Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Solar farm will be paying its way back and helping Centamin with its AISC on a high oil price market. Progress either on a second wind farm or connection to the grid would give the company greater control on its mining costs. The advanced stripping has also been a case of repairing the roof when the sun was shining.
Interesting that commentators disagree on USA recession risks although they are avoiding it for Q3. Problems are building up in the USA economy. They are taking awhile to work through.
Major European indexes traded lower in premarket operations on Wednesday. This comes as investors continue to digest the disappointing economic data from the Eurozone, Germany, and the United Kingdom, which showed a decrease in the private sector's activity. During the day, the markets will be closely watching for more relevant data coming from Germany and the United States.
The Euro Stoxx 50 decreased 0.29% at 8:01 am CET, the FTSE 100 lost 0.18%, the DAX fell 0.16% and the CAC 40 declined 0.10% at the same time.
The euro improved by 0.13% against the dollar at 7:58 am CET, selling for $1.07357. Also, the pound advanced 0.15% compared to the US currency to go for $1.26835 at the same time.
Baha Breaking News (BBN) / AC
Happy hump y’al
Hi Cowichan,
So what's new, Sukari had a general manager Yousef El Raghy who was a former Egyptian police captain, I'm not aware that mine management is part the Egyptian police academy curriculum which may account partly for the mess he helped create at Sujkari
Sustainability Coordinator
Sukari gold mines · Full-time
Egyptian Armed Forces Army Officer
Jun 1999 - Jun 2020
Promoted in positions from infantry commander to infantry battalion chief commander
https://www.linkedin.com/in/ahmed-el-sh%C3%A9rif-81aa57167/
----------------------------------->>>>
As long as this practice continues, expect inefficiencies.
Not saying army people aren't capable - but it seems as if the powers that be in Egypt expect to have a foothold at Sukari in perpetuality
Also shows some of the BAST (bonanza grade) drill core photos (so it does exist?!)
link here
https://vrify.com/decks/13728-sukari-3d-deck
I can't get the geophysics data to show up on the map (yet) but loads of other features work
just click on the 3D button ( at the bottom right ) of map page and check mark the items you wish to see - then they appear on the left menu - enjoy
Not surprising.
Its important the US $ is kept high.
Thanks Tony ,missed that notice , but yes revisions of figures now getting common.
Https://www.zerohedge.com/news/2023-09-05/warning-investors-are-buying-stocks-based-fake-jobs-numbers
Revisions could turn August into near minus territory.
Trapped for a week or more ,purgatory, then bottle out of the pram ;-)
LTH seem mostly very patient, there here for the Divi ,which if in an ISA is tax free.
But this being a trading platform,for LSE ,their mentality is totally different.Most want in and out quickly as possible.
Are the order of the day.
Hi Paul,
You recall Kees Dekker's two reports that flagged up serious concerns in 2016 & 2018 , I belive Pardey realised even in 2016 that some radical reshaping of how things wee being done was needed, but the management also knowe how the CAPX required would be a major drain on the profits flow and so decided to save on the expenditure and keep on taking the profits for as long as they could gloss over the cracks in their mining plan!
As you may be aware EMRA have representatives permanently on site but they likely the didn't care a jot about the actual physical state of the mine and in any case all they were concerned about was maximising their share of the profits!
Kees Dekker believes that Martin Horgan's present strategy of reshaping and creating more flexibility in the Sukari operation is the best and only way to turn the mine around so it can achieve its full potential !
So lets keep our fingers crossed that this time thong really will be differnt!
Tibbs
I'm hoping Mr T that things start to improve quite quickly from now on. Also I hope that in a couple of years we are looking back and thinking that Martin Horgan did the right thing in clearing things away to allow better access in future.
Like yourself, for quite a while I've had a feeling that he almost had to start from scratch. It looks now like the waste clearance is partly being done to open things up and give flexibility and options for the future.
I really would like to see some share buys by the board and for things to really start improving now. It's been a long time coming. Remember when we were over £2 and Sotolo was predicting £3? I'd be quite interested on what those figures were based on. I mean the market must have believed the shares were worth £2-20?
The lack of subtlety to the downramping by some members of this board, is a bit embarrassing.
Hi Paul,
Agree with you entirely!
As Dasut has already explained to rectify so many years of inappropriate mining practice at Sukari was going to take several years and require a very considerable increase in CAPEX!
It seems to me as though Martin Horgan and his team have almost had to start again at Sukari !
Whilst some may choose to try to claim the previous managements misdoings are all in the past , that legacy is very much in the present until the awful mess that Pardey and Co made is finally cleared away and who really knows if that will be 2024, or even later , I'm sure we all hope the completion will be the former!
