George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video 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.
Good luck Tony, will miss the banter from you.
As a final shot- the always falls in the first 2 weeks of April didn’t happen- so you’ll need to adjust your chart accordingly :-)
Thank you Tony for your past contributions to this forum and may I wish you health and prosperity for the future and hope that you will still drop in from time to time anyway!
Best
Tibbs
It's time that the trading cess pit notability the Comex was more tightly regulated to have some moral responsibility and be about more than a quick profit, at present the Comex trading brings about severe or erratic price fluctuation for the benefit of the trading desks, but at a great cost and detriment to the vast majority of the worlds inhabitants by helping to bring about the destruction of and pollution of our planet and inflict hardship and suffering on a huge number of the worlds communities!
Hi Mr Bond
With regards to my portfolio for this financial year, I have reduced it 18% overall thus far and put it into 5% interest fixed bonds. I am mainly in cash at present If Centamin does not pull back, I am likely to stay off and not chase the FOMO especially on the back of Chinese high roller speculators. For those holding I wish you all good luck. I will be writing less on the board as I hold no positions but will put in the odd message. Tony
Good day 3bear,
I have expressed my main points of contention as a UK shareholder in a courteous manner on numerous occasions and although it may be coincidence its seems since Buchanan PR haven't represented Centamin I haven't received even an acknowledgement, let alone any utterance of reassurance or answers to my concerns-
Considering Martin Horgan's initial claims of being open with all shareholders this is a very poor show, even basic courtesy or business protocol from a limited company requires at the very least an acknowledgment of some kind.
I take your point on the 325,000 from the open pit, but consider the true cost of processing such low grade ore and what if the grade quality worsens even further?
Then consider the points I raised below that the company seems reluctant to address openly.
Also consider why are some long term institutional holders selling, possibly they may too have concerns over the Sukari operation?
Just to clarify I first bought into Centamin in 2010 as a growth stock added over the years so I continue to hold a not inconsiderable number of Centamin shares.
I really do want the company to succeed and I would be delighted if my concerns were proven groundless, but as yet I receive no reassurance on the latter from the company.
This is very poor show and that seems to display an arrogant disregard to UK retail shareholders
In my experience Cowichan is a good chap, he cares about what's right and he is passionate about all manner of animal welfare and environmental issues
Various derogatory and spiteful remarks are made about Cowichan for asking questions, well good for him, I only wish a few more shareholder would do the same, it is in their own interests and if the company had any idea of good PR they would answer, or offer some explanation as to why they can't, failure to do so can only and understandably raise suspicions that all is'nt as being claimed!
So why don't you, or any of those still wearing the rose coloured specs or are dazzled by the bright lights of the Q1 2024 presentation disprove Cowichan's and my concerns by contacting the company by whatever means is preferable, even copy and past my comments, I am likely known to various relevant and senior member of the Centamin management and I would be delighted if they are willing and able to prove me wrong or at ideally allay my doubts in their present strategy.
Tibbs
https://www.agbi.com/industry/2024/01/uk-owner-ramps-up-output-at-egypts-largest-gold-mine/
Its looking like you are correct Tony. I read an analyst say Comex traders liquidating or offloading somwhat.
Perhaps they are getting worried or getting into higher paying US treasury bonds.
Either way they know more than we do.
Have a good day.
Major European indexes rose in Friday's premarket trading as investors digested multiple corporate earnings, including reports from TotalEnergies SE and NatWest Group.
In addition, a speech from European Central Bank (ECB) Vice-President Luis de Guindos is expected later today.
The Euro Stoxx 50 climbed 0.67% at 8:29 am CET, the DAX was up 0.18%, the CAC 40 added 0.23% and the FTSE 100 rose 0.68% at the same time.
The euro and the pound both traded flat against the dollar, going for 1.07308 and 1.25100, respectively, at 8:28 am CET.
Baha Breaking News (BBN) / RR
Gold currently $2338.60
Happy Friday y’al
Enjoy your weekend.
No gold withdrawn from Comex yesterday. 32,000 ounces received as a deposit. Interesting to see how things now play out.
Hi Tibbs
So you still want to close down the open pit?
Say goodbye to 325,000oz, they're not exactly processing sawdust.
I just don't get your argument.
