Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Cowichan are you as a long term share holder suggesting there should/will be a merger with Barrick? CentaBarrick?
Are you saying Centamin are looking at venturing into Saudi Arabia or are you saying Centamin are following by employing women to work on the mine?
If the latter then I can assure you there have been women employed by Pharoah Gold from the very start of the mine.
European stock markets traded mostly lower in Tuesday's pre-market session as investors await a fresh batch of economic data. Reports on German factory orders and the construction in UK are released today.
In other news, inflation continues to make headlines, as today European Central Bank chief economist Philip Lane said that while the bank has done "a lot" in the fight against inflation, "further increases will be needed."
The DAX lost 0.15% at 8:04 am CET, while the CAC 40 fell 0.51%, and the FTSE 100 rose 0.12%.
The euro and the pound were flat against the dollar at 8:05 am CET, selling for $1.04841 and $1.21747, respectively.
Baha Breaking News (BBN) / JG
Gold currently $1770.33 + .16%
Note Marsa Alam is 30km from Centamin's Sukari mine
December 4, 2022
The Egyptian Minister of Petroleum and Mineral Resources Tarek al-Mulla announced that work is underway to implement the first accredited gold refinery in Egypt in the Marsa Alam area in the Eastern Desert, in order to maximize the added value of gold resources.
This will thereby help finalize the value chain for gold production by maximizing the local content.
This came in a Wednesday statement during his participation in the eighth consultative meeting of Arab ministers of mining and mineral resources in Riyadh, the capital of the Kingdom of Saudi Arabia.
https://egyptindependent.com/egypt-implements-1st-certified-gold-refinery-in-marsa-alam-minister/
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Note: Barrick has a 50/50 partnership with Maaden gold/copper mine in Jabal Sayid Saudi Arabia. Thus Marsa Alam would be a handy refinery for both Centamin and Barrick — or CentaBarrick
https://www.barrick.com/English/operations/jabal-sayid/default.aspx
Also note Centamin's recent push to hire women. (see today's tweet)
Coincidentally this women in mining/ESG push happened earlier this year for Barrick's Saudi Arabia operations:
Jan 13, 2022
Canada-based Barrick has recently employed six women in the Jabal Sayid Mine.
Barrick Gold, a global mining company, is aiming to forge a strong relationship with Saudi-based Ma’aden, its CEO Mark Bristow said in a press briefing.
While Barrick is mainly interested in gold and copper, Bristow added any other metals they will find in the Kingdom will be transferred to Ma’aden.
“Our commitment is to build a strong partnership with Ma’aden in our endeavor to develop world-class business in Saudi Arabia,” Bristow said.
In what he termed as a “critical milestone,” the Canada-based mining firm has recently employed six women in the Jabal Sayid Mine – a rural mine. Three of those women were from the local community and one was an engineer.
He also said production at that site rose by 50 percent while costs declined to increase efficiency.
He added the Arabian Shield – located in the western part of the Kingdom at the Red Sea Coast – is a very large, “effectively unexplored” area for potential mining.
“Saudi Arabia has amazing data, but no one’s really processed it. That’s why it’s attractive for us because the path to new opportunities is much shorter in this terrain and it would be a much more mature terrain geologically,” the South African businessman explained.
On the other side of the Red Sea, the Nubian Shield offers similar opportunities. He described Egypt’s Sukari gold mine as a “tier-one” asset and one of the largest gold deposits in the world.
https://www.arabnews.com/node/2003771/business-economy
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It appears Centamin's CEO is busy pursuing Barrick's master plan -
I wish you would ignore/mute my posts too 007
If you're not a long term shareholder of any significant quantity , why are you a gnat to me?
Yes Dasut .
Reminds me of the story of , The Little Boy that cried wolf ,too often ,it was his downfall.
Alexander has read many such ,so finally they all ignore.
Yes, the shipping rates are a good guide. We have a mess in Oz. We have Unions with a new surge of power with a labor govt elected. We have a populus who have worked out
1. they have overcommitted themselves to debt, and now with higher interest rates are battling
2. they have lower disposable income than they have had a for long time
We have a Central Bank that has lost credibility, and spends a good part of its day apologising for its past mistakes. etc
The US is in such a convoluted, conflicted, muddled state, nothing will surprise me. The only thing they have going at the moment for them is the strength of the US$, and then thats not all good for them, but what can they do.
https://www.youtube.com/watch?v=cTN8Jryx5T8
The state of play.