I agree with Tornado the next quarters results are crucial because until there is some real evidence of substantially improved quarterly figures released this share remains in the bargain bucket of penny shares!
Whilst such uncertainty remains would it be right to consider Centamin as an investment,likely not!
No wonder there is so much despondency amongst long term shareholders!
Tibbs
Well said Tony, and for me it is good to see you on HZM chat, although my holding there is a lot less than CEY.
I very much appreciate your open approach and that you share your thoughts and information on technicals, wider econmomics and even trades.
The performance thus far over 2022 has been over 7% year on year improvement on attributable growth in profit to shareholders. The exploration results on the Nugrus block that is adjacent to Sukari is awaited. The life of mine plan at Sukari will also be of interest. Grade improvement of gold mine was up 0.06g/tonne from Q1 to Q2.
I have a policy of not writing on boards that I have not invested in. Unfortunately on most boards on LSE we have individuals who own no shares, but feel they have some kind of duty to down ramp investment in particular stocks. I have put up with shed loads of it on the RBW board which eventually has gone up 100% in 4 months. All of the down rampers were invested in competitor companies. They still deliver garbage on that page despite brilliant news. I would only say it is important for us to do our own research and note who gets it right most of the time and reports unbiased facts like mentioning which investors increase in Centamin and only who reduced a particular position as an example.
Well some people have been expecting inflation to drop for a long time and it doesn't seem to be doing so yet.
If people on here are losing faith in Martin Hogan then it is not surprising that the market is as well---although this board cannot influence the market.
Regarding the "low hanging fruit" , I think the previous lot went after that in terms of what gold they could get out quickly before "Doing one" as they had painted themselves into a corner regarding actually mining gold.
I'm happy with cost savings as AISC are important and should help increase profits.
I agree that the boards pay should be linked to share price or even profit. As you know , I'd like to see regular buys by the board to give confidence.
Maybe Dasut or someone will come on and reassure us as a lot of people on this board seem to be pretty down about this share now?
I am really hoping that the spade work will start to show some good results soon and we will get a good boost in share price and in dividends.
Paul I have lost faith in Hogan, so far all he has done is go after low hanging fruit in so called "cost savings and spent a lot of money on an obvious long term solution that is not yet proven to pay off.
He has shown little or no vision and done nothing strategic that positively impacts the share price, instead kick the can down the road letting shareholder take the hit and is now being deserted by institutional investors, meanwhile he and the (invisible) board become rich milking shares, salary and bonuses over endless years to come.
If Horgan truly is a leading player in the industry it is time for him to pull his finger out and deliver on share price improvement. As for the him and the board pay them in proportion to SP performance., right now and in the long term that will be the true measure of their performance.
Major indexes in Europe traded between lower and flat in the premarket operations on Tuesday amid the latest published data on the German and Swiss economy and Eurozone investor confidence which decreased. In the political sphere, markets are also digesting the statements of Russian President Vladimir Putin and his Turkish counterpart Recep Tayyip Erdogan after a meeting that could lead to lifting the suspension of the Black Sea Grain Initiative.
The DAX and CAC 40 kept flat at 8:00 am CET, while the FTSE 100 declined 0.25%, and the Euro Stoxx 50 moved down 0.19%.
The euro was down by 0.9% against the dollar at 7:58 am CET, selling for $1.07851. Also, the pound lost 0.8% compared to the US currency to go for $1.26158 at the same time.
Baha Breaking News (BBN) / AC
A rise, inflation dropping (with some costs actually deflating).
As for the drop in AISC due to end of waste clear excess (obvs there will always be some continual clear, but the excess)
it's just a question of when. I trade so in and out a lot- so for me am more interested in continued volatility- but with a continual upside, it's far easier!
What you could do is look at their latest online presentation on their website- it will show their longterm view. Whether you think what they think will happen, will happen, is up to you to decide on the SP impact.
On August 16 2023 Abrdn held this many Centamin shares
Rank #10 Abrdn 18,275,264 shares
as of today they are no longer in the top #10 list - see here:
https://www.marketscreener.com/quote/stock/CENTAMIN-PLC-9730915/company/
also , on Aug 16, 2023 Van Eck held this many shares :
Rank #1 VanEck Inc 110,273,580 shares
as of today they hold 7 million less ,
103,128,507 8.902 %
slowly , reducing
Good point MrBond
Thats probably the reason PMs not moving much.
I think the correct value will come when the company reports the next set of numbers.
87p area with gold spot at $1940 with Centamin on higher production than Q1 and Q2. Average price sold in those quarters was $1938 spot with SP average on 106p. This should be on 91p minima.