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The Jackson Hole meeting is taking place next week - 26th - 28th. Could this be the spur for precious metals to resume their climb? When Bernanke started 'tapering' in Dec 2015, that was the low for gold and rose until Aug last year - completely the opposite to what everyone thought! Same again, please.
Thanks gnome, so in short B2 didn't pay the ,officialdom ,or not enough now they get their lesson.
I think this is an issue of principle for b2gold. The loud rumour seems to be the Minister of Mines has been lining his and his pals pockets ... so to speak.
Corruption is the major issue in Mali, it is endemic, and from this all else flows. One of the reasons the coup in 2012 happened was because of the lack of any money coming into places like Timbuktu, for community schools, hospitals, and preservation of their heritage. Where did the money go....to bank accounts in one of the Treasure Islands wouldn't be a bad guess
The many dimensions of Mali’s current crisis (pleural) are connected. Rule of law issues, conflicts over land tenure, organized crime and jihadist expansion are all interconnected issues rather than separate challenges that have hit the country separately. Corruption is at the heart of the problems of mistrust that allowed these issues to spiral out of control.
Dont blame Islam, and the unemployed mercenaries who seized the opportunity to grab the great cash flow business in the trade of drug running and human trafficking, and then didnt want to give a cut to the corrupt government.
https://www.u4.no/publications/mali-overview-of-corruption-and-anti-corruption-2020
https://foreignpolicy.com/2020/08/19/a-coup-wont-end-malis-corruption-and-insecurity/
https://www.one.org/international/blog/panama-paper-reveals-africa-losing-billions-to-corruption-and-bribery/
Sad? if instead of wasting us$1b per year (!) on peace keeping, invested the us$1b in schools, infrastructure, job creation...
"The total approved
budget for the 2020-2021 peacekeeping year is $6.58
billion. Operations with the highest annual budgets are
MINUSMA (Mali), at $1.18 billion; "
https://fas.org/sgp/crs/row/IF10597.pdf
..............................................................................................................then Mali would be a better place.
good luck to b2gold
the gnoem
Hi Rebess - I agree Barrick's CEO must be acutely aware of the dangers that lie in wait for the unsuspecting in Egypt and is wise to act accordingly. Now that I've read your post I can see at least two meanings to his phrase 'tidying up'. One as you say - getting the legal contractual issues sorted and the other (now that I think about it less likely) boasting of his company's 'sweeping' the lion's share of the best concessions.
On the former meaning I found this recent development between the Mali government and B2Gold to be cathartic in a not-so-nice schadenfreude sort of way:
------------------------->>>
The Company [B2Gold] is currently involved in a dispute with the Malian Government related to renewal of the Menankoto exploration permit which forms part of the Anaconda Area and is located 20 km north of the Fekola Mine licence area. The Company strongly believes that Menankoto is entitled to a one-year renewal of the Menankoto Permit under applicable law. After ongoing discussions with the Malian Government were not ultimately successful in resolving the situation, on June 24, 2021 the Company announced that it had formally commenced arbitration proceedings against the Republic of Mali. The arbitration has been commenced pursuant to the arbitration clause...will be conducted by the International Centre for Settlement of Investment Disputes in Paris, France. In addition to pursuing arbitration under the Convention, the Company may pursue, as required, all other available legal remedies.
https://www.b2gold.com/news/b2gold-reports-strong-q2-2021-results-with-continued-strong-total-gold-production-of-211612-oz-5-above-budget-on-track-to-meet-or-exceed-the-upper-end-of-its-annual-production-guidance-range-of-970000-to-1030000-oz
<--------------
Imagine, B2Gold has mined several million ounces of gold in Mali since 2017 — you'd think that would give them some leverage or at least good will with the Mali government. It's certainly a bold move by B2Gold's CEO to take their disagreement to international arbitration within months of the impasse.
The question is will pressing the nuclear button explode in B2Gold's face ? The disagreement is simply about a non producing exploration site — yet it has the potential to impact their nearby 500k+ ounce/year gold mine. High stakes!
Barrick and their legal-team will be fully aware of the Egypt v Centamin court case, it's outcome or lack of it as the case may be and the implications it has had for Centamin.- I have no doubt that they will be negotiating with eyes wide-open.
Agree with his drift Cowichan. - If there's one thing the CC has taught us it's that the T&C's have to be clear an incontestable.
