Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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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.
Equities in Europe traded lower in the premarket session on Thursday, as investors further digested the latest pandemic news alongside yesterday's inflation data. Meanwhile, as United States Federal Reserve officials feel that tapering should start by the end of the year, traders are going to be looking at whether the European Central Bank follows suit.
The DAX was down by 0.63% at 7:25 am CET. Meanwhile, the FTSE 100 traded 0.94% lower at 7:26 am CET, as the CAC 40 decreased 0.61% at the same time.
The euro declined 0.30% against the dollar trading for $1.16764 at 7:27 am CET, while the pound dropped 0.26% against the American currency going for $1.37182 concurrently.
Breaking the News / OL
The CEO will have to get the artisinal miners out prospecting again, in Burkina, they might even have to do some exploration themselves. The trouble with exploration is that unless done very well, it does not feed the company with sufficent growth, hence to grow = MandA.
The trouble with MandA, is that everyone is trying to do it now, and there are few good prospects on offer. So any good prospect will sell at a good premium in this market. The dogs are the ones to beware of, and their are plenty of them around. BUt it goes that the Business Development team in charge of MandA get their bonuses for doing deals, so deals must be done, and dogs get bought at a premium. A dog may look good for a year or 2 before the problems start to surface.
What problems? ... The geomet did not recognise the alteration zoning in the orebody, the geotech was not done properly, the resources did not convert to reserves (etc)
It never ceases to amuse me how many things get done poorly in the industry, even by companies who should know a lot better. The Rio debacle in Mongolia is a case. Oyu Tolgoi is the flagship greenfield (opper-gold) project of what is supposed to be one of the world’s pre-eminent resources companies. The extent of the mine development incompetence laid bare is almost inconceivable. It is so professionally embarrassing and the attempt at cover up...?
The investigative report into the project debacle has landed, and it completely blows out of the water Rio Tinto’s disclosure to the London and Australian stock exchanges of July 16, 2019 (!!), that OT’s expansion was running late and over budget because of “unexpected and challenging geotechnical issues.” Group executive Stephen McIntosh (since retired) even said “the ground conditions are more challenging than expected and we are having to review our mine plan and consider a number of options”.
To the contrary, “these off-footprint isolated ground condition ‘surprises’ are not considered significant contributors to the overall design, schedule and cost variances”, the report by Independent Consulting Group finds. “This is confirmed by the lack of specific schedule or cost analysis of these changes that would be expected if their impacts caused major variances.”
“Very few of the senior management in either the owner (Rio Tinto) or… mine builders [Worley] had experience in developing large caving projects nor of working in Mongolia, the two most critical aspects of this project.” Relevant expertise – who needs it?
Remember, it was explicitly for Jean-Sébastien Jacques supposedly impeccable stewardship of Oyu Tolgoi as Rio Tinto’s head of copper that Jacques was plucked from relative obscurity in 2016 by chairman Jan du Plessis to be the company’s chief executive.
Jacques successor Simon Thompson let Jacques waltz away from this slow-burning international scandal – to say nothing of the smoking ruins of Juukan Gorge! – with long-term performance shares worth $57 million.
In order to “bridge the gap” between the Exploration and Exploitation phases, EMRA has agreed to the following for the benefit of the successful bidders in this International Bid Round (1):
Within 12 (twelve) months of the date of issue of this Announcement (“Negotiation Period”)EMRA shall undertake to do it best efforts to negotiate in good faith and agree – in a single collaborative negotiation process - the final terms of the Model Exploitation License that will govern the legal, tax and investment framework in respect of any commercial discovery and the mining project(s) resulting from the exploration phase.
The terms of the finally agreed Model Exploitation Licence shall:
- be in a form which provides for economic and regulatory terms and stability which are
fair and necessary;
- incorporate, where appropriate, industry standard terms from internationally accepted model mining agreements and precedents; and
- address such key matters as may be reasonably required to meet the above requirements.
Timetable & Structure of the Negotiations
In order to avoid costly and time-consuming negotiations with numerous counter-parties and, after singing and issuing of the Exploration Licence Agreement, EMRA envisages that the negotiations be streamlined into a single collaborative structure and process with industry representatives. Prior to commencement of the negotiations EMRA and Bid Round Participants shall nominate their respective authorised representatives for the purposes of the negotiations who shall, within 10 (ten) days of their appointment, agree on an indicative timetable and working structure for the Negotiation Period.
