Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
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Newcrest buying Pretium
Stats:
Production 325- 365k gold ounces /year
AISC $1060 to $1190
Debt $200 million
P&P Reserves 3.9 million ounces
No dividend - ever
Market Cap at close today $ 2.84 billion CAD (purchase price will be $3.5 billion) a 23 to 29% premium depending on the average $ length
We all know Centamin's superior stats --> yet our market cap $ 1.8 billion CAD
Are we not underpriced? Vulnerable?
https://www.pretivm.com/investors/Newcrest-Transaction/default.aspx
Reply from Centamin
The solar project is an excellent project – one Centamin is very excited to get built and commissioned first half of next year!
That being said, the water tank is unrelated. This is just a standard tank used to suppress dust and improve air quality.
Thanks for your support Goldgnome - it is much appreciated!
I have noticed the executive interactions with my LinkedIn posts steadily rising. Hopefully some of our directors are waking up to the reality their fiduciary duty to shareholders have been neglected in the past and are threatening to be repeated in the present.
I purposefully tagged some of our directors 'other' board positions (i.e. Eldorado etc.) in hopes the threat of getting a bad reputation in the mining industry would spur some to action.
Very good of you to keep me/us posted of any developments and I will do the same.
https://twitter.com/DonLawson_/status/1457840783298494467
https://www.linkedin.com/feed/update/urn:li:activity:6862801682313580544?commentUrn=urn%3Ali%3Acomment%3A%28activity%3A6862801682313580544%2C6863435903864512512%29
Don
It seems like you have built a reasonable base for some thorough questioning to the board of CEY. I have copied some people in Burkina Faso into your posts, and I lets see what comes out. These people I have known for more than 20 years, and they are very concerned about corruption being associated with Burkina Faso, I will keep you posted.
Thanks for your efforts,
best
the gnome
Now Altair is using the very name Centamin gave to its (former) gold deposit in its promotional video! How's that for sticking it to Centamin shareholders!
https://twitter.com/DonLawson_/status/1457776953134518283
.@CentaminPlc forfeited its Wadaradoo gold deposit in #BurkinaFaso around the time of
@EndeavourMining failed takeover bid. Call it forfeiture or confiscation - the 1.4 million ounce #gold resource (whose discovery was paid for by $CEY shareholders) went uncontested
@BNNBloomberg
see 43 seconds in
https://www.youtube.com/watch?v=skDjGdNKo_0
Now there is NO DOUBT this is the very same deposit Centamin's board refused to make public despite repeated requests by yours truly... we should all be p!ssed!
https://www.linkedin.com/feed/update/urn:li:activity:6862801682313580544?commentUrn=urn%3Ali%3Acomment%3A%28activity%3A6862801682313580544%2C6863435903864512512%29&replyUrn=urn%3Ali%3Acomment%3A%28activity%3A6862801682313580544%2C6863546452304519168%29
@Candid: "My understanding from historical studies is that there is no proven (positive or negative ) link between inflation and interest rates with the corresponding movements in the pricing of Gold"
From what I understand, that is correct. I believe though, that there is a reasonable correlation between the gold price and the **expectated** inflation level of inflation. Though I have not verified that for myself.
I agree. Gold is not yet looking all that bullish. I have a large CEY position (unerwater) and would not even consider adding to it until Gold breaks $1900. I'll gradually change my mind once it's beyond $1,930 for a week.
It will be interesting too see who is first to be sanctioned and at what cost.
It would have to be severe or it will be no different tha the US Banks ie Goldman and their like ,just paying and congtinuing their ways xwith a smirk on their complacent ,untouchable faces.
Hi Hedgehogg
My understanding is that the B3 rules kicking-in on Jan 1st 2022 are concerning Net Stable Funding Requirements. - NSFR -
It is the NSFR requirement that negates paper-gold as an asset in meeting bank-liquidity requirements.
Basel 111 itself contains many segments of which NSFR is one of them. I believe I'm right in saying that implementation of the whole covers a period of implementation up to Jan. 2028 - I think. :-)
Hi, The LBMA has managed to convince the BOE to allow a delay in the implementation of Basel 3 due to the effects of the pandemic, rubbish really but the BOE went along with it because it suits the City & UK government.
Europe is already complying with Basel 3
Is Basel III mandatory?
Yes, it does. The European Banking Authority announced in March 2021 that from December the Basel III monitoring exercise will become mandatory.
Internationally active banks-members are committed to implementing and applying Basel III standards within the time frame established by the Basel Committee.
This will happen in order to have a better sample size from more banking and credit institutions.
What does Basel III mean for banks’ gold reserves?
