George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
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Spot prices of precious metals rose on Thursday after an unemployment report from the United States seemingly made traders believe the increase in jobless claims would result in a slowdown of the Federal Reserve's restrictive monetary policy that aims to push inflation down.
The market appeal of gold is often negatively affected by rising interest rates and the latest data could have offered investors some optimism about the yellow metal's potential in 2023.
Gold increased by 0.71% to $1,817.33 per ounce at 1:42 pm ET. Silver gained 2.04% and reached $23.97 per ounce at the same time. Platinum advanced 4.68% to $1,057.61 per ounce at 1:43 pm ET. Palladium climbed up 0.44% to $1,781.60 per ounce concurrently.
Baha Breaking News (BBN) / MS
From 2019
From the most recent report on 25th Feb 2019 the Cleopatra incline and the open pit are still not producing the higher grades or the improved output within the timescale share as promised to share holders by Andrew Pardey on behalf of the Centamin board.
This arrangement of Centamin and Capital Drilling being so closely intertwined by way of share ownership and the same senior management on both company boards and being represented to share holders by the same PR representative may be perfectly legal.
But even if this arrangement is perfectly legal then is it really in the best interests of the share holders as there will no doubt be occasions such as in 2018 (the effects of which of which we share holders are still suffering) when there may be a conflict of interests or management may be in a position where a particular situation means their loyalties may be divided?
Is this another example of glossing over a too close connection that may prove to be imprudent between the company and one of is contactors
It may be worth contacting Centamin Investor Relations or Bobby Morse of Buchanon , but as some shareholders are all too aware they seem to have adopted a policy of silence when it suits them towards investors.
Hi Dasut,
I agree entirely and it must surely raise some concerns that the same Buchanan PR director may well have been party to some pretty sensitive information regarding Centamin is also representing Capital Drilling in a PR capacity and it is Buchanan PR who are now justifying the way the contract was awarded.
It is also of note that the El Raghy have had close ties with Capital Drilling in the past.
https://offshoreleaks.icij.org/nodes/82006106
Perhaps of interest, I see that Capital Drilling forms strategic partnerships with companies, which includes drilling for equity, which it does for a range of companies. Other drill companies do the same. It may have been a good thing for Centamin at the time to help it get going? It also is rapidly expanding into West Africa, including Burkina Faso and Cote D Ivoire. It may of course be a coincidence that that is where Centamin is expanding, and then again it may not be.
http://www.capdrill.com/about-us/strategy
https://www.imd.org/research-knowledge/articles/the-four-tiers-of-conflict-of-interest-faced-by-board-directors/
In all my time working in the mining sector I never saw such a complex form of tendering. I guess this is because the contract isn't technically complex. As I have said previously if Centamin production team don't know their cost per tonne then they need sacking so doesn't take a lot to work out if you are being ripped off.
Capital will have had an advantage because they already had an in country infrastructure and as far as I am aware there isn't an established contractor capable of this project.
In reality it will take several months for the regulators to get going.
By that time it will be clear from trading if Basel is functioning.
Witnessed on a number of occasions over the past couple of months a c.20 point rise in gold price on US open and we saw the same yesterday which is clearly the commercial banks.
Also interesting to note the increased gold buying activities over the past few months from the central banks with record amounts of deliveries being seen in 2022.
Major stock indexes in Europe traded mostly lower on Thursday, as concerns over China’s COVID-19 control continued to mount on a global level. Following the United States’ step to introduce negative virus tests on travelers coming from China, the United Kingdom mulled over placing the same measures.
The DAX declined 0.27% at 8:04 am CET, while the CAC 40 slipped 0.28% and the FTSE 100 was flat at the same time. The Euro Stoxx 50 traded with a 0.36% loss at 8:05 am CET.
The euro traded 0.07% above the dollar at 8:05 am CET, selling for 1.06153. The pound added 0.08% against the greenback to go for 1.20250 simultaneously.
Baha Breaking News (BBN) / AY
The announcement refers to "competitive tender process" but not a two stage competitive tender process (with seperate technical / contractual and priced envelopes) which is good practice for technically complex major contracts. By two stage I mean the first envelope is opend first and evaluated and aligned for technical and contractual complaince and only after all bidders are aligned is the second priced envelope opened then the contract is awarded to the lowest pricxe technically acceptable tenderer. i.e. all have priced on the same technical / contractual basis. Single stage tendering mixes technical and price aspects and is open to abuse, hence the reason for two stage tendering. Buchanan are not giving the full story.
The fact that they responded shows that you are having an impact.
Your patience & tenacity are impressive, please keep on if you can maintain you’re energy :)
Hi Mr Bond
I think you hit the nail on the head re US intentions. Question is who can say nay. Nobody and survive. Use the knowledge to your own advantage. The US dollar is sacrosanct and therefore should be central to investor thinking.
Raytheon in October was a good bet.
