Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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European stocks were in the red in premarket trading as investors awaited several key economic data reports from the continent, including GDP data and inflation figures from the Eurozone.
The Euro Stoxx 50 decreased by 0.13% at 8:00 am CET, the DAX declined 0.15%, the FTSE 100 fell 0.32% at the same time and the CAC 40 was down 0.08% at 8:02 am CET.
The euro lost 0.05% against the dollar to sell for 1.10118 at 7:59 am CET and the pound traded flat compared to the greenback, going for 1.28524 at the same time.
Baha Breaking News (BBN) / NP
Happy Monday y’al
The Fed’s plans to continue reducing the size of their balance sheet, and that the end of the tightening cycle is on the horizon.
https://tinyurl.com/26rad7j9
Are you watching at gold price right now?
Is it my date provider wrong ? Showing nearing $2000/oz a massive price jump over the weekend.
Is it to do with Japan monetary policy?
The company has made cost savings. In 2022 the AISC for the entire year was $1399 per ounce mined. In Q1 of 2023 it was $1348 per ounce and in Q2 it was $1228 per ounce. The solar plant has removed 16% diesel usage. The payback is going quite well and the company may build a second pilot plant to reduce diesel usage further. The cost cutting has involved significant innovation in many aspects of mining. The on going programmes are anticipating a further $50 reduction on per ounce of gold mined. They also plan to join up with the electrical grid which reduce costs further in the year ahead.
The changes in underground mining have allowed for a gold grade reduction in the mining ore of 0.1g per tonne for both open pit and underground output. This maintains same delivery of gold ounces mined out despite an 11% drop in grade. This enables Centamin to maintain its share price in comparison to the previous year. The total ounce growth this year is 4.5%.
I would therefore suggest that in the month of august short term the Centamin share price may well increase, especially if gold prices exceed 2000 per ounce.
As for Doropo, my preference is for the company is to sell it and use the money on a JV with Shanta Gold in its West Kenya projects. They would easily find 1.8M ounces of gold and may be working on a project that could out do Doropo reserves.
I am interested in what the drilling outside of Sukari may reveal.
It is quite possible we get the autumn pull back, however, I believe 2024 may be a good year for Centamin.
Cowichan may be right on the intermediate term.
I'll give you my opinion - Centamin's share price is going down.
Of note the Doropo pre-PFS was originally based on $1700 gold price - but to cover up the erroneously low capital cost estimates from the PEA and pre-PFS the gold price estimate was raised to $1900 and most shareholders were oblivious . Some even deceitfully hailed the 'new' economics as impressive.
Mr Horgan knows exactly what he is doing - perverting the data and skewing presentations to make the economics shine in his favour. The house of cards will come down, the chickens will come home to roost.
It is never in the best interest of shareholders to switch to the current spot gold price to calculate a PFS or DFS. It's always in the best interest of shareholders to calculate a potential project with a ten year average gold price which would be around $1500 gold
Here's a excerpt from Barrick's 2022 annual report published March 2023 (yes, it's about reserves but I haven't the time or inclination to dig up PFS/DFS calculation's today but they are equally if not more importantly conservative)
In 2022, all mineral resources were estimated using a gold price assumption of $1,700 per ounce and a copper price of $3.75 per pound, both up from $1,500 per ounce for gold and $3.50 per pound for copper in 2021
https://www.barrick.com/English/investors/annual-report/reserves-and-resources/default.aspx
Mr Horgan has eroded the company's finances and reputation to the point it will take some serious good news (which yes, is still possible!) to turn the share price around. Gold jumping to $2100plus would also give the share price a reprieve - but depending on the price of gold to only rise or maintain its current level is not the way to ensure success. Nay, it is the way to guarantee failure, IMO . ((Now start throwing stones , for surely I have nefarious reasons for being soooo negative - maybe I get paid $1000 for every negative post? ))
Where is the s.p. going ?.
"Minister of Health and Population: More than 5,000 children are born daily, costing the Egyptian state billions of pounds"
https://twitter.com/AlMasryAlYoum/status/1685697253359357952
and the people's reply :
"Wise words from an ignorant person. Not every overpopulation is harmful. Our country's strength is in people. We invest in them, not in stone. Education, health and job opportunities. This is the strength of Egypt that must be distinguished, not the talk of the ignorant Abdel Nasser and those who came after him with complaints from the population. If you teach them correctly and make them work, the rate will be balanced with the resources. Other than that, deception and misleading!"
https://twitter.com/asyooty_el/status/1685702719498035201
-------------------------------------->>>>
The fact of the matter is Sisi spent 3 billion+ US $ on his presidential palace which still isn't complete - and his cabinet will never speak a word about it costing too much. When a leader cares more about building skyscrapers, clocktowers and palaces for himself - while complaining that his constituents replicate like rats and eat too much - his days are numbered.
Bidenonomics is just so ridiculous. Joe Biden has trouble remembering what day it is, let alone taking an attempt to construct a "new economic theory", theory being the operative word. Just one sham after another. He should retire and focus on getting his family matters in order beofe the last train leaves the station.
