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It is exactly as you say Tibbs - the corruption in the Congo is undeniable - not only that Mr Friedland is knee-deep in several other questionable third-world economies with human rights abuse and environmental degradation aplenty.
That said I was reading a report yesterday that outlined some very troubling statistics :
About 20 million miners in more than 80 countries work in artisanal and small-scale gold mining, including more than four million women and children.
Often unsafe and unregulated, these operations account for 20 per cent of the global gold supply, generating about $30 billion annually.
Responsible for 37 per cent of global mercury pollution, they emit 2,000 tons of the element every year.
More can be read here & here:
https://news.un.org/en/story/2023/02/1133587
https://www.planetgold.org/news
The tricky part for me is to decide which is better - allowing these large companies like our director Ms Cloete runs - to operate in corrupt countries - or leave it to the artisanal? I suppose arguments could be made for both - but I think I'd prefer some oversight versus no oversight in terms of environmental and human rights abuse .
Mr Horgan , if we are going to be critical , failed to create a successful company in Toro Gold ( that is judging by where the production of the Mako mine stood 12 months post sale to Resolute ) Has he made better choices running Centamin ? I can't say yes to that right now , maybe in the future.
Also, Egypt is no better in terms of human rights or corruption than many African countries. Is that enough of a reason for mining companies to stay away ? Shareholders must decide
https://www.bbc.co.uk/programmes/w3ct317n
BBC journalist Rayhan Demytrie is from Uzbekistan and was recently invited back to her country to explore how after almost 30 years the government is opening up the country and it's economy.
In part two of this two part Business Daily special Rayhan hears how young entrepreneurs are pushing to grow their businesses and increase exports. Rayhan also finds out how digital only banking companies are transforming access to financial services for many Uzbek people.
In the capital city of Uzbekistan, Tashkent, Rayhan explores how the city has developed and changed in recent years and finds out more about the corruption that continues to cause problems for businesses.
Hi Cowichan
I must say that I was of the impression that there is much government corruption in the region with lots of illegal artisanal mining and mafia type exploitation of the local workforce and that little regard is given to safeguarding the environment in which the mining takes place?
However this interview seems to try to give quite a different impression of the running mining operations in the DRC?
But then can we Marna Cloete to be really honest about that considering they have very high exposure to the country and talking it down would be bad for their share rating and go down like a tonne of bricks with the authorities!
The DRC is under the control of corrupt politicians,thieves and chancers!
Just look at the recent experience of AVZ Minerals which was advancing the largest and best lithium deposit in the world.
Their market cap got to well above A$3 billion!
Too high not to attract the attention of the government to steal!!!
As previously said these mining conferences are a great opportunity for those corrupt and parasitic CEO's and senior management of companies with little integrity to reel in the unsuspecting and trusting retails investors!
No I think we are much better off with Martin Horgan than the lady featured in the interview!
The prices of precious metals continued to fall on Tuesday as Federal Reserve Chair Jerome Powell hinted that the central bank officials would likely resort to further tightening the monetary policy in the coming period.
The appetite for gold and silver seemingly weakened as the American currency strengthened as Powell cautioned during his two-day congressional testimony that the policy could continue to float in the restrictive territory until price stability is eventually restored.
Gold dropped 1.24% to sell at $1,824.19 per ounce at 10:40 am ET and silver tumbled 3.19% going for $20.36 per ounce. A minute later, platinum lost 4.10%, selling for $939.20 per ounce, while palladium declined by 2.14%, going to $1,390.49 per ounce.
Baha Breaking News (BBN) / AB
Precious metals traded lower on Tuesday, with silver down over 1% and continuing a downward trend that started last month. The United States Federal Reserve has hinted at the possibility of further interest rate hikes to bring down inflation if the labor market remains tight, with warnings that monetary policy easing could result in inflation rising again. Fed Chair Jerome Powell is set to testify before Congress later in the day.
Gold fell 0.71% and sold for $1,833.67 per ounce at 8:34 am ET, with silver plunging 1.69% at the same time, going for $20.68 per ounce. Platinum lost 3.02%, selling for $948.62 per ounce, while palladium decreased by 0.78% a minute later and went for $1,409.62 per ounce.
