Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
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Steve,
They started with $60M baked in on savings from completed projects and then gave some delivery times when things kick in. For example, the fleet changes were on-going and complete in a few months time, the solar farm build should complete 6 months into the year. They indicated that AISC will vary each quarter and the range will be made tighter during the year. They were holding out hope of some inflationary declines but fully expect Egypt's inflation for labour to be 6.3% in 2022. What they do not know is whether Egyptian pound devalues against USD and how much. Hence we get these wide ranges and they set up for positive surprise after the fiasco of late last year.
I am just waiting for a confirmation on the bottom and I suspect it was today. When bloomberg bring on so called experts to speak on behalf of all the FED and say they will end taper in January and hit the ground with 4 rate hikes, that it is the time to buy gold and those who mine it. All the best Tony.
They obviously don't and are happy to keep skimming off the top.
Not visible what they are doing to earn the money.
It's history.
Bad in hindsight.
But different CEO.
YOU nor any person ca change thar, but we all have our own options.
Enjoy the weekend everyone.
Posted an hour ago...
“We are extremely excited about the exploration potential in Burkina Faso and given our strategic foothold as the largest gold producer controlling nearly 7% of the country’s highly prospective greenstone belt, we believe that we are well positioned to grasp this opportunity.” says Jono Lawrence, VP Exploration Burkina Faso.
Listen to Jono present our plans in Burkina Faso where we are targeting the discovery of up to 10Moz as part of our 5-year target of discovering of 15-20Moz at <$20/oz across West Africa.
The country is one of the fastest growing global gold producing regions and it has experienced a 5-fold gold production growth rate in the last decade. #exploration #accountability
https://www.linkedin.com/posts/endeavour-mining_endeavours-exploration-potential-burkina-activity-6875121733288898560-Ic94
-------------------------->>>
My Thoughts:
Interesting Endeavour used the hashtag #accountability at the end of their post. The word just happens to be the antonym of what Centamin could hashtag regarding their bumbled attempt to develop the 1.4 million ounce Wadaradoo deposit (I'm thinking #dontgiveash*t)
Regardless, who will end up with Batie West? And what reward will Centamin shareholders reap from the long debacle that was Centamin's entrance into Burkina Faso? Cash? Royalty? Joint-venture equity? Stay tuned - the wait can't be long now...
Alas so Canetoad- and inflation has been a threat all year and yet gold has continues to trend down since January :-(.
Yes I agree Tony, but on the flip side I was disappointed that benefits were not baked in- I expect a company to make the correct judgements on these sort of things- it’s like they said this is what we think will happen to AISC, and we have these things in the pipeline that will improve, but it’s up to you to decide if they will come to fruition or not eg don’t blame us if we are the higher side of the AISC as we told you this could happen.
I’m all for transparency. But I also want a better judgment of what they think will happen- it’s their company and they are best placed to predict these things - I was not happy with such a broad range.
It's the highest US inflation in 39 years and gold rises 0.5% !!!!!!!!
I'm hanging on, maybe I'm an idiot; it's a pathetic performance by gold and silver - it's totally failed to protect anybody against inflation and store of value.
And maybe that 0.5% will be knocked down to 0.25% or -0.5% by next week. Very, very sad.
https://www.centamin.com/media/2471/cey-lom-investor-presentation-final.pdf
Disappointed the bod haven't bought shares to show their faith in the future.
As was said at the webinar around $20M in savings has not been incorporated in the waterfall of cost increases from on-going cost saving projects and the energy based savings once the solar plant comes on line is $13M per annum and $7 per ounce saving on the AISC may be delivered to technology improvements on fleet vehicles. It is therefore possible that the high end $1425 figure drops by $60 from cost savings alone. This would be placing the high end range to $1365.
It is important to note that the underground Sukari is converting resources into reserves in year. The RC drilling in the underground is new and likely to lead to better grades going to the mill. Improvements on mill recovery are also expected to exceed 90% by 2023. Other Egypt site results on drilling are to be provided in H1. The PEA on Doropo also to be delivered. in H1. So we do have positive news flows to look forward to that could give some positive surprises. The management are down playing things in the light of events in 2020. I prefer the method of not over promising and deliver what was expected or better from now on. Tony
Thank you MrTibbles excellent coverage of the subject.
Great to have such support from yourself and others during a difficult period.
Thank you.
From the company-
The questions about cleaning the solar panels and maintenance of the solar/hybrid plant in general, as well as the longevity of the battery power storage, are all part of the process of making this investment, with both juwi and Giza being the selected contractors, both of which have significant experience and technical abilities to build this facility.
The running and ongoing maintenance of the solar plant will be a key component of how Centamin maintain and look after all of their engineering assets. Clearly, there will be a reliance on solar experts to ensure that the power plant will deliver the power it is designed to do, and the regular inspection and cleaning of the panels is of course a part of the above responsibilities.