'It's now nearly a year that we’ve been working with the Egyptians to get the tender sorted out because, again, we don’t want to just acquire a tender. We want to know the rules of the game.'
'We were able to tidy up the exploration permits and we worked as an industry. One has to get good ground and to have the rules set properly so that you know that if you find something, you have the right to mine it.'
'All this is in contrast to the promotion of instant gratification that the hot market breeds, that same-old, same-old. When you get to the rules being set properly and you find something, there are opportunities because, as I always say to my team, if there's one thing I’d like to do is to find another Morila.'
'If I don’t, I’d like to find the person who has found another Morila before he knows he’s found it.'
Then a third one is the opportunity to buy high-quality assets because mining is so inefficient, and that’s more opportunistic. The first two are really in our hands, and to do that, you’ve got to teach people what a good asset looks like because so many people in our industry actually don’t even know how to calculate an NPV. They talk about it, but they don't really understand the impact.
We’ve probably looked at three dozen gold projects to due diligence and of those, at least 30 haven’t provided the return.
https://www.miningweekly.com/article/friendly-south-african-face-could-quickly-attract-exploration-investment-bristow-2021-08-11/rep_id:3650
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My Thoughts: Egypt is soon going to be a bigger deal in the gold mining space than industry observers currently think.
I agree that the share price doesn’t reflect the value of the company just now as on this years profits should be half what it is, but this year is hopefully a very abnormal year and if AISC falls back as much as Mr Tibbles hopes to anywhere near where it was before, as (if) ounces rise, then at these gold prices we should be worth 50% more, so the value in between seems about right particularly as gold stocks are anticipating falling gold prices and rising mine inflation, in both of which hopefully they will be wrong. We have been on a downward staircase for a year now, pausing and then lurching further down and there is nothing yet to suggest this is over either in gold price, costs or ounces but hopefully we will turn sometime not too distant! Have a get weekend
What I was inferring was if the Dollar drops or even worse crashes, all stocks will drop because of panic and short covering / margin .
I am not suggesting that will necessarily happen.
At the moment trading volumes are very low ,two weeks time when vacations are over there may be a large upturn.
Last year August was a huge improvement for Gold because of the lockdowns and virus so it was a freakish year.
We all know the share price doesnt reflect the value of the company,but our reasons dont count.Some loss making companies share price have done very well in recent months due to the Ftse at around all time highs,but we are going down and down each week and even when gold recovers we dont follow it up,so something is amiss
So if like Mrbond suggest that things could get much worse where does that leave us perhaps 70p
I agree
Don't know how long you have held this share but the long term holders will remember it was at more than this when the POG was lower, stage four was still being built , the CAPEX had yet to be repaid, profit share was way down the road and dividends were a dream for the future!
Then there were a couple of revolutions , explosive and fuel shortages, allegations of corruption and an invalid Sukari license regarding original 160sq km initial area, withdrawal of agreed fuel subsidy putting up operational costs and barely a thought of a solar plan t ant time soon !
So consider now, a mine still producing 430, 000 ozs at near $1800 POG with other concessions close by granted, West African reserves confirmed, yet to be exploited or sold . $300 million in reserve, no hedging , the allegation's made in court face admitted to be groundless by ex politician making them,the Sukarii license enshrined in law , solar power coming on stream soon, new CEO with a credible strategy to safeguard and stabilise future Sukari production at around 500,000 ozs at potentially higher gold prices.
The rest of the market may drop, although common sense rather than market mentality suggests that there is no justification for the present share price let alone ant further drop.
I dare say some some will consult the charts or whatever other predictive methods that use to try and state otherwise but that is there prerogative.
Sukari production is being restored and with it AISC costs will fall, but perhaps more importantly and what will help the future share price is the restoration by Martin Horgan's strategy of market and investor confidence in the running of the company for the future!
Posted by Daniel Gleeson on 12th August 2021
Centamin’s Sukari gold mine in Egypt is in the process of upgrading its fleet of Caterpillar 785C haul trucks with “lightweight truck trays” designed by VR Steel and fabricated by Egypt-based Aresco.
In 2020, the miner trialled the use of these high production trays, which demonstrated a 10% gain in truck productivity through larger payload and faster cycle time. This led to a decision for a broader roll-out in 2021 across the haul fleet, Centamin said in its 2020 sustainability report.
