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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There is a lot of anguish at aspects of past CEY Board, Mngt and communications. Important to know this is not peculiar to CEY, it is an industry standard!? I say this as a person who has been in the industry for decades, with the biggest, the startups, the technology guys etc.
...The elephant in the room is that the devaluation of mining companies cannot be explained by the commodity price, instead it is dictated by the self-inflicted mistakes of a commodity boom, and the irresponsible management of these assets.
...The elephant in the room is that most of these mining companies believe that the commodity boom will continue to bail out their lackadaisical management and operations.
...The elephant in the room is that mining companies, in the past, maximised returns for an ever-rising gold price; optimising project resources for scale rather than payback and returns.
...The elephant in the room is that the mining industry has made so many mistakes; mistakes in the geological modelling, mistakes in community relations, mistakes in environmental planning, mistakes in capital markets, mistakes in communicating with investors and mistakes in overpromising and promoting their business.
...The elephant in the room is that the mining industry has lost the trust of the most serious investors, causing an exodus of capital that will not return quickly.
There are so many elephants it is hard to keep track. But CEY is not alone.
They can do better. They are in a great position because of the quality of their orebody. If we get the board and managment to be of the same quality as the orebody, CEY will shine
best
the gnome
Tornado I quite agree and so hard to call, I remember when Trump won gold soaring and then quickly falling back and at so many other ‘events’. However one day the Wolf will be real and it is just possible it is this time with this mad inflation. No one truly knows, and we just have to wait, but anecdotally I have come across a few people talking of buying gold, plus sentiment has been so bad recently hopefully many sellers are out. We shall see, not just tomorrow which will tell us nothing but over the next months. Ever hopeful…
I doubt Putin will attack, Russia has way more to lose than gain by invading Ukraine. It’s just media trying to scare people and/or trying to frame Russia as the “bad guys”. It’s all political crap.
95% of the investors in world know this, otherwise gold, franc and yen wouldn’t be trading flat. 1% up on gold is nothing, makes me laugh when people are already celebrating
Hi Gnome,
Time governments the world over started to stop the blatant exploitation of the world natural environment by unscrupulous mining and oil /energy companies.
WWF-Australia conservation scientist Dr Stuart Blanch said: “Ecologists estimate koala numbers in Queensland, New South Wales and the ACT have likely more than halved since 2000. We call on the Australian environment minister to use federal environmental law to list them as ‘endangered’ in eastern states to increase legal protections for forests and woodlands where koalas live.”
https://www.ifaw.org/uk/press-releases/bushfires-report-list-koalas-endangered?utm_source=SFMC&utm_medium=email&ms=KONDG220230002&cid=7013k000001a3QS
The Canadian government is also permitting terrible cruelty by poising its wildlife!
The Canadian government allows the deadly poisons—strychnine, sodium cyanide and Compound 1080—to be used in Alberta and Saskatchewan to kill wolves, bears and coyotes. But every year the widespread and poorly regulated use of these indiscriminate poisons results in the agonising and painful deaths of not only these species, but also pet dogs, endangered wildlife and other non-target animals.
https://action.ifaw.org/page/82163/action/1?pu=0&utm_source=SFMC&utm_medium=email&ms=KONDG220251002&cid=7013k000001a4y5
That said our UK government is setting no example and has in general fails to prectice what it preaches!
The Government has again put bees at risk by permitting the use of the banned pesticide thiamethoxam on sugar beet in England in 2022.
The Government, for the second year running, has allowed for a banned bee-harming pesticide to be used by sugar beet farmers in England, threatening our precious pollinators
In making the decision ministers went against the explicit advice of their own scientific advisors not to allow the pesticide to be used.
Environmental organisations the RSPB, Friends of the Earth, Buglife & The Wildlife Trusts say the decision goes against the government’s green promises, and will ultimately lead to the harm of wildlife.
Farmland covers 75% of the UK making it vital in the fight to reverse nature’s decline(1).
https://www.wildlifetrusts.org/news/government-puts-bees-risk/
https://twitter.com/jfostertm/status/1492666174663921664
https://www.linkedin.com/posts/don-lawson-98619370_geological-survey-data-samples-activity-6898397946308636672-eTPd
Centamin PLC shareholders call on management to reveal the results of the 2019 HiSeis geological survey. Follow the example of other responsible mining companies who value transparency & disclosure over withholding crucial data from shareholders. #tsx #mining #investing
-------------------------------->>>
I'm encouraged by more than a few executives from an array of organizations taking notice
Escalating tensions between Russia and Ukraine have wiped £500 million from the fortune of mining tycoon Roman Abramovich. Investors have taken flight from Evraz, the London-listed steel and mining group where he is the largest shareholder, as fears grow over the consequences if military conflict breaks out. On Friday night, the Foreign Office advised UK nationals to leave Ukraine.
