Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Buying volumes up 100% on 9 August over the highest on any one day last week that was 5 August.
Centamin Q2 profits surge; shares trading up
London-listed gold miner Centamin plc said that its second-quarter pre-tax profit rose to $73.4 million from $18.8 million recorded in the same period of last year, according to a report published on Wednesday. Revenues increased to $180.1 million from $124.2 million a year ago while earnings per share rose to $6.3 from $1.7.
The miner produced 140,306 ounces of gold in the three months to June, an increase of 12% compared with the previous quarter and 30% year on year. Citing a strong start of the year, Centamin upped its 2016 annual production guidance from 470,000 ounces previously expected to a range of 520,000 to 540,000 ounces. The cash cost of production fell to $461 per ounce during the second quarter from $706 per ounce booked a year ago.
The FTSE 250 constituent's stock traded up on the announcement, increasing 2.26% to £175.48 at 10:46 a.m. CET. Its shares soared 177.95% since the beginning of the year, with stellar gains following the Brexit referendum in June, as investors piled into gold and other safe haven assets.
Image: EPA / Narong Sangnak
Breaking the News / IB
Once again we find ourselves in penny-share territory. - Centamin after more than ten years of picking the low-hanging fruit and eating it, we are no further forward than we were ten years ago.- Some legacy.
Hello Sotolo,
To me it looks like the traders have been using Oil as an instrument of front running inflation. When you think it got to minus $40 a barrel at one point last year and its now still $100 a barrel above that level. Didn't Silver get down to $12 an Oz before it ripped up to $30. Gold has stayed above that 1 June 20 low which on the long term chart is bullish. As they say Bull Markets don't like passengers.
Hi Amthillmob,
Your comments are greatly appreciated!
You cannot beat a bit of monday morning cheer from Sotolo!
I was chatting on the phone to a friend the other night, talking about covid , lockdowns etc. It seems while people have been furloughed and getting 80% of wages for nothing, and not being able to spend it on holidays or going out, that they have been getting work done on their houses. Extensions, new bathrooms, kitchens, fencing etc.
Here are a few thoughts. Once the work is done, does that mean that the tradesmen will be is less demand? The same when people want to start spending on holdays and pubs and bars? Will they hit the credit cards again or will they be maxed out? Again, if they have all this work done now, does it mean that building materials that are in short supply now will be readily available in 6 months time?
Without setting Mr T off (please dont Mr T), I think we know that all this covid stuff is going to need paying for and we will be paying for it for a long time. Im sure a bit of "austerity measures" and "we are all in it together" will be coming.
We know that the government wants interest rates and inflation (reported not REAL) to stay low as people are in debt up to their eyeballs and a couple of percent rise in interest rates could push people into bankruptcy and house repossessions.
Anyhow , hopefully gold and Centamin will come good sooner rather than later.
We know that hindsight is a wonderful thing, but Sotolo, do you ever think that you would have been better starting to build your house? With property prices having gone up, cashing in your chips here and starting to build would have been a better option dont you think?
Hi Amthillmob,
Your comments are greatly appreciated.
Super I think the failure of gold, while other assets from houses to shares and lumbar soar, is both worrying and disappointing. It would seem there are so many more profitable places to put money that even negative real rates can’t help gold, you have been optimistic through gold’s fall this last year but sadly, although one day you will be right, I don’t think yet, as they say the trend is your friend or in this case enemy. Particularly hard for Cey, which now being such a high cost producer (I reckon around $1450 an ounce inc the extra capex) is geared about 5 to 1 to gold price so another 10% off gold would knock profits and thus value by 50%. I do hope you are right soon but as Kynes said "Markets can remain irrational longer than you can remain solvent.". Luckily Cey has $300m so can last loss making a while if it comes to that
Reports are that there is a shortage in the vaults and the orders cannot be met with a limited supply. Spot precious metals are currently responding positively - we should see a turnaround for the positive at this rate! Next prices to watch will be consumer price reports in Wednesday. All is not lost and I cannot see interest rates rising for some time whilst we have Delta in the wings!
