Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Interesting Dan that the gold is sent to Switzerland for smelting.
I think you should check your figuers on solar again Mr T.
And take account of the zero pollution ,now they are installed.
How can he be making any thing of the new concessions, when they havnt even drilled the new concessions yet.
Or do you think he has Visions ,or occult powers.
Ask your new friend.
Alas, like all things with CEY, this sort of thing doesn't move SP, only actual results from them do at the mo, along with gold and inflation reduction of coruse
Thank you Siko,
Very non committal on the Solar savings , he quoted $200-$100 dollars and ounce, I had hoped for better , still nothing mentioned when the waste removal contract coming to an end and the savings to AISC, also very non committal about the areas around Sukari!
Its good to have a diverse Gold portfolio. Maybe add a little into Hummingbirds Resources #HUM. 1300% upside, this video explain it all.
https://youtu.be/OQj1ZzVouys
Dansul,
The video is in English, and he says in the video everything that's in the article..
Siko, Great, Thank you so much. used Translate .google.
GLTA,
Dan
Https://twitter.com/centaminplc/status/1682000125244104706?s=61&t=wPRUR5w_YhDaiuhBs7gRKQ
The MMEA terms align with a modern, international mining code comparable to other jurisdictions. The MMEA does not apply to the 160km2 Sukari Gold Mine mining concession, which operates independently under the Sukari Concession Agreement, ratified by parliament under Egyptian Law No. 222 of 1994.
NEW EGYPTIAN MINING REGULATORY FRAMEWORK AGREED
Establishes a clear, competitive regulatory structure for development of new mining concessions
Centamin announces that the framework for the model mining exploitation agreement ("MMEA") has been agreed in principle with the Egyptian Ministry of Petroleum & Natural Resources ("MoP") and the Egyptian Mineral Resources Authority ("EMRA"). The MMEA sets out the legal and fiscal framework that will apply to commercial discoveries made on the highly prospective c.3,000km2 of ground awarded to Centamin in 2021 for exploration in the Eastern Desert of Egypt ("EDX blocks").
Alongside industry partners, Martin Horgan, Centamin CEO, and the Egyptian Minister of Petroleum & Natural Resources, His Excellency Eng Tarek El-Molla, have jointly reached an agreement in principle on the fiscal and regulatory terms associated with the exploitation phase of new mining projects in Egypt. Following routine Egyptian government and legal procedures, the MMEA will be ratified as a Special Law by the Arab Republic of Egypt in late 2023.
The MoP has been clear in its vision to create a thriving mining industry for the benefit of Egypt and its people. Centamin shares this vision and strongly believes that mining can fulfil its true potential in Egypt through employment, education and training, and direct financial and infrastructure investment to support the MoP's target for the mining industry to contribute 5% of the country's GDP by 2030.
MARTIN HORGAN, CEO, commented: "Centamin has successfully operated in Egypt for over 20 years and we believe these terms lay the foundation for developing Egypt's mining sector, unlocking the undoubted geological potential within the country. The MMEA provides a clear regulatory and fiscal framework that fairly balances risk and reward between the stakeholders while providing a stable operating environment required by the international mining community and its investors.
We would like to thank His Excellency Eng Tarek El Molla, his team and our partners within the industry group for the sustained and engaged process over the last year that has enabled us to reach this landmark for Egypt."
MODEL MINING EXPLOITATION AGREEMENT
KEY TERMS
The MMEA applies to Centamin's three EDX blocks (Nugrus, Um Rus and Najd), and will take effect once the Egyptian parliamentary approval is granted and] legally ratified. Under the MMEA, exploitation licenses will be issued for a 30 year stabilised fiscal and legal regime, including:
· 5% government net smelter royalty on revenue
· 22.5% corporate tax rate
· 15% government financial net profit interest (on post tax income)
· 0.5% community development contribution
· Life of mine commitments towards local employment, training and procurement
Cont….
You have a good idea or my views on it Mr T. It really does look like they high graded and gave a good dividend to boost the share price and then exited with their gains.
Sotolo's £3 a share prediction was based on what we were being told up until the news of the waste emerging.
I keep hoping that the backlog of waste clearing is coming to an end (and that in future it will be managed properly to stop such a thing happening again)---------and with that , a reduction in costs, plus gold remaining at its current level or going higher will start to reap dividends-FOR US!
At least there have not been promises of 600,000 being mined this year along with the "Good times are coming" .
Please can we have a decent update and a better dividend?
mt t.
thank you indeed for your very well explained answer, this has allways been a great board to read unlike advfn which is total rubbish and ****ging each other off all the time.
let's hope for a good report this q2
HI Ken,
There are likely many reasons why Centamin languishes in the "Spittoon" of 'The Last Chance Saloon", this is what happens when market confidence in a company is shot to pieces as is the case with Centamin!
As a long term investor of a considerable holding of over a decade I accept that there are unpredictable and unexpected events in gold mining and so I was willing to take in good faith what the management where stating and give them the benefit of the doubt when things when wrong, assuming of course that we share holders were being told the truth.
Put simply we weren't, from 2015 onwards we where deceived and misled by Andrew Pardey CEO, Yousef El Raghy in the UK and Eygptian media with what they knew where unrealistic and unsustainable guidance which could only be achieved unbeknown to us by foolhardy and bad mining practice, that is "High grading".
