Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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5 years
1. Shanta Gold ShG
2. Anglo Asia AAZ
3. Endeavour Mining EDV
4. Centamin CEY
5. Fresnillo FRES
6. Hochschild HoC
7. Hummingbird HUM
3 years
1. EDV
2.ShG
3. FRES
3. CEY
3. AAZ
6. HUM
7. HoC
One year
1. HUM
2. HoC
3.CEY
4.ShG
4. EPV
6. AAZ
7. FRES
3 Months and 1 Month same line up
1. HoC
2.ShG
3. CEY
4. EDV
5. FRES
6. AAZ
7. HUM
Everybody at some time has their day in the sun.
This bit seems to be the reference - chances are there will be a significant find once explored more.
Centamin PLC
Centamin reached an agreement with the Egyptian government on the exploration of the 3000 km² of ground in the Easter Desert and has drilled 3,000m so far. The agreement covers three major blocks and is important because the ground has been largely unexplored. Centamin is Egypt's largest producer and possess a strong balance sheet. Centamin produced 220,000 ounces from the Sukari Mine and is on track to produce 460,000 ounces this year at AISC of $1,400/oz. Cash and liquid assets are $161 million. The shares should be bought.
Near the end of article.
https://www.gold-eagle.com/article/gold-why-empires-fall
Good post Daz. You say it how many are reading it but are not wanting to feed the agenda/illness. It’s all very sad.
Cowichan: “I talk about a Centamin and the country which it operates in”
Well, I don’t know a single investor that dedicates all their posts and time to a board where they have no financial investment. I know not a single investor/trader that acts that way, none of us on this board exclusively focus on another board where we have no financial commitment, why would we? Naturally, such behavior raises questions about your underlying motives.
Cowichan: “You simply talk about me”
Given your peculiar behavior, it is only natural to speculate about a vendetta, perhaps stemming from your past negative experience with Centamin, or perhaps you had a disappointing vacation to Egypt 😂. My intention is not to launch a personal attack, but rather to observe and analyse this pattern of conduct and behaviour. There is no need for me to tarnish your credibility, as your actions and posts here already provide ample evidence and you’re doing a fine job running your own smear campaign. As Radiohead sang “you do it to yourself, you do…and that’s what really hurts”
https://youtu.be/oIFLtNYI3Ls
N the past, a heavily managed exchange rate has not served Egypt well. It has led to periods of building imbalances, which in turn, have led to the loss of central and commercial bank foreign currency assets, rationing of foreign currency, forcing the central bank to abruptly devalue the Egyptian pound relative to other currencies. These devaluations have led to spikes in inflation and undermined economic activity as consumers and investors lose confidence in the health of the Egyptian economy.
https://www.kitco.com/news/2023-08-04/It-might-be-good-to-hold-some-gold-after-U-S-debt-downgrade.html
N the past, a heavily managed exchange rate has not served Egypt well. It has led to periods of building imbalances, which in turn, have led to the loss of central and commercial bank foreign currency assets, rationing of foreign currency, forcing the central bank to abruptly devalue the Egyptian pound relative to other currencies. These devaluations have led to spikes in inflation and undermined economic activity as consumers and investors lose confidence in the health of the Egyptian economy.
https://www.imf.org/en/Countries/EGY/Egypt-qandas
I talk about Centamin and the country in which it operates.
You simply talk about me.
Do you not see the irony?
If you don't have anything to add about the company, good or bad, fine. But to launch a personal attack against my credibility, opine about my personal vendetta, or my apparent dislike for Egypt - just grow up. Or better yet, grow a pair.
I'm available should you want to come out of the anonymous cloak you bravely talk behind.
https://www.linkedin.com/in/don-lawson-98619370/
Siko,
Sorry you feel like a victim.
I pointed out Egypt's 1991 history because - as I said earlier - the current 20.25% interest rate set by the CBE was only reached once before and that during an extreme crisis. It is very relevant to me as Centamin is not the only company I can pick to invest in Egypt.
Bottom Line - facts are facts - if you have something to correct or set the record straight on my posts, go ahead. At this point I'm pretty impervious to verbal abuse and attacks on my character.
I understand your sentiment, Siko. It appears that Cowichan has consistently posted on a board which he holds no financial interest in, 40 times over the past month. The content of these posts has predominantly been negative and occasionally relies on unfounded information and hearsay. One can only surmise that he might harbor a personal grudge or vendetta against Centamin, as it seems ‘unlikely’ for someone to invest such significant time and effort on a board without any underlying motive.
Cowichan,
I was going to reply in details about this "amendment" to Trident contract/law that you mentioned, because whoever brought it to your attention as an example of Egypt changing laws/contracts, does not have a clue!!!
but then, I decided to step away, because I noticed I was getting dragged in a conversation that states Egypt is bankrupt, Egypt will nationalize companies, Egypt will change laws/ contracts to shaft companies, and then referring back to links from 1991 about Egypt and the gulf war!!!
Too much for me.. I explained simply what I wanted to explain.. I never wanted to go that deep.. so I will leave it here..
