Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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(bloomberg) -- egypt wants to keep buying tea from kenya — it just doesn’t want to use up its stash of us dollars, so the country is offering to barter instead.
with a number of countries around the world facing shortages of greenbacks, the world’s biggest exporter of black tea was asked last week if it could trade tea for anything that egypt produces, according to kenyan treasury secretary njuguna ndung’u. speaking at a panel in nairobi on monday, the kenyan official said the request came from egypt’s ambassador.
“right now we cannot get your tea. it’s lying in mombasa because we have no dollars to pay,” ndung’u reported the ambassador as saying, referring to the major kenyan port city. “we’ll get your tea and you also come and decide what you get from us.”
egypt’s foreign ministry didn’t immediately respond to a request for comment.
egypt is kenya’s second biggest buyer of tea, after ****stan. exports to the two markets in the first eight months of 2023 were down 23% and 13% respectively, according to tea board of kenya data.
read more: ****stan, egypt tea drinkers reduce demand for kenyan exports
president william ruto dispatched his agriculture minister to negotiate a similar barter arrangement with ****stan, ndung’u said.
“we are still in a dollar global shortage and that is why countries like egypt and ****stan want to do barter trade,” he said.
https://www.bnnbloomberg.ca/short-of-dollars-kenya-says-egypt-asks-to-barter-for-tea-1.1994640
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long term shareholders - please don't be lulled into a stupor by the likes of mizolglit - touting egypt joining brics being some sort of solution -
egypt is entering an economic catastrophe the likes they've never experienced , whether this materially impacts sukari operations is yet to be seen , but ignoring a problem doesn't make it go away
Nothing wrong with a bit of barter, worked for 1000s of year before the US$ took over ...
Long term holders -
- ask yourself why one of your fellow LTHs would dismisses Egypt's resorting to bartering for goods as a 'meh, so what'
- then remember Centamin's own CEO & CFO recently poo pooed the idea of themselves buying more shares at this bargain basement 'below value' price
- is the picture getting clear ?
Cowichan, really
You do take yourself very seriously, have you ever asked yourself why? Life is shorter than you think. My comments were a tad frivolous, with a jive at the US hegemony which everyone seems to worship. An exhorbitant privilege as some call it.
Do you consider yourself balanced in your opinions about CEY and its prospects?
Are you positioning for a sainthood, in your revelations?
Dont get me wrong, being Oorstralian, I do like the concept of KEEPING THE BA$TARDS HONEST, and do love to turn the ship upside down to look for barnacles...
Lets get some balance going...
They are trying to position CEY as a Tier ONE gold Co.
They inherit a Geological dream, that was turned into a nightmare by some ... persons one of whom "inherited" another geological dream with Predictive Discovery, and they have gone nowhere slowly, despite being on the of the most exciting discoveries in the last 10 years ,,,,....
Can I challenge you, to tell us why you invest the few years you might have in your life, with your commentary on CEY, which does seem a tad biased?
I backed the horse which ran 2nd in the Melbourne Cup, my Grandaughter cleaned up again as she did last year, adn there were some stunnning fashions as usual ....
https://style.nine.com.au/latest/melbourne-cup-day-2023-fashion-best-looks-celebrities-stylish-outfits/5db3a434-033a-4413-9442-2f0b483c3d87
To stop a nation for a day, for a horse race which lasts 5 minutes ? Irrational dont to you think....
Lets get balanced, CEY are in a fr better position than a few other companies
kind regards
the Gnome
Hi Cowichan,
Then why aren't the CEO & CFO keen to pick up a bargain to help the company that is already more than amply rewarding them?