Abramovich, who owns Chelsea Football Club, has seen the value of his 29 per cent stake in Evraz slide by £500million to £1.86billion in the last three weeks. Market jitters have also hit Polymetal, a London-listed Russian gold miner.
Its stock fell 11 per cent to £11.15 over the same period. Both had previously been lifted by a rally in their stock price with strong global demand for metals.
Investors fear an invasion of Ukraine could spark international reprisals for Russian companies, including potential sanctions. Markets.com analyst Neil Wilson said: 'Investors have decided there is risk they do not want from the tensions between Russia and Ukraine. The worry will be the potential for sanctions and also disruption to exports.'
Wilson added that a full-blown invasion of Ukraine would be likely to trigger an even sharper sell-off in Russian stocks.
Evraz was tipped by US investment bank JP Morgan to its clients last month because of high steel prices and booming demand from China. The fortunes of Evraz and Polymetal over recent weeks are in sharp contrast to fellow mining stocks such as Rio Tinto and Anglo American, which closed last week at a record high.
Abramovich, 55, bought Chelsea in 2003 and snapped up a £1.6billion stake in Evraz in 2006. His wealth is estimated at around £10billion and he owns the world's second largest yacht, the 533ft Eclipse.
https://www.dailymail.co.uk/money/markets/article-10505975/Roman-Abramovich-loses-500m-Ukraine-war-fears.html?ns_mchannel=rss&ns_campaign=1490&ito=1490
Cowichan
For CSAMT, here are some links of use
http://zonge.com/geophysical-methods/electrical-em/csamt/
https://www.researchgate.net/publication/298350421_Geophysical_exploration_for_gold_in_deeply_weathered_terrains_two_tropical_cases
Keep up the great work !!
cheers
the gnome
The High Court of Australia is about to award the first exclusive possession compensation claims in regard to Iron Ore Miner , Fortescue Metals ....the claims relate to decisions and actions taken by the board and mngt of Fortescue, which was found to have not been in accord with Legislation. Appeals fought and lost.
https://insidestory.org.au/a-miner-meets-its-match/
This has significant negative implications for all mining and exploration companies in Australia, and huge positive implications for the legal fraternities. How the Indigenous people fare will be another story.
Andrew Forrest (founder of Fortescue) has linked welfare and mining royalties to the tragedy of youth suicide and social breakdown in Aboriginal communities as his Fortescue Metals Group braces for what could amount to a multibillion- dollar compensation claim from traditional owners in Western Australia. Andrew has rcvd $8.5 billion (now thats a fair dividend?) since Fortescue Metals Group began paying dividends in 2011. “It has to start first and foremost with a fair measure of compensation and industry aspirations on First Nations people working for them should be second to that,” the head of the Native Title claimant group commented.
After decades of marvellous banter, glowing speeches, articulate reports, endless enquiries, legal ponder, Australia has an exasperating set of state and federal laws, which considerably increases the risk of exploration and mining investment and efforts, and will cause massive delays (one court case went on for 20+ years?) and signficantly lower return on investment. Given that all of the low hanging fruit has been picked (surface orebodies have been found), to compound the already extremely high technical risk with extraordinary legal complexity and risk, makes Australia in the same political risk category or worse than Guinea.
I am off to explore in Egypt!!! Far less risk, still Tier 1 orebodies lurking not far from the surface, still low hanging fruit, just comply with the laws, treat people well, keep your head down (etc). Centmain needs to capitalise on the social capital it has already invested, and do it now, and not wait for Barrick to beat them to the punch...
best
the gnome.
Darren and other readers,
Its either a trap to pull people in on a retreat or gold and gold miners are going to breakout. Some of us have played the game both ways. We have a lot of cash to buy if gold and gold miners get cheap and at the same time have a lot of positions in play if it breaks out. Knowing that we are around waiting to see how the FED play stupid is an asset for many concerned whether to buy gold miners or not.
I am not sure how many readers have gone grocery shopping or have seen all the deals that get if you go for repayment options that go on all year in multiple instalments. What it tells you is that FIAT currency is going down hill. Cash is still an asset as you can choose where to put it and its as painful to hold as a medium tier gold miner stock. I can see why folks are currently buying luxury watches and gold and especially silver coins. If they want to make Centamin cheaper be happy as some idiot is offering you a discount. Just give it a few months and you wont' worry about the price of jelly going up 54p to 80p in a year and petrol up 40% as it is today as it will be a lot higher in April. Centamin shares and divi on top will be having you saying quietly to yourself thank you for all those cheap, but now very expensive Centamin shares. At some point it will rerate as everything else goes into a Zimbabwe bread basket.
