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December 2021.
In all fairness to Horgan ,he only said there was a possibility of a Bonanza grade accessed by mainly the open pit next year.
These high grade deposits being in narrow veins and erratic.
So best for now ignored ,If they happen a bonus.
I agree Mikefreedom - Mr Horgan must be careful not to protest too loudly or push too hard for change if he wants to keep his job - assuming he's committed to working in the best interest of shareholders and not personal side deals
One battle I would like to fight is for more details on the so called 'Bonanza Zone' supposedly discovered late last year - how was it discovered? So far we have no actual drill results - so who's to say it is real ?
There is a public message to Centamin here for those shareholders who want react or comment further on the subject:
https://www.linkedin.com/feed/update/urn:li:activity:6970421600387010561?commentUrn=urn%3Ali%3Acomment%3A%28activity%3A6970421600387010561%2C6970664994208112642%29&replyUrn=urn%3Ali%3Acomment%3A%28activity%3A6970421600387010561%2C6970772361243500545%29
I am sure Martin Horgan is walking a fine line also ..... and I hope he is engineering a change in the board and future of the business. This all takes time and you decide which battles to fight to bring about change..
I am hoping he is in it for the long term to turn the minnow into a mid size powerhouse.
And yes, some more transparency would be good but it could also be just dragging up the failures/incompetence and big bonuses to the board/prior CEO bonuses. It would be good if the fund managers would give some strong words........
Anyway, any short/medium term predictions re gold
I am hoping one day for some gold covered flip flops
Analysts at Liberum raised their upside case target price for shares of Centamin to reflect the saving that could accrue from its 'in-house' underground mining, solar generation and grid electricity.
That was despite their "conservative" assumption that inflation would erode half of the projected savings.
The annual savings were pegged at up to $60m or $133m/oz and had yet to be reflected in post-2022 guidance, they wrote in a research report sent to clients.
Nonetheless, the Egypt-focused gold miner's unit costs were seen falling by $42/oz. as a result in 2023 and by $64/oz. from 2024 onwards.
In turn, their upside case net asset value-based target was bumped up from 102.0p to 121.0p.
At their current price, the shares were discounting a gold price of $1,525/oz..
Liberum also reiterated their 'buy' stance for the shares.
European markets traded higher in premarket trading on Wednesday following yesterday's volatile session. During the day, Germany is scheduled to publish its latest data on the unemployment rate after previously registering higher-than-expected inflation in August. Europe is also set to announce its latest Harmonised Index of Consumer Prices report.
Frankfurt's DAX was up 0.45% at 7:23 am CET, the CAC 40 increased by 0.28%, while London's FTSE 100 rose by 0.13% at the same time.
The euro was higher against the greenback, to change hands to $1.00412 at 7:35 am CET. Two minutes earlier, the pound sterling traded 0.27% higher against the American dollar, selling at $1.16869.
Baha Breaking News (BBN) / MM
Happy hump y’al
China has significantly stepped up its gold purchases from Russia amid a Western ban on Russian gold following its invasion of Ukraine.
China imported $108.8 million worth of Russian gold in July. That is a 750% jump from the previous month’s total of $12.7 million and an increase of 4,800% from $2.2 million reported during the same month a year ago, Russian media RBC reported citing Chinese customs data
https://www.kitco.com/news/2022-08-30/China-s-gold-imports-from-Russia-surge-750-in-July.html
This Thursday I’ll be heading out to Egypt on an ESG internship with Centamin PLC, an opportunity created alongside Women In Mining UK (WIM UK). I will be working on site at the Sukari Gold Mine on projects relating to supplier due diligence and social performance monitoring. I’m very much looking forward to this experience!
continues here:
https://www.linkedin.com/posts/phoebe-d-01aba2115_esg-development-womeninmining-activity-6970421600387010561-eI2f?
-------------------------------->>>>
A great opportunity for this academic but also a bit of a conflict of interest.
How free will this person be to criticize (or more likely how motivated will they be to see the glass half full) when the benefactor Centamin is paying your way ?
Regardless, it baffles the mind how much oxygen the ESG narrative devours in the absence of real shareholder accountability. Some will say leave the past missteps and waste buried - as it doesn't apply to the present lot of directors and CEO. Fine.
But here is an obvious misstep - having a subjugated intern study one's ESG practices when only an arms-length 3rd party could be impartial is nearly pointless.
Kinda like expecting a reply from Centamin's IR dept regarding the long stalled Batie West divestiture, the competitiveness (or coziness) of the Capital waste moving contract, and the existence of real drill results from the Bonanza Zone. Is integrity, transparency and disclosure not part of the ESG agenda?
