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Hi again Cowichan :)
As you know, I have been away from this BB for a while, but I have some spare time today, so I will read a few posts and reply if I could add anything from what I know.
Further to your post about Mr Campbell and AKH gold, the result of the second round of the auctions was actually unofficially announced on Tuesday , and AKH gold won, together with Lotus gold, Ankh resources and Marine Logistic. Centamin name was not mentioned. I don't know if they actually applied or not.
And you are correct.. Egyptian media refers to AKH gold as Mr Sawiris.
https://www.dostor.org/4092159
https://elbarima.com/%D8%A3%D8%AE-%D8%AC%D9%88%D9%84%D8%AF-%D9%84%D9%8A%D9%85%D8%AA%D8%AF-%D8%AA%D9%81%D9%88%D8%B2-%D8%A8%D9%85%D9%86%D8%B7%D9%82%D8%AA%D9%8A%D9%86-%D9%81%D9%89-%D8%A7%D9%84%D8%AC%D9%88%D9%84%D8%A9-%D8%A7/
CDSI ( Centamin Share Doubles Inayear)
New branding update
we had this dialogue with Mr. Mark Campbell, Chairman of Akh Gold Limited, the winner of the first gold bidding round, to search About gold in Egypt.
Q. Does the company work in countries other than Egypt in the field of mining?
A. The company operates in 8 African countries and is headquartered in England, but Egypt has many natural resources, the most important of which is gold, which has been known since the days of the pharaohs, and Egypt for the company is our largest commitment in Africa and the largest shareholder in the company is La Mancha, which is One of our main supporters in Egypt
...our goal now is to search for gold and work a large mine in the sites that the company obtained from the Egyptian Authority for Mineral Resource
...the company won 9 areas in the first bidding round and they are currently being worked on, and we have applied to several other areas in the second bidding round and we hope to win them because we started working seriously and want to start the search period for gold, and we have a great and strong commitment in Egypt to pump huge investments
Q. How many employees in the company and locations?
A. We currently have 33 Egyptian workers because we are still at the beginning, but we are committed to hiring workers from the areas and villages surrounding the sites, as they have priority in employment, such as the residents of southern Upper Egypt, from the governorates of Sohag, Qena, Marsa Alam, Hurghada, Aswan and neighboring villages, and whenever we start working in the area The number of new workers will increase, and we will need approximately 2,000 workers during the first construction phase and also another 2,000 workers during the operation and production phases
more Q&A here:
https://elbarima.com/%D8%B1%D8%A6%D9%8A%D8%B3-%D8%B4%D8%B1%D9%83%D8%A9-%D8%A3%D8%AE-%D8%AC%D9%88%D9%84%D8%AF-%D8%A7%D9%84%D8%B9%D8%A7%D9%84%D9%85%D9%8A%D8%A9-%D9%8A%D9%86%D8%A7%D9%82%D8%B4-%D9%85%D8%B3%D8%AA%D9%82%D8%A8/
------------------------------------------------>>>
I assume Mr Campbell is referring to ALL Sawiris' / La Mancha's investments (i.e. Altus, Endeavour) when he says Akh operates in 8 African countries -
Just over 12 months ago, I was closing down a SIPP account and sold CEY for 119p.
Now I have started a small ISA and had invested some in POLY - another gold miner - as a high risk/reward choice.
Watching POLY drift down mainly due to Russian sanctions, decided to sell 40% of those shares at a loss and reinvest here.
Only a tiny purchase at 84.6p, but looking forward to joining the chats and banter on CEY, as the POLY BB is full of garbage.
Pleased to see the reliable posters still active - Cowichan, Mr T, goldknome, sotolo at al.
GLA - and let's hope for a recovery in the SP getting back to at least 3 figures.
Cheers - CSDI (Crap Share Dealing Ideas)
Your understanding of the Egyptian system is most welcome. I hope you are still able to dabble in some Centamin shares — the journey has been long but perhaps the finish line is finally in sight. Cheers
Hi Siko,
Thank you for the information, I thought this arrangement/option or similar had been in place for some time, I seem to recall you posting in the past
Great that you popped in stay well!
I am wondering how many shares are rewards of giving away to management for real bad performance. I read in the news that Egypt's Gold Reserve is increased very much as the fedral Bank bought large quantity the last few years, at the same time Egyptian Government has very much debt but the economy is to a higher degree.
SO my question is where the gold production that was estimated years ago that they will produce over 7000K ounces by the year 2020.
Are those rewards shut their mouse up and close their eyes and not visit often the sites?
Maybe I am wrong but, Should we keep trusting the Egyptian Government since they are in control of the site, please correct my questioning and my thinking.
GLTA,
Dan
Thank you very much Siko for your factual information.
I hope you and your family are all well.
Thank you for the clear and informative response Siko!