Baha Breaking News (BBN) / DJ
All i know is from a macro perspective cey rose to ~125 when the inflation top/ drop was at his most likely- a stuttering here and ensuing action from fed and rumour has paired the sp back again- inflation has the double whammy as it impacts negatively cost base- again bad. Need some
good news here to make the fed feel happy
Whatever happens the East especially will continue increseasing their Gdecline in the Petro Dollar and resrve currency Gold Reseves until the inevitable decine eventually ,in the reserve currency status.
Not convinced - if Powell feels inflation is proving harder to tackle, rate will remain higher for longer and if even worse then a higher than .25 at next increase would see gold go well below 1800
If Gold drops down to 1800$ then the Central Banks will pile in again.
Then after the air has cleared it will rise again.
Yes seems the traders are terrified of being caught out.
Especially noticable this week.
Ey dad theres trouble down at Mill.
Yes, gold is awaiting Powell... bad news and drop... you all know what is bad news for gold so I won't explain.
Major stock exchanges in Europe traded higher in the premarket on Tuesday ahead of United States Federal Reserve Chair Jerome Powell's testimony. Investors will be looking out for monetary policy cues that could determine the future course of the global economy. On the data front, Germany will be releasing its factory orders, while the United Kingdom will be reporting on its house prices.
DAX added 0.14% at 6:30 am CET, while CAC 40 increased 0.16% and FTSE 100 was up 0.18% at the same time. The Euro Stoxx 50 gained 0.07% simultaneously.
The euro rose 0.06% against the dollar at 7:59 am CET, selling for 1.06833. The pound traded 0.18% above the greenback and went for 1.20411 concurrently.
Baha Breaking News (BBN) / AY
https://www.bnnbloomberg.ca/video/pdac-ivanhoe-mines-president-interview~2641223?jwsource=cl#.ZAbR37PXJM8.twitter
She's at PDAC representing Ivanhoe ( as president ). Simply based on what she's accomplished in that role I wish she was running Centamin instead of Mr Horgan. That said it doesn't hurt that Robert Friedland is the company's co-chairman. Leadership matters!
13th Oct 2022 14:00
(Alliance News) - Centamin PLC on Thursday said developments at its Sukari project have created further opportunities for cost reduction, as the mine's solar plant delivers savings ahead of expectations.
Centamin is a London-based gold producer with interests in Egypt, Burkina Faso and Ivory Coast. The Sukari gold mine is its flagship project, and Egypt's first large-scale modern mine, with a workforce of around 3,795 people.
In its update on Thursday, Centamin said full commissioning of the solar plant could lead to annual cost savings of USD20.0 million, based on current diesel prices.
The company found that the plant reduced its exposure to volatile fuel pricing, saving up to 70,000 litres of diesel per day, and an average of 22.0 million litres per year.
Looking ahead, Centamin expects the plant to reduce its scope 1 greenhouse gas emissions by 60,000 tonnes of carbon dioxide equivalent per annum.
The company also said it had received initial proposals from the Egyptian government and independent power providers to supply 30 to 50 megawatt alternating current units of grid power to Sukari.
Grid power supply at the higher end of the spectrum would make it possible to stop using diesel power completely at the mine, which is located near the Red Sea coast below Luxor with the Egyptian grid in close proximity.
The Egyptian power grid is generated from natural gas and a mix of renewables, and could if used further reduced Sukari's greenhouse gas emissions. Egyptian industrial grid tariffs also are significantly cheaper than the cost of power generation using diesel fuel.
Centamin expects full commissioning of the Sukari solar panel by the fourth quarter of 2022.
"The solar plant and potential to integrate grid power will contribute materially to our environmental stewardship philosophy and our strategic objective of maximising returns for all stakeholders," said chief executive officer Martin Horgan.
Centamin shares were trading 0.8% higher at 84.26 pence each in London on Thursday afternoon.
By Holly Beveridge; hollybeveridge@alliancenews.com
Thanks Mr Bond :-)
Major European stock markets traded mostly flat in Monday's premarket session as investors braced for more economic data this week.