Should be a good era for gold, while the winds of the fiats blow and bellow
best
the gnome.
handle a portion of Centamin's legal business.
They published this a few hours ago:
Legislative Update The ECA’s Merger Control Bill
The Egyptian Parliament approved in principle a bill amending the Competition Law to introduce a 'merger control review' regime for the first time in Egypt.
The Parliament is expected to vote on the Bill this week and we could have it passed before week’s end.
Some of the key changes to international M&A transactions:
- pre-filing trigger removed , now pre-closing trigger
- noted several private and public stakeholders [think Barrick!] requested shorter review timelines, these were granted in the new proposed amendments
The law firm noted "Parties to M&A transactions with an Egyptian dimension are advised to take note of the impending amendments to the Law.
Are the ducks lining up Rebess?
All the particulars are posted on LinkedIn here:
https://www.linkedin.com/posts/sharkawy-%26-sarhan_legislative-update-competition-activity-7005562744116527104-dbON
If shipping rates are any indication of the world's economy then things are definitely slowing down fast.
Rates are now lower than pre pandemic levels despite the higher fuel prices as they compete for the little trade thats out there.
America can't export any goods only the dollar, and the rest of the world can't afford to pay the higher price caused by the overpriced dollar, (for now )
The Fed has to choose which foot its going to shoot ?
To add- they have to provide soft landing to any recession in usa (technical recession) and have to play the usual fine balance- hence projections turned dovish last week when Powell spoke.
Unlikely Goldgnome-
Most likely if fed do .5 then .5 then lower if permitted then flat then drop ...
I'm been saying all year that inflation with top and begin to drop by end of 2022 and this is most likely scenario hence markets and fed etc demonstrative evidence. Fed would 100% kept at .75 for next one if they thought inflation would rise again in a sustainable way- they only have one tool to whack it and have been doing so earlier and harder than any other large economies, hence the dollar strength.
Cowichan, Yes I had a reply to my question asking when we were likely to receive an update on Doropo and Alexander replied to me the following day, also advised that she was out of the office for a week and from memory I think it is today that she is back.
Fed Could Pencil in Higher Interest Rates Next Year While Slowing Hikes in December
Brisk wage growth could lead officials to consider raising their policy rate above 5% in 2023 to fight inflation
and on the circus goes...where and when it stops I am sure no one knows ...
best
the Gnome
Broker targets need revising upwards
https://twitter.com/centaminplc/status/1599690212296327169?s=46&t=L-7YPUqMY21MdNq2qYb8mA
Major stock indexes in Europe traded mostly flat in the premarket session on Monday, as numerous economic data reports lined up for release.
The investors will be keeping an eye on PMI data for the Eurozone, Germany and the United Kingdom, alongside the euro area investor confidence and retail sales, all due after the market open.
The DAX and London's FTSE 100 stood flat at 7:18 am CET. Meanwhile, the CAC 40 lost 0.07% at the same time. The euro traded 0.37% above the dollar at 7:15 am CET, selling for 1.05722. The pound added 0.38% against the greenback to go for 1.23289 simultaneously.
Baha Breaking News (BBN) / AY
Gold price currently $1807.00 + .5%
Happy Monday y’al
Fatma Fawaz - Geology/geophysics Student at Faculty of science-Alexandria university
My journey in Sukari Gold Mines site visit during last week was a unique experience to be shared with you.
The training covered the following:
- Attending an induction program about the Occupational safety and health.
- This program covered the Mining process starting with the exploration, production in MRM open pit or underground.
Finally, I want to Thank all the staff who dedicated their time to help me benefiting from their fruitful experience and made this march comes true. I wish we meet again and be one of the SGM future family, Insha’Allah.
https://www.linkedin.com/posts/fatma-fawaz_my-journey-in-sukari-gold-mines-site-visit-activity-7004108755285995520-t0vR
As for Musk . who would dare trust him.
