Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
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“Centamin has delivered another solid operational performance and we remain on track to meet full year cost and production guidance. During the quarter, excellent progress was made with the Sukari waste-stripping programme which has significantly outperformed budget and resulted in record material mined“
Can only mean new thing in this mad market. Shares price will drop
Not a bad set of results given all the predicted doom placed on the bulletin boards by short entities, looks like the floor is in, let the upside begin !
Yes Razor, the news on concessions (wonder where, and if contiguous with Sukari) and slightly better aisc than expected and ounces, could as said help us to look forward to 2023 more happily despite the very low profit this year.
Well at least we haven’t made a loss, gaining a miserly $7m cash in the quarter, but partly because some capex shifted to Q2 “ 2021 capex guidance maintained: US$225 million, with a 65% spend in H2 (previously 55%) due to timing adjustments to the payment schedule”. But at least performing slightly better our lousy targets for this year so hopefully market will cheer up and look forward to 2023. Looking forward to others’ views
“ Centamin submitted bids for several prospective exploration blocks in September 2020. In July 2021, Centamin agreed exploration terms over three blocks (incorporating 19 licenses) covering 3,164 km2, subject to final legal formalities which are expected to be completed in Q3. All ground in the Bid Round comes under the new Egyptian mining code following a tax, rent, royalty framework. New licenses are independent from, and therefore do not impact, the Sukari Gold Mine Concession Agreement (Egyptian Law 222 of 1994).”
Shares on major European markets rose during premarket trading on Thursday as traders kept an eye on corporate earnings and awaited the European Central Bank's (ECB) latest monetary policy update along with President Christine Lagarde's press conference afterward.
Earlier this month, the ECB announced its revised inflation target, revealing it will now aim for a 2% inflation target over the medium term. Aside from the bank's new inflation target, Lagarde is expected to comment on rising inflation and the Delta variant's possible impact on economic recovery in the euro area.
The DAX gained 0.33% at 8:00 am CET, while the CAC 40 climbed 0.41%. Meanwhile, the FTSE 100 was up 0.24% in London.
Breaking the News / JC
Gold is not up but down, from around £1500 a year ago to around £1300 now, with costs up from around £900 to £1000 that means profit per ounce down from £600 to £300 on the fewer ounces mined - all rough figures, but it is pounds that count for our share price. However I think today is a production report not the more useful interim results which should come in a couple of weeks, and hopefully ounces and costs won’t be quite as bad as expected today, and the forecast will look better next month, and above all shares begin to look forward to 2023. For me the big question remains whether the market has priced in and is ready for the very bad results and whether marginally better than expected, and market looking forward will actually give us a lift
Mr Bond,
I’m with you in that I have fingers and toes crossed for something good to finally come from CEY as I have a very substantial holding here.
We want production upwards of 104k oz would be good.
Yes Somnamna , don't worry to much, if possible.
The price of a 1toz Gold Britannia start at $1891 at the moment , so profits for CEY are likely enhanced even with the problems we have at mine.
You and me both Mr Bond. In far deeper than is prudent.
Luckily the dividend is a life saver.
Good divi too. I see this as a very good income provider, and at this price will provide growth. In fact one for the big fund managers to fall back on where/when other Companies fail. Lets not lose sight of that!
Bond
May not be of interest to you but having made good money from the last 3 market crashes in the past I see a similar’smell’ about the current market valuation. Only difference now is the emergence of the ‘Bitcoin currency’
I see your previous posts are full of research and informative content.
PM companies now should be outperforming the market but they are not, Why is the billion dollar question.
My view is they will and timing is everything. In fact PMP will do better in this cycle than the last 4 market corrections.
Just trying to draw out some thoughts of experienced investors who are not just here to play a few chips at the Casino table.
Good luck tomorrow, especially the LTH’s
Thanks for your informative post.
Very not interesting.
:-)
Apologies not any CEY shares as I have only be watching here as the market is overpriced. AIMHO of course
Sold the majority of my shares yesterday and today. Not happy with the US market rebound and the valuation given the 5h1tsh0w position we all find ourselves in at the moment with the pandemic. Even sceptical analysts expected it to be under control by now but instead we have increasing variants.
Historically PM producers should be outperforming the wider markets. Something not quite right.
Not sure if we are in the midst of a ‘bull trap’ but I’m the past I have turned to PM producers but feel like I have to sit on cash.
Hopefully good news for holders here on the back of a strong close ‘across the pond’
OUTLOOK UNCHANGED
· 2021 gold production of 400,000 to 430,000 oz, at cash costs of US$800-900/oz produced and AISC of US$1,150- 1,250/oz sold
From final results
Is it correct that the AISC is 800-900 oz?
Yes looking forward to tomorrow ,no matter what.
The MMs can shake the tree as much as they wish.
This monkey is chained to it.
Hopefully saving all the news for tomorrow! GLA all. Not a bad close.
Contracts signed due-diligence performed and still nothing released. - Strange one this. - Going by the history and intrigue of past events, you could be forgiven for thinking there's a twist in this tale somewhere. IMO
Perhaps the young have decided that gold is safer than bitcoin? Certainly China will not be trying to ban gold anytime soon, or at least, difficult to buy and hold.
Given Capitol's statement last week, I see no reason to think that Centamin's results tomorrow will be dreadful. Just steady.
According to the BBC the young are buying gold.
Gold attracts young investors trading online, says The Royal Mint
https://www.bbc.co.uk/news/business-57914322
Good to hear from you Bob&Liz,
The markets today aren't a place not or most ordinary people to invest in today, its more like a an bigger version of "BetFred", "Paddypower" or any of the other online Casino's, but with less real regulation and certainly far more manipulation from behind the one way mirror!
Lets face it it if any of the predictive methods, charts, algorithms,etc were so reliable then the market experts would have all used them and sailed off into the sunset!
It's very noticeable recently how many of the new members that popped up claiming to have gotten out with a profit and warning others of a potential share price crash seem to have gone very quiet , even gone elsewhere!
Although I don't like to admit it after the last open pit near catastrophe, the kicking of the can down the road for years on the Egyptian outstanding issues, not to mention the never ending promises of revealing the details of just how good the West African resources are, it is now apparent that Joseph, either wasn't up to the job, or was up to the job and chose to stay shtum before riding off with full saddlebags, whilst Pardey, Youssef and others continued running Sukari just like any other pyramid scheme!
At least now we see to have a CEO with some integrity, the desire and the professional ability to run Centamin and its various operations properly in a sustainable and safe manner for the future!
Hi Sotolo
Yep Tin helmets and padded-jackets might be the order of the day for tomorrow's news. - It's meant to be like that though isn't it? - Announcement days are usually good-hiding days, where shareholders, not directors, have to bear the pain of director shenanigans.
Will be lousy ounces and worse aisc tomorrow but hopefully slightly less awful than expected and the more than halved share price will be considered enough for now, even if we can deduce from tomorrow’s figures profits will be down more than half Will be interesting and hopefully a lift but markets can be cruel on lost news even if heralded