The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Tibbs with respect that's just not right. The open pit produced roughly 235koz of gold last year - contributing $450million in revenue to 2023. Yes the grade is low but the amount of ore coming out of it is colossal, almost 17 million tonnes.
3bear ,
Open pit grade of 0.78 g/t is still terribly low and its doubtful they make positive cash flow at that grade after capex spending.
The poor open pit grades are why past production was unreliable and erratic and why they created such a pile of poor grade spoil because they were trying to gloss over the poor grades of the open pit by high grading
Ever since 2015 Kees Dekker analyst has always maintained that the cash flow predominantly comes from underground mining, this is still the case and why it is essential to make the underground working more easily accessible
Blimey, this has been the case for years and years and years! More clickbait
What’s gold priced in?
There’s your answer …
The open pit produces more than half of the gold coming out of sukari, far from being a drag on profitability it is the heart of the operation.
Open Pit produced FY23 16.78 million tonnes of ore @ 0.78 g/t . They didn't process all of it but at a recovery of 88% that's 350,000oz right there.
Better link!
https://www.youtube.com/watch?v=DocIr2JSLp4
Alasdair Macleod, stockbroker and Head of Research for Goldmoney on the US dollar hegemony and its impact on the price of gold.
http://tinyurl.com/bdzcaf22y
Iran and P akistan
Incase you hadn’t figured.
iranian foreign minister hossein amir-abdollahian and his ****stani counterpart jalil abbas jilani held a phone call on friday and agreed to "deescalate the situation" after the two countries conducted airstrikes on militant targets in each other's territory in the previous days.
"the two foreign ministers agreed that working level cooperation and close coordination on counter terrorism and other aspects of mutual concern should be strengthened," the ****stani foreign ministry said in a statement.
according to the document, the two ministers also discussed the return of iranian and ****stani ambassadors to tehran and islamabad.
baha breaking news (bbn) / jj
*i’d prefer the two countries listed were russia and ukraine but i run and ****stan will do for starters.
enjoy your weekend y’al.
I am also generally disappointed with the low end result as far as ounces but pleasantly surprised with the fiscal controls to bring AISC down and increases in resources and the increased worth of the ounces. So overall pleased with the progress that has been made and pretty confident that your mate on the train will stay on board come April.
Rebess not too suspicious but it wouldn't surprise me if some of the Capital machines were borrowed for a concerted effort to get over the line. Also interesting that they sold 5,000 ounces more than they produced in the 4th qtr so they had some flexibility.
They just managed to scrape-in to meet the absolute minimum of forecast. - Slightly suspicious by my way of reckoning. - They couldn't have made it exactly 450,000, that would have been a bit too much for acceptance. - Just slightly over though makes it a bit more credible. - I'm wondering if they've forward borrowed from from Q1-24 to meet the numbers. - Let's see what new forecasting provides. - M Henderson may have been right about a 'Lie'.
Centamin (LSE: CEY; TSX: CEE) showcased a robust performance in 2023, achieving gold production of 450,058 ounces and successfully meeting its annual guidance for the third consecutive year.
For the current year, Centamin has outlined a production forecast ranging between 470,000 oz. and 500,000 oz. This outlook is driven by ongoing enhancements in output at its flagship Sukari mine in Egypt, capitalizing on a favourable gold price environment.
https://www.mining.com/centamin-annual-gold-production-meets-guidance-revenue-rises/
You may be aware.
Last week, Lula’s government pledged 1.2 billion reais ($245 million) on security and assistance efforts for the Yanomami, and Federal Police Director General Andrei Rodrigues said Brazil’s government must throw its full weight into defending the Indigenous people.
On Wednesday, Federal Police announced the start of a new operation against illegal mining in Yanomami territory and said in a statement they will have the support of the armed forces.
https://www.mining.com/web/gold-miners-bring-fresh-wave-of-suffering-to-brazils-yanomami/
So it would be unusual for the share price not to fall back a bit!
It's partly due to the closing of those CFD positions to take a bit of money off the table or pocket profit and avoid any Monday opening gap down!
Hi Dasut,
To honest , not my quote/ observation, it was from a senior broker on the train who represents some clients with considerable holdings of Centamin, evidently they were generally a little disappointed as they were were hoping for better, but they are now waiting to see what is revealed in March before making any decisions.
A rough check and we are about where we were 2 months ago when the POG was similar. BUT---I feel happier now that we have had the Q4 results.
Tibbs where did you get the quote that the open pit is a drag on profitability, because as I see it without the open pit contribution you won't cover your costs?
Yes less profitable than the earlier years but many successful businesses have the less profitable aspects but they pay the bills and others pay for the expensive holidays.
I haven't read where Horgan has said Capital are opening up high grade areas the way I see it is they were assisting in opening up areas to add the flexibility and consistency. Yes higher grades because when the earth moved they were restricted to moving 0.5 grams per tonne until they could get back into the west wall at 2 grams per tonne.
Goldgnome as I say my numbers were very rough and only take into account the basic muck shift truck and shovel and also rounded somewhat because $2 and 150 tonnes made the sums simple.
Yep- economics move things...
when i have not much to do, i like to run through the imf bailouts, and debt list for the different countries. it is getting a tad tight.
those in dire strats
egypt
ghana
el salvador,
lebanon (!)
ukraine
malawi
****stan
sri lanka
argentina
bangladesh
burkina faso
mali
colombia
chad
congo
angola
sth africa
sth sudan
those in very hot water
afghanistan
burundi
cameroon
ethiopia
kenya
uganda (have a look at how the govt stifles entrepreneurship with outrageous taxes)
liberia
sierra leone
png
mozambique
zimbabwe
thanks goodness for the imf
are they really getting anywhere, sustainable change.
sadly not
there is a lot to like about gold. i recetntly spoke to the small scale gold miners in zimbabwe, and they are in the money...ditto in mali (plane straight to dubai for us$)
pathetic system really
glad i live in oz, where our productivty has got lower, salaries and costs of business higher and company bankrupties jumping
good game of cricket in adelaide, and we have the australian open tennis.
bread and circuses all round with a glass or 5 of wine...
good luck
the gnome
A great set of results barely moves the SP. Then a bit of risk-on sentiment and we're up 2%. It's just odd.
Mr Tibbles. How impressive you are posting at 2.37, are you still on Cornish time.?
Major European stock indexes traded higher in the premarket on Friday as investors awaited the latest reading on Germany's producer prices and United Kingdom's retail sales.
The DAX was 0.18 higher at 8:00 am CET. Simultaneously, the FTSE rose 0.12%, the CAC 40 grew 0.18% and the Euro Stoxx 50 increased 0.39%.
The euro traded 0.11% higher compared to the dollar at 7:58 am CET, going for 1.08810. At the same time, the pound was flat against the dollar, selling for 1.26967.
Baha Breaking News (BBN) / DD
Happy Friday y’al
Enjoy your weekend