Regrds
Bob
@Buchanan notes and would like to respond to the allegations made in the above post by guiding the author to the below announcement, which was made publicly on 2 December 2020 by Centamin via RNS of the London Stock Exchange and on the TSX, which provides details on why the highly competitive tender was awarded to Capital. Announcements such as these from companies which are regulated by either FCA in the UK, or the CSA in Canada (or both), undergo significant scrutiny before being announced.
https://www.linkedin.com/feed/update/urn:li:activity:7007435213572116480?commentUrn=urn%3Ali%3Acomment%3A%28activity%3A7007435213572116480%2C7010937328881795074%29
------------------------->>>>
Note: there has been an overwhelming response to the post Buchanan mentions, with several Centamin & Capital Drilling employees, mining professionals agreeing with the allegations made - thus Buchanan was pressured into issuing some sort of defense.
Despite this, increased scrutiny has been brought to bear - esp. in regards to a certain employee who was key in destroying Centamin's share price via a pit movement fiasco
https://www.linkedin.com/in/andrew-sands-0b6b9458/
Andrew Sands
Group Mining Engineer -Open Pit Planning Superintendent Sukari
Apr 2019 - Present · 3 yrs 9 mos
Endeavour Mining - Senior Mining Engineer
Endeavour Mining Corporation
Nov 2016 - Feb 2018
Paul ,your guess is as good as mine.
I suppose it depends on the regulators, but as in the past, the US changes rules and breaks accords if it wishes.
So what will happen? Anything or will it just pass by and be ignored?
Sorry forgot to mention that I feel sure that Doropo will have featured in the business plan to the syndicate of banks for the $150 million.
I am hopeful of a good year end report.
Tibbs welcome back I am not surprised that KD is somewhat vague and guarded with his views on Doropo as the update in November did sort of let us know that things are sort of looking good because the process is less sort of complicated. Guess we will all need to wait until the vague report becomes a real PFS/bankable document.
What I do however find interesting is that progress seems to be advanced in evaluating the contractors bids. So there must be more detail on the initial phases to give the contractors a mine plan to work with.
Still attractive Dividend at this level alongside the capital gains potential
Hi Tibbs
Missed you and our civilised difference of opinion debates.
Wish the rest of the world could follow our example
Kindest regards
Bob
Welcome back Mr Tibbs, I missed your posts, best wishes and happy New Year when we get there
Good to know you are very well Mr Tibbs.
First time post but been here for long!
I really missed you Mr Tibbs. Welcome back!
European stock exchanges were below the flatline in the premarket trade on Wednesday after Russian President Vladimir Putin banned selling oil to countries that comply with the price cap on his country's oil. Elsewhere, investors reassessed China's decision to ease most COVID-19 restrictions, especially those concerning travel, from early 2023, while Germany is reportedly exploring ways to cut income and corporation tax.
The DAX decreased by 0.09%, London's FTSE 100 lost 0.59% and the CAC 40 declined by 0.08% at 8:02 am CET.
Both the euro and the British pound were flat compared to the dollar at 8:03 am CET, trading at 1.06444 and 1.20290, respectively.
Baha Breaking News (BBN) / MS
Happy hump y’al
I wont agree with everything Lyn Alden says, but thse is defintely worth listenting to. Gold is in her portfolio going forward.
https://www.youtube.com/watch?v=JHLRvSBJNkc
Hi Mr Bond and Spoonington. I have outlying thoughts regarding the US and their world endeavours. These are probably quite different to your own but how they are used on a global scale is something else.
1st Quantum computing. Leaders in the field and already in use by the military .
2nd The link of quantum computing with the Star Wars program . Does anybody believe the US did not continue its programme. The shuttle programme has numerous missions classified and I would be loathe to bet that wasn't an extension of its star wars programme. It will probably end the nuclear threat as any missile launch would only get a few yards out of the silo or sub before being neutralised. For good or bad I personally dont care as far too old although have a care for my children and grand children No doubt many here use a VPN to disguise their location ( I for one )but as I am led to believe with quantum tracing that is totally visible due to the speed it can travel down the connection to the source.
Hope you had a good Xmas and a happy New Year as you provide alternative views to this board which has always been a broad church.
Kindest regrds
Bob
Gold + 1.5% at $1825.55
It’s a long time until 8:00am tomorrow but looking good at the moment.
The facts are far from simple Bob.
The inflation in Europe and the US are caused by inflation,and that has several reasons among them Quantative Easing , high prices for energy, and lack of Gold backed currencies.
The system works on trust in your currency, . The Sanctions not the Oil and Gas being in shortage. So now Europe are paying Uncle Sam 4 times the price,
In the East they back their reserves with Bullion and have bought more from 2014 onwards.
2014 being incidenrly when Sanctions started to be rolled out by both the US and Europe.
The US these days fights its wars with contactors/ mercinaries , ex military so there are no body bags going back on military aircraft for all to see.
But all this has nothing to do with Centamin.
Tommorow less boredom with the Market open.
Goodbye Christmas for another year.
Happy New Year.