Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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He is controversial for sure but he is a top expert and when he comments I apply my common sense logic.
Take everything Fauci says with a pinch of salt, he has conflict of interest. He is involved in moving the gain of function research to China when it was banned in the USA.
I agree Steve, I can’t wait to read a headline saying that the virus is petering out.
It probably already is.
I listen up when Dr. Fauci speaks.
It’s a serious mess for sure.
Less than delta - about time they listened to South Africa- and now hopefully they’ll realise this isolating healthy people who have tested positive (why the heck they ALWAYS say sick in isolation - I know 2 isolated people and they didn’t even know they were sick until tested) is bonkers in a predominantly vaccinated country. We know that vaccinated people, although less likely, can still get covid and likely to have little or no symptoms- therefore if we keep testing, and covid stays forever, we’ll create a disaster of lockdown for healthy people and no medics, police officers etc at work! Bonkers ….
Asia trading higher on virus hopes…
I think a relief rally is imminent due to the realisation that Omicron although highly contagious isn’t anymore life threatening than the regular Covid19 and all covered by the current vaccinations.
Major European stock markets followed positive sentiment from previous sessions in the United States and Asia, registering gains ahead of Thursday's opening bell despite countries across the bloc reporting a record number of new COVID-19 cases over the past day.
European Union governments decided to tighten some restrictions in response to the Omicron wave, however ruling out national lockdowns for now.
The DAX gained 0.35% at 7:02 am CET, while the CAC 40 increased by 0.42% and the FTSE 100 rose 0.24%.
A minute later, the euro traded flat against the dollar to sell for1.13404, while the pound slipped 0.08% to $1.33528.
Baha Breaking the News (BBN) / ND
One option — and something Hambro advocates — is to try to bring gold into the digital era and make its rather symbolic position as a means of exchange far more explicit. This is, says the industry, something that is already happening in markets in Asia, where gold in digital form is well understood and used.
The other argument that the industry falls back on is that gold has a social role, one that is under-appreciated and that crypto lacks. Much gold mining happens in remote regions of developing countries. The World Gold Council says its members (only a portion of the global sector) employ close to 200,000 people with a further 1.2m jobs through local suppliers; it estimates that more than 60 per cent of the value of gold mined stays in the same country in one form or another.
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Asset classes of 2021: Bitcoin’s surge leaves gold in the dust
There is some irony in seeking refuge in an area where the mining sector as a whole has long taken flack: its relationship with local communities and its contribution to developing economies, particularly in terms of higher-paid jobs and in-country processing or refining.
The official line is that the industry needs to explain what it does better. Privately, some miners and investors concede that certain practises, such as stability agreements, which lock in tax advantages or trade concessions, or excessive use of expat labour become harder to justify in a world where the industry is being more exactingly judged on its ability to leave a lasting economic and social legacy in the places it operates.
In other words, the response to a crypto-climate-inspired existential crisis in the gold sector could be for miners to do more of what they should have been doing anyway.
https://amp.ft.com/content/83d3dbc9-8d74-4d15-8cee-fe667645968e
A combination of crypto and climate means the industry is left trying to justify its own existence
December 22, 2021 4:00 am by Helen Thomas
In the world of sustainable investing, being dubbed socially useless is a rough result to take.
But that was the challenge laid at the door of the gold sector by one of the world’s best known mining investors. BlackRock’s Evy Hambro suggested this month that the gold industry had to do a better job in justifying the environmental costs of digging the shiny stuff out of the ground, given its limited industrial and technological uses.
Mining copper, nickel, or other battery metals, on the other hand, was an easier case to make, he said, given their crucial role in electrification and decarbonisation.
You wonder where this ESG investing with a side of value judgment might end. Nearly 60 per cent of annual gold demand comes from central banks or other investors; about a third comes from jewellery where, particularly in emerging economies such as India, it is in effect also used as a store of value.
Those mining gem diamonds must be wondering when someone will question if digging holes is worth it for something where an identikit version can be produced in a lab. Why stop at the extractive industries? The luxury goods sector should start thinking about its utility too. All that leather!
