The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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We have political wobbles and outcries in Oz, but some things are worth noting...
PRODUCTIVITY: Nothing to see here, except how productive the govt has been at creating debt.
COMPLIANCE: The cost of compliance at Macquarie has been growing at a compound growth rate of 14 per cent since 2017. In 2017, Macquarie spent $405 million on compliance. At the current growth rate it will be spending about $900 million on compliance by March next year, which is about the same amount it spent on technology investment in 2022. It's not alone.
WAGE GROWTH: By the middle of 2023 the real value of wages would only be at the level they were at the end of 2011
SUPPLY CHAIN: lagging 8-9 months in key componentry. ..supply chain disruptions set to give way to wage growth..unsure but both are out there...
SOCIAL NET COSTS: Out of control. The National Disability Insurance Scheme will do very little to rein in costs that are on track to blow out to $60 billion a year by the end of the decade; Aged Care still a national embarrassment.
The smart money is heading to dividends investment, in companies which are well managed with good sustainable margins
CEY?
the gnome
Cowichan
...and a CEO who believes emphatically in gold.... Last month, the company announced it is moving forward on a US$7-billion new gold mine construction in ****stan (safe jurisdiction, no trouble here), alongside the ****stani government. Barrick is also considering building the Donlin gold mine in Alaska (interesting operational challenges), which it co-owns alongside Novagold Resources Inc. That project was last estimated to cost in excess of US$9-billion. Yet despite potentially having two giant projects on its books over the next few years, and billions of capital to outlay, Barrick is ready to pounce on an M&A target if the right deal comes along....CEY?
best
the gnome
Basel 3 .
Pardon me.
Do I think its real, th manipulation ,. Yes .
Is it going to end . No.
Probbly not until the end of this year.
Unless they refuse to comply,thats possible,in the present climate of politics.
Have a good weekend all.
2020 ?
2021 ?
"Barrick CEO Mark Bristow told me that Kinross Gold assets (apart from Great Bear) are cow ****. Seriously."
https://twitter.com/NiallCMcGee/status/1522296585312423939
Barrick CEO Bristow rules out Kinross acquisition, says many of its mines are ‘marginal’
full story:
https://www.theglobeandmail.com/business/industry-news/energy-and-resources/article-barrick-ceo-bristow-rules-out-kinross-acquisition-says-many-of-its/
Thanks Razors for your posts.
A touch of the reality.
Thanks, yes link works for me.
I’m not sure if this link will work.
https://www.instagram.com/tv/CbKS4wxFxpX/?igshid=YTM0ZjI4ZDI=
Major stock indexes in Europe traded lower in premarket on Friday, as investors wait for the latest data reports. United Kingdom's Halifax house prices and construction PMI will be released during the day, along with Germany's industrial production report.
Meanwhile, the Bank of England previously decided to hike interest rates by 0.25% in an effort to fight the rising inflation. On the earnings front, Adidas recorded an annual fall of 38.3% in its diluted earnings per share (EPS) in the first quarter of 2022.
DAX declined 0.94% or 130 points at 8:00 am CET, while CAC 40 tumbled 1.08% at the same time. FTSE 100 decreased 0.16% at 8:00 am CET.
The euro traded 0.18% lower against the dollar, selling for 1.05225 at 7:59 am CET, while the pound was flat against the greenback, to sell for 1.23537 at the same time.
Baha Breaking the News (BBN) / AY
Happy Friday y’al
Hi Dasut,
Yes your most likely right, if Martin has brought them in then they should know what they are doing, assuming they stay of course!
Lets hope it all works out, not much more we can do really in the circumstances.
Although we are being ripped of at the pump and for our energy considering the detail in the page 5 BP first quarter report regarding the hedged price of oil for the next two or three years.
Still at least we aren't suffering like those poor people being bombed by Despot Putin!
The world would be a better place if Putin took some of his own poison, unfortunately he is surrounded by toadies who fear for their own self interests and survival!
How many years ,decades of suffering and hatred will this conflict have caused, and considering we are in the 21st century!