Come on Mr Horgan, do better than your predecessors - if you've no answers for shareholders on these questions we can't help but assume the reason you are silent is because the truth won't stand up to 'ESG' principles - emphasis on the Governance.
I agree MrBond - good points you make
No different than politics ,when there is a re-election you rely on your major backers.
Sawaris and Endeavor learned the power of the large holders.
But then he was not well liked in Egypt. EMRA also have the power of large investors.
Bristow has led a succesful company but his personal like of hunting wild animals would not go down well with large or small investors in this world now.
But CEOs can be got rid of, he is not the company .
And of course large investors enjoy dividends ,unlike small traders.
then small shareholders like us really have little sway.
--------------------------->>>>
Aug 29, 2022
“Copper has always been part of Barrick. We need to grow more and copper helps you. We will keep investing in Zambia but our other focus is the Nubian-Arabian shield, which is western Saudi Arabia and Egypt, where we have our toe in the *water.”
Bristow reckons there is going to be an inevitable convergence of gold and copper mining. Not long after Randgold had merged with Barrick – and Bristow took management control of the new group – he was involved in talks over a possible merger with huge copper producer Freeport-McMoRan during a “window of opportunity” in 2020, when the copper price was depressed at levels below $3/lb.
Nothing eventually came of it and, asked about this during a press conference at the Mining Indaba, Bristow replied: “I tried. Everybody *****es at me, but I tried. It was a damn good idea but the guys who stopped us were the big funds.”
https://www.miningmx.com/news/base-metals/50369-zambias-long-neglected-copper-riches-are-turning-heads-again/
<<<------------------------
* Also, how warm is the water in Egypt?
Thankyou Spoonington for the tip, IDX have been punished, certainly interesting figures, and there seems to be a solid progression in last few days ...
Self evident, I wish it was that self evident to those in the pollies positions.
best
the gnome
Love the Tuesday am positive energy Razor!
European stock exchanges traded mostly higher on Tuesday, as market participants awaited the latest reports on the region's consumer confidence and key data on German and Spanish consumer prices, as costs of energy and food continue to rally.
Previously, the European Central Bank warned that inflation is expected to remain high in the short term, while focusing on closing the gap between the current policy rate and approaching rate rises on a meeting-by-meeting basis.
Frankfurt's DAX and the CAC 40 rose up by 0.49% and 0.43% at 7:31 am CET. At the same time, the FTSE 100 dropped by 0.19%, while the Spanish IBEX 35 grew by 0.64%.
The euro and the pound sterling stood flat against the American dollar, going for $1.00010 and $1.17036 respectively at 7:33 am CET.
Baha Breaking News (BBN) / AB
Happy Tuesday y’al
At the starting blocks again.
Our rosé is yet another day closer to blooming.
Bol.
Gnome what you say is self evident, as you are in my country I will give you an easy profit, buy IDX you will do well :)
Lower quality advice for lower fees? No thanks
SAME OLD RUBBISH, GETTING WORSE
“Lowering standards to lower fees” is the proposed approach to reforming financial advice?..THE NEW SUGGESTION FROM THE NEW GOVT?!
That’s a strong “Hell to the no” from me.
See, there’s a review underway, covering financial advice.
And boy… as you can tell, WE have some thoughts.
Apparently, if reports in the Australian Financial Review are to be believed (and there’s no reason not to) the review is going to recommend that financial advisors no longer have to apply the ‘best interest’ test, when giving financial advice.
Whoa! WTF!!
If these changes go through, financial advisors would no longer have to ensure their advice was in the clients’ best interest?
Think about that for a minute.
Imagine being a doctor, and not having your patients’ best interest as your number one obligation.
Or a lawyer, and not having to act in the best interest of your client.
And yet this review is (apparently) about to let financial advisors act in some other way?
Apparently ‘good’ advice will now be enough.
Goodness me!
Maybe, after a decade or so, the industry is about to win, putting itself ahead of its clients again?
Oh, they don’t actually say that.
They say they’re worried that advice isn’t affordable enough.
See, having to act in clients’ best interest is apparently too expensive.
And if they don’t have to do that any more, they can make advice cheaper.
Sure, it may not be in our best interest any more, but at least it’s affordable.
If that sentence doesn’t strike you as completely absurd, you need to read it again.
Apparently the options are:
-- We’ll do what’s in your best interest, but it’ll be expensive; or
-- You can pay less, but we can’t promise the advice is in your best interest
Frankly, I’m not sure I have the words.
