The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
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the author of the Mining Stock Journal, Dave Kranzler, joins Andrew Maguire once again to contemplate the changing dynamic of how paper and physical gold markets interact.
As the Russian currency keeps strengthening, the two precious metals experts delve into the monumental ramifications of pegging the Ruble to gold, and the possible emergence of a new monetary system.
https://www.youtube.com/watch?v=-riVXhvfFaI&t=11s
As always please note
The opinions expressed in this video of Andrew Maguire and any guest,
Hi Dasut,
Good points about how to power the lifting gear etc,
https://www.osti.gov/servlets/purl/990290
https://electrek.co/2019/01/29/caterpillar-electric-excavator-giant-battery-pack/
https://www.angloamerican.com/futuresmart/stories/our-world/environment/mining-with-renewable-energy
On January 27 2022, Sany Heavy Industry’s first 300 t electric-drive front (face) shovel, SY2600E, officially rolled off the production line in Kunshan Industrial Park in Suzhou, it says “once again achieving a technological breakthrough in the field of super-large excavation.
https://im-mining.com/2022/02/09/sany-heavy-industry-unveils-new-sy2600e-300-t-class-electric-drive-hydraulic-face-shovel-suzhou-factory-china/
Good news Cowichan, thank you!
Should I buy an electric car?
https://www.pistonheads.com/gassing/topic.asp?h=0&f=135&t=1982601
Thanks Cowichan
I think it is healthy for CEY and Egypt, for there to be competition for prospective ground. I think the new Mngt and CEO appreciate organic growth and more strategic (and near term) development of options in this area. Hard to know what the previous Mngt and Ceo was thinking, but they do not appear to me to have had their organic options covered. But it is not too late. CEY should look at how to work with Altus, as if they don't, I am sure other majors will. I would NOT be waiting if I was CEY!
best
the gnome
The use of electric equipment is underway in Australia albeit on a relatively small scale so far.
The initial feedback is very positive, although there is increased capital cost up front, the reduced operating costs particularly maintenance is well & truly compensating. The benefits in underground mining have been highlighted as the use of electric vehicles dramatically reduces the ventilation requirements which can save big bags of cash.
Although the above sounds good so far I have had comments from friends who work hands on with the equipment suggesting quite a bit of the positive feedback is due to companies wanting to be seen waving the green flag rather than true practical benefits - only time will tell how beneficial electric equipment will be to the mining industry but I am quite hopeful :)
Fascinating but knowing what I know about mining equipment I would need to look at the pros and cons of introducing the technology into Egypt. I know the likes of Caterpillar have trial fleets with major mining companies around the world to ensure product reliability, performance and costs work for their customers.
It must be the way to go but not sure if Centamin are ready for the leap into what could be the unknown but 18 months is quite a long time and considerable advances and knowledge will be gained during that time.
It is interesting how automation is linked to electric drive equipment, I remember in 1980 seeing automated equipment running in a proving area and 40 plus years on we only see a limited number of machines working in the Industry.
Will Health and Safety acts around the world move with the times to allow machines to run around mines without drivers/operators? Yes I am sure one day it will happen is Centamin ready to introduce this technology I am not sure but certainly wouldn't rule it out.
I would however like to see numbers particularly around performance and reliability based on actual mine site conditions and applications but I have been out of the market for quite a while so maybe need to chat with people who have first hand experience.
There is an awful lot more to cost effective mining equipment than an electric motor turning the wheels as also need to provide power to hydraulics to lift the tools to do the work. Larger the machine and the heavier the work brings in additional dynamics.
I would be interested in hearing from anyone on this forum who has first hand experience of truly battery powered mining equipment Mr BC if you are still reading the contributions.
Polymetal, the London-listed Russian gold and silver producer, has postponed a decision on its 2021 final dividend payment amid uncertainty around the ramifications of western sanctions on Russia
Subscription only:
https://www.thetimes.co.uk/article/polymetal-holds-off-on-dividend-vote-ghzkfwgfh
Mr Horgan said the underground fleet they bought from the contractor was nearing the end of its life-cycle which presents an opportunity to go electric when purchasing a replacement fleet in the next 18 months
One of Canada's largest underground mines is transitioning to one such electric & automated system - details here:
https://im-mining.com/tag/minetruck-automation/
entamin plc (LON:CEY – Get Rating) has earned a consensus rating of “Buy” from the six analysts that are covering the company, Marketbeat reports. One equities research analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is GBX 120.33 ($1.57).