Important reports on eurozone retail sales and Germany's industrial orders for January will be released today. In addition, unemployment and economic growth data will be published in the coming days.
The DAX and the FTSE 100 were both flat at 8:02 am CET, while the CAC 40 added 0.10%. The pan-European Euro Stoxx 50 rose 0.45% a minute later. The euro improved by 0.08% against the dollar at 8:01 am CET, selling for $1.06433. The pound lost 0.14% to go for $1.20281 simultaneously.
Baha Breaking News (BBN) / JG
Happy Monday y’al
Of course just an estimate As really still in early days.
Steve I read somewhere ,probably in a report the Solar was going to save in Diesel costs ,dont remember exactly but it was well in excess of 10 million.
Thanks Bob- yes this is key- and when a major starts a big sell, it's hard to spot as typically lots of small ones and then, as you say, only declared well after the event.
Replace dual with FUEL!
What % of AISC is the diesel element of the dual bill now that we have solar?
this is the key question
Power Supply
Power supply for both stage one and stage two operations phases will be supplied by
medium speed 750/1000 RPM diesel generating sets capable of operating on heavy fuel oil
(HFO) at a viscosity up to 700 centistokes, and generating at 11,000volts at 50HZ. A
35MW power station located at the plant site will consist of 7 x 4MW and 1 x 7MW
engine/alternator sets with associated air coolers, fuel cleaning equipment, switchgear etc.
The power station will be designed to supply nominal output at site based climatic
conditions with minimal derating.
Stage one (oxide and mixed ores) will cater for a load capacity of circa 16,000/17,000kW,
stage two (mixed ores) will cater for a load of circa 22,000kW, while stage three (sulphide
ore) will be only slightly lower than stage two.
The operating mode will be N+1 sets, (where N equals the number of sets required to meet
the load with one additional machine on standby/ repair) operating at an 85% load factor. A
smaller capacity set running on diesel fuel and generating at 400 volts will serve as a black
start facility, as well as emergency power.
The power station main building will consist of:-
• an engine hall containing the generating sets
• auxiliaries annexe containing fuel treatment and engine auxiliary equipment
• switchgear annexe containing generator and main distribution switchgear
• transformer compound containing station earthing, auxiliary and 11kv/33kv step up
transformers.
Fuel (HFO) will be stored in a tank farm adjacent to the power station and incorporate tank
heating for the HFO storage tank(s). The power station auxiliary facilities will include air
start compressors, HFO fuel cleaning and conditioning with facility for sludge removal,
lubrication equipment and prime mover cooling equipment including water treatment.
The power station will operate in a semi automatic mode i.e. normally unattended except
for major load change and machine maintenance selection.
--------------------------------------->>>>
The above is taken from Sukari's Technical Report 43-101F1 Dated March 14, 2012
So it appears Sukari uses heavy diesel oil , which the Ministry of Petroleum says went up 20%
Incidentally using HFO is polluting to the extreme - thus moving to grid power would not only be cheaper but far less destructive to the environment. Sukari's fleet of haul trucks would obviously use regular diesel , which as you say , remains priced the same
Hi Steve
So reinforces my previous posts in that private investors have little influence on SP in comparison to major commercial and top flight institutions which I follow .Basic problem is that they conceal their positions under Market rules in that their substantial move s can be declared on a 24 or 48 hours delay after crystallisation if the event is larger than NMS . S.M rules on ensuring a stable markets.
Many thanks for revealing to this board what holdings in CEY uncovers. Institutions such as Blackrock Schroders etc have the best brains on this planet and life in these major institutions is short if proved lacking. A major plus for my substantial and continuing hold in CEY albeit from a low SP and enjoyment of substantial divis over many tears.
Many thanks again for that reveal. Look forward to RNS shortly on CEY prognostications for current and future
Market move 24 to 48 hours before a good indicator as the market in general is leakier than a colander.
Kind regrds
Bob
I am sure the East will help them out with the Dollar shortage, along with Wheat Shipments, The Arab States are gathering toghether ,