Cowichan has forgotten to mention that at some point in the distant future the earth will be consumed by the star at the centre of its solar system. The impact that this calamitous event will have on Egypt and Centamin will be disastrous.
Was during the Gulf War Crisis. Further reading:
Economic Impact of the Crisis in Egypt
Marsha Pripstein Posusney In: 168 (January/February 1991)
Egypt was facing a severe foreign exchange shortage when the Gulf crisis broke out. Its debt arrears were piling up and it was finding it more and more difficult to obtain new loans. The Gulf crisis threatens to make this situation even worse. Here’s how:
on the brink of economic collapse, and risk major political disruptions. Accordingly, the US and other Western nations and the conservative Gulf monarchies have rallied to Egypt’s aid. This rescue has taken these forms:
Direct Aid and New Loans France will provide $50 million in emergency funds and a $143 million concessional loan. Germany will grant $135 million to finance imports and a concessional loan of $159 million, and will release $365 million in project loans that had been blocked due to Egypt’s arrears in debt service. Increased aid has also been announced by Denmark, Canada, Japan and Italy. The US has not directly increased aid but has upped the cash portion of the aid package from the US Agency for International Development. Grants are also coming in from Gulf countries and the Kuwaiti government in exile. The Gulf Cooperation Council is preparing some $1-2 billion a year. Egypt has reportedly already received $1.5 billion from Saudi Arabia and $600 million from the UAE.
International Monetary Fund Deal After years of pushing Egypt to implement reforms that would make life more difficult for the poor, the IMF, at Washington’s behest, may now be willing to give Egypt a standby agreement on more favorable terms. The Fund, along with the World Bank, is actively lobbying Western nations to increase direct aid to Egypt.
Debt Forgiveness The Bush administration has won Congressional support for its proposal to cancel Egypt’s $7 billion military debt to the US. The Gulf states have reportedly canceled debts worth $7 to $9 billion.
An IMF accord will pave the way for a Paris Club deal with other creditor states worth around $7-8 billion. But what has happened represents a fundamental shift in the components of the external accounts in a way that makes Egypt less reliant on its own resources and more dependent on foreign aid. Worker remittances flowing into Egypt’s “hidden economy” were accessible to members of the lower classes, even in rural areas. Most of the funds made available as crisis relief will accrue to the state, where political and economic elites get first crack at them.
https://merip.org/1991/01/economic-impact-of-the-crisis-in-egypt/
----------------------------->>>>
The last statement about elites skimming off the top of aid packages is particularly resonate in the current Sisi regime. So what has changed? Egypt is bankrupt again and needing a rescue package asap. Only thing different is this time it hasn't taken a war to ruin Egypt's economy, just a military dictator named Sisi
Hi mrtibbles,
I couldn't imagine a more iron clad contract than what currently exists between Centamin and Egypt - yet I point out the fact that it is possible with that last example. Personally, I worry more about political and fiscal instability causing disruptions with procurement of materials (explosives) and who knows what else (equipment)
Being a single source miner is a b*tch - the vulnerability ought to have been addressed years and years ago.
4 Aug 2023
In this week’s episode of Live from the Vault Andrew Maguire is joined by Daniel Lacalle, the investment manager, author, and professor of Global Economics, to assess whether the Fed risks driving inflation with escalating rate hikes.
The industry experts discuss whether US Treasury Bonds can still be considered risk-free and whether a default is inevitable amid unrestrained borrowing, before turning to the politicisation of UK banks.
https://www.youtube.com/watch?v=nqoM-doc4Uo&t=24s
Interesting Cowichan because I raised this issue several times with "Buchanan" and the comapny on several occasions and was told that the original contract terms are enshrined in law and even any new concessions are won on the new T & C there is no chance of any changes to the original Sukari term.
Siko has also explained and confirmed no chance of change several times in the past.
So what now?
CAIRO, Aug 3 (Reuters) - The Central Bank of Egypt raised overnight interest rates by 100 basis points on Thursday in a surprise move, saying it sought to contain inflationary pressures and anchor inflation expectations.
The lending rate was increased to 20.25% and the deposit rate to 19.25%, the bank's Monetary Policy Committee said in a statement.
Fifteen of 16 analysts polled by Reuters this week had expected the bank to leave rates unchanged
https://www.reuters.com/markets/rates-bonds/egypts-central-bank-raises-interest-rates-by-100-bps-2023-08-03/
------------------------>>>>
I'm sure it's nothing to worry about...
Hi Dasut,
I hope that you are well!
I know I am not alone in appreciating your informative posts based on years of experience in the business and indeed your in-depth understanding gained from professional experience at Sukari.
Although denied for may years and glossed over with Andrew Pardey's high grading it is apparent that Inherent grade problems are the norm fort the past and indeed for the future.
Eight years or so ago Kees Dekker said that the underground operations were critical to keeping the mine viable , certainly it was noticeable that as soon as Martin Horgan he confirmed just how crucial the underground workings were to to the whole Sukari operation!