As you may be aware this foolhardy and bad mining practice inevitably led to the narrowly avoided catastrophe of a serious pit wall collapse which has necessitated at astronomical cost the 3-4 year major waste clearance contract involving the re-sculpting of the mine open pit and the creation of proper and fit for purpose access and egress to the very essential underground workings!
You may also be aware that the Jersey BOD claimed that they where "Simply unaware" that the open pit waste wasn't being cleared, so they may well be guilty of failing to carry out their duties with the appropriate due diligence , where complacent, ignorant, lazy or all of them!
To be fair through there where also a number of organised chaperoned visits to Sukari by the corporate analysts who gave glowing reports about the future prospects of the Sukari operation, so where then these analysts turning a blind eye to bad mining practice, or simply didn't know what they here looking at and just produced a report impress their clients?
Three years or so ago a new CEO was appointed and we were told that the company would be going through a 'Reset", that retail share holders were valued and that they would be better informed of the progress towards turning Sukari into the world class operation it should have always been, true there have been a few slick presentations, but as yet we are still awaiting some measurable proof of any of this, as yet the communications with share holders are at an all time low and in the absence of any news on when the astronomical coats of the waste clearance are likely to abate, despite the price of gold the company share price shows no sign of any invigoration upwards, quite the contrary!
Centamin seems to have been run on the basis of most "Pyramid Schemes" , that is those at the top table in Jersey have done very well, despite their lack lustre performance, whilst the those at the bottom of the pile, that's us get a few scraps of dividend and a good kick in the crotch with regard to the share price!
Well Shanta Gold have produced tremendous results this morning and I can only hope Centamin does likewise soon. Shanta was my number one stock in my portfolio and I think it has now come good. Rainbow Rare was number 3 and has taken off and it leaves Centamin that I have in second place for the hat trick. All the best Tony
European stock exchanges were mostly lower in premarket trade on Thursday ahead of German producer inflation and Eurozone consumer confidence data.
The DAX decreased by 0.08%, London's FTSE 100 gained 0.20%, the CAC 40 was 0.08% lower and the EURO STOXX 50 lost 0.11% at 8:01 am CET.
The euro was 0.14% higher compared to the dollar, changing hands for 1.12172 and the British pound was nearly unchanged at $1.29379 at 7:59 am CET.
Baha Breaking News (BBN) / MS
Morning all
What I can't really get my head around is that gold is now 5% higher than it was on 6th January but CEY has gone down 30% since its high on Jan 6th from a high of 127 to just under 90.
So there's no real correlation between CEY and Gold for the kast 6 months.
My only theory is the marketmakers play the long game to cream in fees from the unfortunate ones who trade on leverage.
I'm just hopping for around 115k oz produced on next quarterly 26th July.
Gla
Will Centamin still be able to supplement fossil fuel power at will?
That would require keeping the current generators operationally ready & the fuel topped up.
This from last year:
in early August 2022, Egypt launched a plan to reduce local power consumption by cutting the amount of natural gas used in generating electricity in order to direct the savings for export in order to increase levels of foreign currency. This would generate $450 million per month - $4.5 billion per year, according to government estimates.
The electricity sector buys natural gas from the Petroleum Ministry for $3 every MBtu whereas it is exported for more than 30 per MBtu. Thus, economically speaking it is better to export it and receive hard currency, Hamza said.
https://english.ahram.org.eg/News/473325.aspx
And today:
Wednesday 19 Jul 2023
Power outages in Egypt
The recent power outages in the country were caused by increased consumption triggered by the ongoing intense heatwave, said Egyptian Prime Minister Mostafa Madbouly on Wednesday, in an answer to complaints from citizens about why the lights went out last week. Madbouly added that the reductions will continue until the middle of next week.
https://english.ahram.org.eg/NewsContent/1/2/505074/Egypt/Society/Power-outages-in-Egypt-resulted-from-increased-con.aspx
----------------------------->>>>
A serious decision will need to be made. I dunno if it's a great idea to trust Egypt to have uninterrupted power cuz whenever Egypt needs foreign currency (and when don't they) Sisi will no doubt dim the lights.
I appreciate that you have asked the question several times, but yo have the same access as any of us to the annual reports prior to the pitfall crack and then the agreement with Capital to implement 3-4 year waste clearances and re sculpting of he open pit walls to a less steep incline and the creation of easier access and egress to the underground workings
Bear in mind that Sukari had been cherry picked, or high graded for a number of years with the waste allowed to pile up so obviously the AISC are going to look less then they should have been had the open and underground operations been carried out with the appropriate waste clearance, so the profits were higher
We don't have access to all the facts, but we have been told that the that the open and underground operations will have far greater flexibility , the modifications to truck ktrays , tyres and plant with the commissioning of solar power will all help to lower AISC,, so possibly 30% redaction wouldn't seem unreasonable, hopefully more!
Surely not Comex ETF s, the only real comparison is Spot Gold .
Centamin is underperforming gold ETFs. Should be on 97p since the ETFs started rallying. In the recent past CEY was usually outperforming the ETFs.
I’ve asked you this question several times Mr T- what is your expectation of the % reduction to aisc of the waste clearance hasn’t already been done been done? Or does anyone else on this forum believe that it’s already been done and we are now in business as usual?
Hi Razor's.
Thank you for the update, this seems quite impressive, however what we need is some news when the clear up costs will reduce greatly to the norm because until then the share price is buggered !