Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Burkina Faso's energy and mines ministry issued a statement on Tuesday saying it had "commandeered" 200 kilograms of gold from the Mana mine for "public necessity".
The company will be compensated for its value, the statement added without providing further detail.
The government spokesman did not respond to a request for comment on Wednesday.
"Endeavour confirms that it has signed a sales contract for 200kg (approximately 7,000 ounces) of gold to the Burkina Faso government at current market prices, from its Mana mine," the company told Reuters in an emailed response on Wednesday.
"This sale is in line with the country's Mining Code which stipulates that it may acquire gold directly from mining companies, in exceptional circumstances for reasons of public necessity, subject to fair and pre-agreed terms," it added.
His government has increased the security budget, and set up a "patriotic support fund" to raise money for the mass recruitment of volunteer auxiliaries to support the army.
Endeavour acquired the Mana mine in July 2020, as part of its acquisition of Canada-based gold miner Semafo. The company owns 90% and Burkina Faso's government owns the rest
https://www.bloomberg.com/news/articles/2023-02-16/burkina-faso-regime-forcibly-purchases-gold-from-endeavour-mine
--------------------------------------------->>>>>
Perhaps it is a good thing gold has not rocketed beyond $2000 like some gold bugs desire - if it did it would certainly be harder for countries short on cash not to create matching 'Patriotic Support Funds' to protect their national interests - Egypt included
Doubt Endeavour will ever get paid, these funds will end up in the pockets of corrupt government officials or possibly get confiscated by one of the fundamentalist groups, either way its a kick in the crotch for Endeavour share holders!
Tibbs Endeavour shareholders can happily take it as have done so much better than us, up one third in last three years, while Cey is down a third, so if you had moved from Endeavour to Cey 3 years ago then would have double the money compared to staying in Cey boo boo. They were lucky they failed to buy us, and of course if they had we would also have partaken in a bit of success combined with our failure so would be about 150 now I reckon
We know that shares can go up and down. We seen the highs of £2-30 here with the prediction of shortly going over £3. Weve seen both Hoc and Ths tipped, and the rise and fall. Weve seen Ocado go near £30 (£30!!!?) and fall. Weve seen Siriaus rise and fail. I think there was someone on here about 18 months ago when we were at a similar price, going on about going into Boohoo at £1.05 and they are around the 50p mark now.
A few of you people are working or have worked in mining. You invested in and believed? in Centamin. So do you know your business or job? --------or do you think you were taken in and hoodwinked??
People have talked about kinesis and Basle 3 making a difference? Have they?
I dont know about any of that stuff.
My feeling is that if the previous management had kept things slower and steadier, over the years we would have still received the same total dividend over the period, but with a higher share price than now and more confidence in the company. Look at it like the England cricket team--------their average results over the last couple of years. They do not look brilliant on paper. But look at the results since Stokes took over!! Yet is is largely the same players. They have momentum and confidence.
A positive for me is Martin Horgan seems to want to stay in the job. If he left now, I dont think his reputation would be any worse than when he came. People in "the know" probably realise he has had to clean up after what the last lot left him with. I think he is going slow and steady and when things start to improve , it will be positive for the share price as he will have built trust by not over promising.
Having said that, I would still like to see him and other management buy shares on a regular basis.
Fair comments andobservations Paul!
As you imply Ocado price overblown based on analysts spin and bullsh*t, rather like the Centamin of the past built up on Pardey & Youssef's "Pie in the sky"which we were willing to believe, but then why wouldn't we, they were after all supposed to be professionally competent, posses integrity and to be acting in our best interests, they weren't , they conned us and a lot more other people besides!
What good market regulation, no use to the likes of us it's all a farce, the market is run for the benefit of the market by those in the exclusive inner clubrooms!
Kinesis & Basil 3 should and could have changed things for the better, unfortunately those of the inner club that control the markets only abide by the rules of fair play when it suits their best interests with the acquiescence of the government and the toothless regulator!
You mentioned "Boo Hoo", wouldn't touch it with a bargepole, "Sh*thouse" outfit, lousy employer, sources its clothes from sweatshops that abuse their workers and in reality is he leftover of asset stripper and king of stinkers "Sir Phillip green", what happened to him, bugger all!
https://www.standard.co.uk/insider/sir-philip-green-bhs-arcadia-marks-and-spencer-topshop-metoo-b83016.html
Kind Regards
Tibbs
Endeavour didn't take us as you put it because they were unable to execute the due diligence precess fully , ell now we know why there was the pile of crap at Sukari and the less than commercially viable West African asserts , which did make a nice little earner for he drilling companies some of which Pardey had close ties with!
Then of course is "Seb" to be trusted , Endeavour’s Centamin merger bid faces new setback as French officials launch corruption investigation into CEO
https://enterprise.press/stories/2019/12/09/endeavours-centamin-merger-bid-faces-new-setback-as-french-officials-launch-corruption-investigation-into-ceo-8004/
- The AISC cost does not cover ALL cash outlays required to keep mining. See my note. An important component is hidden by classifying these as “growth”.
Use the suggestion at the end of the note to be able to compare the relative performance of companies. Centamin stands out as one of the few companies that consistently generates positive cash flow and able to pay dividends. What has Endeavour done? Lately the company is doing very well, but the table below is for the period 1 April 2008 and 30 March 2019, which is extracted from working notes in a company valuation. Horrible history.
Endeavour Mining Corporation
Financial Performance From 1 April 2008 Until 30 March 2019
Year Ending 31 Dec 18 months 2010 2011 2012 2013 2014 2015 2016 2017 2018 Q1 2019 Totals
US$'000
Ore Mined 467 2,876 3,228 4,366 6,713 6,898 7,554 11,086 9,597 1,285 54,070
Waste Mined 40,252 46,435 53,003 46,451 9,707 195,848
strip ratio 5.84 6.15 4.78 4.84 7.55
Total Milled/Stacked 467 2,496 3,307 4,211 6,304 7,171 8,383 10,791 9,948 1,815 54,893
Grade 3.09 2.23 2.26 2.62 2.48 2.40 2.25 1.90 1.59 0.98 2.10
Contained Gold 46,400 179,149 239,867 354,145 502,001 553,183 606,770 659,263 510,145 57,169 3,708,091
Gold Produced 44,407 163,769 210,209 318,143 465,770 516,646 559,190 593,815 450,140 56,648 3,378,737
Cash from Operations -11,179 -8,548 93,374 43,834 127,438 147,301 153,899 221,791 250,920 22,916 1,041,746
Investments 83,640 -145,347 -180,226 -148,556 -112,881 -7,306 -180,177 -478,728 -453,319 -109,857 -1,732,757
Financing -28,083 102,658 77,131 71,642 -27,166 -91,743 41,999 251,741 204,467 47,452 650,098
of which Equity 579 2,706 6,012 2,720 73 0 185,285 107,755 -1,356 238 305,130
Effect of X-rate 1108 -784 344 504 1,464 -912 -944 3,604 -748 -499 3,137
Change in Cash 0 45,486 -52,021 -9,377 -32,576 -11,145 47,340 14,777 -1,592 1,320 -39,988 -37,776
Cash at Year-end 167,300 115,279 105,902 73,326 62,179 109,519 124,294 122,702 124,022 84,034