Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Love the word "plummeted" on a 0.24% dip... following Wall Street losses...(Dow up 0.089%, SandP down 0.12% and nasdaq down 0.10%, Russell2000 up 1.1%)... guess must be a quiet news day and the hyperbole has to exist I guess...
Listening to some of the banter from Diggers and Dealers, there are few take homes....Would you trust the same people who put the world in this ridiculous situation to now clear it up and manage the mess they created? There is a good logical argument to suggest an emphatic no?
Given that trust in the Fed who "manages" the US dollar is really the onlying source of value in the US dollar, would one suspect the US$ is overvalued. Simply would you trust the Fed?
Given the Feds behaviour over the last 50 or so years has been to devalue the US$, what is the future price of the uS$ going to be? How much if any US$ would be in your long term investment portfolio?
Strange times, but my bet is that the gold price will be a lot higher in the next 12- years. How high?
best
the gnome
Spoon..
Independent and balanced discussion on anything these days? tough call...! In Australia, arguaby US's most subservient and silliest ally, our government is provoking one of our largest customers and trading partners, that has greatly helped us through the pandemic... LOL> After fiasco's in Vietnam and Iraq (etc), following the leader of the free world, out we go again. With our 3 torpedo boats, a couple of subs, and a few planes.... Dependable? Intelligent?? Balanced and in Australia's best interests???
The Australian government is now sending the wrong message to the Asia-Pacific region by selectively criticising China’s live-fire military exercises around Taiwan, while saying nothing about US Speaker of the House of Representatives Nancy Pelsoi’s visit to Taiwan that provoked China’s response.
The message the government is sending is that Australia’s subservience to US strategic objectives trumps its declared interest in having, in the words of Foreign Minister Penny Wong in a 5 August media release, “a region at peace and not in conflict”.
Nancy Pelosi’s visit to Taiwan was an intentional provocation of China, as even the Biden White House and the Pentagon acknowledged beforehand by advising her not to go.
China does not accept Biden was genuine in his opposition to the trip, however, as Pelosi’s provocation was consistent with US policy that China sees as saying one thing but doing another: on the one hand affirming the One China policy, while on the other hand elevating US-Taiwan relations, arming Taiwan, and supporting Taiwan’s independence movement.
If the Australian government were genuine about maintaining peace in the region, and believed Biden was genuine, Prime Minister Anthony Albanese and Foreign Minister Wong should have issued a statement in support of Biden’s opposition to the visit, emphasising Australia’s preference that Pelosi not go to Taiwan.
As the USA’s most loyal ally, such a statement by Australia would have carried serious weight in the US Congress and been very hard for Pelosi to ignore, and could have helped to avert this current escalation of tensions.
Instead, both PM Albanese and Senator Wong refused to comment on Pelosi’s trip.
“I make no comment about the US Speaker’s decision to visit there”, Albanese said on 5 August. “That really is a matter for them.”
Senator Wong “Obviously the level of US engagement with their Taiwanese counterparts is a matter for them.”
By contrast, Senator Wong: “Australia is deeply concerned about the launch of ballistic missiles by China into waters around Taiwan’s coastline. These exercises are disproportionate and destabilising.” She does not seem to realise how disproportionate and destabilising the Australian Governments views appear to be?
Difficult to keep a straight face when reading the news ... whatever are they thinking of? Thinking ???
At it again...
best
the gnome
Major European stock indexes were lower in the premarket on Tuesday following Wall Street's losses in the previous trading session.
The negative sentiment is seemingly led by the decline in the euro area's investor confidence which plunged further in August.
The DAX plummeted by 0.24% at 6:51 am CET, while London's FTSE was flat at the same time, and the CAC 40 dropped by 0.16%.
The euro and the pound sterling were flat against the dollar, going for $1.01955 and $1.20848 at 7:12 am CET.
Baha Breaking News (BBN) / AB
Aye Mizol,
Lets hope they remember what the company core project criteria is this time!
Bearing in mind that having spent so many years spending so many millions of company funds drilling so many holes on such promising (or so we were told?) West African projects the BOD simply hadn't realised the project they had approved simply didn't fit in with the company project development criteria, they were simply in the wrong places, oh dear it’s hard to tell when you are looking at a Chad Valley world globe in Jersey, it was only tin globe the souvenir shop had!
But possibly an easy thing to overlook when the BOD were so occupied overseeing Sukari operations, Oh no, sorry they hadn't read the warnings of low grade ore in 2015 & 2018 so they hadn't realised that Andrew Pardey was busily burying Sukari under millions of tons of uncleared crap to push up guidance whilst the Sukari police captain, Oh sorry, general manger was off doing other things, or possibly BOD's attention was diverted to making sure the LHDR spares parts were on hand , Oh no they seem to have missed that as well, it self-destructed!
