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Cowichan, your statement "the disputed parcel", is of course G ,but there is no dispute of course.
You were theorising , what if .
It is for EMRA to decide ,the highest price in auction normally wins, but if EMRA do not think the bidder is "Right and proper"
they have the power to award to another.
As Mr Naguib Sawaris has realised in his attempts to buy into the Egyptian banking sector, and possibly the Shalateen merger. Not a "right and proper" candidate.
Cowichan thanks but are we saying that only Barrick and Centamin are playing and no other companies are currently interested in Egypt ? As far as my memory serves me we are not only talking gold in the region there are many other minerals involved.
Do we know when EMRA will be publishing the results of bids?
Muchos grazias,
Tiger you have/had a bit in hoc
Hi MrGnome,
Great to hear from you with your usual informative technical information and your reminder of our beautiful natural world during these dark times of pandemic.
I have worked in this general area and looking for this style of mineralisation. I am not an investor in Hothschild, and unlikely to become.
Looking at their presentation, I mark it at the very low end of the spectrum. Critical information flow was poor, clarity on key value add areas poor...Lots of maps which inferred continuity, but the drill program suggests otherwise. The critical matter in these systems is how does one get onto the real fire (read real value) as opposed to get lost in the smoke. This is not at all clear in their presentation. What is clear is they have very large budgets for brownfields and greefields exploration which is good, but one can spend a lot for little gain unless there is a clear way of focussing in such a system. NOT CLEAR
I dont like the Au (Eq) financial metrics. Not a lot of meaning here. Lack of metallurgical info .. whats going into the plant, whats coming out, whats going to the tailings. ...
My advice to you, is to be very careful...this company needs to have exploration success to make a go of it,
Debt...some strange figures
Lot of intersections look suspect for an underground operation ...
Just some quick comments .... tread carefully
best
the Gnome
Gilyarrd
I am not sure...but I am sure they have some ripping deals on Australian Trips!
https://www.discoveraustralia.com.au/holiday-packages/train/indian-pacific/
If you missed the Wild Flower season in Perth and Kalgoorlie I suggest you come back as it is truly magnificent!!!
best
the gnome
Gnome thanks for that news from down under, pretty miserable outlook here; as a matter of interest what is your view of Hochschild’s balance sheet, if PM prices continue to fall they matter more, (Bristow is currently able to mend his balance sheet pretty fast ....as long as high prices hold)?
Goldknome
This day last year I boarded the Indian Pacific train in Perth for a wonderful four day trip to Sydney. I don’t suppose it’s still running by any chance.
I think it would be easy to decide.
On one hand you have a company who has been committed to Egypt for a decade or more, and on the other hand you have a company who wants to make a quick buck anywhere, anytime. The company is extended in many dimensions. The latest balance sheet data shows that Barrick Gold had liabilities of US$1.97b due within a year, and liabilities of US$12.6b falling due after that. On the other hand, it had cash of US$3.33b and US$371.0m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$10.9b, but its probably OK. Its in numerous jurisdictions, some of them not that healthy, and has multiple commodities. Social liscensing on the mend, apparently...
Once again, Barrick is facing legal action in the U.K. on behalf of victims of shootings and beatings by its mine security at the North Mara Gold Mine in Tanzania. In Papua New Guinea (PNG), Barrick is on the verge of losing access to what CEO Mark Bristow calls a mine with “tier one potential.” The country’s Prime Minister, James Marape, has pointed to environmental and legacy issues as factors for denying Barrick’s subsidiary a renewed 20-year licence.
Centamin is a simple, debt free, royalty free, free cash flow story, with plenty of social liscence.
I know which way I would be going if I was the Egyptian government.
For those wanting an update in Oz, Four corners current affairs, revealed affairs last night which are less than inspiring. Massive wave of bankruptcies on the way (next 3 months) in the run up to Xmas, being managed by a relaxation fo the insolvency laws, such that companies can trade out of their problems (and become zombie companies, so not a great step forward). The next step seems to be a depression (we are already in recession with a $355b hole int he forthcoming budget) The good news is that the infection rate is getting down to the level where it meets the Victoria state government targets (no one seems to be sure how they defined these requirements, ... and of course more worrying is no one in the Victorian government seems to know how or who in the government managed hotel quarantines, which were so mismanaged and are adjudged as leading to the second wave of infections and a ery high fatality rate, and I expect there is a lot more to surface, none of it inspiring...who signed off on the security contracts, what was defined in the contracts, pricing of the contracts, was there some form of open tender and if not how did a company get the nod who did not have the personnel to do the job, and subsequently to do the job made use of Whatsapp recruitment services..etc etc
Now we have the Wharfies on strike for a 6% pay rise (linked to some form of productivity or something like that?), when the country is going broke, and medical supplies are not being delivered, during a pandemic...alls fair in love and war (and life down under)
Bring back Ned Kelly...LOL
be
Parcel G - but it's just a theory Mr Bond. I too am only grasping at straws!
Out of interest, what disputed parcel ?
Unfortunately for Barrick and its debt , it is now devolving its control and making individual mines more responsible for themselves.
They IMHO are out growing themselves, and are not likely to want more problems in this current financial ,politically uncertain climate.
The chances of a joint venture in Egypt in my humble opinion are next to zero, they already have a partner.
But what do I know, nothing ?
Hi DASUT,
I think we have to consider a third possibility.
It's likely the concession nearest Sukari has gained the greatest interest (or perhaps the only interest!) this bid round. If that's true then it will be difficult for the EMRA to decide between Centamin and Barrick.
Therefore we might see a compromise arise where the two companies are 'encouraged' to strike a joint venture exploration agreement over the disputed parcel. I'm not a fan of that sort of arrangement so I hope Centamin's offer wins the day.
Does anyone know the names of the companies that threw their hat in the ring and bid for any of the blocks? Also does anyone know when we are likely to hear who is successful?