Firering Strategic Minerals: From explorer to producer. Watch the video here.
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Goldgnome
I got caught out on HZM, but it was mid single digits in the portfolio and had traded a significant percentage to create free carry for some of it. The problem in HZM was having the banks and major funders making sure that HZM only had the minimum spare capacity of $30M (5%) in case anything went wrong. The company did extremely well on the build for 15 months. They then hit one problem after another in very quick succession. The problems were a reservoir dam which is essential for a nickel mine and they noticed soil at depth had changed water retention properties properties and so they had a big earthworks job, they discovered with new kilns installed that refactory requirements were underestimated (was incompetence), but a really big key hit was a major contractor unable to deliver causing a raft of other work to be delayed. The banks immediately stopped all funding and the company was to run out on its own resources in mid December. The cost of building nickel mines has absolutely rocketed in the past year, far more than gold mines. I suspect Glencore who are now in the driving seat are happy to get a mine 70% built on the cheap. McKinsley have done articles showing only 25% of all mine builds end on budget and time. 50% of them have issues like HZM. I should mention La Mancha who own 23% of HZM were on the board. HZM employed first rate contractors throughout the project. However, if you have several 1000 people on-site things can and do go wrong.
Goldgnome, is it a dry storm likely to start bush fires.
That happens here.
I hope no one got caught in this shamozzle. Board clean out, and however did this happen, and who was watching what (etc)
https://horizonteminerals.com/uk/en/press-releases/2023/board-and-management-changes/
https://horizonteminerals.com/uk/en/press-releases/2023/construction-update-for-the-araguaia-nickel-project-3/
Gold moving nicely. In a note published Sunday, commodity analysts at Goldman Sachs said they expect higher gold prices through 2024. In the report titled "Gold's shine is returning,' the analysts raised their 12-month price target to $2,050 an ounce.
"The potential upside in gold prices will be closely tied to U.S. real rates and dollar moves, but we also expect persistent strong consumer demand from China and India, alongside central bank buying to offset downward pressures from upside growth surprises and rate cut repricing," the analysts wrote.
watching a good elecctric storm light up the morning sky ....
the gnome
Sorry about the pronunciation Wally, don't know what happened there , must have been the spell check or me not checking due to being in a hurry!
Still nice to hear from you though!
Hi Wally,
How lovely to hear from you again. I do hope that you are well!
Thank you for the warnings about the beach and the algae in the lake, certainly something dog owners need to be aware of!
Yes wouldn't it be great to see the share price back to something respectable!
Wonder what that old Cornish miner who predicted £5 all that time ago would have to say about the mess Pardey made of running things?
Keep well Wally !
Best
Tibbs
Morning Tibbs.
Come on it’s Porthleven. I have 3 daughters living in Helston and I live very near Penzance.
Loe Bar is the most treacherous beach in Cornwall and many people have lost their lives be careful.
I walked our Lab many times around the pool. Again in summer don’t let your dog swim in the lake because of the algae.
Still have fingers crossed that after years of suffering our share price it will start to rise to a level that I might make a really good return at last.
Hope your keeping well
Thank you Mr Bond, I was just telling a client what you had brought to my attention and was intending taking a walk around the lake later this week in between the showers, may take a walk along the Penzance coastal path after the next meting , quite nice this morning!
https://rb.gy/ydbrzw
Agreed Razor's, lets hope the ceasefire can be permanent!
Gold over $2000
I've heard in the past that gold doesn't track inflation in real time but rather anticipates it. If that's the case I wonder what the price may be telling us
Nice
Major European indexes traded lower on Monday during the premarket session as investors closely monitored the latest developments of the Middle East crisis. During the weekend, two additional groups of captives were swapped between Israel and Hamas. Furthermore, the two parties involved in the Gaza conflict signaled that they would be willing to consider extending the ceasefire.
The DAX lost 0.16% at 8:00 am CET, while the FTSE 100 declined 0.27%. The pan-European Euro Stoxx 50 inched down 0.12%.
The euro and the British pound were flat against the dollar at 7:58 am CET, selling for $1.09484 and $1.26170 respectively.
Baha Breaking News (BBN) / JJ
Happy Monday y’al
* POG $2010 +
* US thanks Egypt for role in Gaza ceasefire
May have been Chalcopyrite ,but gold is not crystalised.
The large house at Loe bar was the family home of a famous ww2 pilot Douglas Bader
Thank you Mr Bond, Been to Port Leven many times but your post has reminded me I should take that Loe Bar & Loe Pool walk and I will also have a look for that gold!
Tibbs
Make sure th tide is out ;-)
As you appear to bein th Helston area.
Go to Port Leven ,on to the beasch and head towards Looe Bar.
If it already has not eroded look up at the cliffs , where you will find the remnants of a copper mine running horizontaly.
Maybe even black sand on the base of the cliffs. often ontaining minute flakes of gold.
No mine owners even recorded how much gold or siver they recovered, There must have been some ,.
Thanks Mr T
You maybe should consider the question as to what is not manipulated. The answer is in fact easy, the things that do not matter are not manipulated, as they do not matter!
Gold, although it is a small market, it does seem to matter? In reality it is a question of the cost of manipulation versus the benefit. The cost of manipulation is not a lot (even if you are caught !?), and the benefit does spill out into a wider arena and questions which have hidden benefits, which tend to have more significance than the costs.
The wider arena has gold lobbing in as more than a commodity or currency, but something that has a lot of "emotional attachment" which goes beyond that which you can reasonably put into a spreadsheet, so the economists leave the room, not understanding something what they cant plug in and compute. They try but this is another game.