Some people will say the administrative burden of the ‘best interests test’ excludes those who can’t afford the fee.
I’m sure that’s right. After all, most financial advisors are driving 15-year old Toyota Camrys, right?
A cheap shot? Maybe.
And they're not bad guys and girls. Frankly, they're right -- the admin burden is a debacle.
They're not wrong about the problem.
But it's the proposed solution that stinks.
See, there IS a problem.
But it’s not the one you think.
It’s not the ‘best interests’ duty that’s the problem.
It’s the fact our system is so bloody complex that so many of us need advisors! NOW why is that?!!!
the gnome.
Interesting commentary from the USA. The commentary from Oz is house sales and prices are heaidng south ... as commented on before.
Home Sales Are Crashing Faster Than the Bursting of the 2005 Housing Bubble
THU, AUG 18, 2022 - 1:08PM
By Christopher Puplava, CRPC®
Chief Investment Officer, Financial Sense® Wealth Management
Existing home sales continued their historic plunge in July to reach the lowest level in 7 years outside of COVID, down roughly 1.7 million home sales in just the last six months.
To put the current pace of decline into perspective, the housing bubble peaked in 2005 and then rolled over heading into 2006, but the speed of the decline did not accelerate until it began to fall off a cliff in 2007.
https://www.financialsense.com/blog/20346/home-sales-are-crashing-faster-bursting-2005-housing-bubble
Powell’s hawkish speech at the Fed’s Jackson Hole meeting sent Wall Street tumbling on Friday night and the pain spread across the local bourse from the opening bell, with the Australian tech sector dropping 4.4 per cent amid some spectacular falls, including Life360 (down 8.4 per cent), Block (down 7.8 per cent), Megaport (down 9.1 per cent) and Zip (down 8.9 per cent).
There are a lot of fintechs who have razor thin moats, but of course we dont like to use this in the analysis of value. Its all done in the clocks and the likes, the mega scale potential in the drop of a hat (or 50% in value), which is what I dislike, as there is not a lot of substance in the likes.
I think this bodes well for gold, and I suspect and hope the extraordinary privielege given to the US$ is eroded, and sent to history or the archives.
best
the gnome
If nothing else it gives continuity of production with people who are familiar with the equiptment.
To remove and replace would likley cost more in loss of production let alone the supply of new.
transport and supply problems are still a major factor for all.
Stay in business capital was $199.1 million, offset by $26.7 million related to
the routine sale of PPE, primarily the exit from Sukari.
https://wcsecure.weblink.com.au/pdf/_PRN/02556328.pdf
My friend when you get to our stage capital protection is vital, it is nice to make a profit but if we risk it all we may have to go back to work - not groovey!
I will take risk when it seems sensible but my primary thought is we have enough, I will protect that position always :)
Oops I meant the vast majority were saying s and p would drop further when it hit the 3600's - this site needs an edit button lol
My strategy is similar- my highest risk is also crypto- most of money is tied up in property and private pension (which is managed by someone else for me and I keep equity globally based for balance), cars. I play with my gambling money on cey and some miners and other high risks stocks along with crypto. I see to CFD on gold and major indices, had several wins and got profits wiped out and hit a loss in 1 bad move so don't bother with that anymore as too high risk for me :-). Good luck Spoonington- well done the other day. As you say no one knows precisely the direction, I recall a few months ago when s and p hit the 3600's it was certain to keep going down and yet it went back up the circa 4300 and lots of people lost a packet... time will tell but with my main pension equity is the way to go as the drawdown will take the rest of the my life, so plenty of time for recoveries and gains and the trend doesn't lie across every indice
My other 90% is 10% crypto (BTC & ETH), 10% Australian equities, 10% international equities & 60% cash - I believe markets are overvalued at the moment thus my weighting to cash - this pains me as I hate getting an effective negative return but I do think I will profit from this strategy - in the interim I will use the cash to make casino style bets on the market, my recent one has proved profitable whether my future ones will be likewise remains to be seen :)
To explain I do not consider mining companies to be gold holdings, my 10% is made up of 50 oz of physical bullion which I treat as our national reserve, I have another 100 oz through a listed ETF called PMGOLD, it is the best paper gold I have come across & I want the ability to trade despite my long term insurance plan - it is nice to be able to get a return from your insurance :)
I invest purely from the requirements of myself, my wife & of course the Lady Spoonington Woofalot which gives me a huge advantage over big funds, I will always use that advantage just as they will use theirs - no point in crying over the state of the world we have created, we know the rules, the trick is to gain benefit from them & primarily make sure that you doggie enjoys a lavish lifestyle :)