Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
The other good bit of news for the die hards, is dear ol' Boris is going to fall on his sword! LOL. He must have heard that if he didn't resign, he would get some 24 hours of counselling from Nick Kyrgios. Never a dull day?
good luck to us all
the gnome.
I totally agree with "Mouth Watering" and how apt the word "Bonanza" is and this increase in what is effectively asset growth should wake up investors to the true value of Centamin.
No doubt however is that we need an improvement in the Gold Price and a strong set of mid year numbers.
Indeed at last some long overdue good news all round.
Thank you gnome for your knowledgeable interpretation of the RNS and converting it to plain English for us none mining holders.
Mouth watering says it all for me.
Plain and simple, thank you.
Two lots of good news now in a short space of time, all we need now is Q2 to be good and i think we can say for certain that were finally back on track.
Happy days.
Although the gold is within a concentrated large vein it is the 15g/t at 54 metres that gives feed grades of ores that would be eventually blended with open pit grades. Having such underground grades for blending helps provide consistent output overall. Ore used from underground in a quarter production at Centamin peak days was near 7g/t. Other underground existing grades may be 3g/t. So blending just the underground grades from 15g/t to 6g/t is a decent volume of ore to go with open pit grade. The other open pits at 2.9g/t are quite effective in blending open pit as well especially as they have shallow depths to remove waste ore. It makes a big difference to Centamin to have 1g/t open grade being processed than having it at 0.7g/t. Certainly potential to deliver several quarters of reasonable gold output. It also helps replace depletion rates of the Centamin mine.
Latest on Proactive..
https://youtu.be/VZ7D3qlWM8Y
Agree goldgnome- gold price goes up and down as do markets- but growth is the most important thing for the long term and what has been sadly lacking
PaulM
There is a lot to like about the report, including the below, excuse my enthusiasm, but the underground expansion looks to be shaping up comfortably.
HIGHLIGHTS
· Sukari underground drilling. The underground exploration programme at Sukari continued to support our strategy of delineating the full potential of the underground orebody to deliver both mine life extension and operational expansion. Drilling was completed across all areas of the underground, including at Horus Deeps where drilling intersected the highest-grade mineralisation in that zone to date. Horus Deeps remains open to the north, south and down dip and represents the long-term future of the operation. Notable drill results include:
· Horus Deeps - 54m at 15.1g/t Au, including 3.8m at 161g/t Au and 2.15m at 44.84g/t Au MOUTH WATERING!
· Ptah - 23m at 7.2g/t Au, including 2m at 14.29g/t Au and 6m at 17.72g/t Au MOUTH WATERING!
· Amun - 17m at 9.6g/t Au, including 1m at 136g/t Au
· Amun - 8.5m at 7.6g/t Au, including 1m at 52.8g/t Au
obviously a lot of high grade, but interesitng to see how they want to mine this ...
· Sukari Bonanza zones. The Bast area between Ptah and Amun continues to return high grade underground zones of Bonanza style mineralisation. Drilling in this area, demonstrates a consistent geological host within 100m of existing infrastructure which could improve underground operational flexibility through the development of a new high-grade mining area in the near-term. Drilling highlights include:
· 10m at 64g/t Au, including 2m at 199g/t Au MOUTH WATERING!
· 4.5m at 267g/t Au, including 4m at 301.29g/t Au MOUTH WATERING!
· 17m at 12.5g/t Au, including 2.5m at 6.84g/t Au and 4m at 47.09g/t Au
· Sukari surface exploration. An exploration programme has identified multiple shallow open pit gold satellite targets within the mining concession which have the potential to supplement Sukari mill feed, in the short to medium term, improving operational flexibility. Initial drill results from two of the newly identified areas include:
· Wadi Alam - 22m at 2.9g/t Au from 41m A NICE START
· V Shear East 10m at 2.9g/t Au from 41m DITTO
AND I WILL TAKE A PUNT ON DOROPO STARTING AT 200K OUNCES PER ANNUM IN 2024, WHICH WILL RAISE CEY PRODUCTION, TO 700K OUNCES PA, AND THEN THEY HAVE ABC COMING DOWN THE BACK STRAITS.
