George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
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Also US Jobless Claims may support U$D, is likely that to push gold at higher levels, the market needs very convincing increase of jobless claims. Anything around previous levels won't do.
IMO
Deutsche Bank came out with good numbers
later on the day expected US GDP forecasted at 2% from previous 2.6%.
IMO a bit too low and likely to be beaten hence gold may be ready for a retrace lower...
Major European stock markets saw losses ahead of Thursday's session amid renewed concerns the banking crisis in Europe and the United States may not be over. While a recent report hinted that the US government isn't interested in bailing out First Republic Bank, investors looked for signals of the sector's health in the latest earnings from Deutsche Bank and Barclays.
The FTSE 100 lost 0.33% at 6:56 am CET, while the DAX slipped 0.21%. The CAC 40 declined by 0.34% at the same time, and the Euro Stoxx 50 decreased by 0.41%.
The euro and the pound each added 0.10% against the dollar at 7:15 am CET to sell for 1.10536 and 1.24807, respectively.
Baha Breaking News (BBN) / ND
Small-scale mechanised mining takes place on the Sukari licence area, but generally at remote sites where it neither disturbs nor presents a risk to mine operation. It is an unauthorised, clandestine activity that employs a relatively small number of people. Our exploration and security teams occasionally encounter the presence of illegal mining within our Sukari licence area and have been trained to respond in conformance to the VPSHR. Information concerning these encounters is shared with the public authorities.
----------------------------->>>
never mind the lost gold without profit share to the government - how about geological damage? Lost data?
the above excerpt taken from the 56 page Sustainability report https://www.centamin.com/media/2969/cey_sr22_sustainabilityreport_final_250423.pdf
IMO more time and effort is spent on creating these enormous fluff reports than growing the company or dealing with ongoing problems like illegal mining - they've only had years & years to get security figured out
meanwhile the time is ticking on Doropo - several concessions are set to PERMANENTLY expire in 12 months - that means PERMANENTLY lost resources for Centamin shareholders - let alone lost exploration $$ & time spent building a resource
Mr Horgan should be personally visiting the government offices in Cote D'Ivoire getting the last 2 concessions renewed NOW or the concessions hosting the satellite resources which are adjacent will be orphaned
But will he? Probably not - as long as these fat cats get a salary & bonus shares issued without performance hurdles they are laughing all the way to the next gig
some here with coddle & shield the performance of these experts - blaming circumstance, mother nature or bad economics but compared to 90% of its rivals Centamin's management has proven themselves negligent and incompetent in numerous ways - especially in keeping the facts hidden from shareholders
https://portals.landfolio.com/CoteDIvoire/en/
I’ve been posting my views on this board on crypto for years- people know my position and views :-)
Steve on bitcoin
Here's another one from investing.com- I hope this comes true lol.
I wont invest too much money on it, if any at all....
Crypto is up too-
without clearly defined
Got to say I dont like easy award of shares with clearly defined metrics and not easy targets.
However, the other questions what is the market rate for a CEO for centamin size and where are we heading??? expansions/successful diversification.... Maybe this is better than a high salary as he doesn't perform the SP is flat
Tibbs,
This is what is known as a one way bet.
No performance conditions attached to this award whatsoever.
What would happen if there was a bid for the company would this award lapse or would the option be triggered and the management could walk away with the cash and try to the same thing all over again ?
Centamin plc
("Centamin" or "the Company")
LSE: CEY / TSX: CEE
RNS 26 April 2023
DIRECTOR/PDMR SHAREHOLDING
Under the shareholder approved Remuneration Policy and Centamin Incentive Plan ("Plan"), which aims to align Executive remuneration with that of the shareholders and long-term performance of the Company, contingent awards over ordinary shares of nil par value in the Company were made to the following Directors and Persons Discharging Managerial Responsibility ("PDMR").
Subject to clear performance conditions, the awards to the following participants will partially or fully vest after three years, on 24 April 2026 and are subject to a further two-year holding period. In the normal course, the Plan participants are required to be an employee of the Company at the time of vest.
For more details on the Plan, please refer to the Remuneration Report within the 2022 Annual Report and Accounts, available on the Company's website (https://www.centamin.com/annual-report-2022/).
Name Director/PDMR Number of Plan Awards
Martin Horgan Director (CEO) 835,800
Ross Jerrard Director (CFO) 667,300
Amr Hassouna PDMR (Country Manager) 400,000
This announcement contains ongoing regulated information.
(https://www.centamin.com/annual-report-2022/
European stock indexes declined in premarket trading on Wednesday as concerns about the banking sector re-emerged after a report claimed First Republic Bank is struggling to find a feasible solution for its financial issues, causing its shares to plummet over 40%.