To this end, respective parties will make available during the Negotiation Period, their relevant commercial, tax, environmental & social, finance and legal team members and advisers who will represent and assist them on the respective working committees and negotiations to reach agreement on the terms of the Final Model Exploitation License, in line with the requirements set out above.
Obligations following agreement of the Model Exploitation Licence:
Following agreement on the Model Exploitation Licence and within the Negotiation Period:
- EMRA and authorised representatives of successful Bid Round Participants shall initial the document and each retain a copy as final and definitive agreed form thereof; and
- EMRA shall publish the final Model Exploitation Licence on its website as the standard form of Exploitation Licences applicable to mining projects resulting from this Bid Round; and
- EMRA shall provide a further agreed bridge undertaking to successful Bid Round Participants and published on its website to submit the Final Model Exploitation License for ratification by Parliament as soon as permissible and possible under the applicable laws and come into force following commercial discovery
Well Don " if " they ever do its goodbye Divi, but the Major Shareholder are well aware of that.
Water access is a good question MrBond. Problem solved if they took over Centamin.
Should read ,How or were they will get their water.
Looks like their nearest concession is about 75 km from Sukari.
I wonder how they will get their wáter from ?
As for exploration/exploitation , maybe translation ,they have not been able to do much drilling ,if any.
Sounds like hyping to me .
While Going Through Barrick's Latest presentation I found a new map showing their official Egypt concessions (Note: my previous hand drawn version of suspected Barrick concessions wasn't entirely accurate - see official map at bottom link)
But more importantly (I think) are 2 of the following 3 notes that accompany the map*
- 4 exploration licenses granted in Egypt for a total area of 2,902km2
- Areas selected due to key structural and mineralogical relationships with Sukari*
- A period of one year to collectively finalize terms of the exploitation license agreement, results of which will apply to the industry **
Note it says 'exploitation' not exploration - and it says the 'collective' agreement will apply to the 'industry.'
If this info appeared on the EMRA website I'd dismiss it as translation garble but it's interesting it appears on the Barrick presentation. So what are these 'collective' new terms and how could they possibly apply to the entire industry? Thoughts welcomed!
https://twitter.com/DonLawson_/status/1428038997662633995
I see that Novacyt (a maker of covid tests) is rising steeply again. Perhaps covid test kits and bitcoin are the new gold...Still sitting on paper losses on CEY, but at least happy to get a chunky dividend. Trying to convince myself that gold is going to make a move some day.
He makes some fair observations about Afghanistan, but then why didn't the US & allies keep closer tabs on the corruption and personal packet lining that that has been the normal way of things from the president down in the supposedly democratic government.
Once again the UK government was treated like a lapdog by the US and treated like a lackey, billions of pounds spent that could have been better spent on UK public /social services and NHS, how many dead injured and maimed army personnel and for what now?
It was widely known that the US was sending aluminium suitcases packed full of dollars by air freight to the new Afgan government, yet the army and ploice were not being paid on time or properly.
Military equipment was being openly stolen and sold to military in the market places, yet nothing was done about it.
The US has behaved exactly as it has done in every other conflict zone, it goes in heavy handed with it's gullible allies thinks it has won the war, throws loads of dollars at the newly installed government but fails to carry out any due diligence on how the dollars are spent and then one day decides to pull out thinking the job is done!
It is a shame for the ordinary Afghan people but what has happened was inevitable !
Most of Powell’s most revealing conversations took place with Democratic mega-donor Jeffrey Leeds. In one August 2014 email, Powell expressed anxiety over the US slipping into long-term military action against ISIS.
“What worries me is the [president] slipping into a war the American people care nothing about and we don’t have a good enough understanding,” Powell wrote. “He need to have Kerry, Hagel, Dempsey, Susan and others shut up until he has decided on a policy.
Their statements have been loose, undisciplined, hyperbolic and confused. For us to think we are at a high risk because a few of these clowns may get here is absurd.
We spent $100m on 100 air missions blowing up maybe 100 trucks and tanks that were ours. ISIS is still there.”
https://www.buzzfeednews.com/article/andrewkaczynski/personal-emails-show-colin-powells-pessimism-on-isis-policy
Jabs!? think health stocks, health ETF's.
best
the gnome.