The favourite 5 words at Autralian Board meetings."I am not an economist" Really its the blind leading the "blinder"
https://edition.cnn.com/2023/07/10/opinions/bidenomics-2024-presidential-election-challenge-chen/index.html
https://ground.news/article/puzder-bidenomics-spin-vs-economic-reality
Surely a trip back to 140 isn't too far off now
Thanks Goldgnome- this stock is my primary day trading one- the rest of my portfolio is tied up eg pension, property etc driven by other I trust with balance- anyone with a lot of savings could simply trade this one- I work on being right 75% of the time and using stop losses to protect the big whacks- but as I’ve said before I sometimes get greedy on the the take profit and let it ride too long- with this stock so low and Horgan and evidently controlling things well now I think at some point this will jump - mail on economic data but also around RNS
H i Cowichan
The UK went through over a decade of austerity cuts by the Tory government after big banks and city trading desks city had brought about the last financial crash of 2008.
That was of course austerity for the likes of us whilst the city and big banks were bailed out with our money and the ordinary people had to endure wage freezes , evere cuts and back door privatisation to public services including the NHS, Social Care, General practice and dentistry.
The pandemic exposed just how unfit fr purpose our health service and now due to enforced changes practitioners contracts it there is a severe shortage of GP's , this situation has now spilled over into dentistry, the dentists have been in dispute with the central government over contracts since 2006, during the the pandemic the government failed to support dentists and so now most have the choice of either going bankrupt because many NHS procures are done at a loss ,or stop offing NHS services and go private, this privatisation was likely the intention of the government all along, so no more NHS funded dentistry for the majority.
The train drivers dispute isnt just about money it is about terms and coanditions of employment, the doing away with guards on trains and the closing of most ticket offices.
Just about very other profession in the UK are equally fed up with their terms of employment and the way are treated by their employers ,
The rail staff don't want to strike, but they have just had enough of not being listened to and if you are going to have a strike then it makes sense to do so when it has the maximum impact!
There is a sense of frustration, depression and despair over the UK and none of the politicians seem to have any idea how to sort it out, they will just say anything they think will placate the public so that they can remain on the Westminster gravy train!
nice one tony.
yes it confirms my thoughts about statistics, not surprising when you see the **** with the economy ,under bidens governance. though none of them much different. ( not me to blame ,everyone else)
it so easy to cherry pick news ,as we see with some posters on on social media sites ,even here.
I started Early – Took my Dog –
And visited the Sea –
The Mermaids in the Basement
Came out to look at me –
And Frigates – in the Upper Floor
Extended Hempen Hands –
Presuming Me to be a Mouse –
Aground – opon the Sands –
But no Man moved Me – till the Tide
Went past my simple Shoe –
And past my Apron – and my Belt
And past my Boddice – too –
And made as He would eat me up –
As wholly as a Dew
Opon a Dandelion's Sleeve –
And then – I started – too –
And He – He followed – close behind –
I felt His Silver Heel
Opon my Ancle – Then My Shoes
Would overflow with Pearl –
Until We met the Solid Town –
No One He seemed to know –
And bowing – with a Mighty look –
At me – The Sea withdrew –
You think Oz has it tough ? just look at the state of affairs in London (from my twitter feed)
Mayor of London, Sadiq Khan
@MayorofLondon
I’m extremely concerned that there will potentially be no train services running between London and Brighton during Brighton & Hove Pride.
It threatens the success and safety of one of the country's most important LGBTQI+ events.
https://twitter.com/MayorofLondon/status/1685319272686338049
(any wonder things are up sh*ts creek for the majority of taxpayers ?)
Https://alt-market.us/bidenomics-is-a-fraud-based-on-deliberately-misrepresented-stats/
Thanks to zero hedge.
Hi Mr Gnome,
It is disregardful the way that so many for all the wrong reasons have received their pay off reward in the form of a seat in the 'Upper House".
However these last appointments by Boris Johnson who prorogued parliament, lied to the Queen , broke with impunity his owns government's Covid regulations and deceived the general public about the true consequences of leaving the EU must be some of the most undeserved and are an insult to our UK Parliament.
No wonder the general electorate have such little faith in our political and parliamentary system!
Hi Daz, agreed 480,000 oz isn't bad, but that said the astronomically high AISC as a direct result of over half a decade of intentionally high grading Sukari to pump up the guidance and hide the true state of the workings all of which has resulted in a loss of marker confidence and why the share remains where it is.
In 2015 Kees Dekker highlighted that the underground workings in many respects were crucial to achieving the predicted hoped for guidance as the open pit grades weren't that good, this was denied by Pardey on several occasions and in 2017/18 'Barminco"the drilling contractor allowed the sole but oh so essential LHDR to self destruct somebody had forgotten have a contingency plan ready, or even to order specialist spare parts!
It does seem the only thig you have to do to get into the House of Lords is go to an illegal set of parties and stand in the shadows of the PM, or something like that !!! LOL, of course helps if Boris is the PM...
