Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Hi 3bear,
I sympathise with you optimism, I once felt like that a long time ago!
I have been trying to look forward for over two decades and that should have been long enough to grow any share, unfortunately what was delivered never compared with what was promised !
Its all too easy to get complacent!
Razor, thanks for posting the tweet. A very clear and positive statement from the Chief Executive. I listened to this on Friday on IG and added to my very considerable holding then. I felt on the Conference call on Thursday and the subsequent the session for individual investors in the afternoon, in which investors were not allowed to put direct questions live to the management were lacking in clarity and did not do justice to future prospects. Glad the management have now put out something that rectifies that impression.
C'mon Tibbs it's time to start looking forward rather than back? Fwiw I see centamin as a long term growth share but in the very near term it feels like groundhog day. We're going to see disappointing Q1 production numbers which will accentuate the high AISC just like last year. I've been taking a bit of profit and have sold down half my stake but that still leaves me with a significant lump in for the long haul and if/as the SP drops I intend to build back up again.
https://twitter.com/igcom/status/1616518675254616064?s=61&t=mvFmvh4dtZiIIja4SPfxsg
Hi MrGnome,
Must say that the market doesn't seem overly impressed with the latest report, but then that to be expected after the way the previous management including some who still sit on the board were happy systematically destroy market trust in anything the company whilst Sukari became ever more unworkable until it nearly imploded !
So with Centamin in the "Last chance saloon" unless it is to disappear down the lavatory it has had to face the realty that it really does ha e to produce ore gold than pie in the sky guidance media boasts!
Do I trust Centamin, well hard to say, but I trust the other gold miners far less !
https://www.marketscreener.com/quote/stock/CENTAMIN-PLC-9730915/news/Centamin-Maintained-at-Market-Perform-Following-Q4-Production-Release-Guidance-Price-Target-Lowere-42770399/
Cowichan I suggest you read the 4th Qtr report in particular the link to Doropo you will understand that it isn't just your throw away line "metallurgical fine tuning" albeit not a bad summary there is considerably more involved.
Why not cut and paste the Doropo PEA from 2012 seems to me there needs to be a starting document that can be dissected and developed to put meat on the bone which is what is going on to arrive at a document that is the PFS.
As for it taking longer in West Africa my estimate was 5 years from when geologists start talking positively to actually breaking ground with the equipment to open up the site readying to go mining. Anything earlier tended to come across problems.
I compared the number of years with colleagues around the world such as Australia, Canada, Indonesia and South Africa and a 5 year gestation period was a pretty good rule of thumb.
Yes Doropo has taken longer but I am happy that the work done since 2021 with the new team will I hope overcome "problems" in the future.
Thanks goldgnome for one of the best comments I have read in a long rime.
European markets rose in premarket trading on Tuesday as investors awaited a string of economic data reports, including those on German consumer confidence, as well as preliminary PMI figures from the United Kingdom and the Eurozone.
The Euro Stoxx 50 traded 0.38% in the green at 6:59 am CET, the DAX was up 0.31%, the FTSE 100 added 0.26% and the CAC 40 increased 0.36% at the same time.
The euro gained 0.10% against the dollar to sell for 1.08793 at 7:03 am CET and the pound climbed 0.13% compared to the greenback to change hands for 1.23889 at the same time.
Baha Breaking News (BBN) / NP
Just not via Centamin (nor Endeavour for that matter)
But at least Endeavour has been honest in their forecasts and communication with their shareholders. Take their Lafigué Project now under construction in Cote d'Ivoire. Today's press release states:
Construction of the Lafigué project on the Fetekro property in Côte d'Ivoire was launched in early Q4-2022. The project will have a 4Mtpa capacity CIL plant, with an annual average production of 203koz at a low AISC of $871/oz over its initial 12.8 year mine life. First gold production is scheduled for Q3-2024. Capital expenditure for the project is approximately $448 million. Average head grade of 1.69g/t Au over LOM
Compare that with Doropo's PEA that was stupidly copied and pasted from the Batie West PEA of 2012
Processing rates are estimated as 4Mtpa for fresh, semi-refractory ore requiring flotation with intensive concentrate treatment and 4.5 Mtpa of blended oxide / transition free milling ore to produce 1.96 Moz over an operating life of 13 years with average gold production of 208 koz/annum for the first 5 years. The initial capital cost, inclusive of working capital and contingency is estimated to be US$ M275 (based on a like project) with AISC of US$ 904/oz average target head grade of 1.30 g/t Au over LOM
That's almost a $ 200 million discrepancy for a near identical project
But of course the Doropo PFS is only delayed because of 'metallurgical fine tuning' (according to Mr Horgan) not because its cost metrics are based on fallacy
Oh, and Endeavour only began exploration drilling on Lafigué in 2018 , so much for it 'taking longer' in West Africa because 'that's just the way it is'...