So, what's the BOD to do now, simply claim they are reborn, let the non-fitting core concessions licences lapse, write off the 30 or so million, cut the divi to pay for it and arrange a line of credit to start up another project of promises in Doropo, "Hooray we're off the hook!" more "good times coming!" for now!
In all this celebration of a new "Centamin Utopia" what seems to be over looked is most of the shower of "Jersey Corporate Parasitical Wastrels " that oversaw, approved, ignored and were responsible for so many "F*ck Ups" that has more than halved the share price and the dividend are still in their comfy Jersey chairs!
Agreed none of this is the fault of Martin Horgan, but he is only one amongst a group of "Trossers" who now want to be looked on as savours of the company that their years of professional failings took to the brink of ruination!
What if Martin Horgan gets bored, or simply has enough and decides building a big train set is really more fun than trying to put right so many years of wrong in a broken mining company?
You couldn't blame him, He doesn’t need the money, so I suppose we must hope that he continues to enjoy the challenge!
Despite recent days of announcements of changes and achievements at Centamin if the analysts review thus far were a meal they would be described as "Bland!" and so the share price remains in the bottom of the sick bucket!
In the meantime, I am sure I am not alone in wanting to see some reduction in AISC and resumption of sustainable respectable Sukari output, without these the share price will stay at these levels, unless of course the POG rises $2500, more “pie in the sky", hope not!
Aye Mr T--------I remeber seeing a program a bit after the banking crash of 2008-----------and all the bankers were still in banking and the excuse was " We need people who have experience of this" and not "Lets throw the useless b-oody g-ts" in jail.
Well I fit into the first group.
Morning Razor's& Mr Bond, totally agree we need all the good news we can get, no more "Pie in the sky!
Restored respectable guidance at lower AISC is what we need to hear and the restoration of a more respectable divi would be good!
Unfortunately once firms get out of paying a decent divi it tends to become custom and practise!
Thing is so far the Jersey directors have been paid hansdsome remuneration packages to bugger up the company and are now being paid the same to put the company right whilst share holders take the pain with promises of "Good times coming!!".
Razors....Cote D'Ivoire is a great place to find good gold deposits in its multiple greenstone belts. Have look at the ASX listed Tietto Minerals (ASX:TIE) for some information.
Morning Razors.
Hope tou are right about Cote D .
We need all the good news ,no more dissappointments, have a good day.
Major European stocks saw gains ahead of Monday'ssession as investors observed the latest tensions between the United States and China over the last week's visit to Taiwan by House Speaker Nancy Pelosi.
On the data front, the state of the Swiss unemployment as well as investor confidence across the euro area was set to be published later today.
The FTSE 100 gained 0.34% at 7:17 am CET, while the DAX rose by 0.45% and the CAC 40 increased by 0.42%.
At 7:28 am CET, the euro declined by 0.63% against the dollar to sell for 1.01827, while the pound plunged 0.68% to $1.20738.
Baha Breaking News (BBN) / ND
I wonder if the line used in yesterday’s tweet “as we advance our exciting gold exploration projects in Côte d'Ivoire.” were just random choice or possibly a hint!
Happy Monday y’al
USAGOLD note: Dominic Frisby reports that over the past two weeks two professional groups in the United Kingdom have emerged as top buyers of gold and silver: doctors and investment bankers. The investment bankers, as indicated above, are worried about systemic risks – the sequel to the Great Financial Crisis. The doctors, he says, have seen the value of their retirement accounts “fall quite dramatically” in recent months and are turning to the metals as alternatives. His full account is highly recommended at the MoneyWeek link above.……
Well if they want to make gold and silver cheaper back up the truck. The rest of the professions can then join them.
Here the insights of John Sweeney.
John Sweeney's latest book Killer in the Kremlin explores Vladimir Putin's career, from KGB agent to becoming Russia's president.
Discussing extract of the book, Sweeney said:
"Putin is not mad in the clinical psychiatric sense," and the Russian withdrawal from the battle of Kyiv is evidence of that.
He added that Putin is "much weaker than we think he is."
Detailing how Putin's face had changed since he met him following the shooting down of MH17, Sweeney said that the defeat of the Russian army this winter or spring "will have a catastrophic effect" on Russia's president.
https://www.youtube.com/watch?v=XxAAIhy4B5Y
?? Listen now - https://www.thetimes.co.uk/radio
A Definateve Feasibilite Study will be the start or end of any further investment.
