Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
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An excerpt from Egypt's latest 'State Ownership Policy Document' dated March 2023
"Thirdly, the State shall adjust and increase its economic presence while permitting partial participation by the private sector in some of the activities related to those sectors. This applies to 76 activities and is justified by strategic or social dimensions. These activities include pre-primary and higher education, healthcare, activities associated with the Suez
Canal, investments in oil and gas extraction and refining, investments in electricity transmission networks, several activities in the information and communications technology (ICT) sector such as infrastructure for wireless and terrestrial communications, and units for modern postal services, press and media activities, including video films and cinema, radio and television broadcasts."
https://idsc.gov.eg/Upload/DocumentLibrary/Attachment_E/8411/State%20Ownership%20Policy.pdf
----------------------------------->>>>
Note it says the State plans to INCREASE its economic presence in " investments in oil and gas extraction and refining "
Wait just one cotton picking minute - the news reports for the last several years talk about Egypt planning to SELL stakes in various state owned enterprises, but the official policy statement from the government of March 2023 says it plans to INCREASE participation in no less than 76 economic activities - INCLUDING one of Egypt's top foreign owned industries - namely oil & gas extraction (see above)
Bottom Line:
Instead of blindly hoping that Egypt is making the reforms necessary to add foreign investment and secure Sukari's future (Centamin) - analyze the policies Egypt is publishing itself and then decide if you are willing to take a chance on Egypt over let's say, Australia for your current investment dollars. Actions always speak louder than words - and so far the Egyptian military has expanded its hold on Egypt's industries - not loosened it. Therefore, are Centamin's gold reserves actually safe ? It's a big unknown.
Hi Mr Gnome,
True Centamin should have some advantage of knowing how things work in Eygpt , well its time they started to shake a leg and get on with things with some sense of urgency rather than just talking about what might be sometime down the road!
The prices of precious metals continued to follow an upward trajectory on Wednesday with silver going above 4%.
The latest report on consumer prices in the United States seemingly rekindled hopes that the Federal Reserve's monetary policy path might end up being less stringent than previously thought, as inflation in the country came in lower than anticipated.
Silver skyrocketed 4.09% to go for $24.07 per ounce at 11:57 am ET. Gold jumped 1.23%, selling for $1,955.77 per ounce at the same time. Palladium soared 2.74% to reach $1,270.08 per ounce at 11:58 am ET. Platinum surged 2.59% to $952.78 per ounce concurrently.
Baha Breaking News (BBN) / AY
*Gold currently + .1.25%
And in terms of jurisdictions, spare a thought for the penal colony of Australia, still doing purgatory for the sins of our grandfathers (I still dont know who he was?!), or something like that. We have THE VOICE referendum coming up, which will ultimately will see a TREATY drawn up between the Indigenous Nation (which has never existed mind you, but lets not get bogged down in reality, ideaology is far more exictinig) So if land access is difficult now, it is only going to get a lot more difficult, and we could well end up where we were 50,000 years ago? LOL Mining? Not here!
The politicians have lost there way more than usual such that Mining Majors are now getting more concerned than usual
HP launches High Court challenge to public holiday precedent
David Marin-Guzman
Jul 12, 2023 – 4.35pm
Share
BHP is calling on the High Court to overturn a sweeping precedent requiring bosses to ask staff if they want to work public holidays before rostering them on, warning it will create roster uncertainty for much of the economy.
The mining giant has sought special leave to appeal this year’s full Federal Court ruling that found its labour hire arm, Operation Services, breached the Fair Work Act by requiring 85 miners to work on Christmas Day and Boxing Day...
and so on, and so forth
Thanks goodness for Single Malt
best
the gnome
I think CEY are in a very interesting of not excellent position.
They are in Egypt, they do know how it works and how not, they have systems, people, processes in place which work. They have highly prospective ground, including some excellent high grade ore, which could last for decades.
I would understand that substantive Mining newcomers, would be very apprensive of making a committment which in essence would be of the order of 20-30 years, when there is so much uncertainty and ineptitude on display because of the government. The Govt needs some help, needs to listen, and needs to act to make mining investment a far better propositon to long term investors.
If CEY can hold the line, maintain and expand their position, things could unfold to their advantage.
Like to have a punt in the Sudan, or Ethiopia? A splash in Burkina? Lose your shirt in Zimbabwe, or be nationalised in your favourite South American nation ...
Strange world, things are not all bad for CEY
best
the gnome
I do hope you are right Tony!