Hi Cowichan,
Egypt has a problem with foreign currencies, especially US dollar. US dollar is in high demand in Egypt and the national reserve is not huge. The Egyptian pound lost around 10 percent of its value against the US dollar at the beginning of May.
The Central Bank of Egypt (CBE) wants to increase its gold reserve, but of course that would require millions of dollars, which to secure would apply more pressure on the currency situation.
Centamin's income is all in US dollars, and they need to convert some of it to Egyptian pound in order to pay it's local expenses in Egypt. They could convert US dollar to Egyptian pound at any bank in Egypt, so CBE and Centamin signed an agreement in 2017 by which centamin supplies CBE with refined gold bars, and the CBE pays to Centamin the value in Egyptian pound according to the international market price of gold and US dollar/Egyptian pound exchange rate.
This way Centamin is not losing anything, and the CBE gets the gold they want paying with Egyptian pound without applying further pressure on the currency situation.
The agreement was for the CBE to get gold for the equivalent of 50 million Egyptian pound (around 3 million US dollars) per month, which recently increased to 80 millions.
Siko
PS. How is everyone here? I hope you all are doing well.
Good luck.
Bought a few back after selling at 87
Shares on the major stock market indexes in Europe were mostly unchanged in the premarket on Thursday, as the investors digested the United States Federal Reserve's meeting minutes.
The World Economic Forum in Davos was still in the traders' focus, with Germany's head of government, Olaf Scholz due to speak after the start of the trading session.
The CAC 40 and the DAX stood flat at 6:56 am CET, while the FTSE 100 slid 0.1% at the same time.
The euro was little changed versus the dollar at 7:12 am CET, selling for 1.06817, while the pound was down by 0.06% compared to the greenback at the same time, changing hands at 1.25699.
Baha Breaking News (BBN) / BU
Olivia Gubbins - Exploration Geologist at Altus Strategies
Today I attended the first Egyptian Women in Mining event in Cairo. It was such a great opportunity to meet lots of amazing women in the industry. It’s an exciting time to be doing mineral exploration here in Egypt and I hope to see more women in the field in the future.
Thanks to my colleague Sally Ahmed for organising it and to Akh Gold for sponsoring the first event.
https://www.linkedin.com/posts/olivia-gubbins_womeninmining-ugcPost-6935318914226667520-Mr5F?
-------------------------->>>
Encouraging to see a lot more exploration geologists entering the Egyptian mining scene.
New discoveries are finally about to happen -
4:01 PM May 22, 2022
The announcement came after Centamin Company requested to obtain gold bars in exchange for securing the operating expenses.
Upon an agreement between the CBE and Centamin in 2017, the central bank secured the company’s currency in Egyptian pounds in exchange for gold bars.
https://see.news/cbe-raises-sukari-gold-mine-purchases-to-egp-80m-monthly/
---------------------------------->>>
How could Sukari even sell direct to CBE? Certainly not unrefined — must be some important details omitted
Ahmed Tarek - Exploration Geologist at Barrick Gold Corporation
Exploration Geologist / Exploration Geologist
Mar 2022 - Present
Experience
Egypt
Centamin Egypt/Pharaoh Gold Mines
Full-time · 1 yr 6 mos
Exploration Geologist Egypt
Mar 2021 - Mar 2022 · 1 yr
Brown field exploration activities include mapping, sampling and drilling campaigns in several prospects around Sukari gold mine. Activities include: prospect-scale/detailed mapping, rock chip and soil sampling, relogging campaigns and RC drilling. Brown field exploration activities include mapping, sampling and drilling campaigns in several prospects around Sukari gold mine.
Activities include: prospect-scale/detailed mapping, rock chip and soil sampling, relogging campaigns and RC drilling
Exploration Geologist
Oct 2020 - Mar 2021 · 6 mosOct 2020 - Mar 2021 · 6 mos
Sukari gold mine, Central Eastern Desert - Egypt.
Underground drilling programs: Supervision of multiple diamond coring drill rigs in an active underground mining environment, responsible for dealing with drillers, checking and optimizing down hole surveys along side with logging and sampling the drill core.
https://www.linkedin.com/in/ahmed-tarek-1b003112b/
---------------------------->>>
My Thoughts:
How lucky for Barrick that its new hire was involved in brownfield exploration around Sukari - including drill core logging from above and below ground drilling.
For those keeping score - we're at twenty such Barrick/Centamin employee swaps in the last 18 months
Thanks Cowichan
A "small" matter perhaps, but a lot of the "small scale mining" in areas of Egypt I have seen are anything but small, pick and shovel.
These are medium scale, highly destructive illegal mining using 25 -35 ton excavators. Sure, some of the excavator operators make some money, but 99% of the money goes to the owners of the excavators and that not a peasant.