I can also see the reason for a West African Mine having invested so much up to now, by previos mis management I should add.
Simply if something out of the ordinary happened in Egypt. Lord forbid.
And yes Egypt at and around Sukari is very promising and more controllable/local, if management have finally got their Act toghether. Its about time, instead of their arses in comfy leather easy chairs in Jersey.
Gold will fly if the US comply with Basel 3, if is the question, around the end of this year if not a little sooner.
There is a lot of Paper to back up,at least partially.
The Americans seem to make rules and break them when it suits.
We will soon see,
GLA.
Im sure Martin Horgan knows a lot more about mining than I do Mr T--------but I totally get what you are on about sorting out Sukari rather than looking elsewhere. We could get lucky and get another mine working elsewhere, but I think with the size of Sukari--the full 160 km and not the 3km, there is hell of a lot to go at there.
Im hoping that things do start improving soon and a bigger divi is reinstated. Obviously if the POG starts going up, this would help increase profits.
I still struggle to comprehend how POG has not started to climb sharply, given the current state of the country, economic forecasts and inflation.
It is nice to see some balanced discussion Gnome unfortunately it is generally disregarded, derided of both as the major vested interests have too much sway.
The US not happy with just trying to provoke Russia are now doubling down & trying to provoke China in a similar manner using Taiwan as their proxy.
Chine will not respond in the same fashion as Russia, they act from a much stronger position, they will respond diplomatically & importantly economically.
This augers well for the price of gold, it is only a matter of time before China reveals it’s true reserves & moves to provide a real alternative to the US dollar dominance which, whilst not that good for the world in general, will be good for those who maintain an exposure to gold.
My biggest concern is that China has significant & strong relationships with Egypt & that has the potential to severely impact western companies operating in Egypt.
We know what China are doing in Africa, from their influence they can take control of assets already being developed by other parties with little or no comebacks. I recently experienced this through Prospect Resources, whilst we got bought out of the Arcadia lithium project & shareholders did well, we got a fraction of the value of the project had PSC been allowed to develop it. My understanding is PSC we’re told either sell out at a reasonable (but low) value or the project will be taken from you!
China’s policy of non-interference in other countries domestic affairs is well liked amongst developing nations & gives them a big advantage over the US when it comes to forging & strengthening alliances.
I definitely see good times ahead for the gold price but one of the factors leading to this may well create operational difficulties for CEY.
I will continue to stay the course as I have a high degree of confidence in the gold contained in our areas, I just wish they would gat their act together & get the gold out of the ground so I can obtain a reasonable exit price before someone decides to take it from us.
The current state of the world is certainly leading to some interesting times whether that is a curse or a blessing remains to be seen :)
From May 2021 although POG has dropped since then!
Just remember that PEA studies have a very positive bias and the NPV numbers will probably come down once feasibility studies have been completed.
A grade of 1.13 g/t for most of the Doropo deposit is not very high grade for African projects with their high cost structure.
Thank you Mr Gnome certainly is very relevant and thought provoking considering the state of things today!
The projects will be exciting if they ever get to produce anY gold at a profit, at present all they are is more commitment to spend many millions of borrowed money with only estimated predictions of a return some time when!
Will these projects rend up just like Batie West?
For Pity's sake Centamin get on with restoring Sukari production at reduced AiSC, all we have as yet is a big bill and promises!
Well fond Cowichan,
Certainly justify all the question you have been asking Centamin on social media, I recall Dasut also being puzzled about the BOD reasoning for dumping Batie West.
Someone I know also submitted questions to Investor Relations asking for reasoning for the abandonment of the Batie West project considering the huge cost for now no return!
As I previously stated why did the Chief Finance Director Ross Jerrard and other responsible company officers not identify this project as not fitting the company criteria sooner,
It is Ross Jerrard's responsibility to identify and challenge corporate risks, well this certainly was considering the cost and potential, now actual loss for non completion!
Nail on the head about the Q&A from Q2 call, certainly was basic stuff you can figure out oneself from reading the material provided.
Pretty sure they are submitted in advance so no surprises come the call in.
Agree Total BS.!
You are also aware of my view on these "Corporate Brokers", certainly seem to be in the pockets of the management, no wonder they don't notice piles of waste on site visits!
It was apparent from the conversation between one of the analysts and Martin Horgan that they engage in the exchange of information , this may all be innocent of course, but never the less it does give the wrong impression as though as though we share holders are being excluded!
Well done Cowichan, hope you ask some questions on Twitter
There you go Paul, a really heartening story to listen to and think about as you enjoy your garden!
