahram.org.eg/NewsContent/3/12/511262/Business/Economy/Egypt-plans-to-create-,-jobs-in-FY.aspx
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Is there any leader more full of themselves than Sisi? Mr Horgan came close today - but seriously, if creating jobs was as simple as issuing a press release...
And somebody tell Egypt's women to get a move on - they got to mobilize an additional 9% in a jiffy
PS my non financial and non share buying (sensible) partner over heard some of it and exclaimed “ I wouldn’t invest in them they sound so boring, how can they make a business grow when t✝️are so dull and unexcited” more or less what you were saying Boblitz.
And of course 1st January 2024 Egypt becomes full mamber of BRICS ,with probably lower fuel prices paid in local currency.
So not paying in foreign reserves, and possibly connected to Turkstream Pipeline.
Food neccesary from other Brics nations.
Bob. Lovely and pertinent post, correct as ever, best regards
What did we learn from this chat.
1. Nugrus drilling results should come in either late this quarter or during quarter 1 2024.
2. Additional wWastre stripping is 80% done. It will finish probably Q2 in 2024 as the work tails off.
3.The CFO is for share buy backs at the current price providing it does not impact on development and maintenance and so forth.
4. The diesel cost is now priced at 75 cents a litre instead of 50 cents. $18M is saved per annum having the solar plant which provided 40% of energy needs for 8 hours a day.
5. The underground mining rates reach 1.4M tonnes 3 years from now. I would therefore expect the rate of increase is 10% in 2024. No mention of what may happen to feed grade but clearly a higher tonnage rate does help if declined a little.
6. AISC was projected to fall nearer to $1100 as depicted by graphs. $1250 AISC or near to it could be thetarget this year.
7. Doropo is in an under developed are of the country. (It will mean more investment in staff training if they are to avoid what has happened to Hummingbird as reported last week) Next Doropo study needs to go into human resources thoroughly.
8. Strip ratios after 2024 go up and stockpiles go down hmmm.
9. Moved Capex from 2024 to 2023 is around $20M for fleet expansion and power line deposit. (Sets up a better 2024 and probably aids lower AISC forecast.)
10. Not impressed with the lower share price comments. He could have pointed out the trend since July on equities is bad in most sectors and stocks. (The liquidation comment on equity portfolios arose because of high USA Tresuary issuance. Yellen sets Q4 issuance details this wednesday and as reported in zero hedge tonight it could decide the direction of markets for the rest of the year.
All the best Tony