Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. 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.
Makes sense to me DASUT.
You need to check the % cost of wages in relation to overall operating costs, and against what was recently forecast and budgeted to assess impact. This will demonstrate the impact- meeting or exceeding actual v projection is where it's at.
My thoughts exactly,Dasut.
I don't know how, why or where the pressure is coming from to give rise to the SCC revisiting law 32, to be honest I thought it had been buried never to heard about ever again. Maybe with the awarding of additional mining areas and the ongoing discussions and negotiations on the terms of agreement have caused this to be revisited as large mining investors aren't going to want to sign off when there are threats due to holes in the laws.
If there is now a chamber of mines in place then I would suggest a large lobby is now in place and Centamin aren't now batting on their own.
Cant help but think that if law 32 gets the rubber stamp saturday, then we should buy El fakarany a pint or two! because if it wasn't for him a lot of us LTH wouldn't have been able to accumulate so many shares on the cheap.
Never thought that it would take this long to get resolved though, but its been an interesting roller coaster of a ride.
effective as of 1 January 2023
... In addition, the Decree stipulates that private sector employees are entitled to an annual salary increase of 3%
https://www.sharkawylaw.com/amendment-to-minimum-wage-and-annual-increase-in-private-sector/
--------------------------------->>>
My Thoughts:
Considering the rampant inflation in Egypt and concurrent EGP devaluation we should expect a wage increase for Centamin/Capital employees in the order of >10%
Of course these workers deserve it - still it will push AISC up
Nothing will happen , more likely they forget there is a hearing , Egypt is a joke legal system
Mr Tibbles ,all I can say .Is now the Justice System is on trial.
Quite so Mr Bond,
It will also be some indication of how much has really changed in the attitude of some in the Egyptian corridors of power !
Yes the case brings back memories.
Best part of it Hamdi El Fakarany was head of Anti Curruotion Commission in the Government of 2011 - 2012.
Charged and convicted of misuse of power and fraud. Sentence initially to 4 years .
Centamin was left with 12 years of un-certainty.
Lets hope justice is finally done on the 14 th.
Hi Siko,
Firstly Happy New Year to you and your family from all of your forum friends!
Thank you for keeping everyone informed on such a long outstanding, but important issue!
Keep Well
Tibbs
Agree Razor - It would be a great fillip going forward, especially if next week's results are a positive. - It's hard to imagine what the possible outcome on the SP would be in such circumstances. - However, remembering yesteryear, I'll put excitement onto the back-burner and wait'n'see.
I totally agree Rebess. The outcome of Saturday’s cc if it carries the correct ruling will by default make the Centamin cc void.
I’m sure Martin Horgan is delighted that the case is being heard a week prior to the company’s conference call.
Law 32 is not Centamin specific. - My understanding ; If it's passed, then it resolves the outstanding CC brought by ALF at stroke. - This CC casts a shadow over the legality of Sukari beyond 3km. - If it isn't passed, then the outstanding issues remain outstanding until the Administrative Court reconvenes and makes a final ruling.
Difficult to know after all this time what affect it will have on the SP if it is passed. - The market may well regard it as a non-issue. - It definitely had an affect at the time and for some time afterwards. - Not so sure now. - Something to look forward to one way or another. - Thanks Siko, good to hear from you. - Good luck.
“Inshaa Allah” as they say in the Middle East or God willing it happens on Saturday 14th January.
Or is the Law an "Ass".
Thanks Siko.
Long Term ,I do not expect much change in the SP.
Probably totally wrong ,but this has dragged on for so long, LTH have learned to ignore it..
I find it hard Government Agencies would wish to harm its only producing miner.
Also Saturday is the beginning of the week in Egypt.. it's like Monday in UK..
Does anyone expect the decision to have any effect on the SP.. what's your expectation if the decision is in favour or against law 32?
Siko
Thanks for this I will have a look.
Hi all,
This is the site for the SCC which will rule on law 32..
https://www.sccourt.gov.eg/SCC/
If you know anyone who speaks Arabic, you could ask them to check what happened in the meeting on 5th Nov 2022.. the third decision on that meeting you will find that the status of case number 120 for the judicial year 36 (this is law 32 case) has been booked for ruling on 14th Jan 2023 and that is clear on the site now..
And subsequently the media reported that..
https://www.youm7.com/story/2022/11/6/14-%D9%8A%D9%86%D8%A7%D9%8A%D8%B1-%D8%A7%D9%84%D8%AD%D9%83%D9%85-%D9%81%D9%89-%D8%AF%D8%B9%D9%88%D9%89-%D8%B9%D8%AF%D9%85-%D8%AF%D8%B3%D8%AA%D9%88%D8%B1%D9%8A%D8%A9-%D9%82%D8%A7%D9%86%D9%88%D9%86-%D8%A5%D8%AC%D8%B1%D8%A7%D8%A1%D8%A7%D8%AA-%D8%A7%D9%84%D8%B7%D8%B9%D9%86/5967349
I will let you know on Saturday the decision ..
Siko
Razor, respect that thank you.
This is a great board I don't post much but know who all the knowlegably guys are keep up the good work and happy and prosperous new year to all
Ken
Nothing is guaranteed in the Middle East, there’s always a chance it doesn’t happen, so I wouldn’t pin all my hopes on it.
Hopefully myself, Goldgnome and tibbs will have raised the right questions of coldspy to prevent anyone getting sucked into that shameful Cross ramp of GCAT yesterday.
I suspect GCAT will tank today.
Good to see there are some knowledgeable posters on here.
Ken23 if I may.
Siko posted these two regarding the Centamin court case last November.
—————
Court Case
15 Nov '22
Hello everyone,
I'm in Egypt now..
Do you still remember the court case?
Do you remember how it has been suspended because of an appeal in the Supreme Constitutional Court (SCC) against law
32 which prevented appeals against state contracts?
Well, I have been told that the SCC has finally decided to deliver the verdict on 14th January 2023.
———————-
Court Case
15 Nov '22
Hi Steve,
The SCC commissioners report has not been published yet, which of course will give a big hint about the verdict.
Last time their recommendation was to cancel the law as they thought it was unconstitutional. Seems like the SCC did not like the commissioners recommendation and asked them to reconsider their recommendation and re write the report.
The SCC does not have to agree with the commissioners or accept their recommendation, but it would be odd to go against their recommendation.
If the SCC decides that law 32 is constitutional, then no one could appeal against state contracts, then Centamin court case gets cancelled altogether as if it never existed because the law applies to all existing cases where no final verdict was delivered.
If the SCC decides that law 32 is unconstitutional, then the Supreme Administrative Court (SAC) starts Centamin case again at the appeal stage.
Remember that the initial court ruling was only to limit the area allocated to Centamin to 3km sq area because no signed contract was submitted for the 162km sq area, which Centamin has submitted later during the appeal (I sent a link here for the signed contract).
Moses,
Thanks for your reply
so you concur the 14th Jan is when the decision will be made on law 32 ?
Regards
Ken