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Agree Razor - It would be a great fillip going forward, especially if next week's results are a positive. - It's hard to imagine what the possible outcome on the SP would be in such circumstances. - However, remembering yesteryear, I'll put excitement onto the back-burner and wait'n'see.
I totally agree Rebess. The outcome of Saturday’s cc if it carries the correct ruling will by default make the Centamin cc void.
I’m sure Martin Horgan is delighted that the case is being heard a week prior to the company’s conference call.
Law 32 is not Centamin specific. - My understanding ; If it's passed, then it resolves the outstanding CC brought by ALF at stroke. - This CC casts a shadow over the legality of Sukari beyond 3km. - If it isn't passed, then the outstanding issues remain outstanding until the Administrative Court reconvenes and makes a final ruling.
Difficult to know after all this time what affect it will have on the SP if it is passed. - The market may well regard it as a non-issue. - It definitely had an affect at the time and for some time afterwards. - Not so sure now. - Something to look forward to one way or another. - Thanks Siko, good to hear from you. - Good luck.
“Inshaa Allah” as they say in the Middle East or God willing it happens on Saturday 14th January.
Or is the Law an "Ass".
Thanks Siko.
Long Term ,I do not expect much change in the SP.
Probably totally wrong ,but this has dragged on for so long, LTH have learned to ignore it..
I find it hard Government Agencies would wish to harm its only producing miner.
Also Saturday is the beginning of the week in Egypt.. it's like Monday in UK..
Does anyone expect the decision to have any effect on the SP.. what's your expectation if the decision is in favour or against law 32?
Siko
Thanks for this I will have a look.
Hi all,
This is the site for the SCC which will rule on law 32..
https://www.sccourt.gov.eg/SCC/
If you know anyone who speaks Arabic, you could ask them to check what happened in the meeting on 5th Nov 2022.. the third decision on that meeting you will find that the status of case number 120 for the judicial year 36 (this is law 32 case) has been booked for ruling on 14th Jan 2023 and that is clear on the site now..
And subsequently the media reported that..
https://www.youm7.com/story/2022/11/6/14-%D9%8A%D9%86%D8%A7%D9%8A%D8%B1-%D8%A7%D9%84%D8%AD%D9%83%D9%85-%D9%81%D9%89-%D8%AF%D8%B9%D9%88%D9%89-%D8%B9%D8%AF%D9%85-%D8%AF%D8%B3%D8%AA%D9%88%D8%B1%D9%8A%D8%A9-%D9%82%D8%A7%D9%86%D9%88%D9%86-%D8%A5%D8%AC%D8%B1%D8%A7%D8%A1%D8%A7%D8%AA-%D8%A7%D9%84%D8%B7%D8%B9%D9%86/5967349
I will let you know on Saturday the decision ..
Siko
Razor, respect that thank you.
This is a great board I don't post much but know who all the knowlegably guys are keep up the good work and happy and prosperous new year to all
Ken
Nothing is guaranteed in the Middle East, there’s always a chance it doesn’t happen, so I wouldn’t pin all my hopes on it.
Hopefully myself, Goldgnome and tibbs will have raised the right questions of coldspy to prevent anyone getting sucked into that shameful Cross ramp of GCAT yesterday.
I suspect GCAT will tank today.
Good to see there are some knowledgeable posters on here.
Ken23 if I may.
Siko posted these two regarding the Centamin court case last November.
—————
Court Case
15 Nov '22
Hello everyone,
I'm in Egypt now..
Do you still remember the court case?
Do you remember how it has been suspended because of an appeal in the Supreme Constitutional Court (SCC) against law
32 which prevented appeals against state contracts?
Well, I have been told that the SCC has finally decided to deliver the verdict on 14th January 2023.
———————-
Court Case
15 Nov '22
Hi Steve,
The SCC commissioners report has not been published yet, which of course will give a big hint about the verdict.
Last time their recommendation was to cancel the law as they thought it was unconstitutional. Seems like the SCC did not like the commissioners recommendation and asked them to reconsider their recommendation and re write the report.