Several analysts have issued reports on CEY shares. Royal Bank of Canada reissued an “outperform” rating and set a GBX 120 ($1.56) price target on shares of Centamin in a report on Monday. Morgan Stanley reissued an “equal weight” rating and set a GBX 100 ($1.30) price target on shares of Centamin in a report on Thursday, March 24th. Liberum Capital restated a “buy” rating and issued a GBX 108 ($1.41) price objective on shares of Centamin in a research report on Wednesday, March 16th. Peel Hunt restated a “buy” rating and issued a GBX 130 ($1.69) price objective on shares of Centamin in a research report on Wednesday, January 19th. Finally, Berenberg Bank boosted their price objective on Centamin from GBX 108 ($1.41) to GBX 114 ($1.49) and gave the company a “buy” rating in a research report on Tuesday, April 5th.
https://www.defenseworld.net/2022/04/14/centamin-loncey-rating-reiterated-by-royal-bank-of-canada.html
Eldorado gold production down 25% over last quarter due to a host of unforeseen problems
yet states full year guidance remains unchanged - good luck with that
Barrick gold production also down 20% over last quarter but says it was as expected
Eldorado shares are up today while Barrick is down - hard to explain that dynamic
Upside potential here is massive if results please on wed next I wouldn't want to be out in case I missed out..
agree this should be in the high 100s if not 200.. mega undervalued. i am confident it will pick up
Dirt cheap this no matter how you look at it...with gold at nearly all time highs this should be double...patience, be patient thats the way :))
AFTER A SLOW START TO THE DAY
We are back to yesterday's highs as 99p has appeared on the ticker "AT"
Nails on the head Cowichan!
As we are aware there has always been rivalry between the ElRaghy family and Sawiris who has been pushing his claim of being treated unfairly for a long time with with Egyptian government officials.
In the main though it seems that foreign investors like us are the ones who tend to be treated unfairly considering how long the Sukari license court case and the challenge to the withdrawal of the previously agreed diesel subsidy have been languishing in the Egyptian court system.
Remember Law 32 , there doesn't seem to be any intention of ratifying that anytime soon!
halfpenny your much-needed optimism is encouraging and in the mid-term I reckon you are spot on. Dasut is trying to prepare us for some disappointing numbers on Wednesday, which we know are coming, and they are likely to duff up the SP in the short term. So I reckon you're both right and have nowt to argue about?
Stock exchanges in Europe were higher in premarket trade on Thursday as investors prepared for the next European Central Bank decision on interest rates, set to be announced later in the day and the press conference by ECB President Christine Lagarde that will follow.
The DAX gained 0.58%, London's FTSE 100 rose by 0.22%, while the CAC 40 advanced 0.48% at 6:49 am CET.
The euro was 0.21% higher against the dollar at 7:04 am CET, trading at 1.09125. The British pound was up 0.17% compared to the American currency, going for 1.31392 at the same time.
Baha Breaking the News (BBN) / MS
I posted this today on LinkedIn:
The Shalateen Mineral Resources Company was granted the gold mining concession immediately south and adjacent to Centamin PLC 's #Sukari mine in #Egypt. Hopefully The Egyptian Mineral Resources Authority can expedite expansion of gold production around Sukari by prioritizing Centamin's existing infrastructure and expertise to the mutual benefit of all parties - creating jobs and advancement opportunities for local mining industry professionals. Hassan Reda Dr. Mahmoud El-Moghazy Tarek Sedki, MSc, PhD, mMBA, MAusIMM Mostafa Khalid Mahmoud Ibrahim Mahmoud Salem Ismail Mohamed Moustafa AbdlRazik Magdy Mohamed Rashad Sayed Gomaa "AAusIMM" Asmaa Nadeem Ahmed I. Salem
https://www.linkedin.com/posts/don-lawson-98619370_sukari-egypt-activity-6920088380462493696-qtv4?