But the comments hit a nerve because gold is already in the midst of something of an existential crisis. Once upon a time, gold had a reliable tribe of followers willing to evangelise its role as a defence against ghastly governments and feeble fiat. Now, gold bars are an analogue product in a digital world.
The World Gold Council can justifiably point out that gold and cryptocurrencies are different and can coexist quite happily. Gold has a long and relatively stable history in investment portfolios; it is fundamentally a scarce natural asset but its production and ownership are diverse. No one is suggesting gold investing is a wild west that needs an aggressive, co-ordinated global regulatory response.
The enormous power used in producing cryptocurrencies also means they aren’t obviously the environmentally friendly option: one estimate puts the carbon intensity of bitcoin mining at 15 times that of gold mining. Unlike some other commodities, the vast majority of gold’s emissions come at the mine site, where renewable power plus electric or hydrogen-powered vehicles offer scope for significant reductions.
But still, it’s hard to argue that crypto hasn’t encroached on gold’s place in the zeitgeist, if not in portfolios. As Hambro put it: “Gold companies need to describe their relevance in the future.” The kids aren’t trading gold on their phones in the classrooms. And none of this has been helped by a year where the world went nuts about inflation, and gold traded solidly sideways.
One option — and something Hambro advocates — is to try to bring gold into the digital er
SPOT ON BOB ABOUT NED'S
Very subtle way to win people's confidence and open up on how things really were.
ABSOLUTELY CRITICAL, ..TRUSTING THE CEO IS OFTEN A LITTLE CONFLICT OF INTERESTish, and dereliction of duty (see below)
It would be interesting to know when and at what time CEY non execs visited Sukari!!!!
I THINK THIS IS A DISCLOSURE MATTER..who cares how many board meetings they fell asleep at! did they ENGAGE, DECIDE, BOTHER TO INFORM THEMSELVES, HOW...
...saying he told me so and I believed him is not good enough. Multiple sources, multiple viewpoints...
NED 1. NO SITE VISITS, ATTENDED ALL BOARD MEETINGS, AND DRANK ALL CUPS OF TEA
NED 2. NO SITE VISITS (COVID), ATTENDED ALL BOARD MEETINGS, AND DRANK LESS CUPS OF TEA THAN NED 1
NED 3. NO SITE VISITS, ATTENDED ALL BOARD MEETINGS, AND DRANK COFFEE - TO STAY AWAKE
AND SO ON...
Directors’ Duties (to be informed at all times AND SEEK TO BE PROPERLY INFORMED ...)
• Statutory duty to manage or supervise the management of the business and
affairs of the corporation, including 3 primary duties
o Fiduciary duty of loyalty
? To act honestly and in good faith with a view to the best interests of the
corporation
? Exclusively owed to the corporation
? May also consider the interests of shareholders and other stakeholders
of the corporation
o Duty of care - to exercise the care, diligence and skill that a reasonably
prudent person would exercise in comparable circumstances
? Exercise common sense, practical wisdom and informed judgment that
is commensurate with a director’s knowledge and experience
? Objective component requires the standard of a reasonably prudent
person in comparable circumstances
? “informed” and unconflicted business judgment
? Business judgment based on diligent inquiry and consideration
appropriate to the situation
o Duty of compliance - to act in accordance with governing law and the
articles of the Corporation
Business Judgement Rule
• Directors’ decisions are not to be judged in hindsight
o Measured against the facts as they were understood at the time of the
impugned decision
o Courts reluctant to interfere and to usurp the Board’s function in managing
the business and affairs of the corporation
• Focus on “process” in making decisions
• Interest of the corporation is paramount, but also consider interests of
stakeholders
Decision Making Process
o Use of Internal view and expert assistance
o Mitigate conflicts of interest
• Statutory good faith reliance defence
o Rely on opinions of third party experts (does not include or imply blind belief of the CEO!)
etc...
It is intereting to know how many directors do NOT know what they are legally liable for! nor relevant Corproations and related business law, especially technical people....