You're right Goldgnome - the examples I plan to share are CSAMT surveys - the examples of which are more readily available than HiSeis seismic surveys
My hope is to shame Centamin management into capitulation
HI Cowichan
You can find some case studies on Seismic on https://hiseis.com/resources/case-studies/
Another at https://www.publish.csiro.au/EX/pdf/ASEG2016ab190
For mine planning
http://www.dmec.ca/getattachment/d9857f40-92d6-4d51-97ca-ee45b82ae5d8/Resources/Exploration-17/Demonstrating-why-3D-seismic-data-are-assets-for-e.aspx
west Australia
http://www.dmec.ca/ex07-dvd/E07/pdfs/35.pdf
Controlled Source Magnetotellurics has been around for 40 years plus. It needs to be done right.
You maybe thinking of magnetotellurics, which is gaining popularity, but this has been around a lot longer.
https://en.wikipedia.org/wiki/Magnetotellurics
https://www.nature.com/articles/s41598-018-29016-2
cheers
Peter
Kenny Yip, CFA, CAIA
Investment Banking Associate at RBC Capital Markets | Cross-border M&A | Mining & Diversified
https://www.linkedin.com/in/kenny-yip/recent-activity/
Rebess - I worry Mr Horgan is not at complete liberty to do and say what is in the best interest of shareholders. Yet it is quite confusing to look back at the prior CEO and acknowledge he was let go by this same board of directors for ostensibly not doing a good job. Or did he leave of his own volition - because of the board's inadequacies? We just don't know. What I do know is Centamin has an opportunity to make a fresh start - and Mr Horgan seems like the type of individual who could lead a wayward board down the right path.
I'm working on another LinkedIn post demonstrating the willingness (nay, eagerness) of other mining companies to share the details - perhaps do a little PR work! - of their seismic surveys. I've got ten examples so far. This Controlled Source Audio-frequency Magneto-Telluric survey stuff is relatively new to the metals mining scene yet the results it yields is quite impressive - certainly more detailed than airborne surveys which will indeed be useful to examine the vast new concessions surrounding Sukari
Again I encourage shareholders to send a note to Centamin's IR dept and ask what is going on with the 2019 HiSeis survey results - AND if they do reply please share what that reply is with this chat board.
Cowichan highlights an important issue here. - Why the secrecy ?- Why the obfuscation? - To who's benefit are these details being kept secret? - It's a fair question and in the light of recent Centamin history, a question that requires an answer. - If Martin Horgan is the honest-broker that most think he is, he should give it urgent attention. - Let's see what happens.
Should be nice open Monday, back over 100 soon
Examine the timeline --->>>
----->>> Late in 2019, a high resolution 3D seismic reflection survey was completed by HiSeis Ltd, across the northern exposed extent of the Fosterville trend and the Robbins Hill mineralization licence. An area covering 2.5 km x 2.5 km for a 6 km2 block and 179 line kilometres was completed. A total of 18,747 receiver points recording 14,550 vibrator source point sweeps. The survey was collected with geophones at 12.5 m spacing’s and vibrator source point sweeps from 6.25 m to 12.5 m spacing on up to 25m spaced lines. The seismic data shows strong reflectors in the top 3 km with reflection response data still being seen from 6 – 8 km depths.
Preliminary assessment of refraction tomography of the first 300m depth, a by product of the reflection survey, shows high promise for fold and fault architecture detail. It is anticipated that potentially, fault offsets of less than 10 vertical metres will be able to be identified from this data.
Preliminary reflection data which is the primary data collected from the survey, is promising showing fold resolution and closures of less than 30m width. The data is also providing fault information and fault – fold relationships and offsets critical in understanding the distribution of mineralization at the Fosterville Mine.
The complete dataset will provide a targeting and interpretation tool for use in 2021 and beyond to depths in excess of 3 km at the Robbin’s Hill deposit area and strike extents to target with greater drill efficiency
High-Resolution 3D Seismic Survey
The Company completed a high-resolution 3D Seismic survey in the northern part of the Fosterville Mining License over the Robbin’s Hill mineralization trend. The survey was the first of its kind to be undertaken in Victoria for gold exploration and provides a high-resolution 3D dataset to a depth of over 1 km for detailed planning of future of underground development.
Encouragingly, drilling and recent modelling of newly-acquired 3D seismic data clearly establish the potential for other mineralized structures within the Robbin’s Hill area
Drilling programs in the second half of the year will expand to cover targets generated from the interpretation of 3D seismic data integrated with other geophysical data sets (Figure 4).