The SCC does not have to agree with the commissioners or accept their recommendation, but it would be odd to go against their recommendation.
If the SCC decides that law 32 is constitutional, then no one could appeal against state contracts, then Centamin court case gets cancelled altogether as if it never existed because the law applies to all existing cases where no final verdict was delivered.
If the SCC decides that law 32 is unconstitutional, then the Supreme Administrative Court (SAC) starts Centamin case again at the appeal stage.
Remember that the initial court ruling was only to limit the area allocated to Centamin to 3km sq area because no signed contract was submitted for the 162km sq area, which Centamin has submitted later during the appeal (I sent a link here for the signed contract).
Moses,
Thanks for your reply
so you concur the 14th Jan is when the decision will be made on law 32 ?
Regards
Ken
In the Middle East Saturday is a working day.
Spot 64
Where did you get your information on the rolling of law 32 as thec14th is a Saturday and a rather unusual day to have a rolling.
I look forward to your reply.
Regards
Keb
Major stock indexes in Europe traded lower on Tuesday, as concerns over global economic prospects continued to linger. Despite some upbeat data reports that came in a day prior, bullish remarks made by certain Federal Reserve officials seemingly dampened the positive mood as interest rates are expected to remain in the restrictive territory for a while.
The DAX declined 0.40% at 8:00 am CET, while the FTSE 100 was flat at the same time. The Euro Stoxx 50 tumbled 0.87% at 8:01 am CET and the CAC 40 slumped 0.79% simultaneously.
The euro traded flat versus the dollar at 7:59 am CET, selling for 1.07342. The pound traded 0.07% below the greenback to go for 1.21713 at the same moment.
Baha Breaking News (BBN) / AY
Gold currently flat at $1872.00
Interesting new discovery by Endeavour, in the vicinity of Doropo. Always thought the area has huge potential and is underexplored.
https://www.endeavourmining.com/media/news/endeavour-makes-major-greenfield-discovery-cote-divoire-maiden-1.1moz-indicated-and-1.9moz
Suggests more synergy between Endeavour and Centain...
best
The Gnome
Having been involved with Nyakafuru and surrounds, I will rpedict the exploration upside is very limited...probably why Resolute would not hang onto it,...they certainly had a good crack at trying to find more gold ...
good luck
Hi Damo,
No I'm not a mining expert at all, although I am lucky to have made friends and fellow investors on this forum who are former mining professionals and long term holders,, I also have friends and mining professional contacts outside of this board whom I consult with on a pretty regular basis.
It's a case of knowing who to ask really and also more importantly who can be trusted to be truthful and building such relationships takes time!
Caracal Gold here some observation from a very experienced mining analyst
- 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!
I think any investor needs to apply extreme caution on this one!
Tibbs
Fincent
I think you raise a very good point and observation.
My eyes tell me the same post (i will hold back from calling it a ramp) was indeed posted to 9 separate boards on LSE earlier this morning.
Extremely public spirited?, maybe.
DYOR
Hi Dasut,
Thank you for a very interesting explanation and insight into the realm of junior miners based on your own experiences which could well make a very interesting book that could appeal to a niche market!
Fincent, I agree with Coldspy sentiments that the juniors are the companies that have the opportunity to multiply their share price after all currently quoted at 0.81 of a penny for each share, £200 gets you about 25,000 shares so yes very much early days and full of risk but that is what penny shares are. GCAT do look to have considerable prospecting areas in known gold mining regions, Are they going to be another Geita, Bulyanhulu or North Mara, who knows?
All I can say is that I have seen mines develop from a lot less resource than both projects currently has at the moment.
Would I invest thousands noway, will I watch with interest most definitely?
Reminds me of the old days and a company called "Cluff Mining Resources" based in London owned by founder Algy Cluff who went where most feared to tread but he had some successes proving up resources that others ended up mining.
Let see if coldspy can answer my question to test his knowledge as I'm interested to know this very crucial aspect.
If not. Maybe a question for the GCAT bb?