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Tibbs I was expecting you to ask the question about the diesel subsidy.
The dividend being paid out of borrowed money was that so it didn’t drop too far during our problems. However as currently if mid aisc is projected $1325 with todays gold price that is $600 an ounce above it which translates after emra etc to £100k profit which more than covers it. Centamin under Pardy always paid out most of the profit as dividends which was a lovely thing if not necessarily great long term. Horgan looks like continuing that tho he did once say investment would rise but he would borrow for this
Major European stocks signaled for a positive opening at the last session of the week as investors looked toward the conclusion of the World Economic Forum in Davos, which will be marked by discussions about global monetary policies.
Today's retail sales and consumer sentiment data from the United Kingdom pushed negative sentiment. Still, the FTSE 100 in London rose 0.53% at 8:13 am CET. The pound lost 0.23% against the dollar to sell for 1.23574, hovering around levels from early June.
On the other hand, Germany's producer prices declined further, hinting inflation might be on a downward path. Frankfurt's DAX gained 0.21%. The CAC 40 in Paris increased by 0.74% at the same time.
Baha Breaking News (BBN) / ND
Happy Friday y’al
Enjoy your weekend.
Gold price currently $1928
Centamin plc (CEE-CA, C$2.24bn Mkt Cap) – Stock off 4% on 4Q results as market didn't share CEOS view of 4Q being a 'successful conclusion to the year', with 126koz 3Q dropping to 108koz, and AISC lifting from US$1,289 to US$1,445/oz as pit grades drop around 10%, and UG grades dropped from 6.2g/t to 4.2g/. An excellent albeit slightly larger comps to Resolute - RSG perceived as a high cost producer, with 350koz pa at around US$1,400/oz (set to fall with big MRE today) vs 440koz here at similar cash costs, the key delta is EV, CEY has 22% more production, but 3.4x the EV (US$1.41bn vs. US$415m). Looking forward, CEY just secured a US$150m credit line for 'capacity and flexibility' while RSG is adding step-change reserves (today resources) in future. Sell high / buy low in our view
So basically follow the gold price and trade in and out and Horgan either get a CFO that actually communicates with you so you don’t keep having to ask his opinion and then he fails as usual to actually answer the question
Yep and like all charts, they are true until they aren't true.
It was in the annual report .
Previous management are History.
Good night.
Steve
The gold 1925 level was broken 3 times intraday during the week and closed under that level each time. This evening it broke through on the 4th attempt. This move higher will have surprised a lot of people tomorrow unless something happens in Asia tonight. The technical charts on gold have been running red hot for sometime. Weekly stochastics are on 100% and daily RSI over 72. Normally, we would expect some kind of cooling off and then gold would power up again after a lot of overbought signals were worked off. So far that has not happened. We await to see if Asia buys USD or gold overnight.
Hi Mr Bond,
Possibly if the previous management had been more competent and more importantly more honest then there would be less reason to criticise or be suspicious.
The decision to roll over and drop the diesel fuel subsidy challenge (potential recoup of $367m) wasn't announced in the financial media or by an official announcement, but was slipped quietly into an annual report?
Now if this was such a wise/prudent decision why not be more about it?
Hi Dasut,
Still can't understand why they gave up so easily over the withdrawn diesel price subsidy, $367m?
Gold just broke out despite being massively overbought on the weekly technicals. They only have an hour to bring it back under 1925.
Looking good :-))
It was $2,000 on resources for 2022-2032 just to be accurate.
Some brilliant questions asked and very good answers from Centamin.
Thank you for putting in my reserve and resources question. So we know that reserves are economically priced at $1450 an ounce and that $2,000 per ounce is a median figure of the expected gold price between 2022-2032. So the red flag issue is removed as we now understand how Centamin derive that figure.
What I am pleased about is that my pulling out of Centamin really encouraged them to have the emphasis on that QA session. I hope the company got a lot out of it and we understand more about the thinking they are doing and confusion is removed by the limitations of RNS communications.
I now hope the opportunity arises for me to re-enter Centamin at a future date, but if it does not happen I wish everyone all the very best. Tony
1925 broken now TornadoTony l, gold at ~1929 as I type
MrBond46 thanks but I was somewhat surprised that we didn't see an increase in the SP especially given the strong GP but there again I suppose that is what we have become used to. Certainly agree no news seems to be good news.
RazorsEdge and Dasut ,its good to see some reasoned responses from you.
I get sick of reading un-supported ,dramatic criticism, from some posters.
The SP had a good run upwards ,possibly too quickly,now it is balancing out.
Todays SP is not surprising , most good news possibilities are already priced in .
With Centamin no news seems to be best.
Dasut, I totally agree.
Thank you for your comment.
The price of gold increased on Thursday amid a bleak economic backdrop. The most recent disappointing data on the United States retail sales, industrial production and housing starts could have raised an appetite for the yellow metal, which has acted as a safe haven against recession scares throughout history.
Recession fears might have been rekindled by comments coming from the Federal Reserve officials, who noted that the terminal rate will still have to be above 5% and be kept at that level "for some time."
Gold gained 1% to go for $1,922.55 per ounce at 10:34 am ET. Silver added 0.80%, selling at $23.65 per ounce simultaneously. On the other hand, platinum fell 1.35% to $1,027.62 per ounce at 10:35 am ET, and palladium plunged 3.03% to $1,689.27 per ounce concurrently.
Baha Breaking News (BBN) / AY
Tibbs not sure I agree as Horgan answered all of Cowichan's questions and more than adequately covered my question for reasoning behind and justification of the waste contract.
Personally believe the retail event is an excellent development and gives me more confidence in the new team and in particular there is far more in depth natural responses to questions.
OK there will always be the question that can't be answered for proprietary reasons but this is the same in any business.
All in all I feel more relaxed and impressed with what has been achieved by the new team, albeit somewhat disappointed with the 4th quarter ounces.
It looks as though the efficiencies of the underground owner mining fleet is yet to get up to speed and this is what has reduced the 4th quarter ounces.
They are upfront telling us that 1st quarter numbers will fall short because of planned maintenance at the processing plant and yet again we will see a back end recovery.
A more than satisfactory year end report but we will continue to see the SP rely on the GP for some time to come.
I do however feel the market is gradually gaining confidence in the continuity.
After London close they have edged gold and the ETFs up a bit. I suspect $1925 for gold is not going to break.
Hopefully get one more nice pull back in Gold and Silver to add to existing positions.
Also have 3 x Leveraged play on silver (that's not for widows and orphans)
Now starting to fall.
Gold has rallied to push centamin up 5p. It has just failed to break the resistance line in the 1925 area. If it heads back to 1901 support, Centamin may follow it down.
Agreed Razor's,
Retail event is subject to initial question scrutiny and censorship by the company so unfortunately it's not possible to get answers to any questions that are deemed too awkward!
Took opportunity to take some more GDJX / GJGB earlier.