BEST THE GNOME
(CARD CARRYING MEMBER OF THE HSOL CLUB - HERETICS, SKEPTICS AND OCCASIONAL LUNATICS CLUB? LOL)
SPOT ON BOB ABOUT NED'S
Very subtle way to win peoples confidence and open up on how things really were.
ABSOLUTELY CRITICAL, ..TRUSTING THE CEO IS OFTEN A LITTLE CONFLICT OF INTERESTish
It would be interesting to know when and at what time CEY non execs visited Sukari!!!!
I THINK THIS IS A DISCLOSUTRE MATTER..who cares how many board meetings they fell asleep at!
NED 1. NO SITE VISITS, ATTENDED ALL BOARD MEETINGS, AND DRANK ALL CUPS OF TEA
NED 2. NO SITE VISITS (COVID), ATTENDED ALL BOARD MEETINGS, AND DRANK LESS CUPS OF TEA THAN NED 1
NED 3. NO SITE VISITS, ATTENDED ALL BOARD MEETINGS, AND DRANK COFFEE - TO STAY AWAKE
AND SO ON...
BEST THE GNOME
(CARD CARRYING MEMBER OF THE HSOL CLUB - HERETICS, SKEPTICS AND OCCASIONAL LUNATICS CLUB? LOL)
The government of the Democratic Republic of Congo (DRC) continues to sit on more than $1bn in profits from the Kibali gold mine due to Barrick and AngloGold Ashanti as the deadline looms for yet another prediction made by Barrick CEO Mark Bristow on when the funds will be repatriated.
The amount due to Barrick and AngloGold Ashanti has doubled from $250m each early in 2020 and is now material to their balance sheets. In Barrick’s case it is equivalent to 10% of the $5bn in cash and cash equivalents the group held at end-September.
In October 2020 Bristow said all that remained to get the money out was the paperwork but commented, “Being Africa, sometimes paperwork takes a little longer than normal
https://www.miningmx.com/top-story/48421-the-drc-government-continues-to-sit-on-1bn-in-profits-due-to-barrick-and-anglogold-ashanti/
------------------------->>>
Again, I'm just glad it ain't us.
“We need to completely change the extractivist model to one that is in harmony with nature,” San Juan said in an interview, vowing not to meet with lobbyists during the process. “Changes must be done in the spirit of what started this whole movement to transform Chile. Mining has brought nothing but poverty.”*
Environmental activists like Constanza San Juan have been peripheral figures at best in Chile’s emergence as the dominant supplier of copper over the past few decades. Now, she and others like her are rewriting the rules, with tens of billions of dollars in investments riding on the outcome.
The 35 year old, who’s been fighting mining ever since Barrick Gold Corp. arrived to her region two decades ago, is on a committee that will decide how the environment and natural resources will figure in a new constitution to replace the one that dates back to the dictatorship of Augusto Pinochet.
There’s a lot at stake. Chile’s government lists a total of almost $70 billion in possible mining projects this decade. Some of that will depend on how the new constitution turns out and whether it’s ratified in a referendum. As such, the document will help determine how much of the world’s biggest copper and lithium reserves will be tapped in the coming years to meet rising global demand in the transition away from fossil fuels.
“Until this is clarified -- the issue of legal security and any new rules -- we’re not going to see large investments,” said Diego Hernandez, head of Chilean mining society Sonami.
https://www.bloomberg.com/news/articles/2021-12-22/young-and-green-they-are-rewriting-rules-of-chile-copper-mining
----------------------------------->>>>
I'm just glad it ain't us.
NED's must make themselves aware of mission critical information, from a number of perspectives, including first hand.