So no questions from me, gold is a manipulated market, and hence gold miners and perhaps more bizzarly, gold explorers are a beneficiaries of the manipulation. Gold explorers are bizzare as they have an implication in their price structure, as to what the gold price might be in the future!? Of course no one knows!
But people like me think the gold price is going to stagnate or appreciate, and hence gold explorers are not a bad bet, given you bet on the well intentioned and credentialled explorers (hint: very few of these)
So I am happy with CEY, who have a reasonable allocation to exporation, some of which is very likely to convert to income. . The commodity is gold The company have more reserves than they declare, more resources than they declare and more exloration upside .. So goes the legsilation, and so goes the engineer. The social capital is as good as if not better than most ...
good luck to us all ...
fortune tends to favour the brave and the more informed.
best
then Gnome
Bill Murphy, the chairman of the Gold Anti-Trust Action Committee (GATA)who has led the fight against gold market manipulation for 25 years!
The formation of GATA, why Bill was censored long before ‘Cancel Culture’, how the silver market is heavily tampered with and the consequences that those rigging the market faced when found out.
25 years of the suppression of silver prices by J .P. Morgan!
https://tinyurl.com/383ur858
Everyone has an opinion on gold, ... if interested listen to Joe Cavatoni, Market Strategist at the World Gold Counci World Gold Council on the below chat, go in at 40 minutes on the podcast, more of a balanced and intelligent discussion
https://www.firstlinks.com.au/wealth-experience-podcast-s2-ep12
the speaker
https://www.gold.org/who-we-are/our-team/joseph-cavatoni
Growth of digital gold
https://www.forbes.com/advisor/in/investing/gold/what-is-digital-gold/
Lots of factors impacting on gold, more than previously ...
enjoy the weekend ...
the gnome
Hi Razor's,
I'm in Helstone having breakfast so I can get a signal, other times I find at the cottage that I get the best signal in the very early hours!
I agree with your points, as Kees Dekker has pointed out to me on many occasions its very easy for mining CEO's when trying to raise cash by reeling in new investors to gloss over certain facts especially when they are making presentations to retail investors !
One of our old members who still resides in Jersey used to rent a house to Andrew Pardey when I asked him why he was getting out, but I was still willing to trust in a very senior member of management so I thought that can't be true, sad to say how wrong I was!
I used to be surprised how many CEOs would join in to give advice and their depth of experience on certain blog sites. No longer.
There are a lot of moving parts in a mine site, and a lot more in a large mining operation. To think, as a passive remote investor you have enough information to run the mine, is, a little naieve. To be polite.
There are some excellent exploration results, be it greenfields, or brown... but do I have enough information to make a call on how commercially significant these are? ... not really...an informed guess?...marginally....
Lets have good discussion, good observations,
To have a look at Andrew Pardey have a look at the share price of Predictive Discovery .... since he joined...going nowhere slowly ...
good luck all...
~
the gnome
Major European indexes traded lower on Friday during the premarket session as investors awaited key economic data. Before the markets open, Switzerland is due to release its employment data for the third quarter, while Germany is releasing its business climate reports.
The DAX lost 0.10% at 8:08 am CET, while the FTSE 100 declined 0.25%. The pan-European Euro Stoxx 50 inched down 0.24%.
The euro and the British pound were flat against the dollar at 8:09 am CET, selling for $1.09070 and $1.25355 at the same time.
Baha Breaking News (BBN) / JG
Happy Friday y’al
Enjoy your weekend!
Hi KEN23, could you please post your list, would be very valuable info. thanks
I stated the present BOD and CEO should be called to account and challenged, not changed at this stage.
New shareholders need to be made aware why the company is still suffering because of a catalogue of the previous managements ongoing and intended reckless behaviour.
I am quite clear on my opinions based on the evidence and not unrealistic in my expectations.
Take off your Rose coloured glasses Mr Bond and explain why you are so reluctant to admit to your self and others the deliberate and foolhardy, but very greedy actions of the past management are why Centamin is where it is now.
Cowichan is a very decent chap who feels passionate enough to question,that is to be applauded and indeed is expected by any and decent BOD
Hi Konan,
It is understandable, reasonable and to be expected that you like any other shareholder who isn't afraid to face what may be unpalatable facts should raise those questions, I agree with you entirely!
Taking all your valid points into consideration Centamin would and should have a higher share price than it does at present, most analysts and common sense are of the same opinion.
The share price remains discounted because the previous management were less than candid far too many times about what they knew only to well were unpalatable facts and so despite the new regime having made the long overdue very costly, albeit very necessary operational changes the market expects more than upbeat polished presentations and future forecasts !
The market demands actual delivery of guidance with increased and sustainable profits as a result of a significant reduction in AISC that being the cessation of the excess waste clearance contract!
What would certainly help is some significant share purchases by the CEO, CFO and the BOD unfortunately at present although trying to convince everyone else that the share price is very cheap they appear for whatever treason reluctance to buy themselves!
Tibbs
So now you want to change the BOD do you :-) ?
For what, and why , dont come up with more history of others , which you often repeat .
Seems you are confused ,and not realistic .
Which is a shame for you.
Your chances of that are zero.
Come out with evidence to back your claims ,then you might get taken serious.
Otherwise just get out ,like your friend.
Centamin is up .79 %, Hoc .2 % fres minus 2 %.
So all in all not bad. IMO.