LOOKS A VERY ATTRACTIVE GROWTH PROFILE.
best
the gnome
News @ last lol
I'd like to know from one or two of the chaps who know about such things what they make of this update and the figures it contains. We could do with some good news!
I did notice that they mentioned the full 160 km area so Im guessing that is no longer really in dispute and there is no rush (RUSH!!! ha ha) for the courts to sort out the "ongoing" court case about the disputed area?
Any knowledgable views on today’s RNS exploration update and whether it is as expected or better or worse? Thanks
Sadly I think British internal politics has little effect on the gold price any more, we are now less than 2.5% of the world economy, USA and its interest rates etc are a different matter
Centamin announces an update summarising progress on the ongoing exploration initiatives across it's prospective portfolio in Egypt and West Africa. The work completed so far this year has successfully identified the potential for satellite open pit ore sources within the Sukari concession and extensions of the Sukari underground orebody, inclusive of high grade Bonanza zones.
MARTIN HORGAN, CEO, commented: "The team at Sukari continues to deliver excellent results which demonstrate the quality of our portfolio - positive drill results have demonstrated the upside potential in the orebody that can support both life of mine extensions and an increase in underground production . Across the broader concession we identified shallow satellite surface targets, potentially adding growth and operational flexibility to our mine plan, and completed the first airborne geophysical survey in Egypt - a milestone for Centamin and Egypt's hard rock sector.
We also made excellent progress across our organic pipeline of projects that offer growth and diversification. The Pre-feasibility Study at Doropo progressed well with drilling focussed on both converting existing Inferred Resources to Indicated Resources and testing newly identified growth targets. During Q2, field work commenced in our highly prospective Eastern Desert exploration licences. With over 20 years of operating history in Egypt, Centamin is uniquely positioned to deliver the significant potential of the licences in the most cost-effective way."
Equities in Europe traded higher in the premarket on Thursday after the United States Federal Reserve reaffirmed its readiness to adopt a "more restrictive" if inflation continues to rise. The institution also noted the necessity of bringing inflation back to the target of 2% and implementing the steps needed to achieve that goal.
The DAX rose by 1.07% at 7:05 am CET. The FTSE 100 advanced by 1.03% at the same time, while the CAC 40 grew by 1.13%.
The euro gained 0.25% to the dollar at 7:08 am CET to sell for $1.02080. A minute later, the pound sterling went up by 0.25% against the greenback to change hands for $1.19538.
Baha Breaking News (BBN) / JR
One does pause to wonder why the US seems so focussed on yet another regime change when they have an unenviable record of picking the wrong horse, and creating a worse sitauation than that that existed before. Some, of course never learn.
And now we see yet another well worn path of failure, with the sanctions, which are adding to the pandemonium created by the pandemic. Who will suffer the most, and who will benefit?
Sanctions on Russian gold will have even less impact on Putin's war effort. A little like the LBMA "sanctions" on artisinal gold sourced from conflict zones or alike, which simply means the gold goes to willing buyers/processers by another route, without the blink of an eye.
"Compared to oil and gas, [gold] is their third largest or one of the largest export items. I don't think it's that consequential, just like with oil and gas. I imagine that Russia will find another home for it," ..... Pointing out that Russia has in fact been adding to its own gold reserves.
However, long-term, investors can expect an erosion of the dollar's strength. Weaponizing the U.S. dollar is going to damage its status in the long-term as the sole global reserve currency. Damage that is long overdue in my humble opinion. At best an exhorbitant legacy and privilege of years well and truly past.
In gold I trust long term, a bit like the Central Banks,
the gold gnome
Dear Mark,
What you fail to understand is that POG is very much linked to politics.
Perhaps you would could enlighten the forum when you were appointed a forum moderator?
Possibly you would be happier on another forum?
Do you have anything to contribute to the forum discussion that may be of interest?
sorry Q1 AISC/oz sold shd be 1558 - otherwise these numbers are fag packet solid!