Dear Centamin Board Of Directors Up For Re-Election
Shareholders have several unanswered questions regarding the $250 million Sukari open pit waste moving contract;
1) In addition to Capital Drilling's (Capital Limited) fleet , how many of Centamin PLC's own haul-trucks and/or excavators have been or are currently being used by Capital employees to transport 'Contract Specific Waste' from the east wall of the Sukari open pit?
2) Does Capital bear the cost & exclusively utilize its own employees to maintain its fleet (mechanics, refueling personnel, tire maintenance crew) or is that work and cost carried out by Centamin's own maintenance crews?
3) Has Capital ever paid a Centamin, Buchanan or any third party employee (past or present) a Finders' Fee or equivalent payment in connection with the awarding of the Sukari open pit waste movement contract?
4) Was Capital the sole bidder for the Sukari waste movement contract, and if not, which other companies submitted bids?
5) As Centamin retains the right to purchase Capital's equipment post contract — has a purchase price been pre-negotiated? What are the specific monetary valuations, terms and items of equipment under consideration?
These questions are material to shareholders of both companies - please address them publicly BEFORE the AGM May 10th so shareholders can make an informed vote
Major stock indexes in Europe traded higher in premarket on Thursday, after Fed's most recent decision to raise the benchmark interest rate by 50 basis points, its largest hike in the last two decades. Investors will be focusing on the Bank of England, which is set to share its interest rate decision later today.
On the earnings front, Unicredit, Credit Agricole, ArcelorMittal, Lufthansa, BMW and Societe Generale all released their reports for the first quarter of fiscal 2022.
DAX soared 1.75% or 246 points at 8:01 am CET, while CAC 40 jumped 2.21% at 8:00 am CET. FTSE 100 added 1.09% at 8:00 am CET.
The euro traded was 0.07% lower against the dollar, selling for 1.06121 at 7:58 am CET, while the pound fell 0.64% against the greenback, to sell for 1.25538 a minute later.
Baha Breaking the News (BBN) / AY
*Gold has risen above $1900 per ounce overnight so today should be positive for Cey.
Tibbs hopefully if and when Martin Horgan walks away the structure of the company will cope and the people who make the company work being the hands on mine management and personnel will carry on and bring in the results.
Q1 cc in 15 minutes if anyone is interested.
https://services.choruscall.com/mediaframe/webcast.html?webcastid=i2xfMkxA
Major stock indexes in Europe traded mostly lower in premarket on Wednesday ahead of data and earnings reports. Germany's trade balance and services PMI will be released later in the day, along with the EU services PMI and retail sales.
On the earnings front, Volkswagen and Airbus are scheduled to release their reports for the first quarter of 2022 during the day. Meanwhile, the crisis in Ukraine continues, as Ukrainian President Volodymyr Zelensky expressed his doubts about the effectiveness of the talks with Russia.
DAX lost 0.17% at 7:12 am CET, while CAC 40 was down 0.11% at the same time. FTSE 100 was flat at 7:12 am CET.
The euro traded was flat against the dollar, selling for 1.05147 at 7:17 am CET, while the pound fell 0.19% against the greenback, to sell for 1.24740 a minute later.
Baha Breaking the News (BBN) / AY
Happy hump y’al
Thanks Mr T
As I said before it is the poor people who get it in the neck in these conflicts/wars, and they get it in the pocket as well.
the gnome
I am hoping that Centamin eventually improves, it may well do now Martin Horgan and his team of professionals are running operations.
However should Martiin throw in the towel before the recovery plan is completed then abandon hope all who invest here because the rest of BOD are pretty hopeless when it comes to mining!
I once held BP at £7, although sold at £3 after they were were responsible with the contractors Halliburton and Transocean for poisoning and virtually destroying al the sea life in the gulf of Mexico , shameful and inexcusable event caused by corporate greed!
Despite what is claimed in the company press release in reality the partnership was never an easy one because President Putin never wanted BP involved in Rosneft!
This huge BP profit is a consequence of the City futures trading desks taking advantage of the Russian invasion of Ukraine and the subsequent UK and other western administrations sanctions to pump up the oil spot price to the max and some!