Market reports rising spot Gold and vaults are short to fill orders. The Gold and Silver live spot prices for that matter are now rising fast and we should respond positively wiping out Fridays falls.
So to disappoint those against the rise but this will happen. The world will not be raising rates for some time either IMHO. Gold price now back up to USD1752 already in early morning trades.
Morning Fug
Whilst 90p could be a possibility I have been trading in and out of CEY and 98.8p seems a good price, and if POG bounces back up no reason why 1.05 won’t be achieved quickly ??
Under 90p possible now.
Gold has gapped down in the charts. Centamin share price has 21p as cash in the bank. It was already priced at a level of around $1710 on the gold price. In fact most gold miners have moved down sharply already.
Least it's gained some ground now
Equities in Europe traded lower in the premarket on Monday ahead of Germany's newest report on the trade balance and the European Union's one on investor confidence. Meanwhile, several countries in the south of the continent, particularly Greece, faced wildfires, which devastated nature, affected the economy, and forced thousands of people to evacuate.
The DAX lost 0.19% at 8:00 am CET. At the same time, the FTSE 100 fell by 0.26%. A minute later, the CAC 40 declined by 0.32%.
Both the euro and the pound sterling stood flat against the dollar at 7:59 am CET, selling for $1.17584 and $1.38676, respectively.
Breaking the News / JR
It continues to fall and now under its support level,so not looking good
The analyst who predicted a share price of 85p might not be far off in the coming weeks
Cowichan
Dont they need to do exploration wok first on any new concessions,why would they need a pipeline at this stage
Article says it is set to open this month (August) in Marsa Alam which is basically just down the road from Sukari.
Given the new concessions and exploration work now going on in Egypt, Capital will have loads to keep them busy...
https://australiaspaydirt.partica.online/australiaspaydirt/pd296-august21-mag-web/flipbook/38/
Thanks Cowichan
I 100% support your quest for answers on Batie, and the West African Strategy.
I fully understand that the concept of strategy may have been missed by Pardy (he is with Tanga Resources as Chairman, so perhaps consider marking this as an "avoid" stock) but it is not with Horgan. All ears!
best
the gnome
One interesting note listed in the job description under skills:
- Construction
- Dredging
Dredging is interesting because Qusayr (El Qoseir) is a town right on the Red Sea about 140 km north of Marsa Alam (or a couple hours north of the Sukari open pit mine )
Any new Egyptian mining concessions granted in that area would need their own water source from the Red Sea - dredging might come into play as the pipes are laid
https://wuzzuf.net/jobs/p/2ZyfYTZ8cmdV-Safety-Superintendent-Sukari-Gold-Mines-Red-Sea-Egypt?l=cpp&t=cpj&a=Sukari%20Gold%20Mines&o=1
Oh nothing to do with Centamin or political agendas ,but its about not forgetting the really important things in life, and the need to care about all the other less fortunate creatures we share the planet with, who desire simple things like a drink of water, some decent food, a clean place to sleep, some fresh air and a little kindness before they are killed..
I don't know how long you have been a Centamin share holder, or how long you have been a member of this forum , but its a long time tradition that we discuss all manner of things at week ends or during quiet and difficult time's.
Diverting ones mind onto something else can often help avoiding making hasty decisions that are later regretted.
Don't worry about Mark, he hasn't contributed anything apart from sarcasm for all the time he has been a member, but it matters not a jot as long as it keeps him amused.
#3. Centamin: a more risk-averse choice
I think there is always a case for buying gold stocks, which can offer a safe haven in extreme situations. And Centamin is a healthy FTSE 250 gold mining stock, that offers a good proxy in my view, to holding actual gold. It also has a good dividend yield of 5%.
Moreover, its share price is widely expected to rise over the next year. There are some concerns regarding its financials, but in my view the odds are more in its favour than not.
https://fintechzoom.com/fintech_news_ftse-stock-market/dividend-stocks-3-best-shares-to-buy/
Hi darren. - No. - Just the Burkino Faso holdings.
So you think the company is for sale?