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As you know, we are expecting the Supreme Constitutional Court (SCC) to rule on Saturday on law 32.
Normally, the SCC refers cases to the SCC commissioners to discuss the case, listen to both sides and write a report with their recommendation.
The SCC does not have to agree with their recommendation, but it would look bad to rule against their recommendation, and normally they agree with it.
Last time, the commissioners recommended that law 32 was unconstitutional and recommended to cancel it. The SCC did not like their report/recommendation, returned the report to the commissioners and advised them to re-write it after further considerations.
Now the new report has been published, and the commissioners have found law 32 constitutional and recommended to cancel the case challenging its constitutionality.
If the SCC agrees with them, which is the most likely outcome now, that means law 32 is constitutional, which means the end of Centamin case because the law applies to all the cases which did not have a final ruling, and if you remember, the Supreme Administrative Court (SAC) has suspended Centamin case during the appeal stage pending the decision of the SCC on law 32, and the ruling from the first Administrative Court in Centamin case was an initial ruling, not a final one.
We will find out for definite on Saturday..
I will let you know as soon as I know..
(I will write the reasons for the commissioners recommendation in a separate post)
The Saudi announcement and the review of Law 32, converging all at the same time like some well thought out strategy. - Coincidence or what? - Maybe. - Will it be a slam-dunk for Law 32? - Courtesy of Siko, we should soon know.
Larry Centamin do not want or need partners.
The Saudis maybe interested in Shalateen, then their Fund will be less wealthy, but they would likely get a welcome, ;-)
Hi Tibbs,
The Saudi's could be interested in investing in SGM/Centamin satellite exploration blocks. There could be enough gold in the ground to share with them especially if they fund the building of the infrastructure to get to production. Its common practise in the oil exploration business to have partners with a free arry clause exchanged for cash.
Whats not to like.
It is great news that there is another major mining investor in the market, and particularly one which has some grasp of the importance of the Arabian Nubian Shield geology!
Possibly this vehicle will be looking for strategic stakes in companies outside of Saudi, although I doubt they would want to take only 1-5% ,seems rather small!
As to the terms of the exploration licenses in Egypt re Centamin, Barrick, and B2, although we don’t know where things have got to on this front It has taken a number of years/decades to get to the point where Egypt actually considering a mining a code which is quite an achievement in it's self.
I understand from a well informed source that we will be informed of the terms as soon as they are agreed.
Just look at all similar companies, pretty similar story... I always basic comparators before anything company specific.
I’m not complaining am in similar profit boat;) just observing the obvious that CEY is not rising with the gold price since hitting the 120s, as if it’s waiting for news…
I reinvested my dividends in November at 83p a share and at the current real time price of 123.05 I’m up between 48 and 49 %
Darn it’s so depressing.
Patryk, I would have said around 20% rise in a month and 60% in 6 months isn't bad Patrick, and would be extremely happy with the same again in the next 6 months! Hardly consolidation
Quite so Patryk!
It's a case of shareholders & markets having been led up the garden path just too many times in the past by "Chancers " who operated Sukari using a short term high gain, but overly risk taking strategy rather than by using sound mining methodology that is sustainable for the long term,as is the case now !
So an immense challenge indeed for the incoming Martin Horgan his the team taking which has taken over three years to clear up and restructure Sukari at huge cost!
Centamin really was in the "Last Chance Saloon!" but I am now optimistically confident and really do hope that this is at last what we have been promised for over a decade !
19th
When the results?
What about the economists..?
Laugh a minute with the predictions. Really a bit of gamesmanship as in reality no one really has a clue.
Look at suppl/demand and you dont go to far wrong. Supply side in terms of new discoveries is an all time low, and going down. Nothing will stop this trend
best
the gnome
With gold now over 1900 I would have expected CEY to be one of the top performers, yet it seems it is still in consolidation mod… (waiting for results?).
0.1% growth in UK economy- yep the doomsters a way off, again...
Major European markets traded higher Friday before the publication of a new batch of economic data and a day after the US published its latest figure on inflation. UK industrial production and EU trade balance data are scheduled for today.
At 6:52 am CET, the DAX gained 0.09%, while the CAC 40 added 0.12%, and the FTSE 100 rose 0.17%. The Euro Stoxx 50 inched up 0.07%.
The euro was down by 0.15% against the dollar at 6:55 am CET, selling for $1.08356. In comparison, the pound lost 0.28% to go for $1.21804 simultaneously.
Baha Breaking News (BBN) / JG
Happy Friday y’al
Enjoy your weekend.
Gold currently $1896.81
Thanks Cowchan for this great news, it may help CEY stock to go higher to the original and its real value.
GLTA,
Dan
I agree just love this share.
Jan 12, 2023
MA’ADEN, a Saudi state-owned mining company headquartered in Riyadh, is planning to invest in the Egyptian mining sector, as part of strategies by the Gulf’s largest miner to invest in mining assets around world.
The announcement was made by Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla told Asharq Business in an interview.
Representative from the Riyadh-based company will visit Egypt within 10 days to explore the available opportunities for investment in the sector, El Molla also announced.
MA’ADEN had announced an agreement with the kingdom’s sovereign wealth fund (PIF) to set a joint venture in view of investing in assets globally, Reuters reported.
The company said it will own 51 per cent in the venture while PIF will control remaining 49 per cent.
https://northafricapost.com/64337-saudi-mining-company-planning-investments-in-egypt.html
------------------------------>>>>
Always lots of talk but Barrick, Centamin & B2 gold are still waiting for the mining terms to be finalized. 18 months is ridiculously long...
$1900 + at the minute Steve.
Centamin is in a sweet spot from every angle.
Re ratings etc…
The only way is up!
Yep like been saying for months, inflation top and drop is where it's at... what Fed rumours come out over coming weeks will cause movement as will usual markers and data points, plus over to Horgan and co on the 19th- not heard anything yet to suggest negativity coming...
Currently + 1.17% $1898.00
Hi Dasut,
"Nails on the head!"
You recently mentioned the conversion in the past soon after Martin Horgan took over regarding the creation /setting up of a "Chamber of Miners" or consortium so that they could be better represented, you had also remarked prior this in the past if and when other miners moved in this was likely to happen and how it would benefit Centamin.
Tibbs
I looked into it and it had so many red flags that it was incredible. It serves as a warning about cross ramping by individuals with a modest previous posting history especially on micro companies. In a few weeks it will get delisted as the most likely outcome.
Hi Razor's,
Certainly Kees Dekker's initial reservations and findings were confirmed (see below) , lets hope we prevented some people being sucked in by the "Ramper " that posted on here!
Tibbs
Kees had a look at Caracal Gold and here some observation:
- It is not Toronto listed, but in London. This allows them to report much less stringently, something noticeable in the latest Financial only available up to 30 June 2022. At that time they had negative net current assets and virtually no cash. I could not see from news releases they raised more cash. That leaves them pretty hamstrung.
- The company’s operations were very cash negative up to June 2022.
- Given a target rate of “expanded” production in Kenya of 25,000 oz per year you should ask your self if they will have the critical mass to carry the overheads of a listed company.
- The Tanzanian assets were previously owned by Resolute. You should ask yourself why Resolute did not turn these to account. The grades are OK’ish, but the dimensions of the individual deposits are very small. Without a proper technical report it is hard to get a handle on the merits of their mineral assets.
- Kenya is not a great jurisdiction and Tanazania has proven to be difficult as well.
This may well show a share price rise (the historical trend is however downwards), but it would probably through successfully hyping its prospects. Personally I find the risk/reward equation not compelling.