Hi 3bear, appreciate your post is well meaning, however and not wishing to appear rude you do a better job than the Centamin PR team!
This Q1 2024 is reason for some very serious concern when considering the much lower grade mined, both from the open pit and underground.
For the open pit Martin & Ross put a brave face on it and claimed it was a “reclassification” of waste as ore.
It seems as if they cannot properly distinguish between ore and waste resulting in much more waste being sent for processing!
For the underground grades any explanation is missing?
So assuming they sent 3,395,000 tonnes to the stockpile at a grade of 0.36 g/t AU should they ever get around to treating this it will generate precious little cash flow!
The management seem to be are playing games with capex classification and to call deferred stripping “growth” capex is ridiculous!
Waste stripping is part of normal mining operation to achieve the planned LOM production and the reason why they (mis)qualify it is to avoid having to include it in the calculation of AISC cost metric.
AISC is a nonsense metric easily to manipulate.
Just classify capex as “growth” and it drops out!
This is why so many companies with fantastically low AISC are unable to generate free cash flow.
Why not calculate the revenue from the mined grade taking into account a low recovery.
Then calculate the mining cost for one tonne ore and all those tonnes of waste, processing cost, G&A and capital investments to keep going.
From this exercise It will become apparent that it generates very little to no cash flow!
Why not put these points to Centamin, if they respond their answer should be interesting.
If anyone is guilty of putting out the same old tripe likely it's the Martin & Ross act at the last Q1 2024 presentation when they served old tripe in lieu of decent grade ore from the open pit!
Use the data points Paul- I've posted them a lot :-).
Good luck.
I'd love to help out but I don't "trade" very often as I am not very good at it and I probably need to be more careful with my money than you do.
I wish I'd had enough spare cash to buy 4000 shares this morning when I posted and they were 121.7.
A few things I'm good at
Leaving and order to buy------this means the share price will hover just over the price I've left the order in for a couple of days.
Losing patience and buying anyway---as soon as I do that it will trigger a 2p drop in the price.
Selling after making a small profit-----this will trigger a 2p rise almost immediately.
I wonder if i could sneak up on it and just buy or sell a few shares to confuse it???
You buying must be the reason, pretty impressive how you move markets, now will you sell some so the price rises, all the very best
Thank you Cowichan, I wonder what the final invoice for these services from ZH&P will be for representing Centamin for over 12 years against fictitious accusations.
Surely Centamin should be awarded a refund of legal costs and compensation for the company and its shareholders?
Centamin plummets on Egypt court ruling 12th Oct 2012
An administrative court in Egypt has annulled Centamin's mining licence, with the company denying the court has the jurisdiction to do so
https://www.investorschronicle.co.uk/2012/10/31/tips-and-ideas/share-tips/tips-of-the-week/centamin-plummets-on-egypt-court-ruling-Y4wbthuULCZrH1ay6Vj9TK/article.html
No end in sight for Centamin legal fight over gold mine in Egypt
Cecilia Jamasmie | August 14, 2014
https://www.mining.com/no-end-in-sight-for-centamin-legal-fight-over-gold-mine-in-egypt-56904/
Centamin recovers ground after launching appeal against Egyptian court ruling
This article is more than 11 years old
Gold miner says it has documents showing ministerial approval, which were not among papers presented at court
Nick Fletcher
Mon 5 Nov 2012 15.33 GMT
Centamin has recovered some of the ground which it lost last week on reports an Egyptian court had ruled its rights to operate the Sukari gold mine were invalid.
The reports wiped around 40% off its share price, but the company has eased some of the concerns, and they have bounced back 16.25p to 76.75p, a 27% increase which makes it the biggest riser in the FTSE 250
https://www.theguardian.com/business/marketforceslive/2012/nov/05/centamin-court-egypt-gold-mine
Thank you Cowichan, I wonder how much ZH&
24th April 2024
The technical picture still points to further price gains for the precious metal, according to OANDA Senior Market Analyst Kelvin Wong.