The media with Murdochs control , comes down to Censorship for interests for him, and his sponsors.
Thank you for thought provoking posts, makes a change from the norm.
The debate has been going on about the "free and open" press, who are their for the public interest, to provide fair and unibiased reporting. Well its been a joke for a long time, the press caters for the hands that feed them, and are lke the many other 2 legged creatures it would seem.
In Oz about 70% have near totally turned off of main stream media, is one measure of the phenomena. Is there a problem. Is this a problem?
Re coverage on gold, crypto, centralised finance and the future of money, and my position has been to turn out of the main stream media, and turn onto people who have real qualifications, interest and experience in the subject .
The recent farce in the US over the twatter on twitter is intriguing. Is the master promoter, Elon Musk, just trying to drum up controversy and hence readership and membership, by stirring up the first amendment, and releasing all of the twitter "conversations", or is he real patriot?
“Whose side are they on?” The public rightly expects to be the main client. What we’ve seen in the wake of the Twitter story is fury by legacy reporters (in humorously identical language) at an attempt to address public concerns and curiosity, coupled with a lot of weeping on behalf of people like Twitter’s former chief censor, Yoel Roth, who can be seen often, complaining about the “trauma” he and other “content moderators” experienced after events like January 6th. The press, culturally, has been transformed from an institution that reflexively identified with the broad audience, to one whose first instinct is to protect the people they’re meant to cover. That seems an insuperable problem, and a subtext of the discussion below.
Worth a listen to, as are most of the Munk Debates
https://vimeo.com/munkdebates/review/775853977/85003a644c
Munk Debate on Mainstream Media
"Be it Resolved: Don't Trust Mainstream Media"
They should do a lot better. Why do they fail so much?
best
the gnome
Just a few notes from your faithfull correspondence at the bottom end fo the world
Central banks globally have accumulated gold reserves this year at a pace never seen since 1967, when the US dollar was still backed by the precious metal.
In the quarter ending September, demand for gold was up 28% year-on-year, reaching 1,181 tons, according to a new World Gold Council (WGC) report. The demand for gold this year has been primarily driven by a flight towards safer assets amid scorching inflation.
Global central bank purchases leapt to almost 400t in Q3 (+115% q-o-q). This is the largest single quarter of demand from this sector in our records back to 2000 and almost double the previous record of 241t in Q3 2018. It also marks the eighth consecutive quarter of net purchases and lifts the y-t-d total to 673t, higher than any other full year total since 1967. 1
LIKE TO HAVE A GUESS WHY THE CENTRAL BANKS ARE BUYING SO MUCH GOLD ... ? ESPECIALLY SEEING ITS SUCH BARBARIC RELICT OF THE PAST LOL
An interesting book which hints at what might be going on
The Future of Money
A cutting-edge look at how accelerating financial change, from the end of cash to the rise of cryptocurrencies, will transform economies for better and worse.
Money and finance are on the verge of dramatic transformations that will reshape their roles in the lives of ordinary people. This book provides a compelling and authoritative guide to the promise of Fintech and the perils of cryptocurrencies. The author foresees the end of cash, as central banks develop their own digital currencies to compete with Bitcoin and Facebook’s Diem.
https://www.futureofmoneybook.com/
https://www.youtube.com/watch?v=AckahyOQ3kM
Rather an interesting interview, where what was not said what is the ultimate store of value. Although Eswar suggests in the interview the ultimate store of wealth will be the USD, I would contend it has proven to be an untenable by demonstration of the way it has consistently lost its value, and that it is captive one country which has long lost its social not to mention intellectual capital to dominate. I would wathc for gold to emerge, as it is far more equitable and has stood the test of time. REVIEW a us$ issued in 1900 is worth what now? ...the dollar has lost over 96% of its value since 1913
https://seekingalpha.com/article/1100331-a-brief-history-of-u-s-dollar-debasement
Another interesting chat by Eswar on the US$
https://www.youtube.com/watch?v=uFrIjaenEfc
great game of test cricket
Australia V WI
the Gnome
#Burkina ???? The mining exploration company #Centamin acquired by #Konkèra Mining for exploitation was set on fire on Tuesday by miners. According to sources, an altercation between miners and police guarding the mine was the cause of this incident.