Hannah Bourne-Taylor has always been bird obsessed. So when she came across an abandoned baby finch, at risk of being eaten by cobras, instinct kicked in and she rescued it. They developed an incredible bond, with the bird even nesting in her hair. At the time, Hannah had been struggling with extreme anxiety and debilitating obsessive compulsive disorder. Raising the finch would be transformative for her.
Hannah’s written a book about her experience called Fledgling.
https://www.bbc.co.uk/sounds/play/w3ct352y
Good Morning Paul,
I think the man you are thinking of is Harry Michael CEO a man of integrity and very knowledgeable of the gold mining industry, thus far easily the best CEO the company has EVER had, a great loss for share holders too because after Harry's demise the management that followed didn't possess the same personal and professional attributes and so began the decade of erratic performance, bullsh*t and spin for which we are now paying a heavy price!
See below-
The chief executive officer of gold mining firm Centamin Egypt has died suddenly, the firm said. by: moneyweek
17 Nov 2011
The chief executive officer of gold mining firm Centamin Egypt has died suddenly, the firm said."It is with great sorrow that the board of Centamin Egypt announces the sudden and tragic passing away today of Harry Michael," the company announced.
Josef El-Raghy, the Chairman of Centamin, will be assuming the additional role of chief executive officer until further notice.
The share price fell 2.93% to 102.6p by 14:11.
https://moneyweek.com/22330/centamin-ceo-has-died-111117-1419-76689
Also Paul
Try not be too hard on yourself about investing in Centamin, in any choice of investment just like most of us you can only go on the information available at the time , I accept that the information I passed on in good faith has proven to be unreliable and those those that offered it to me feel just as bad, one feels particularly bad because several of his friends who invested retirement payouts are now down on their holdings, but there you go we all did what we did because we hope that other others hold the same values as we do and so we take their word in good faith and that's the right thing to do, unfortunately those we trusted didn't share the same values and shafted us leaving us to feel the pain of disappointment and pay the price!
But that said the POG is bound to improve and Marin Horgan does already have a proven track record so he should be able to turn Centamin around, unfortunately already 10 years have been wasted running the Sukari pyramid scheme, rather than a properly functioning gold mine , so this turnaround will be very expensive and will take time!
I must admit though I still have serious reservations about in whose best interest some on the Centamin board are acting in!
See Cowichans post!
Wishing our all our Ivorian colleagues, partners, host communities and friends a Happy Independence Day. Thank you for your continued support as we advance our exciting gold exploration projects in Côte d'Ivoire. #independanceday #cotedivoire
https://twitter.com/centaminplc/status/1556191234951102465?s=21&t=bAMuoKMrA_KHtbxFcjgQZQ
Andrew Loomes
Chief Mine Surveyor at Northern Star Resources Limited
His previous position:
Chief Mine Surveyor
SUKARI GOLD MINES
Jan 2014 - Jan 2021 · 7 yrs 1 mo
https://www.linkedin.com/in/andrew-loomes-1624b1136/
----------------------------->>>>
The post he agrees with:
Is Centamin PLC's Batie West gold resource in Burkina Faso still for sale? Any interested buyers? Or will Centamin shareholders suffer yet another $100+ million dollar loss in Burkina Faso like Wadaradoo & Napelapera? If it's a lost resource then it's high time some new directors come on board - directors who take responsibility and are capable of resolving issues instead of losing valuable resources and wasting shareholder capital. Barrick Gold Corporation B2Gold Corp. Endeavour Mining Orezone Gold Corporation West African Resources Martin Horgan Ross Jerrard Catharine Farrow Sally Eyre John Singleton Craig Murray Hennie Faul Agnico Eagle Mines Limited BNN Bloomberg Women In Mining UK (WIM UK) Kitco Metals Inc. Agnico Eagle Mines Limited Newcrest Mining Wheaton Precious Metals https://lnkd.in/gqbFjmPr
https://www.linkedin.com/posts/don-lawson-98619370_centamin-plc-hails-reinvestment-programme-activity-6961346895143206912-_85Q
That says something...
So why no update as to the state of divestiture from management ? Has the resource already reverted back to the state - as is 'normal course' according to Mr Horgan?
To be fair it wasn't Mr Horgan's mismanagement that got shareholders in this pickle.
The question is - how interested is he or any other director on extracting value from Batie West? It's their job - and it's not an insignificant spend or resource to flush down the potty.
Hilarious all the analyst Q&A from Q2 call were basic stuff you can figure out oneself from reading the material provided. Pretty sure they are submitted in advance so no surprises come the call in. Total BS.
Balanced discussion on the Ukraine..7 years ago...
https://www.youtube.com/watch?v=-pUj3Vqptx8