The introduction of these trays, designed so the floor can be replaced for extended overall service life, are part of the company’s plans to improve cycle loading times and truck/loader matching at the gold operation. They also bring sustainability benefits to the operation given they reduce the truck body weight, increase the payload and improve fuel and tyre efficiency.
Centamin, in the 2020 sustainability report, confirmed it had placed an order for the local fabrication of 44 high production trays to fit the haul fleet in accordance with OEM specifications.
https://im-mining.com/2021/08/12/centamin-working-with-vr-steel-real-mining-and-aresco-on-truck-tray-rollout-at-sukari/
THS offers far better value than slp on all metrics.
You have to remember the stock prices in general have been artificially boosted by QE.
If QE is tapered ,then everyone may be in for a surprise.
Not a pleasant one. IMO.
And that’s at 1780 usd gold price!!
Canetoad
I think most of us are sitting on a paper loss, as the share price hasnt been this low for the last few years apart from the Covid blip for a couple of weeks in March 2019
What worries me is if the share price doesnt rise quite soon and the markets in general fall then so wil CEY despite the price of gold
European stock markets were mostly lower in premarket trade on Friday after it was reported that the consumer confidence in the United Kingdom declined in August. Traders will also monitor economic data releases on UK retail sales and producer prices in Germany.
The DAX decreased by 0.23%, London's FTSE 100 was flat, while the CAC 40 contracted 0.19% at 7:34 am CET.
The euro was 0.09% higher against the dollar at 7:38 am CET, trading at 1.16860. The British pound was 0.09% down compared to the American currency, going for 1.36268 at the same time.
Breaking the News / MS
Check out Sylvania Platinum with a current mcap of 255m and a sp of 94 there 2021 est eps of 37 and a op of 96.4m plus current cash 101m.
In #Egypt's eastern desert the #gold rush has begun. Established miner @CentaminPlc has expansion plans underway c/o @_CapitalLimited while newcomers @BarrickGold @B2GoldCorp @Altusstrategies @AtonResources & Allied Gold race to catch up. #CEY
https://twitter.com/DonLawson_/status/1428415510878826501
------------------------------------->>>>
Bonus Material: If anybody is wondering about the hot lime green concessions labelled Allied Gold apparently they are *currently* a private Australian based miner that has connections/workings with Capital Drilling in West Africa and Egypt (that drilling for equity thing they do) They got all there Egyptian concessions by buying out Russian miner SMW Gold holding's of yesteryear. How they plan to transition to Egypt's new mining terms I dunno - but they are already drilling in Egypt (or about to begin) with Capital's rigs.
Additionally - unlike Aton these fellas do have(had) a lot of cash ( raised $170,134,912 through a loan, stream, equity, offtake agreement with Orion Resource partners ) and more importantly are currently seeking to go public with an IPO in London apparently later this fall...
https://www.nasdaq.com/articles/africa-focused-miner-allied-gold-readies-for-london-listing-sources-2021-06-01
Auson
The shipping costs seem to be a combination of containers in the wrong places, consumer demand from Europe and the US being huge, some Port closures in China and greedy shipping companies. My Forwarder says he has so many customers who have packed it in completely, they cannot afford to ship. I know of a business that's had 2 containers sat in China since last October! Our manufacturer in China has rented warehouse space for all the orders customers will not ship. Ive already started buying Christmas presents. There will be no glut of products this year. Further, China has raised costs on me by 5%. Im down massively on all my current Gold investments, but Im not selling, I think the market is completely skewed, I wont sell a single share.
It can take a long time to negotiate a JV and/or exploitation agreement. I can recall one of the Exploration JV's related to an advanced project (but too small, hence needed exploration to add the ounces) I was involved took 5 years to negotiate and sign off. It did not stop the exploration going on and being funded! Bit like some shareholder agreements as well.!
I wrote an email with questions to the Company about 10 days ago and was told that a response would be coming shortly. Since then, zero silence. I am just wondering if they are preparing some news release and don't want to communicate before then...
Thanks for the post Cowichan. - The undertaking to do it's best efforts within 12 months of this announcement, effectively lets EMRA of the hook in making a final Exploitation agreement. - If nothing happens within 12 months, then a definition as to whether they have performed 'Best efforts' can only be determined by a challenge through the 'Legal system'. - I think by now, everybody knows what that will mean. - I fear a long protracted outcome here.
So annoying how our inflation data wasn't so bad yesterday and because the yanks are having a meltdown about the Fed, then we may suffer too.