https://twitter.com/Danoumis_Traore/status/1597703119450025985
#Burkina : Built the mining exploration company Centamin set on fire by very upset gold miners, an altercation between gold miners and police responsible for guarding the mine would be the cause of this incident. Unofficial sources mention the death of a gold miner
https://twitter.com/emmanutapsoba/status/1597851992378208256
https://www.afropages.fr/lefaso/sud-ouest-du-burkina-la-societe-d-exploration-centamin-incendiee-par-des-orpailleurs-a-batie
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If these photos are accurate the mine site facilities are quite substantial. At least one newspaper reports Centamin 'sold' their assets to a company.
On another matter, has anyone been able to get a reply from Centamin IR in the last few months? I have not. The way Centamin IR have ignored all attempts to contact them and/or answer questions is simply appalling.
I have spoken to several industry insiders over the past 4 weeks (one of whom did an actual assessment on the Sukari open pit deposit for a third party - therefore had access to the data room) and they are highly concerned about the lack of transparency and truthfulness coming from the company. These are not rumors but actual facts. Shareholders should be aware. If you want more details contact me on LinkedIn.
Nubian sheld.
Yes let someone else with debt find good prospects.
Much more difficult now.
Then like the the carnivours they are ,eat them ,if they like the taste.
Invest more.
Finding them is very difficult now .
GLA /
"The mining industry needs to urgently sharpen its focus on exploration... and take bold capital decisions to invest in those high-potential domains where the big discoveries are waiting to be made, "
Interesting..the gold being mined is not being replaced by gold being found, globally. Ditto for Barrick, so what Barrick has done is...
"During the 2012-21 period, Barrick replaced 26.4 million ounces of gold reserves, entirely from M&A.
Barrick remains focused on high-margin, long-life operations and projects clustered in the world's most prospective gold districts, and supporting these with a robust copper business."
Under explored highly propsective terrains would be on the list. READ: Arabian Shield
best
the Gnome
30 Nov 2022 , 23:12 UTC Mines and Money London
"As explorers we need to go to new places and think differently," he said.
Bristow also saw a "huge opportunity" to participate in mining in Saudi Arabia, where Barrick has just appointed a country manager at its joint venture copper and gold Jabal Sayid mine. The mineral-rich Arabian Shield is "very underexplored and we have the same geology in Egypt, which is also underexplored," he said.
Subsaharan Africa is another area where mining business may be done, he said.
"The mining industry needs to urgently sharpen its focus on exploration... and take bold capital decisions to invest in those high-potential domains where the big discoveries are waiting to be made, "
https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/metals/113022-miners-must-focus-on-new-exploration-frontiers-to-secure-supplies-mines-money
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Barrick/Bristow alerting investors he's poised to spend some big money in unconventional places...
Back to 1796.
Next week probably higher.
Good weekend all.
If you are still with us Mr Tibbles give us a signal.
Rebess you may know, please let us know.
Centamin
What it does: Centamin is a leading gold producer. It owns and operates Sukari, Egypt’s largest gold mine.
By Andrew Mackie: The Centamin (LSE: CEY) share price looks as though it may finally have turned a corner. Delays and technical problems at its Sukari mine, which resulted in falling gold production, now seem to be behind it.
During Q3, gold production rose 23% on the same period in 2021. This increase was attributable to higher grades from both its underground and open pit operations, as well as ongoing productivity improvements.
As the global economy continues to weaken, and the fear of stagflation returns, I am of the view that a small percentage of my portfolio should be assigned to gold. Yes, the gold price has struggled over the last couple of years. However, if one compares it to its upstart competitor, Bitcoin, its price has held up relatively well.
Centamin is well placed to capitalise should gold prices move higher. Complementing Sukari, it has a number of exploration projects in the pipeline. It also possesses a rock-solid balance sheet with net cash and liquid assets of over $150m.
Andrew Mackie owns shares in Centamin.
https://www.fool.co.uk/2022/12/02/best-british-shares-to-buy-in-december/
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*I like the last sentence!