Sotolo! Now I think you're being a bit pessimistic. I've had my fag packet out as well. Horgan insists he's on target for guidance. Lets say he meets the middle 445,000 oz produced at US1350 per oz sold. Firstly, sales will be slightly less than production, say 98% - 436,000oz sold. That allows for an AISC/oz sold of £588,600,000. First quarter AISC was $144.2M. That leaves an average 148m AISC per quarter for the rest of the year if he hits production.
Try this
Q1
Production 93,109
Sold 92,559
AISC $144.2m/oz sold $1588
Q2
Production 107,000
Sold 104,900
AISC $148m/ oz sold $1410
Q3
Production 118,000
Sold 115,000
AISC 148m/oz sold $1286
Q4
Production 127,000
Sold 124,000
AISC 148m/oz sold $1193
This excludes capex being front loaded for Q1 or the impact of the solar plant commissioning in H2 which should both lower AISC. It doesn't account for inflation. But with AISC of $148m/quarter for the rest of the year he's got some leeway. Only issue is the gold price!
we have told you time and time again tibbles, dont get involved, your not up to it!! leave the politics out of this board, your a sour loser, just get over it!!! you bore the hell out of us, with your sad, long winded messages, you really cant have much going on in you life? get over it loser. keep it gold!!!.
Talking of gold and Centamin in particular, rather than Bojo, on the back of a fag packet if we get 10% inflation on aisc costs would be about $1500 an ounce so with gold at $1700 and half the profit to Emra we would be making about $100 an ounce on around 445k oz so about £37m. it is interesting that we are still valued at near £900m so the market is expecting a very big cost reduction in the coming year. Also interesting that on the same metrics Hoc would make not much less profit but is valued at less than half, £400m. Hoc share price is normally about 70% more than cey but now level. I think that is first because Hoc is thought of as a silver miner with some gold though the reverse is now true, second the outlook for Hoc isn't great while third, the market expects a lot from Horgan and Centamin. Of course if gold fell another $100 profits would halve and Cey would be on a forward PE of something like 60 at this share price but of course first the share price would halve bringing the PE back to what I reckon is around 30 now, and also of course if costs fell $200 an ounce profits would double and IF gold stays put bring the PE down to around 15 and extra ounces would bring this down to a more normal 12, so I will be watching the costs at the next report like a lynx. Also it might be time to switch some Cey share back to Hoc, if you can bear to be in this scary market altogether. Sorry if a bit off message and not talking about Brexit the Conservative party etc but there is a big world out there and this is a lovely place to avoid British parochialism and think of the big and frightening economics affecting our company's future profits and our nesteggs. All imho and just with a fag packet
Will he see the night out as PM?
Boris's Brexit lies!
The Brexit referendum brought to the fore the economic dislocation that has taken place since the 1980s revealing deep class as well as generational and ethnic divisions. Marginalised voices voted Leave to kick back against a post-war party system that has failed them and a professional political elite that has largely ignored them. And in this election, they just wanted the job done, so they voted for the party that promised to do just that.
Getting Brexit “done”, however, is unlikely to resolve the deep-rooted social and economic problems facing many of the people who voted for it.
Some predictions estimate that leaving the EU will further exacerbate place-based inequality across the country, causing England’s regions to grow 13-16 percent less than they would have done if the UK had remained in the EU. Moreover, some regions like Cornwall are forecast to lose up to an additional £60m ($78.5m) per year in EU funding.
This was clearly not a message that the Conservatives wanted broadcast, so their rebuttal tactics were robust. Any attempt by the media to get the Conservative candidates to talk about the risks and realities of leaving the EU, or anything else that shows them in a bad light, was side-stepped – sometimes literally. The approach was straightforward – dodge the detail, just repeat the mantra, “Get Brexit Done”.
This resulted in a series of tactics of evasion and misinformation. The Conservatives tried their best to avoid difficult debates, with Johnson refusing to be interviewed by BBC’s Andrew Neil, a veteran journalist known for his combative interview style. The prime minister also vetoed several other programmes during the election campaign, including a climate debate on Channel 4, where he was replaced with an ice sculpture.