https://www.endeavourmining.com/media/news/endeavour-achieves-top-end-fy-2022-guidance-announces-h2-2022-dividend-100m
Thanks Siko
I think the new policy in CEY mngt is to be measured and err on the conservative side, which sits well with me. I think they have probably been very measured and restrained around the Sukhari mine site, whilst there was some legal risk (why would you put excess capital at risk). Now this has been removed then I think we will see a lot of new developments happen, and some of the satellite ore poisitions will be worked and known more.
I think their position in West Africa is solid. The mineralisation is on scale and grade. The fact that it takes a bit longer, is really more a function of thats the way it is in West Africa, and managing risk. I would far rather they build a solid foundation than rush in due tot he whims of some of the "arm chair CEO's" one hears and see's floating around.
Happy to stay invested, there are a lot of gold companies that are on my avoid list at the moment.
best
the gnome
Dow, s and p, gold, crypto etc
Thanks for clearing that one up Siko - Cheers.
Yes its always sad to see people go,even though Cowichan and I do not see eye to eye.
Good Luck never the less.
Hi Rebess,
Law 32 states in clause 2 that it applies to any active cases in front of the courts where no FINAL ruling has been given, including cases and appeals which started before the issuing of the law.
Centamin's INITIAL ruling was delivered by the first administrative court, and this is not a final ruling, it's the lowest degree in courts in Egypt, that was why EMRA and Centamin appealed against it in the SAC.
It's the SAC that delivers the final rulings.
As the SAC knew that law 32 applied to Centamin case, that was why the court decided to suspend the case pending the ruling of the SCC on law 32.
This link has the wording of law 32 (in Arabic).
https://qadaya.net/?p=9538#:~:text=%D9%85%D8%B9%20%D8%B9%D8%AF%D9%85%20%D8%A7%D9%84%D8%A5%D8%AE%D9%84%D8%A7%D9%84%20%D8%A8%D8%AD%D9%82%20%D8%A7%D9%84%D8%AA%D9%82%D8%A7%D8%B6%D9%89,%D8%A3%D9%88%20%D8%A7%D9%84%D8%B7%D8%B9%D9%86%20%D8%A8%D8%A5%D9%84%D8%BA%D8%A7%D8%A1%20%D8%A7%D9%84%D9%82%D8%B1%D8%A7%D8%B1%D8%A7%D8%AA%20%D8%A3%D9%88
Hi Siko. - Just one query - Law 32 applies to all cases where a decision has not yet been made. - In Centamins case, or EMRA as it officially was, a decision had been made. - OK, it was suspended, but it wasn't cancelled. - That's what the appeal was about. - Getting the SAC to take another look. - So, on the face of it, because a decision had already been made, the way I've read Law 32, arguably, it doesn't apply to the SAC ruling against Sukari. - Any thoughts/comments?
“The petroleum minister always uses Centamin as an example in all his talks about mining in Egypt, last week in Saudi Arabia'd conference he said Egypt was working with Centamin to increase production and to finalize licences to expand work around sukari area…”
Excellent excerpt, cheers Siko.
Sorry to see you going Cowichan.
I actually did the opposite, and got back in Centamin last week after staying out of it for years for financial reasons, and even now I'm not in with a large amount, but it's what I could afford. I don't know how long I'm staying in for as I normally need the money before my trips to Egypt, but I'm in for now.
For me, Centamin "should not" have problems in Egypt anymore, the petroleum minister always uses Centamin as an example in all his talks about mining in Egypt, last week in Saudi Arabia'd conference he said Egypt was working with Centamin to increase production and to finalize licences to expand work around sukari area.
As to the court case, the way the legal system works in Egypt is that once the court suspended a case for a reason, and in our case it was for law 32, and once that reason is clarified, the court does not restart the case by itself, the request has to come from one of the two sides, and of course it will be the side which thinks it will win that would submit the request, and that's why it's Centamin that will apply to restart the case. Alfakharany's side would never ask for the case to restart, that's if they are still around. There is no ifs and buts, and it's not up to the judge, law 32 is crystal clear.
As long as Centamin does not come up with any production surprises, all should be good and improving from here.