Tibbs
For the sake of disclosure I am not invested in CEY, but another gold miner....
I am looking at USD Index reaching new lows but still above the 100 marks
and I wonder if there is also a psychological factor involved (100 been a numerical anchoring)
for the USD to hold above that level......for now.
Anyway USD having one of the fastest drop of recent, bodes well for higher POG.
Yes, I have just doubled my original purhase from last week
If only I could buy a few hundred thousand of CEY to the point of having to deliver a TR1 notice. At some point this will do a breakout and take off.
Hi Paul,
Absolutely Paul Centamin know how things work in Eygpt and were certainly not guilty of upsetting any apple-carts, on the contrary they seemed to be walking as though on broken glass, even contributing to the Egyptian economy with advance payments in some instances over and above above the terms of the Sukari concession, that despite its legality being challenged in a court case lasting over 12 years! which detrimentally affected the share price for a number of years!
So why now when other mining companies Barrick doesn't seem that bothered whilst others are already having second thoughts about progressing with developing new mines and with B2 throwing in the towel shouldn't Centamin start to fight its corner a bit more, or is there something we aren't being told?
My main complaint is the lack of ongoing meaningful and detailed information from the company, such as when will there be the much promised substantial fall off in AISC!
1953.19USD. +21.13. +1.09%
Mr T, I thingkby now Centamin know how things work in Egypt and do not want to upset the apple cart. I think all the bids went in "on spec" as none of them wanted to lose out on a potential gold mine :-) . I'm guessing that they were all willing to lay out the initial money to secure a plot but do not want to spend more developing them until such a point that the terms are favourable and are willing to sit on them for years.
I cannot understand why Egypt/ Erma don't help Centamin out more with a view to getting others interested and actually mining gold, especially when you consider what Centamin contributes to the economy.
Lets hope the next update is a good one. At least the POG that they were working on was $1850 so we should be doing better than anticipated. I know other costs might have risen , but the extra per ounce should help. If the ounces mined are better than predicted, then that should also help. I cannot actually see the figures being a lot better than predicted as the "slow and steady" gives a bit of leeway and any extra ounces could be held back for the next quarter.
Yep- US opening should provide more of a boost on their good data
Gold likes it and CEY up a penny.
Centamin seem to be going back to their old ways of treating retail investors like mushrooms whilst applying copious amounts of the same old bullsh*t at quarterly intervals!
If things are going so well in Egypt why are companies like B2 throwing in the towel and why no sense of any urgency developing the areas adjacent to Sukari?
It may sound good during presentations to churn out the same old ureteric but in reality Cote d’Ivoire projects are years away from being producing assets (if progressed at all!)
Cant imagine whet anyone would want to visit those awful Disney Parks, or watch most of the films for that, why not let children experience the real world of nature instead!
the Yanks make lousy chocolate, coffee and bagels are like eating cardboard, most of their food is pretty awful !
Said it before but thanks for selflessly posting this every day - first thing I check
Equities in Europe traded higher in the premarket on Wednesday as the upcoming report on the United States inflation in June pushed Wall Street higher.
The DAX rose by 0.31% at 7:10 am CET. At the same time, the FTSE 100 grew by 0.23%. The CAC 40 increased by 0.48%. The Eurostoxx 50 gained 0.42%.
The euro went up by 0.23% against the dollar to sell for $1.10345 at 7:21 am CET. A minute later, the pound sterling advanced by 0.23% against the greenback to change hands for $1.29622.
Baha Breaking News (BBN) / JR
Happy hump y’al
Gold currently + .39%
Maybe it could be a good thing if they stopped eating as much!
Tony ,some of the comments are hilarious.
Https://www.zerohedge.com/markets/cash-strapped-consumers-cut-back-toilet-paper-and-toothpaste
The Disney Parks are empty as well. American consumers are hitting the wall. We shall soon see later this month if the FED has them flying through the windscreen as well.
All well and good to launch an alternative reserve currency backed by gold, but the FED Cartel will likely not care a jot and just spank the price of gold down using paper sells on the Comex.
The market doesn't care if its paper as long as they can shuffle it up and down!
From Reuters:
https://www.reuters.com/markets/us/futures-edge-higher-investors-await-inflation-data-2023-07-11/
Impossible to predict- FED seems to think inflation will be still sticky as they are hawkish according to latest comments- but markets think differently… will find out tomorrow
Do tell us what you think - make a forecast.