The FTSE 100 lost 0.34% at 7:15 am CET, the DAX fell 0.46%, the CAC 40 slid 0.60% and the Euro Stoxx 50 was down 0.65% at the same time.
The euro added 0.08% against the dollar to sell for 1.09820 at 7:17 am CET and the pound rose 0.15% compared to the US currency to go for 1.24267 at the same time.
Baha Breaking News (BBN) / NP
Happy hump y’al
The miners?
For years the miners have struggled to achieve sustained outperformance against gold, but the winds of change may be blowing, in de-dollarized air!
https://www.kitco.com/commentaries/2023-04-25/Humpty-dollar-dumpty-gold.html
Gold has moved sideways for the past month (with an upwards bias), but the first week of May could bring some very big news from the fear trade side of the pond:
May 3 (next Wednesday) is the next US central bank rates decision day, and there's an important speech from Jay. May 4 brings an ECB decision and speech from Lagarde. May 5 is the US jobs report and a full moon.
How important are these events for investors? Well, it's important to note the difference between a professional investor and a professional fund manager. The professional fund manager has a phenomenal sales team. They are very good at securing a consistent flow of investor capital and they invest all of it immediately.
Fund managers get quoted frequently by mainstream media and offer what are mostly irrelevant prognostications about the future. They do well when the market rises and fail when the market falls.
In contrast, the professional investor has patience. They wait to buy significant price sales that offer substantial value at major support zones.
The gold market is unique because its professional investor class includes both COMEX commercial traders and hundreds of millions of citizens in China and India.
https://www.kitco.com/commentaries/2023-04-25/Humpty-dollar-dumpty-gold.html
The Government now owes a record £90,000 for every household in the UK after borrowing soared again in March to lift total public debt to more than £2.5 trillion.
Latest official data shows that Chancellor Jeremy Hunt was forced to borrow another £21.5 billion in the month — the second highest total on record for March — just to keep the wheels of Government turning.
https://www.lse.co.uk/ShareChat.asp?ShareTicker=CEY&share=Centamin-PLC
The Chancellor raked in £40 billion more in income tax and national insurance as stealth taxes hit millions of workers, experts warned on Tuesday.
Financial firm Hargreaves Lansdown said receipts from PAYE Income Tax and NIC1 (National Insurance) for April 2022 to March 2023 hit £378.2 billion.
It stressed that this was £40.2 billion higher than in the same period a year earlier.
https://uk.yahoo.com/news/jeremy-hunt-rakes-40-billion-084039052.html
UK public sector borrowing hit £21.5bn in March — the second-highest March borrowing figure since monthly records began in 1993.
Borrowing, the difference between spending and tax income, was £16.3bn more than in March 2022, the Office for National Statistics (ONS) said on Tuesday.
Over the same period, spending increased by 16.8% to £104bn, in part due to the cost of the energy support schemes for households and businesses.
Low-paid workers are struggling due to "rip-off youth rates" and a lack of employment rights, a trade union has said.
Workers such as retail staff and warehouse employees have seen their living standards squeezed and their families “suffer” as wages have failed to keep up with rising energy bills and costs.
https://uk.yahoo.com/news/cost-of-living-millions-of-workers-struggling-due-to-low-wages-and-lack-of-rights-155135543.htmlhttps://uk.yahoo.com/news/cost-of-living-millions-of-workers-struggling-due-to-low-wages-and-lack-of-rights-155135543.html
Worth a read, "Humpty Dumpy dollar and gold".
Are the cracks finally showing .
A little boy ,with finger in the dike ,maybe.
Kitco.
Reserve Bank needs to be held accountable...revolutionary? or evolutionary...
The Reserve Bank holds Australians in fear of a “dagger in the heart” if they were to openly speak negatively… about the RBA, according to independent economist Clifford Bennett. “Isn’t it nice that we can finally speak openly about our central bank, which has been relatively free of critique !
If the RBA cannot be held accountable, its independence will eventually prove politically unsustainable.
Establish a panel of fishmongers and they will tell you fishmongers deserve to be on top. Establish a panel of economists and they will conclude economists should run the world. Trouble is that none of them have much expereince in the world, they instead build theories of how the world should run, and the assumptions are ...interesting?
That prediction may seem simplistic; but the review of the Reserve Bank does nothing to disprove it. On the contrary, rarely have so few recommended creating jobs for so many – of their colleagues.
A new committee largely composed of economists will set monetary policy. Economists will also dominate a new expert advisory panel. So as to service those economists, yet more economists will be added to the RBA’s already massive staff. And a new program will fund university research in monetary economics, spreading some joy among those who don’t get the plum jobs.