When a reporter used his phone to show Johnson a picture of a boy with pneumonia lying on the floor of a Leeds Hospital due to lack of beds, the prime minister took the phone and hid it in his pocket to avoid answering questions. And then there was the time the prime minister hid in a large fridge at a dairy in order to avoid giving an interview to ITV’s Piers Morgan.
The Leave campaign was built on lies, and as the UK hurtles toward the brink the liars who told them are laughing all the way to the bank.
https://www.opendemocracy.net/en/brexit-lies-and-rich-folk/
They will have already explored their options of nice little earners a part time basis in the private sector, it's all part of the party politics game of you scratch my back, there seat swill be waiting for them!
"Power tends to corrupt, said Lord Acton. This two line quote, the second line being “absolute power corrupts absolutely”, is far more well known, a hundred and fifty years later, than anything else Lord Acton ever did!!"
https://fullfact.org/economy/boris-johnson-good-morning-britain/
https://fullfact.org/
https://www.opendemocracy.net/en/author/peter-geoghegan/
hernukhin's total donations to the Conservative Party and MPs to more than £2.2m since 2012.
The Tories have also accepted more than £30,000 from Aquind Limited since the turn of the year, including £12,500 in March, according to data released by the Electoral Commission.
Aquind is co-owned by a Russian-born oil tycoon, Viktor Fedotov, and Alexander Temerko, a Ukrainian-born former vice-president of the Russian energy giant Yukos. Temerko has donated £730,000 to the Conservatives since 2011 and has been named as a personal friend of Boris Johnson.
https://uk.yahoo.com/news/buckingham-palace-early-election-boris-johnson-105754050.html
The Lascelles Principles mean the Queen is able to reject the request and order the government to find "another prime minister who could govern for a reasonable period with a working majority in the House of Commons".
https://mtplaw.com/legal-news/the-lascelles-principles-when-a-premier-or-pm-cant-demand-an-election-an-annulment-for-impotence-and-a-false-claim-to-inherit-a-house/
https://www.youtube.com/watch?v=SSYVE8RdBTo
Another former Tory cabinet member and complete stinker
https://www.britannica.com/biography/George-Osborne
https://fullfact.org/economy/turning-corner-facts-economy/
https://fullfact.org/economy/does-george-osborne-have-44bn-black-hole-his-budget/
https://fullfact.org/news/george-osbornes-tax-book-example/
In the month of May central banks around the world added a net 35t to global gold reserves. This represents the second consecutive month of net increases after a drop in March. This year the central banks of Turkey, Egypt, Iran, and India have been the main buyers but this month Germany was a net seller.
Purchases were dominated by the same central banks as in April. Turkey (13t), Uzbekistan (9t), Kazakhstan (6t), and India (4t) all added to their gold reserves once again in May, accounting for most of the month’s buying. In the Middle East, Qatar added 5t to its gold reserves in May, taking total gold reserves back to 56.7t, the same level as the start of 2022. Germany was the only notable seller during the month, reducing its gold reserves by 2t, likely for its longstanding coin-minting program.
Last week, the Central Bank of Iraq (CBI) also announced it had bought around 34 tonnes in June, making its total gold reserves to just over 130 tonnes. This is the first significant gold purchase from the CBI since September 2018 (6.5t).
Gold has recently moved through a support zone of $1787.03/oz as greenback strength persisted. The main consolidation low stands at $1676.01/oz. There is another support area at $1750.78/oz that could help stem the losses but the price action is looking pretty weak at the moment.
3 bear you are right it is the sterling price of gold that matters to our shares, so gold is down only 5% from the high at £1550 to £1480, however the problem is costs which in sterling will have soared, aisc will have doubled from around £600 or so only 2 or 3 years ago (2020 was forecast $895) to around £1200 reducing profit per ounce from near £1000 to around £250 and falling. hence share price fall though not yet as far as profits, presumably in hope of recovery, so all eyes on the aisc coming down as expected in next results, despite inflation.