Yet whilst the underground operations seem not have been regarded seriously how many years and how much money was spent on the Cleopatra slope that never seems to have resulted in anything!!
But thank you for your clarification of importance of losing that huge carbuncle of waste clearance !
Keep well
Tibbs
Paul, I wish I knew even hazarding a guess would only bring me to a target output of 500,000 ounces per annum which really isn't a guess because that is what is being reported. The important element is what the cost per ounce will be and whether there can be an improvement of the open pit grade and obviously a favourable Gold Price .
Also in addition to the waste clear up how much of the contract involves opening up ore bearing areas, "advance stripping" resulting in free dig.
I absolutely hate guessing because there are so many factors that are unknown which frustrates the hell out of me as gone are the days that a site visit would give me the warm fuzzy feeling or the run for the hills feeling.
Mr T gave an AISC cost reduction approx amount, I can't recall exactly what is was, but am sure he can provide again. It didn't seem unreasonable to me and would be good if this happens- equally if you look at latest forecast presentations for future AISC in their website, this could provide a clue too.
Hi Dasut. So (fingers crossed) as it looks like the waste clearance is supposed to be coming to an end in the middle of next year, do you think that the figures will significantly improve and would you like to hazard a guess? Obviously normal waste clearance will always have to continue, but the backlog should be cleared.
Also , do you think we will get more gold mined per year and would you like to guess on how many more ounces?
I understand we are largely tied to gold price so anything is at best an educated guess.
Thank you.
Be altered. I have an example of that exact thing happening:
Law 204 of the year 2017 was just changed by an act of parliament:
Sara FakhrySara Fakhry
• 2nd• 2nd
Geologist | Assistant Exploration Manager at Trident Petroleum Egypt | Speaker | Science Communicator | Mentor | TechWomen 2022 AlumniGeologist | Assistant Exploration Manager at Trident Petroleum Egypt | Speaker | Science Communicator | Mentor | TechWomen 2022 Alumni
1mo • Edited • 1mo • Edited •
Follow
Great news!!!
My company’s concession commitment agreement amendment has been approved by the council of ministers.
A law licensing the Minister of Petroleum and Mineral Resources to contract with the EGPC and Trident Petroleum Egypt to amend the commitment agreement issued under the Law 204 of the year 2017 for the oil exploration, exploitation and development at Esh El-Mallaha Marine Field (Magawish).
This means that we have a lot of work to do…
Kindly wish us luck.
#petroleum #work #development #oil #egypt #law #councils #exploration #development #trident #magawish #marine
https://www.linkedin.com/posts/sarafakhry_petroleum-work-development-activity-7082758771109769216-qOcx
-------------------------------------------->>>>>
as you can see by the video and attached post - the Egyptian lawmakers changed the law to adjust the terms of the original agreement passed in Egypt's parliament in 2017
there is nothing preventing the same to happen to Centamin - except perhaps a challenge in Egyptian courts - we all know how successful that can be and how willing Centamin is of 'rocking the boat'
also, amendments to tax laws can no doubt supersede whatever benefit a 50/50 profit share has given Centamin when one considers import duties etc.
Bottom Line
Siko, please do keep posting about Egypt for the benefit of all the current Centamin shareholders.
I'm not posting here for the likes or supportive comments - I feel other long term share holders deserve honesty and clarity to decide their next move
On a personal note - my being invested in Centamin for over 13 years most definitely wins me the 'privilege' of posting on this forum - and those who imagine my posts could alter the share price for my benefit are simply looking for a way to disparage the validity of my concerns and change the subject
Who does their attacks against me benefit? Centamin's management - as it gives management the cover to continue to rape and pillage Centamin's assets for their own personal benefit with impunity
3bear I thoroughly agree that a safe incident free mine will normally be an efficient highly productive mine. Emphasis on the word normally because currently Sukari isn't an efficiently run mine. Why is because the strip ratio due to the abnormal waste removal inevitably means costs are abnormally high.
If however the cost reductions in other areas weren't in place then we would see far worse numbers, so credit due to the current management team for some good strategies.
I don't see Sukari becoming an efficient, productive acceptable profitable operation until the waste contract has finished.
I generally read and hear good things happening at Sukari and that they are pretty much over the major hurdles created by the less than efficient few years prior to 2020.
The proof of the restructuring of management and the operations will not be fully understood until we see a mining operation not a mining operation with an expensive non profitable muck shifting project carbuncle needing to be lanced and removed.
Unfortunately the carbuncle has taken years to develop and will take a little longer to be removed.
Payrolls miss which is good- US employment good which is not so good, however most commentary (SO FAR) seems to be good for gold- here's hoping it continues...
Why gold futures volume is so high and spot gold volumes are so small.
Hi Siko, fair and valid comments!
Unfortunately as with so many countries the world over the ordinary people are lovely and deserve better , its the greedy self serving out of touch politicians and rulers that are so desperate to stay on the gravy train so they continue to kick that very flawed can down the road to keep the status quo, or even grab a bit more, that will always be the problem for the foreseeable future
Keep well!
Tibbs