------------------------------------>>>
Remember when the concessions mysteriously disappeared from the EMRA's online map a few days before the end of Egypt's last bid round? So now we know it was removed to be given to Shalateen without contest. And we also know special laws were just ratified by president Sisi to facilitate their exploitation.
What we don't know is who the EMRA and Shalateen has in mind with which to partner. God forbid it be Sawiris's Altus Strategies or its subsidiaries.
I for one would like to ensure Centamin gets first dibs on any such partnership - for the reasons stated above.
Not much point in dwelling on the past it's going forward that's going to matter..
Hi Dasut,
If you recall thr LHDR wasn't the cause of the crisis , it was the hitting of unexpected low grades, in the open pit which in fact Pardey was made aware of two years previously. but he denied it and carried on glossing over the cracks by high grading.
It was just unfortunate that the LHDR decided to self destruct at the same time they hit the low grades in the open pit meaning that they couldn't supplement i the lower open pit output from the underground,
I understand your point about it not being cost effective to have a second LHDR on site, however that is assuming that the operation was being run properly, which we now know it wasn't, so considering what we know now and the amount of money the BOD has squandered elsewhere I feel the cost of a LHDR pales into insignificance!
However all these issues aside which I agree we have different opinions on, the simple fact is that Pardey lied, not just once, but on many occasions!
March 30, 2022
*Aton is pleased to be in close contact with many of the majors who have already or are looking to enter the Egyptian exploration sector.
**We are also very confident that @MOPEgypt and EMRA will be taking note of the concerns of the industry, with regards to the terms of exploration concessions, both old and new, and particularly with the mechanism for transferring from the exploration phase to #mining, which was so clearly flagged up as a critical risk in Egypt during #EIMS2022
https://twitter.com/AtonResources/status/1509141942705307652
-------------------------------->>>
My Thoughts:
* in reference to 'many of the majors' - is that just hype or are they really in close contact with more than the few we know about?
** Clearly Aton prefers to migrate to the new terms in advance of developing its Hamama resource — and that despite Mr Horgan's recent comments stating the new tax/royalty vs old profit share terms are 'as similar' as to be negligible
Hi Dusut,
I too recall some media reports naming Capital for the underground mess up, absolutely wrong as you say nothing to do with Capital.
One of our forum members and former share holder lives in Jersey, he certainly didn't have a very high opinion of Pardey or his professional abilities, in fact he sold a very considerable Centamin share holding because he felt Pardey was way out of his depth and wasn't being honest with shareholders!
This former share holder said that Pardey certainly spent far too much time away from mining operations and that Youssef was regarded as a clown by most staff and he was disliked by certain members of the Egyptian government.
Sorry Tibbs got called to sort something out I will continue . I agree completely about the underground being not treated as seriously as the open pit back then but it was the major cut back not the LHDR that caused the shortage of ounces and the more I think about it the more it makes sense that they were following the grade and jumped on the issue on hand at the time rather than the larger picture. Namely blame the contractor and the LHDR not that we have backed ourselves into a corner and need to clear some waste to mine some ore.
I remember reading that the blame was Capital they couldn't even get the contractor right and I suppose because it was a rig they immediately thought it was something to do with a drilling contract.
Too much fake news back in history and as I say can't do anything about history have to focus on the here and now and hopefully this will shape the future for all of us.
halfpenny I hope I am wrong about the first quarter numbers that we will shortly be receiving but it will take a very strong wind and a tap into a bonanza grade to show a profit, unfortunately the strip ratio waste to ore and to ounces don't compute.
Pardey wasn't walking about on site he was sitting in Jersey and because of a shortage of any underground mining experience in Egypt is the reason why the contract was contracted out in the first place.
Hopefully the situation has changed and there is now plenty of inhouse expertise otherwise its here we go again the blind leading the blind.
As halfpenny says be confident and retain the faith and the new management and the team at the face.
I wouldn't count on any weakness anytime soon.