Currently, paper gold is not a 1st tier asset. Only fully allocated physical bullion that has no counterparty risk attached that qualifies as a first-tier asset. As we mentioned earlier, Basel III rules coming into effect in March through to January 22 will eliminate any valuation haircut.
https://kinesis.money/blog/basel-iii-rules/
My understanding from historical studies is that there is no proven (positive or negative ) link between inflation and interest rates with the corresponding movements in the pricing of Gold
Does anyone know whether or not this is true ?
I'm no chartist but I don't think Gold is now Bullish, although it does seem to have found a bottom and bounced 3 times. I think we need to see Gold comfortably above $1900 to confirm a break of the consolidation/ downtrend we have seen since the high above $2000 was put in many months ago.
This latest rally could be the start of a continued up trend but I think its too soon to say.
My understanding is Basel 3 is delayed until Jan 2023(1 yr) due to Covid. UK hav delayed again to March 2023 as per article in FT 1st November below, pasted.
Whats everyones take?
UK eased its timetable for implementing the latest global bank capital standards, but stopped short of the two-year delay recently announced by the EU, raising the prospect that British banks will be forced to comply sooner than their closest rivals. The UK’s financial regulators said on Monday they would look to implement the latest Basel III banking standards “post March 2023”, without specifying a date. The rules, which mostly streamline how banks calculate their capital, were due to come into force globally in January 2023. A planned consultation led by the Bank of England’s Prudential Regulation Authority on the implementation was also postponed from the final quarter of 2021 until the second half of next year. Regulatory experts said the financial impact of the final parts of Basel III on British banks was unclear since the UK had provided no detail on its approach to areas where national rulemakers have discretion, such as the amount of capital that banks have to set aside for potential defaults among corporate clients who do not have a rating from a credit-rating agency. The EU has previously said the measures would drive a 9 per cent increase in capital requirements for its banks by 2030. The impact in the UK could vary greatly across big wholesale banks, like Standard Chartered, and more domestically focused institutions, such as Nationwide, since the rules could lead to higher capital demands for certain areas like lending. The head of the Basel Committee for Banking Supervision, which created the regulatory package, recently told the FT there was a danger to global banks’ “level playing field” if jurisdictions implemented the rules at different times. Rod Hardcastle, a regulatory expert at Deloitte, said that whether the UK ultimately matched the EU and implemented the standards in 2025 was “very definitely the $65,000 question”. “When it was in the EU, the UK was one of the voices that was the strongest for sticking to the Basel rules and timelines. We don’t see any particular reason why the PRA’s?.?.?. position on that would change,” he said. He added that it would be “quite a challenge” for the UK to implement the reforms significantly before the EU and US, which has not yet detailed its timeframe. Jared Chebib, a regulatory expert at EY, said that if the UK’s implementation schedule was significantly different to that of the US or the EU, there would be obvious challenges for global banks headquartered in Britain. “They would be applying the rules to their consolidated operations at one point, and have to apply a potentially slightly different set of rules to their EU operations at a different point in time.” In September, a senior Bank of England official warned that the UK’s work on the final Basel III package had been “somewhat delayed” by the
First, I'd like to answer Candid's yes or no question although it wasn't directed to me. YES. Centamin should never have wasted those BF gold resources as they have value. All that exploration and drilling that never got officially recognized/converted to a reserve - why? Altair hopes to have it done within months without drilling a single meter based on hundreds of thousands of meters Centamin drilled & logged. Is it too late to change the past? Yes. But it's not too late to extract value from Batie West - or at least I HOPE it's not too late. The point of posting the following on LinkedIn was to try and instill an urgency to the board of directors that a deal must get done. Relinquishing** or forfeiting** or having the gold reserve confiscated** is not an option for a competent board. Another question Candid asked was my opinion of Centamin's current board - my answer is 'insufficient data'. But that will change based on the outcome of Batie.
----------------------------------->>>
You might warn Mr Kabore that corruption is alive and well in the #BurkinaFaso mining sector. Look what happened to Centamin PLC's concessions surrounding their Batie deposit. Three unnamed Burkinabe received millions from Altair Resources after the confiscation of #Centamin's 1.4 million ounce gold resource along with hundreds of thousands of meters of drill samples. No compensation was given to Centamin who've employed & financially supported the local population for nearly a decade, spending tens of millions in exploration. And this month Centamin may also lose their Batie gold deposit without compensation as well Barrick Gold Corporation Endeavour Mining Corporation James Rutherford Martin Horgan Ross Jerrard Sally Eyre Marna Cloete Catharine Farrow Mark Bankes Hennie Faul Ero Copper Corp Adventus Mining Corporation Ivanhoe Mines Franco-Nevada Corporation Eldorado Gold Corporation Exiro Minerals Corp Master Drilling Group Ltd
https://www.linkedin.com/posts/don-lawson-98619370_we-thank-hem-rock-marc-christian-kabore-activity-6862801682313580544-gc__
--------------------------------->>>>
And Centamin's LinkedIn reply from today:
Don Lawson we appreciate your ongoing support. To clarify, no Centamin PLC licenses have been confiscated.** All licenses have been held and/or relinquished** as per the agreed exploration terms and we continue to work constructively with the #BurkinaFaso government on our current licenses.