Jabs forever
That's the plan
Shares on the major European stock market indexes traded with gains in the premarket on Wednesday as the investors awaited consumer prices data for the United Kingdom and the euro area.
London is set to unveil its report on inflation before the session's start, while euro area's data will be published after the opening bell.
The DAX was up by 0.17% at 7:50 am CET, while the FTSE 100 gained 0.30% at the same time. Meanwhile, the CAC 40 advanced by 0.23%. The euro and the pound traded flat versus the dollar, going for 0.17151 and 1.37404 at 7:52 am CET, respectively.
Breaking the News / BU
As Goldman Sachs diversifies its retail investor franchise to consumers and the merely affluent, it is losing more advisors in its flagship “private wealth” unit business for multi-millionaires.The New York City team of Brian Zakrocki and Joseph Wladyka began garden leaves last week after agreeing to join First Republic Bank’s private wealth team, according to a person familiar with the move.
The pair, who spent their entire 17- and 16-year careers at Goldman and are moving with four associates, generated $16.5 million of fees last year on about $4 billion of client assets, according to a person familiar with their books.
https://www.advisorhub.com/goldman-loses-two-teams-generating-32-5-mln-to-ubs-first-republic/
https://www.livemint.com/market/commodities/gold-investors-warned-by-ubs-get-out-before-prices-go-down-further-11629108504660.html
5 things to know about Biden's plan to roll out COVID boosters this fall
If the FDA agrees, COVID vaccine boosters would begin rolling out in September.
he FDA and CDC have said previously that booster shots for broader populations aren't needed yet. But Dr. Anthony Fauci, the top medical adviser to President Joe Biden, has called the possibility inevitable because of the likelihood that protection would diminish over time.
https://abcnews.go.com/Politics/things-bidens-plan-roll-covid-boosters-fall/story?id=79502123
https://nypost.com/2021/08/17/covid-booster-shots-to-roll-out-in-big-apple-as-soon-as-next-month/
Data-analytics-software firm Palantir disclosed more investments in firms going public through special-purpose acquisition companies, and a large stash of gold bars.
https://www.marketwatch.com/articles/palantir-spac-investment-gold-bars-51629150154?mod=mw_latestnews
https://twitter.com/Trisseswe/status/1427309244370538500
Why not join the Twitter conversation as well? I know Centamin is monitoring their social media outlets - both Twitter and LinkedIn
Sea container transport costs
The Baltic Dry Index jumped 3% to 3,606 on Monday, its highest level since mid-2010 and extending gains for a fifth straight session, amid improving demand and ongoing concerns about congestion in Chinese ports. The capesize index, which tracks iron ore and coal cargos of 150,000-tonnes advanced 5.3% to 4,852, a peak since May 11th; and the panamax index which tracks cargoes of about 60,000 to 70,000 tonnes of coal and grains, increased 1% to its highest since June 20 at 3,584. Among smaller vessels, the supramax index rose about 40 points to a fresh all-time high of 3,119. source: Baltic Exchange
https://www.marinevesseltraffic.com/1998/01/baltic-dry-index-bdi.html
It's not the price of the materia;s or products that has incresed by so much the associated costs of transporting the products.
So what does the stupid UK government do close the doors, or make it virtually impossible to export and import from 200 miles away (EU) 1 day to UK in favour of trade deals with countries 9000 miles away dependant on airfreight with the increased cost and carbon foortprint, or useing container ships which are in short supply, take many wieks to arrive and are 8-10 x more expensive to hire than they were previously
Talking to a neighbor this morning his builder told him they are unable to continue at pressent because some materials in the UK are in short supply because the government has commandeered huge ammounts of building matarials in advance for HS2.
It's bottles of water thats the Supermarket shelves are empty of.
Seems that turning on the water tap is so strenuous !!
The third biggest Container Port in China was closed over Delta Virus containment earlier today. Also there is a World shortage of Container ships at the moment, so tell the wife to get a good supply of bog paper in that's the first thing to go in the Supermarkets. :-)
hedgehogg,
Thats insane ! Is that to do with port closures or simple demand supply ? Perhaps you should show them the US CPI figures at 5.4%
If this is the bottom, then perhaps be time for me to buy a few more. Problem is, that kitting out new rooms in our house extension is proving a mite more expensive than I had hoped https://www.youtube.com/watch?v=fIlNiUGFOGo