That said this hike in the oil spot price has proven to be a nice little earner for BP & Rosneft, albeit by a relationship with the downside of an increasingly unpredictable Despot Putin breathing heavily down their necks and likely the need for BP not to be seen to be doing business with oppressive, aggressive dictatorship.
When the people are increasingly being forced decide whether to put fuel in their car to get to work, choose between heating or eating at home then it shows that the government out of touch with the ordinary people or only cares about the best interests of the elite
However one can’t help questioning if BP has used the Ukraine conflict as PR opportunity to exit their unsavoury relationship with Roseneft and also to justify the huge profit and sustained the shareholders dividend , despite a £20 billion write down, and it seems to get the ordinary people to pay for it at the pump and by trying to keep their homes warm!
BP now states it is to invest £18billion into the UK economy by 2030, although in reality it seems it is the UK people who will be paying for this investment through unjustifiably high pump and energy prices.
Whilst undoubtedly supporting Ukraine is the right thing to do the present government has either chosen to,or failed to recognise that the cost and effects of most of its sanctions and actions are being felt in the main and paid for by the ordinary people, it is time that this burden is also shared with those that are not bearing their fair share at present, so it seems only right and fair to impose a "Windfall Tax " on the excessive profits being made by such companies and the funds then used to help people cope with the unprecedented and sudden spike in energy prices.
bp page 5 Q1 results
On average, based on bp’s current forecasts, at around $60 per barrel Brent and subject to the board’s discretion each quarter,
bp continues to expect to be able to deliver share buybacks of around $4.0 billion per annum and have capacity for an annualincrease in the dividend per ordinary share of around 4% through 2025.
So no need to be exploiting the public at the pump,
The Phase 2 diamond drilling programme at Rodruin commenced in late November 2021
Since then Aton updated shareholders with results on
January 25, 2022
March 1, 2022
March 7, 2022
And again today May 3rd, 2022
https://www.atonresources.com/news/2022/aton-reports-further-near-surface-diamond-drilling-results-from-rodruin-including-2.32-g-t-gold-over-40m/
Compare that to Centamin still NOT updating its shareholders on the Quartz Ridge and V-Shear drilling campaigns of 2019
" In 2019 a targeted reverse circulation drill programme was carried out on the V-Shear South prospect...The system is open and H1 drilling will target extensions and resource-quality of this mine-style gold mineralization.
Five holes were drilled at the Quartz Ridge prospect ...infill resource and grade control drilling, in addition to metallurgical testing is budgeted for completion of a production schedule in H2 2020 "
https://www.centamin.com/media/1809/cey-2019-annual-report-270520.pdf
Come on Mr Horgan - shareholders want management they can trust - not endless silence until a calamity forces an admission. Release the drill results of 2019 now
I assume that you're holding CEY shares in the belief / hope that they will both increase in value and continue to pay a good rate of dividend. To do that CEY needs to make a profit and, if the dividend is to increase (again I assume that would be something you would applaud) then the profit will also need to increase. Not entirely dissimilar to the hope and expectations of BP shareholders. BP didn't appear to get much help when the price of oil went negative when Covid restrictions were at their peak, the outcry only starts when they start to do well again.
Centamin gets a mention:
Divestments - in a divestment transaction, the non-core asset of one company can become the new business spine of another. This has been the case for standout divestments whereby large gold producers sold historical, non-producing mines to juniors. Resolute sold the 100-year old Bibiani mine to Asante Gold, while Barrick and AngloGold sold their joint interest in the Morila gold mine to Firefinch. B2Gold also struck a deal with West African Resources who will acquire the 1.1 million oz Toega gold project, and Centamin has announced it is ready to consider partnership or takeover options for its Batie West exploration project.
Rather than the typical big-buys-small asset takeovers, these deals go the opposite way, from producer to junior, and from large producer to mid-tier. These reflect a production sector that prefers to laser-focus on cash-generating assets and tier one portfolio enhancements. They also reflect a junior market that can summon the equity to make these acquisitions. Thirdly, divestments as such are unique in a gold price environment
where small production opportunities become large cash opportunities – and this is the key to giving those assets a new lease of life at a time when the market is hungry for gold.