SKIN IN THE GAME
Director share ownership is known as ‘skin in the game’ and means their interests are aligned with shareholders’. Theoretically, if a CEO has a lot of their own money tied up in stock, they may not make reckless decisions which could endanger the business. They enjoy the rewards of good business performance and are punished – alongside normal shareholders – if events turn sour.
https://rb.gy/k28r21
Chief financial officers (CFOs) of public companies are required to report when they buy or sell shares of their company's stock to the Securities and Exchange Commission. This page uses SEC Form 4 data to identify which CFOs are buying shares of their company's stock, indicating they are bullish enough about the company they work for to bet their own money on its future growth.
https://rb.gy/bcosz2
Tibbs,
that is the question -
what can be inferred when neither the CEO or CFO are eager to buy , but at the same time encourage the Market and institutional investors to stay for the good times ahead ?
a) do they expect the share price to get more attractive, and will buy then ?
b) do they foresee slower growth , smaller dividends (than holding cash in the bank offers?)
c) are they weighing Egypt political risks and taking a pass ?
d) do they know Doropo is a no go ?
one can only tout Sukari's 'world class' status for so long. Indeed was Sukari ever world class considering the 'real' LOM waste strip ratio & 'actual' LOM AISC are never factored into the equation - the Capital contract stripped out as if it's somehow unreal ?
One can only assume from the reluctance of the CEO & CFO to put some of their own 'Skin in the game" that they are aware at best Doropo will be a mediocre investment, at worst anther money pit that will be abandoned!
Looking back- Seeking Alpha 15 Dec 2021,
Centamin Egypt released its updated life of mine plan last week, with the highlight being a ~1.0 million ounce increase in gold reserves at Sukari, supporting a 12-year mine life.
Meanwhile, the company has increased its cost savings program to $150 million from $100 million previously, with a goal to deliver on this by 2024.
However, while this represented a major boost in reserves,
Centamin uses a much higher average realized gold price assumption than peers, and Doropo production still looks to be years away.
So, while Centamin is a solid company at a reasonable valuation, it is still a single-asset producer and will be until 2025, making it a much riskier bet than its peers.
Investors in the Gold Miners Index (GDX) have endured another rough year, with the ETF down 15% year-to-date. Unfortunately, Centamin (Centamin Egypt) (OTCPK:CELTF), one of the sector's highest-dividend payers, has not been a sanctuary, sliding 33% year-to-date, more than offsetting the mid-single-digit dividend yield. The good news is that the company has recently announced a boost to mineral reserves and seems confident to return to its previous ~500,000-ounce production profile while driving cost savings. However, while Centamin is a decent miner at a reasonable valuation, I see a much higher risk to owning single-asset producers.
Centamin Egypt released an updated reserve report last week, reporting a ~1.0 million-ounce increase in its mineral reserve base to 5.8 million ounces of gold. This was driven by very successful resource conversion underground and changes in the open-pit mine design, with both grade and ounces up sharply vs. the year-end 2020 reserve report. The current mine plan supports a ~460,000-ounce production profile over 12 years, but Centamin appears confident it can beat these figures, and it has the cash position (~$250 million) to support aggressive resource growth and cost savings to combat inflationary pressures. Let's take a closer look below:
https://seekingalpha.com/article/4474841-centamin-stock-potential-takeover-target-if-weakness-persists
From a well respected mining analyst
As I pointed out in my original notes, Centamin management fell behind with waste stripping which ultimately resulted in the pit wall failure. Current management is now fixing that having appointed a mining contractor for the extra stripping.
The company is going through short term hardship, but will be rewarded in the next few years.
I agree with your friends sentiments on Burkina Faso projects, but am not that positive about Doropo. At the indicated grade, it is not really a dripping roast!. It may well be given the go-ahead, but will likely NOT add substantial to company value!
Likely much better to invest in near mine exploration,as turning any discoveries there to account will be much easier and cheaper!
Of course the single asset nature is a draw-back and makes Centamin more risky.
This has however been the case for years on end and did not dissuade many from investing.
Now investors will have to weight this against the improving prospects which the market does not seem to have discounted yet?
It is personal choice call, but in my opinion Centamin now compares well to others. at laest shareholders know their problems, with other miners you don't know!
Do you mean Kees Decker ?
Tibbs the pit wall instability wasn't caused because of a short coming of the waste removal.
This however was a reason for blitzing the waste removal.
The instability wasn't a failure but it was a reason based on safety for not mining the west wall, this then meant they had to mine elsewhere but that was when it became obvious that the mine didn't have too many alternatives, certainly not at the predicted 2 grammes/tonne grades. Hence the need to open up additional faces to provide the important flexibility and this is what kicked in the waste blitz exercise.