--->> Then July 30, 2020
Kirkland Lake Gold Announces New High-Grade Intersections at Fosterville Swan Zone, Drilling Expands Robbin’s Hill, Cygnet and Harrier Targets
https://www.kl.gold/news-and-media/press-release-details/2020/Kirkland-Lake-Gold-Announces-New-High-Grade-Intersections-at-Fosterville-Swan-Zone-Drilling-Expands-Robbins-Hill-Cygnet-and-Harrier-Targets/default.aspx
--->>> Then on September 28, 2021 Agnico announces it will buy Kirkland Lake
My Thoughts
The seismic survey information at Sukari is being withheld from Centamin shareholders while they drill out the targets. Ask yourselves to who's benefit are the seismic results being kept secret??
The latest confusing con from Boris Johnson and Rishi Sunak!
https://www.moneysavingexpert.com/news/2022/02/martin-lewis--most-should-do-nothing--stick-on-the-price-cap-and/?utm_source=CEC_subscribers&utm_medium=email&utm_campaign=PriceCap_Feb22&utm_content=11&bcode=305572e3-907e-453c-b4c5-d8dfc024f44d#stickpricecap
The Yanks always like to use somebody else's country as a base o fight their wars from!
As pillars of American global dominance, these bases severely undermine UK sovereignty. With negligible control over the actions American forces have undertaken from within UK territory,
https://cnduk.org/resources/military-bases-us-bases-in-the-uk-and-uk-bases-overseas-what-they-are-and-what-they-do/
American Involvement in Wars From Colonial Times to the Present
Wars From 1675 to the Present Day
https://www.thoughtco.com/american-involvement-wars-colonial-times-present-4059761
Stars and Stripes: The American Soldiers' Newspaper of World War I, 1918 to 1919
https://www.loc.gov/collections/stars-and-stripes/articles-and-essays/a-world-at-war/american-expeditionary-forces/
2018 An expert explains why the US struggles with modern wars.
https://www.vox.com/2018/2/15/17007678/syria-trump-war-win-interview
“Any action could start as soon as Tuesday,” Bloomberg reported on Friday afternoon, citing “officials familiar with the matter.”
Beijing said on Friday that the Quadrilateral Security Dialogue (the Quad), a format for annual consultations between the US, Australia, India, and Japan, is “essentially a tool for containing and besieging China [in order] to maintain US hegemony.”
“It aims to stoke confrontation and undermine international solidarity and cooperation,” Chinese Foreign Ministry spokesman Zhao Lijian told reporters. “As the Cold War is long over, the attempt to forge a so-called alliance to contain China wins no support and leads nowhere.”
Hopefully the US citizens wake up and force the govt to stay home. The American public lives in a continual state of distraction and ingnorance. Roughly a third of American voters think that the Marxist slogan “From each according to his ability to each according to his need” appears in the Constitution. About as many are incapable of naming even one of the three branches of the United States government. Fewer than a quarter know who their senators are, and only half are aware that their state has two of them. And so on ... goodness knows what they think Ukraine is, let alone where it is ...
The U.S. wars in Afghanistan, Iraq, Syria and ****stan have cost American taxpayers $6.4 trillion since they began in 2001.
Hard to imagine the money printing is going to stop anytime soon in the US if they put their toe in the water in the Ukraine. See the Bank of America has costed the net zero carbon emissions at $150 trillion over 30 years - about twice the combined GDP of every single country on earth? https://www.worldometers.info/gdp/gdp-by-country/
Just a great time for gold ...
havagoodweekend all !!!
As the late great Kenny Everett said " let's round em up, put em in a field, and bomb the B's". The Americans need this to detract from their failing economic situation.
I shall ever be known for my humour and not my investing skills ;)
Iodan, you just made me giggle, as did Mr Tibbles, thanks both
US telling Americans to exit Ukraine yesterday and UK telling British the same today so I guess the coalition have decided Russian invasion imminent. Four B52 planes land in Gloucester airbase today looking like kickoff time? God help us all..
Prices of precious metals rose on Friday as the fears related to inflation in the United States and to the geopolitical turmoil between Russia and the western countries.
US Security Advisor Jake Sullivan warned that Russia could decide to invade Ukraine before the end of the Beijing Olympics on February 20.
Gold jumped 1.8% to $1,859.95 per ounce at 2:47 pm ET, while silver added 1.75% at the same time, to go for $23.6 per ounce. A minute later, platinum edged 0.54% higher to $1,036.5 per ounce, with palladium surging 2.36% to $2,309.48 an ounce.
Baha Breaking the News (BBN) / BU