Regarding the hybrid battery aspect, and from how I understand it, the battery power is a back-up to provide sufficient power for when the plant transfers from solar power to fuel generated power and vice versa - the key to operating a production plant the size of Sukari's facility (12-13m tonnes of ore processed per annum) is maintaining constant power, and the transfer from one source of power to another will need back up should there be any volatility from solar power, whether it be a sudden lack of sunshine (which very occasionally happens in the Sahara Desert, which the Eastern Desert is of course part of), or other potential disruptions.
The battery power unit is 7.5MW, and I am not technically proficient enough to know how this is able to power the plant and for how long, but I am certain that the intention for the solar/hybrid plant is to be effective during sunlight hours whilst fuel will be used for the remainder of the 24 hour periods.
Also remember that solar power in Egypt is not a nascent business.
The Benban solar complex north of Sukari is in fact one of the biggest solar plants on the planet, delivering something close to 1,700 MW of power. This has been operating successfully for over 2 years now and is 45x larger than what is being built at Sukari. There is very good technical knowledge in Egypt, and this is only increasing as more projects like Sukari get commissioned. Though this is from personal knowledge, the advances which have been made in efficiency of renewable energy have been dramatic over the past few years in particular, and I have no doubt that the most proven yet most modern applications will be utilised for the Sukari solar plant.
Hope this information helps.
Andrew Maguire sits down with ‘The Paradigm of Money’ director, Peter Antico, and narrator, Sean Stone, for a deep dive into the failings at the heart of the American financial system.
The trio take aim at market manipulation at large, with Andrew’s special guests revealing the shocking findings of their feature documentary on Wall Street corruption.
https://www.youtube.com/watch?v=MTpsfEhOdSQ
www.theparadigmofmoneyfilm.com
Liberum have been wrong about the reserve life for Sukari...share price target correct grated but if anything it means they have to upgrade the rating to HOLD or BUY as it's almost hit their target and brokers like to lock in performance as much as the rest of us
Kali, it depends on how you play the game.
If you’re in below 100p and can sell a couple of times on bounces to 105/106p - whilst collecting divi’s- happy days. I sold on the way up and rebought on the way down - yes my avg is still above current levels (97p) - and I surprised we are where we are, however, haven’t missed any divis and took some profits out from a relatively stable gold asset company. Good hedge against whatever madness can happy with ongoing covid regs
27-May-21 Liberum Capital Sell - 82.00 Reiteration - many laughed here, and what today?
Feeling the pain now
In the title.
Ensuing commentary on further dissection can cause further movement, closed off my CFD early on the news (I don't go short anymore on gold- and only trade it around key points- got burnt bad a while back), and best to take a small profit when you can.
I doubt it when all you have to do is walk down to any shop or look around the shopping net and see FIAT pound sterling is being turned into worthless paper. Take our 87p share price which is 2p more than a first class postage stamp to send a Christmas card within the UK.
Don’t be surprised , BoE can further slash interest rates to - 0.75%, though it will be a very shrewd move.
Hi Bushy,
That's a fair and pertinent point.
Hi Mr Sheep,
A very fair observation, although I think what stings the most is the way that Josef, Yosseff and Andrew Pardey were glossing over the true facts by high grading with scant regard for the long term consequences in order to give the impression that Sukari was capable of delivering what in fact was unrealistic and unsustainable ongoing guidance.
As Dasut explained the Sukari mine was originally designed and quite capable of producing around 500,000 oz per year, however that was dependent upon good sound and proven mining practice, which unfortunately had been forsaken in favour of corner cutting and sharp practice!
If Sukari had been run in the fashion now being employed by Martin Horgan things would be quite different now!
I suppose the difference is that Martin Horgan is a CEO who has had to do the work to get where he is rather than a fortunate sibling who got everything handed down on a golden platter!
There is no excuse for the way the previous management behaved, although that said the excuse from the BOD that they simply didn't realise that there hadn't been any open pit waste clearance for several years is alarming to say the least and must cast serious doubts over their worth!
Paying dividends from debt on record low rates isn't hurting POLY. When the debt taps are turned off, they'll have a huge cash pile to fund the divi rate from and a pile of easily manageable debt that is getting eroded by inflation over the inflation hedge of the product they produce.
Funding both capex and divi from net cash and fcf could be foolish if higher average gold prices aren't maintained through 2022 & 23.
That said, if they are maintained then the argument id very different and we'll be praising the balls of this BOD. I think it would be helpful if they where honest enough to make public their call on gold, it would certainly go along way to justify why no debt is being used.
Agree, they can't re-finance and at the same time dish out the same level of divi, makes no sense. any re-financing has to be done for expansion/growth.
Good recovery from the early morning drop here- not nice for holders looking on. Although makes no difference if you are long term like many are- but if on this forum then clearly check the price most days, so a bit yuk for sure.
GLA for whatever you decide to do.
I expect both to rise but if gold and aisc were to stay at 1750 and 1250,annual profit would be 225 m usd on 450k production, 2.25b usd
over 10 years, add the current balance sheet and net assets of 1.4b usd, does it not make sense to take this over and turn it private.