George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
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27/07/2023
Egypt's prime minister announced a number of measures Thursday, including planned power cuts, to cut down on energy consumption
Civil servants will work from home one day a week in an attempt to ease the load on local electricity networks, Mostafa Madbouli said in televised remarks
He also confirmed that planned power cuts announced by the government last week will continue, with residents warned not to use elevators at certain times of day.
Last week's measure sparked a backlash, with many people complaining that the cuts -- frequently coming at the hottest time of day -- often lasted longer than two hours and occurred outside of the planned time slots.
A similar energy crisis during the short-lived presidency of the late Islamist Mohamed Morsi led to widespread anger and protests before he was removed by the army in July 2013.
In 2015 the authorities struck a deal with German electricity giant Siemens to build three major power plants with investments estimated at six billion euros ($6.5 billion) in a bid to improve the network.
But the country has since struggled with depleting foreign reserves and mounting debt
https://www.france24.com/en/live-news/20230727-egypt-announces-planned-power-cuts-measures-amid-heatwave
------------------------------->>>>
Practically speaking, Centamin should think twice about putting their independent power generation in mothballs and becoming dependent on the reliability of Egypt's power grid
Even though Egypt has touted many times that it has become energy independent and a net exporter it's obviously just one of Sisi's many exaggerations
Yes Tony you are right.
How they consider those figures have any relevence is beyond me ,but now am used to US need to maintain theystus quo with dollars.
Of course more excuses for trades for profit and commissions.
Never mind ,in a few days it will all be forgotten.
Then wait for something else to spin.
Rnse and repeat.
The real reason of course on why so many people on Bloomberg are mystified on a lack of dissent amongst the FED Board is significant parts of the USA are in serious recession and other parts are booming away. Nobody wants to talk about what is happening on the West Coast and just maybe the FED has decided that part of America is a different country and does not fit well with their hawk narrative. It also hides how useless the national data sets are in which central bankers set policy if of course they had a strategy to pursue one.
I found the article on Janet Yellen earnings post FED Chair enlightening (Zero hedge) in which she was paid millions to give talks sponsored by bailed out banks. I guess Jerome is getting his copy book ready to get his $7M for a few hours of useless chat.
The usual monkey hammer on gold after garbage data sets.
USA GDP data;
The report gave clear warnings of insufficient sampling data. (Very typical in July and August on voluntary submissions) The leading causes for GDP growth were the following;
1. Personal current transfers (led by government social benefits) up 2.5% on improved disposable income.
2. Local government spending up.
3. Federal Government spending up.
4. State spending up.
5. Consumable spending on non-residential fixed investment. (Not sure what that is)
6. Increased rental income growth.
Export and importing activity is declining in several reports as an impact of re-shoring and mentioned in GDP and durable goods reports.
Durable goods orders also up. However it is mainly in computers and electronic products. The second increased area is in fabricated metals associated with transport equipment. Most other sectors outside of defence are flat.
None of the above is influenced by interest rates putting out inflation pressures. It certainly shows supply chains moving back to USA and using higher rates to deal with the impacts of re-shoring is counter intuitive. It also shows fiscal spending is pulling in the opposite direction of what the FED monetary policy is trying to do. The headline number however, is used to pull down gold and Centamin.
Hoping tomorrow we go the other way as we drift through original reports behind the numbers.
Yes I agree Steve, I’d tend towards “a data driven market” though.
You’re right about high risk, cash exposed all the time.
I was half expecting Egypt to comment on endorsing Russia earlier in the year but thankfully it didn’t happen. That would have been lovely! 🤗
No, I disagree.
It was the US Data released today at pre-determined normal times that caused the issue- the FED said again yesterday that would watch data and do what was necessary", which they have been consistent with for ages.
The upshot assumption meant that should the positive economic data, further tightening is more likely than it was. We live in a data driven world, which is why I follow the data.
Equally, as I've posted many times before, this stock has a massive driver, gold. As such, like most miners, it remains a great , high risk/reward trading stock and not a good holding one.
Possibly you took my comment out of context, it was addressed to everyone as I was agreeing with your point in general that nationalising the other 50 % of the Sukari agreement as very unlikely, especially as at present and no doubt for the foreseeable future Sukari Cenatmin is the Eygptian mining industry!
It will be years down the road before any of the other concession winners will be producing anything, possibly never!
The prices of gold and silver lost footing on Thursday after central banks across the globe continued to tighten their monetary policy.
Both the Federal Reserve and the European Central Bank increased their respective interest rates by 0.25 percentage points, which seemingly took the attention away from the non-interest-bearing metals.
Gold dropped 1.29% to go for $1,947.16 per ounce at 9:44 am ET. Silver plunged 3.04%, selling at $24.16 per ounce simultaneously. Platinum tumbled 2.72% to $941.48 per ounce at 9:45 am ET. Palladium plummeted 2.11% at the same time, going for $1,220.67.
Baha Breaking News (BBN) / AY
😬😬😬😬😬
Your input is greatly appreciated
Can do!
Hence gold parting back a little
Hi Steve. It took me a little bit of focusing to get to the correct window.
When I clicked on twitter today, thought the "X Factor" had made an unwelcome return lol
Https://twitter.com/centaminplc/status/1684480850241396736?s=61&t=wPRUR5w_YhDaiuhBs7gRKQ
Not worried, this is my point.
Hi Steve,
Why worry as I explained previously the Sukari operation may be regarded as 50% nationalised or 50% privatised.