https://www.linkedin.com/feed/update/urn:li:activity:6862801682313580544?commentUrn=urn%3Ali%3Acomment%3A%28activity%3A6862801682313580544%2C6863435903864512512%29
"US inflation expectations for the year ahead increased by 0.4 percentage point to a new record high of 5.7% in October of 2021"
https://tradingeconomics.com/united-states/inflation-expectations
If this doesn't do it, nothing will. It's a showdown. The moment of truth. We need to break $1830 *soon* and look as though we're going to break $1,900 by end of month.
Just back from a great golf game, and it was warm (well for November)- and always nice to see a rise when you come back!
Time to fly!!
Yes I agree, and your comments about Mr Horgan are acknowledged and stored
Candid
I agree with you re the FTSE...the overall value doesn't appear to stack up with individual earnings updates
Regarding your comments on Cey , I know exactly where you are coming from.
There has been a steady downwards momentum , with a few false dawns, since it's 27tn May update on the project that cannot be named..this might just be a coincidence , but the price at the time was £1.215.
I can see signs that the trend is reversing , but my guess is as good as anyone elses is as to what happens from here in the short term
However IMO I think that an end to institutional SELLS combined with a positive update on something or other should bring about a re-rating of the share ..
Only time will tell
Hi Candid,
Always glad to be able to help in some way if I am able to, unfortunately on the net you can never quite be sure if whom you are communicating with is whom they claim to be, although after so many years of holding Centamin and being a forum member I have a good idea of the genuine forum members and have also gained some friends too who I am fortunate to be in touch with by other methods.
Believe it or not Martin Horgan is well aware of retail share holders frustrations and really does value and consider their opinions far more than they may realise at present.
Tibbs
Thanks Mrtibbles. Have been in & out a few times on this one but once out, dont bother keeping updated unless i see big price movements either way. History has been and gone and Egypt has had its fair share of bad news but seems to be fairly stable at present hence Western Companies investing there. A new Management can often work wonders if they have a good understanding of PM mining and also of the Country that they operate in. Hopefully they can get this Company running better and more efficiently but i invested mainly because i feel that gold is undervalued so will hold out for a big upside correction in 2022.
Hi Rocket,
How long have you got?
No seriously I think you may be a relatively new holder there are many changing factors over the years that have contributed to us being where we are.
Unfortunately share holders good nature and trust was thoroughly exploited by certain members of the previous management, although there comes a point (in this case a crack in the wall) exposes the true state of affairs and when the market is deceived it demands a severer retribution in the form of share price repression!
Please have a look back through some of the previous years annual reports and quarterly updates on the Centamin home page.
But on a brighter note I have great confidence in Martin Horgans new strategy and his team, so I remain very optimistic for the future!
On the Chart,the pullback from the 89p low,doesn't look very good pattern-wise.Tho,are these up moves being mistaken for Bull market moves.And are they really Bear Market rallies ?.
The move up in markets from the pandemic low look a lot like a Bear Market rallies,chart-wise.
Thanks Auson. Looks like it will need gold prices to be kept at this level or above to maintain resonable profits then if production is down. Still a low price IMO given issues that will be resolved. Made profits in all others that you mentioned, more so in PAF which i believe is one of the best miners to be in at present. As they say, buy when out of favour and hold.
ROCKETVI,
Well production is down ASIC is up, issues with movement in the forth wall halting mining in a high grade area until its safe. Then an increase in stock lending of nearly 1% and Blackrock selling 3%. Yes we are undervalued but look at HOC FRES and POLY also undervalued for different reasons. Sentiment still not with Gold due to crypto hype, rate hike expectations and yield curve, but I don't see any Central Banks buying Bitcoin.
Thanks Mr T for explaining the background situation .., it's just that I don't like my integrity being questioned, but I agree that it's time to move on .
I must add that your tact and diplomacy skills in handling this situation have been second to none..maybe you are the one that Centamin needs to handle the high level discussions that need to take place to resolve the Batie West situation !
Best
Candid .