Siko
Thanks for all your efforts……….sorry to see you go. Most forums struggle to attract people of your quality of posting and information content.
Hopefully Horgan will get his finger out and actually better some of his forecasts. He had a good Q3 then spoils that by having a relatively poor Q4. It’s as though he didn’t really want to overachieve on his yearly target.
Cowichan good luck and a passing comment from me.
Islam reports on exploration drilling programmes and studies not resource.
When the results are provided we see is an executive report or overview of the company thankfully not all of the detail.
Just imagine all of the detail of the mine it would take weeks to read and digest and so easy to confuse, misread.
It is a fine line and I remember having someone demanding to be kept up to date on everything and not having enough time to do my job.
Agree BobLiz - Let's hope Cowichan keeps in touch. - I'm pleased to hear that he intends to do so..
Major stock indexes in Europe traded higher in premarket on Monday as investors awaited the latest reading on the euro area consumer confidence. The Deutsche Bundesbank's monthly report will also be released today. The week will be marked by a number of PMI reports across the continent.
Meanwhile, the traders continued to weigh the European Central Bank's comments on the future path of monetary policy.
DAX gained 0.50% at 7:54 am CET, while CAC 40 increased 0.33% and FTSE 100 edged up 0.16% at the same time. The Euro Stoxx 50 added 0.42% simultaneously. The euro was up by 0.40% against the dollar at 7:24 am CET, selling for 1.09000. The pound traded 0.19% above the greenback and went for 1.24176 concurrently.
Baha Breaking News (BBN) / AY
Happy Monday y’al
I hope all the LTH's realize chances are equally good my selling is the perfect contrarian signal that now is the time to stay invested with Centamin!
I sold mainly because I don't see any near term catalysts to support the share price from pulling back significantly. That and some (how shall I put it, scrutiny?) Centamin now faces from its auditors Pricewaterhouse Coopers & the EMRA. That said, if all things are 'cleared up' and management finds a way to drastically reduce AISC perhaps I'd get back in.
For now I'll keep in the loop with the contacts I've made thru LinkedIn. One such insider just posted a segment from Centamin's 2022/2023 exploration agenda:
https://www.linkedin.com/posts/islam-el-hoseiny-msc-2802a96b_projects-centamin-exploration-activity-7022435875397513217-4lBq
Islam El-Hoseiny , MSc - Senior Exploration Geologist at SUKARI GOLD MINES
https://www.linkedin.com/in/islam-el-hoseiny-msc-2802a96b/
- 3,324 meters of resource drilling at the Kurdeman prospect
- 5,815 meters of second phase exploration drilling at the new V-Shear East prospect
- Re-logging, geological review and modelling with further drilling planned on the update of a pit optimisation study at Quartz Ridge prospect
----------------------------------------------------------------->>>>
Exploration activities like these are actually part of the rationale behind my departure. That is to say one reoccurring question I posed to Centamin management these last several years was why exactly have the satellite deposits around Sukari - that already have mineral resource estimates calculated (like Quartz Ridge) are still being kept secret from shareholders and subsequently being kept off the total tally of Centamin's group resources. Silence, silence and more silence.
Given Centamin's much touted commitment to ESG I find it unacceptable that their primary focus is on the 'E '. To me ESG includes proper Governance i.e. keeping ALL shareholders informed of exploration results and growing resources; proper Social i.e. honoring social development commitments to indigenous, local communities (employment for Batie West residents), proper accountability i.e. meeting timeline targets/goals (or at least acknowledging and explaining why timelines are unable to be met) i.e. Capital Review, Doropo PFS, Bonanza zone exploitation, etc.)
In the end those ESG metrics are just as important to me as a decent dividend. Best, D
I am personally sorry to see you leave this board as I have always had the utmost respect for your factual expertise in the gold mining sector and your
"thorn in the side " approach to CEY management. However I shall still hold CEY as the gold reserves are still in the ground, a declining resource. confidence in Hogan (viz his C.V and resume and his personal wealth profile and believing his management of CEY is an ego trip to succeed not a short term skim of profitable opportunity unlike his predecessors) Yes there may be more profitable short term opportunities but entry and exit points are staggeringly difficult to predict. I know as traded in that way for many years and came out with some skin still intact. Balance sheet is all as at some time the gnomes will come knocking. Please keep in contact with this board as your knowledge of the industry is invaluable.
Kindest regards '
Bob
No wonder Cowichan uses an avatar. - With a name like that, who wouldn't? - :) :) :)
But I do own a Ferrari :-).