"Though, nearly all of the director duties for executive directors and non-executive directors are identical. Fiduciary duties [ A fiduciary duty exists in law when a person or entity places trust, confidence, and reliance on another to exercise discretion or expertise in acting on behalf of the client. The fiduciary must knowingly accept that trust and confidence.] are the most important duties for both types of directors. To that end, executive directors and NEDs have essentially the same liabilities. In fact, according to the AICD, in Australia, there are more than 600 state and territory laws that impose personal liability on individual directors for corporate misconduct. This means that the balance of the non-executive role has leaned more towards that of an executive one as non-executive directors attempt to meet their growing responsibilities
Executive and non-executive directors don’t have to worry too much about liability as long as they perform due diligence in all their board duties. If they should be lax and not fulfil their duties and responsibilities appropriately, they could be held liable for any loss. The consequences for board directors can include loss of their board seat, fines and under the worst-case scenarios, prison time. Companies and NEDs also have much to lose in the way of reputational loss if board directors are lax in their board duties."
BIggest Risk: Reputation – Whilst the financial penalties incurred by some NEDs may hurt, it is the reputation damage related to their misconduct or business failure that, I think, is the greatest risk to any NED. I can recount the devastating effect that a failed appointment has had on a handful of NEDs..."
Draw your own conclusions about who is fullfilling their duties on the CEY board
best
the gnome
Hello MrBond I posted an article this morning from the Daily Mail. It was just a comment that there’s more to banks than the adjustment of interest rates. To me it’s a micro hint of what I hope will become the macro, a new rally in precious metals.
I may be ahead and too early but I think we’re seeing signs.
Happy Christmas indeed may we get what we deserve since we’ve all been good Centamin supporters.
Ho Ho Ho MrBond…
Good evening Razors.
In a week of less trading, maybe bodes well for New Year.
I prefer a little optimism, had enough of pessimists on here and in genreral.
Especially in the world today.
But pessimism seems the current unreal flavor.
Happy Chtistmas.
Currently + .80%
$1802.4
Centamin will expect the Creme de la Crema, and will likely get it.
Onwards and Upwards in Egypt , hopefully.
Depending on Geology, but far from starting from scratch.
HI Cowichan,
thanks for the link,
Tibbs
Fool's gold..
Signing out for 10 days..... happy crimbo.
JOB VACANCIES
GEOLOGISTS AND GEOLOGY TECHNICIANS
EASTERN DESERT EXPLORATION TEAM, EGYPT
We are hiring Geologists and Geological Technicians to join our exploration team in Egypt.
Following a successful bid for exploration permits in Egypt, Centamin was awarded c. 3,000km2 of highly prospective greenfield exploration ground within the Eastern Desert of the Egyptian Nubian Shield, one of the last underexplored gold belts. The Company is establishing a new mineral exploration team to explore this exciting frontier area for gold exploration.
We are inviting suitably qualified geologists and geological technicians to apply for several positions within the exploration team. If you are driven, practical, enjoy fieldwork and are available to travel frequently within Egypt, we want to hear from you!
Role Overview:
New frontier, greenfield gold exploration and fieldwork
The role is located out of Marsa Alam, Egypt
Competitive salary and employment package
Work/leave rotation – flexible and to be agreed
Please submit your CV and a covering letter outlining why you believe you are suited to the role by 15 January 2022 to: working@centaminplc.com quoting reference #EDXGEO in the subject line.
https://www.centamin.com/careers/experienced-professionals/
Article from the BBC
https://www.bbc.co.uk/news/business-59576867
Hi BobLiz,
Possibly a question that we should ask investor relations and if no answer then during the Q & A at the next webinar?
Thankyou Gold gnome for your insight on a non exec role. My non exec had a quarterly visit to every building site we had and conversed at length with the project Managers and sales staff Some 18+ different locations. I was puzzled as to how after 3months he would visit a site and know the Christian name of everybody he conversed with previously. I was later advised that he had a memo book and input after each visit the names and positions of everybody he had talked to and refreshed before each visit. Very subtle way to win peoples confidence and open up on how things really were.
It would be interesting to know when and at what time CEY non execs visited Sukari!!!!
Bob
What is it with people's obsession with Bitcoin? It's it's own beast, just look at the last 5years.
Thinking that it it plummets gold with fly is a complete fantasy.
The reasons for gold struggling now are obvious and been posted many, many times, the only surprise was that it didn't get a bit in 2021.
Short term for me is 6-12months.