The questions are
1. Who are the excavator owners?
2. Why are they allowed to rape the land, avoid paying any tax to support local communities, health, education?
3. Where is the government who are meant to be protecting and managing the natural assets of the country?
A: Lost in administrative detail and comfortable in their air conditioned offices, or writing new amendments to the legislature...all while Rome burnt
Q: Really, cui bono?
Cui bono is a Latin phrase that means “who benefits?”, and is used to suggest that there's a high probability that those responsible for a certain event are the ones who stand to gain from it.
sadly
the gnome
A 12-year old girl, from the Yanomami tribe, was allegedly raped and murdered by illegal miners, deep in the heart of the Amazon. More than 20,000 have invaded Yanomami lands, waging a bloody war against the community and the rainforest.
The Brazilian government is ignoring this crisis -- but a million voices from around the world could put the Yanomami plea for help under a global spotlight. Let's stop this massacre.
Join me here: https://secure.avaaz.org/campaign/en/amazon_emergency_loc/?krtqjhb
Major European indices are trading higher in Wednesday's pre-market session as investors await the release of more economic reports throughout the day and the continuation of the World Economic Forum (WEF) in Davos.
On the military operation on Ukraine Luhansk Oblast, Governor Serhiy Haidai noted earlier that the situation in the region is "worse with every hour," noting that Russian troops are advancing to the area in all directions at once. During the day, the market research institute GfK is expected to release the data on consumer confidence in Germany.
The DAX gained 0.95% at 7:52 am CET, while the CAC 40 added 0.85%, and the FTSE 100 rose 0.92%.
The euro was down by 0.29% against the dollar at 7:07 am CET, selling for $1.07057. In comparison, the pound was flat to go for $1.25354 at the same time.
Baha Breaking News (BBN) / JG
An interesting LinkedIn thread by Mohamed Ghoneim (Gold Pyramid geologist):
These are the people who work in the Egyptian desert to Produce for gold, they do not have any kind of risk. They are people who want development and cooperation with companies that will want to work in Egypt.
They don't frighten anyone, they don't carry a weapon, they don't chase anyone. If you want to work with them, you must have techniques in this.
I am visited some mines in the eastern desert of Egypt. All companies that have gold sites in Egypt should start their work.
#work #people #development #egypt #gold #goldmining #goldexploration #egypt
reply from Javier Orduña (Aton's exploration manager):
Mohamed, most of the dahabbas (Ababda) in the desert are as you say perfectly nice friendly guys just trying to scratch a living, to drag themselves out of poverty. I have sat and drank tea with plenty of them too.
But don’t be naive - there are a good few serious bad asses out there too, as you well know, and most of the dahabbas are armed, even if only for their own protection against the serious criminal element amongst them. We have had way too many shot dead close to us for my liking in the last few months and years.
Romanticising and minimising the reality of the dahabba situation helps no-one, and definitely not Egypt
MG: I am agree with you on that, and I also drank tea with them underground. But they need special treatment from an experienced person. I’m visited many mines and gold areas recently, which is the largest area for gold in Egypt, and there are a very large number of goldsmiths. I stayed with them on the mountain for a number of days.
These people do not like violence in dealing, and some of them have morals, and some of them have no morals, They should be treated with the art of war and peace
I heard about some people in companies that he went to mapping and taking samples, and when he saw these guys from Dahab, he rushed back from fear that he saw Dahab working.
Some pictures of these friendly Egyptian desert gold 'entrepreneurs'
https://www.linkedin.com/posts/mohamed-ghoneim5_work-people-development-activity-6932422658324062208-DONG?
We’ll done, where did you find better prospects?
Bought at 79p, just sold out at 87. Found better oppertunities elsewhere. Good luck to all
more date just released to show US economy and housing market slowing ... UST bill yield down to 2.75. All gold for gold; just need the $ to weaken which in will in time :)
European stock exchanges were lower premarket on Tuesday after Western and Ukrainian officials gave no positive signals about a possible peaceful solution to the crisis in eastern Europe. Meanwhile, in Switzerland, International Monetary Fund Managing Director Kristalina Georgieva revealed yesterday that the projections for economic growth are even lower than what the latest estimates have shown, while Bank of France Governor Francois Villeroy de Galhau warned that cryptocurrency regulation in Europe is a "matter of emergency."
The DAX declined 0.64%, London's FTSE 100 lost 0.70%, while the CAC 40 was down 0.84% at 6:56 am CET.
The euro was 0.24% lower against the dollar at 7:14 am CET, trading at 1.06645. The British pound decreased 0.17% compared to the greenback, going for 1.25665 a minute later.
Baha Breaking News (BBN) / MS
I fully agee .
Thanks Dusterman ,I ,missed that one.
Martin had no hesitations and no sips of water.
A man determined on a mission. Well done.
Thanks Duster
Very happy to be a shareholder, very clear
best
the gnome