We are doing it tough in Oz, ... Along with the 3.8 per cent growth in private sector wages, restaurant input costs have soared across the board. Retail prices for cheese are up 16 per cent in the year to June 30, oils and fat prices are up 14 per cent, bread is up 14 per cent, gas prices are up 26 per cent, and even spirits are up 11 per cent.
... there’s only so much people will pay for pasta!
The continued growth in services inflation is another factor causing angst among some economists. Service prices rose 6.3 per cent through the year, the highest rate since 2001, edging past the pace of price rises for goods. Service costs are weighing the MIners down, and they wont go away, or down, only up...as the RBA continues to put interest rates up ...
A big contributor to last month’s inflation result came from the continued rise in rents – up 2.5 per cent through the quarter and 6.7 per cent through the year – sparked by a huge mismatch between supply and demand, which is being exacerbated by the post-pandemic boom in overseas migration. Australia’s government policy on migration has led to intake or more than 400,000 in the year to June 30, and is expected to remain elevated at 315,000 this financial year...who are mostly renters, hence the increases in rent, and hence we have the Reserve Bank trying to correct for inbalances caused by Govt policy LOL
What a mess
the gnome
There is a lot I like about the results, now that I have finally caught up with them.~
Interesting to see the hedge at a $1900 POG. Then to look at the after tax IRR for Doropo at 41%., using $1900 POG The AISC is $1000 approx, and a low strip and met is fine. Hard to not see this project given a green light soon. Prep is the key to success in project start and ramp up, so I am happy to be quietly confident on this. This would make CEY a 610k ozs pa producer with a more comfortable AISC and 2 x 10 plus mine life mines in 2 jurisdictions in 2025.
Interesting to see the increase in tonnage coming from undergoound...at lower grade, but going owner operated is a far better way to go ...
just over 6,000 km2 of mineralised exploration permits, is a sound position to grown organically from.
I like the liquidiy, and would hate them to go and ruin the company on MandA
best
the gnome
If 480,000 ounces is in the “Spitoon of the Last stop saloon”…then I’d say someone else might like to get on the Cowichan bandwagon and get a better position too, Tibbs. Might Cowichan’s ‘balanced discussion’ simply be a poor facade for his true intentions and only feign compassion for fellow investors, it feels disingenuous.
The UAE-India economic agreement and how this may affect silver demand, along with the Q3/4 developments in the paper vs physical gold battle.
As BRICS nations meet to discuss a gold-backed currency and central banks around the world continue their gold-buying sprees, Andrew highlights how traders and investors can protect themselves from the possibility of a US Treasury default.
https://tinyurl.com/3js5m9vz
Hi Daz, fair comments, but then the company could if it chose correct any misconceptions share holders may have just by answering the individual concerned, 'Stone walling" is never a wise option as it leads to frustration and further misconceptions by all parties.
As to this forum the we all have the opportunity and indeed should contribute to the whole discussion, but that said without reverting to the awful rude spiteful behaviour of some other forums I could mention.
At least on here the majority of members know how to behave toward one another.
Tibbs
Cowichan, I respect your opinion, that you are already out and suggest the rest of us scarper to gold miners in countries in better jurisdictions. Well many of these are actually in African countries from Tanzania to Mali, which have proved at the least problematic, and even South Africa that looks far more dangerous than Egypt, or Argentina with its exchange controls, Peru with its left wing government that made Hoc tumble, Columbia with its insurgents, Chile with its increasing taxes on miners, problematic permitting etc etc. I would feel far safer with Centamin and a company that has not had its tax/royalties changed, mining in a peaceful out of the way area, in a country with an unpleasant leader but good for the company. It seems very fairly valued now, so there seems more likelihood of upside than down, in this long life near tier one miner, even if t is a shame that a main attraction, the high dividend, has reduced from most of the profit to min 30% tho actually a bit more. And a shame that they continue to pour money down African holes in the ground for their own aggrandisement, but overall it seems to me this is one of the safest gold miners to invest in rather than as you suggest super dangerous. So I am with Sisi Imho
Hi Mr Gnome,
Now that would worry me!
It would be bad form to disclose the size of my holding, but let me say that it is such that I feel I have every right to challenge Centamin and a right to honest answers, something that was obviously lacking in the past .
The last report was encouraging, the dividend is disappointing, but that said I am awaiting an improvement in both overall performance and the dividend!
If Cowichan or anyone else asks questions that are based on incorrect facts or media speculation then the company has every opportunity to answer them , indeed it is its best interests to do so!
Tibbs
Good Morning Daz,
There is nothing wrong in challenging the company on all manner of anything that is misunderstood or needs come clarification, indeed in a conversation with Martin Horgan he expressed the view that share holders have every right and should ask questions, it is healthy and the company has had and continues to have the opportunity too respond or engage in dialogue if it so chooses on all these enquires.
As a long term holder of Centamin I welcome Cowichan's enquiries and encourage all share holders not to behave like "Sheeple" and challenge anything and everything.
The failure to do so in the past and instead swallow the copious amounts of Pardey's & 'Youssefs s baloney is why Centamin is in the 'Spitoon" of the "Last stop saloon" .