Douglas MacQuarrie, the CEO of Ghana-focused junior Asante Gold, calls Bibiani ‘a sleeping giant’: “It is incredibly rare to find an asset with both high upside potential and near-term production. It poured first gold 100 years ago, and I have no qualms saying that the mine will still be producing in another 50 years.”
Burkina Faso security situation gets an update;
Q. What is the key priority of the Ministry of Mines for 2022?
A. Several initiatives are being undertaken to reassure investors such as founding
the national office for the security of mining sites (ONASSIM) which is designed
to guarantee better security conditions for mining investors. Thanks to the efforts
of ONASSIM, all mining sites have contingents of Defense and Security Forces
able to cope with attacks.
Lots of other facts & figures in the full report here:
https://www.gbreports.com/files/pdf/_2022/MACIG_2022_-_Web.pdf
-------------------------------->>>>
My Thoughts: Bibiani - a mine that has been operating for 100 years - and the new owner says it's got another 50 in the tank (but what else is he going to say?!)
Though it's more often true that not - big deposits have a way of growing far beyond their initial estimates - surprising to the upside again and again.
For those who haven't yet had a look - Detour Lake circa 2021 just after its resource doubled and was picked up by Agnico - a geological evolution very much like Sukari's future
https://www.linkedin.com/posts/don-lawson-98619370_sukari-egypt-gold-activity-6924859969636900864-uMgz?
hi Nick,
Thank you for trying to cheer me up, I got angry this morning when BP announces a record profit and a write off of £20 billion Russian assets, Putin never wanted BP involved inn Rosneft from the outset!
But BP didn't know how to get out, the Ukraine war/conflict has presented them with the ideal way to bail out and hide the mistake they made getting involved in the first place from share holders and even better get the ordinary people to pay for it on the pump and trying to keep warm!
What is even more despicable the BP board has taken advantage of the Ukraine war and the pain and differing of the Ukrainian people to the benefit of BP!
BP now states it is to invest £18billion into the UK economy by 2030, although in reality it is the UK people who will be paying for this investment through unjustifiably high pump and energy prices!
The opposition parties are corrected their should be a "Windfall Tax " on the excessive profits being made by such companies!
Enjoy you garden, my blackbirds have a family, I shall go and put some food out for them now!
Tibbs
https://www.reuters.com/business/energy/britains-bp-says-exit-stake-russian-oil-giant-rosneft-2022-02-27/
Hi Gnome,
"A nice little earner" for those running it , shame about the "sheeple" that get tucked up!
Hi Older&Wiser,
Re But is CEY a solid mining company?
Well after holding the share for over decade I am sure that I am not alone in saying after what the management board told share holders I believed it to be a solid mining mining , although after the past two years revelations, forced disclosures and admitted mismanagement of the past five years or so,and in the absence or delivery of any actual proof to the contrary I would say that it is in a precarious state,on it's ar(se, or on the last seat in the "Last chance saloon!"
How can anyone trust what the analyst write in their notes considering those who were were shown around Sukari in the past I don't recall any of them ever questioning the "High grading" ,the failure to clear spoil, or indeed the angle/incline of the open pit walls!
Experience most analysts opinions are as reliable as a chocolate tea pot
I fail to see why any share holder should be scatting around trying to justify any investment in Centamin, after a decade the state of the company or the investment case should be clearly apparent, it isn't as yet!
I am no longer prepared to make excuses for those that have either knowingly or through complacency, laziness or self interest condoned or been complicit in the near ruination of the company and the disregard of the best interests of their shareholders!
I am afraid we have been fed lies and scraps of baloney for so long whilst the BOD & NED's filled their boots to the brim, I have lost faith in the Centamin BOD & NED's at present, so I await to see some proof to the contrary,as yet that isn't apparent!
If its any consolation most company boards lie, cheat and scam their share holders , its the accepted way of the markets , indeed as we are all aware the world today, tuck them up and move on to the next nice little earner!