Wong points out that the Gold/Copper ratio has stayed above support since late November and has remained within a major ascending channel in place since Oct. 15, 2021. “Therefore, the current configuration of the ratio suggests that there is still a relatively higher demand for gold as a hedging asset for stagflation risk.”
https://www.kitco.com/news/article/2024-04-24/sharp-daily-declines-dont-spell-end-golds-bull-run-oandas-kelvin-wong
Of course, you haven’t lost anything unless you sell. There’s a good chance late summer Centamin will surpass this high and also depends what POG does.
I’m sorry you bought at £1.27 Paul, fingers crossed for you. My feeling is gold is heading back to around £2100, so a slow drop for Centamin. But y’know, no matter how you paint it, it’s all guesswork in the end.
I see we are currently down 4p to 121.7? Is there any particular reason for that-------other than me buying some at 127 last week?
Major European stock indexes traded with losses in the premarket on Thursday as the earnings season continued to heat up, with Deutsche Bank, BNP Paribas, Nestle, and Sanofi all reporting their quarterly results. In data, the traders will be looking at German consumer confidence.
The DAX slid 0.21% at 8:00 am CET. Concurrently, the Euro Stoxx 50 lost 0.19%, the CAC 40 declined 0.07%, and the FTSE 100 decreased 0.15%.
The euro added 0.11% against the dollar at 7:59 am CET, going for 1.07125. At the same time, the pound edged up 0.06% against the greenback, changing hands for 1.24726.
Baha Breaking News (BBN) / AY
Gold currently $2319.00
Looks like over 7 tonnes left Comex for delivery yesterday. 241,000 ounces of gold.
Zaki Hashem, Attorneys at Law
ZH&P brings Victory to Centamin!
We are proud to announce that our over decade long representation of Centamin in the dispute over Sokari gold mine concession led to a verdict by the Egyptian Supreme administrative court in favor of Centamin.
Our firm has been representing Centamin over the past 12+ years in the lawsuit filed by a third party challenging the validity of the exploitation license issued to Centamin under the Sukari Concession Agreement – considered as the largest gold mine project in Egypt.
Initially, our late Senior Partner Youssef Abou Zeid had laid the groundwork and created the roadmap for the lawsuit while our Partner Hossam El Habashi capably carried out the actual management of the file. The matter was also overseen by Mohamed Kamal, our Partner and Head of the Arbitration Department.
We congratulate Centamin and our team for this landmark victory.
https://www.linkedin.com/posts/zaki-hashem-attorneys-at-law_zhp-brings-victory-to-centamin-we-are-activity-7137774411666866177--zng
https://www.linkedin.com/in/sara-abdel-gabbar-60b65013/
------------------------------------>>>>
...In With The New
The Word Is
The ongoing $100 million dispute hasn't been officially filed as litigation yet, and may never, if Centamin capitulates to Egypt's demands. It is unclear if EMRA is completely on board with the possible lawsuit, albeit EMRA is playing both sides to secure additional $$$ for Egypt
Read the first line and should have known same old tripe from Cowchain, heyho.
A balanced & honest analysis - much appreciated considering the vitriol from some who should remain nameless but won't ( MrBond/Mizolgit/Steve-0) who are all the same account w/ fake personalities
the factors that led to my decision to sell Centamin ( yes I missed the rise of gold & subsequent spike in Centamin's share price ) are thus
1) CEO Horgan is a serial fibber , he's been called out many times for a host of irregularities including ; misappropriation of funds ; dereliction of fiduciary duty ; manipulation of data ; omissions of serious ongoing concerns ; the list goes on - whether Horgan does it to fool institutional accounts , enrich friends at Capital, maintain kickbacks , it's all going to catch up with him soon
2) Horgan had no proven strategy to grow or diversify - depending on gold to rise perpetually is not a strategy - it's just masking his deficiencies
3) the smart money had been selling for quite some time -
4) the EMRA is in an accounting dispute with Sukari operations - how that gets resolved may only be monetarily , but still it's enough to hamstring the company
5) the executive terms of the new Egyptian concessions have yet to be finalized - there doesn't seem to be a will to do so, as it's become a bargaining chip to hold over Centamin's head to squeeze more $$$ from the company over point #4
just because Centamin doesn't want to admit the EMRA has a legal case against them (in their professional opinion) doesn't mean the EMRA won't make the situation difficult until they get what they want, and what they want is more $$$
that is why the dispute isn't directly spelled out in the latest annual report, which it ought to be