Amazingly for a profession that prides itself on being evidence-driven, all this is proposed in a report that is essentially data-free. There is, in particular, nothing in the report to show that countries where monetary policy is set by a specialist committee outperform those where decisions are taken by a generalist board (as has been the case at the RBA). Nor is that omission surprising: particularly for the UK and New Zealand, the data suggests no such thing.
But the puzzle runs even deeper. One might have expected a report that mentions diversity nearly 100 times to prefer delegating responsibility to a more – rather than less – diverse body, which would muster a wider range of experience. And perhaps the panel didn’t notice that relying so heavily on one type of expertise could entrench the “group think” it rightly excoriates.
Some philology might have helped: when the noun “expert” entered common usage in the 1860s, the Germans promptly accompanied their term for an expert (“der fachman”) with the delightful neologism “fachidiot” – a person whose professional narrowness blots out common sense.
Well, at least the panel has taken its recommendation that the RBA concern itself not just with inflation but also unemployment to heart...
THEY JUST HAVE NO CAPACITY TO LEARN FROM THEIR MISTAKES
good luck to us all
the gnome
Here's another one from investing.com- I hope this comes true lol
https://uk.investing.com/news/cryptocurrency-news/bitcoin-could-hit-100000-by-end2024-standard-chartered-says-2994145?utm_source=responsys&utm_medium=email&utm_campaign=Daily_Digest&utm_term=Editorial_DailyDigest_V3_UK_962168&utm_content=cta_button
As always, there are as many bearish as bullish and vice versa- lol. Like I’ve always said, things can only go up to down , so people can write a millions words and provide a million charts or just a sentence or one chart- each has 50/50 chance of being right that’s about it lol. I prefer to thing of future events deciding what happens rather than past ones dictating the future… the world is littered with bad predictions based on past performance
https://www.investing.com/analysis/gold-price-invalidation-confirmed-whats-next-200637508
Though you may be interested.
Our Glorious Up His Own Rear End PM!
Rishi Sunak was escorted through central London by a motorcade featuring dozens of jogging police officers - with social media users slamming the procession as “over the top”.
https://uk.yahoo.com/news/dozens-jogging-police-officers-escort-165238086.html
Interesting though I didnt know that many coppers could run!
https://www.lse.co.uk/rns/CEY/publication-of-2022-sustainability-report-lv32vik6zx04odj.html
Stock indexes in Europe were lower in premarket trade on Tuesday following a string of corporate earnings reports. UBS, Banco Santander, Novartis and Nestle all revealed their respective first-quarter results earlier in the day. Meanwhile, European Central Bank Chief Economist Philip Lane noted he expects another interest rate hike at the ECB's meeting next week.
The DAX decreased by 0.20%, London's FTSE 100 lost 0.21%, the EURO STOXX 50 declined by 0.39% at 8:00 am CET. The CAC 40 was down 0.55% at 6:57 am CET.
Both the euro and the British pound were flat compared to the dollar at 7:59 am CET, trading at 1.10505 and 1.24820, respectively.
Baha Breaking News (BBN) / MS
Gold currently + 0.32% 1995.44
Luck ,pegging their BRICS currency to Gold would not make their exports more expensive, but others with not much Gold reserves in comparison to their money in ciculation , ie debt.
Those countries Fiat paper currencies would lose their value, that is inflation.
So it is clear their imports would be more expensive.
But if they need those commodities the only option is to pay.
Have to say agree and happy that central banks drop $ and buy gold, wise divesting at times when Fed rate is halting and especially because the combination of high inflation and high rates is choking the US economy.
But not just the US, dangers of defaults on debit are surfing all over the western world, for example I learned that Volkswagen is about to take on some $300 billions in debit, in trying to catch up with the EV wagon and not considering the internal combustion car assets they will have to write of...
But for U$D to lose its global currency status, have the feeling that gold wont be part of the equation, but a simple side effect of USA foreign policies including indeed sanctions.
The BRICS countries to create their own commune currency and challenge directly the U$D, they would have to value this currency, against a financial and economic equation among these countries, which take in consideration their current exchange rate against possibly the U$D itself. If they peg it against gold they would not have and metrics of comparison with the rest of the world with witch they also trade. Also pegging against gold would run the risk of creating a currency becoming too expensive for exports...
So far they have been doing only bi-lateral trade agreements which on its own doesn't challenge the U$D but rather is creating many discrepancy in commodities pricing....This also is a side effect which I am not so sure how will evolve within BRICS and around the wider world economies...Interesting times