At the end of the concession licence Sukari and all the equipment is handed over to the government.
It has always been a partnership that has worked up to a point and is very unlikely to change because it suits all concerned.
Hi Cowichan,
Perhaps you bring this to the attention of some of your fellow caring Canadians as past events the world over show these mining companies are not to be trusted to care about the environmental impact of their quests for profits!
Permission has been given to a Canadian mining company to drill for oil in Angola which will decimate the environment and the tourism tourism industry by poisoning and destroy the Okavango Delta, which animals and people alike depend on.
https://www.bbc.co.uk/sounds/play/w3ct4m79
Tibbs
Another article on top of the one I posted last week-
https://enterprise.press/stories/2022/06/15/egypts-fdi-might-outdo-much-of-the-world-in-2022-73779/
Again, I ask, why on earth would Egypt put at risk foreign investment by nationalising? Bonkers, it simply makes zero sense on any level.
Hi Cowichan,
I was only addressing the nationalization point. You are of course not happy with many other points regarding Egypt and centamin, but these are not for me to comment about..
Politics, Centamin contracts with Capital Drilling, West Africa, management performance, and your decision not to buy now even should the SP cut in half.. All these points I think other holders could respond to, but as a non-holder, this is not my area...
One point though, there is a huge difference between (Sisi is going nowhere as people understand that the country can't afford another revolution) as I put it, and (Sisi regime and the Egyptian people's willingness to support him) as you put it.. They (have to) get on with things as they are, because the other choice would make things a lot worse for them, but that doesn't mean they (support) him.. A big difference..
Siko
European stocks rose in premarket trading on Thursday as investors digested the US Federal Reserve's decision to hike interest rates to the highest level in over 20 years, as well as a multitude of corporate earnings, including reports from ArcelorMittal, Nestle, Roche, BNP Paribas, Volkswagen, Mercedes-Benz and Renault released earlier today. Among other companies set to report before the bell are Shell, TotalEnergies and Barclays. Market watchers also awaited the European Central Bank's (ECB) monetary policy announcement due later in the day.
The Euro Stoxx 50 increased 0.64% at 8:00 am CET, the DAX rose 0.31% and the FTSE 100 climbed 0.22% at the same time..
The euro added 0.06% against the dollar to go for 1.10922 at 7:56 am CET and the pound was up 0.05% compared to the US currency to sell for 1.29481 a minute later.
Baha Breaking News (BBN) / NP
FOR IMMEDIATE RELEASE
19 JULY 2023
New contract win:
- A reverse circulation exploration drilling contract with Centamin, at the Nugrus Block in the
Egyptian Eastern Desert;
https://www.capdrill.com/media/investors/Financial-Results/Q223-CAPD-Trading-update-final_updated.pdf
And then, what goes around comes around... shares awarded to Capital's leaders end of H1...
Jamie Boyton Executive Chairman 361,682 & 361,682
Peter Stokes Chief Executive Officer 414,870 & 414,870
Brian Rudd Executive Director 183,819 & 183,819
not a bad set-up these executives have going for themselves
plus, at this point Capital knows more about Centamin's operations (including exploratory drilling hits/misses) than Centamin
The Egyptian Mining Forum’s gratitude tweet.
https://twitter.com/egyptminingshow/status/1684149759924371456?s=61&t=wPRUR5w_YhDaiuhBs7gRKQ
Thanks Tony and Dotlink.
The image you paint of the Egyptian people and their willingness to support one another is inspiring.
As far as our differing theses regarding the Sisi regime and the Egyptian people's willingness to support him come what may - many journalists in the region have a different opinion.
This article just from a day ago refers to Sisi labelling those who dare report on economic difficulties in Egypt as “terrorist group and spreading false news” - that's not good for attracting foreign investment dollars they so desperately need.
https://www.aljazeera.com/news/2023/7/25/al-jazeera-slams-naming-of-its-journalists-on-egypt-terror-list
I read that since Sisi came to power his regime has borrowed $100 billion US dollars from Egypt's Arab neighbors. And that with NO way to pay it back. Already Egypt is paying out
56% of it's 2023/2024 budget in interest payments alone.
That means Egypt only keeps 46% of revenue to pay for things like bread subsidies etc.
This is not sustainable, especially considering the buying power of the Egyptian pound is half of what it was - when they need to pay for food imports it costs them more than double as it did just a year ago.
Sorry to say but I would not reinvest in Centamin even should its stock price be cut in half - I'll wait to see if the country 'reboots' and if Centamin emerges on the other side intact,
it is a shame Centamin blew it's cash hoard on a massively overpriced waste contract and West African adventures - because that cash could have helped weather the storm -
now Mr Horgan is forced to spend shareholder's wealth to the tune of a cool $6 million - forced upon them by management's oh so woke 'sustainability line of credit' contractual agreements - just to ensure the gold price doesn't fall beyond a London banker's predetermined level -
I know now that Mr Horgan doesn't run the company to the benefit of shareholders but to the benefit of his circle of banker, corporate and industrial friends -
further reading
https://arabcenterdc.org/resource/egypt-is-in-serious-trouble-seven-decades-after-its-free-officers-revolution/
https://www.reuters.com/business/energy/egypts-zohr-gas-field-reach-15-bln-investments-three-years-government-2023-07-24/
May reflect the size of a closing put options. It does appear to be a bet on the share price increasing so the current price is being taken. It is one possibility.