Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
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Encouraging RNS and news from Eygpt, although distribution does involve some cutting ,translating and pasting!
But that said it's all more informative than the same old diatribe of insults and boasting that you usually post!
Have lovely day's trading,, or take a break and go golfing!
Your old mate
Tibbs!
Page 6
The company aims to establish a mining school in the Marsa Alam region in cooperation with the Ministries of Petroleum and Mineral Resources, and Education, so that the school will be the first of its kind in Egypt in the field of mining, and students will be trained in the mine to qualify young people to work in the mining industry in Egypt. He said, "We are currently in the process of finalizing the procedures, and we aim to complete the construction of the school during 2024."
oil consumption
Oil Comsumption
Amr Hassouna revealed that the company obtains the diesel necessary for operational operations in the mine through the Egyptian General Petroleum Corporation, represented by Misr Petroleum Company, at the international price, as monthly quantities range between 12 and 14 million liters.
Hassouna continued that the value of annual diesel purchases amounts to about 145 million dollars, approximately 4.5 billion pounds, which is paid in full to the Egyptian Petroleum Authority, explaining that 20% of the total costs in the mine go to the diesel used to operate the equipment and generate electricity.
The Sukari gold mine, which employs approximately 2,000 employees, is one of the most important projects of the Centamin International Group, as it is classified among the list of the largest gold mines in the world during the current period.
http://tinyurl.com/9mbkuezh
End
Page 5
Expansion into foreign markets
He pointed out that Centamin will participate in the 2024 International Mining Conference in the Kingdom of Saudi Arabia, scheduled to be held next January, to explore the Saudi mining market and learn about the legislative frameworks and mining agreements, as well as suppliers and service providers in the Kingdom.
He pointed out the possibility of the company entering other markets in the future to explore for gold, whether in the Middle East or other countries, explaining that the company has reserves and resources in Côte d'Ivoire in the "Drobois" mine estimated at 2 million ounces, and the company is currently working on a feasibility study for the project.
Production costs
Amr Hassouna pointed out the increase in the prices of fuel and materials used in gold extraction operations, which caused the total cost of producing one ounce to reach 1,300 and 1,350 dollars.
Regarding the amount of benefit from the jumps in gold prices in the past period, Hassouna pointed out that on an annual basis, the market witnessed some increases, as the price of an ounce jumped to $2,000, which positively affects the size of Centamin’s revenues.
Regarding next year's price expectations, he said that it is not easy to predict gold price trends in light of the current global conditions that directly affect prices.
He confirmed that the company plans to reduce the cost of producing an ounce to less than $1,000 in the coming years through a package of new mechanisms that are primarily related to increasing production and reducing the cost of some of the elements involved in the gold industry inside the mine.
Regarding the company’s reliance on solar energy in the Sukari mine, Hassouna said that Centamin used local and foreign expertise represented by Giza Cables and Joy in implementing a solar power station currently operating at a capacity of 30 megawatts with investments of $36 million, which reduced 20% of the cost. The diesel used to generate electrical energy in the Sukari mine is equivalent to 20 million liters annually, with a value of approximately $18 million, as the company obtains a liter of diesel at international prices.
Hassouna pointed out that Centamin aims to conduct expansions on its own within the solar station and raise its production capacity to 50 megawatts, which is the mine’s total hourly electricity needs, so that the station covers the entire electricity consumption over 8 hours a day.
He pointed out that the company intends to implement a project to connect the Sukari mine station to the national electricity grid in the Marsa Alam region during 2024 with investments of $45 million, and once its operation phases are completed, it will save about $40 million annually in operating expenses at the mine.
Cont
Page 4
He pointed out that Centamin obtained 3 concession areas with an area of 3,000 km2 located in the Arabian Shield region. It was divided into 3 companies and began work on the first company, which is “Centamin Central Mining”, which undertakes work near the Sukari mine in the “Najrs” area. The entire area was surveyed over an area of 900 km, and 16 targets were identified for drilling, which were completed and rock samples were taken for analysis. It is expected that Its results will appear during January or February 2024, to determine the degree of concentration of gold ore in the region and plan a more focused drilling program based on these results, as about 10 million dollars were spent in the first two years on drilling and exploration programs in that region.
The second company is "Centamin South Mining", whose mission is to work in the Umm Al-Rous area north of Sukari, near Marsa Alam Airport, and has begun collecting samples to search for gold-bearing rocks. The third company is "Centamin North Mining", which is specialized in carrying out exploration, drilling and production work in South of Al-Qusayr, near Al-Fawakhir area, and we will start in this area during January 2024.
Cont
Page 3
Targeted increases in production
He pointed out that Centamin has adopted a strategy to produce gold from the Sukari mine within the next 11 years, according to the latest announced plan for the life of the mine. It basically aims to produce an average of 475 thousand ounces annually during the period from 2024 to 2034, interspersed with an increase in production in some periods to reach 500 thousand ounces, and it may decrease to the level of 450 thousand ounces according to the conditions and work environment in which we work.
He explained that the plan to increase production goes in parallel with the targeted expansions in the coming years in the mine, which has a proven gold reserve of 5.8 million ounces, and a resource reserve estimated at about 11 million ounces - which are unconfirmed quantities of gold, some of which are added to the proven reserve on a semi-annual basis.
He pointed to the company's success, through improved geological studies at the "Sukari" mine, in increasing reserves by 500,000 ounces compared to the reserve of 5.3 million ounces estimated in the mine's lifetime plan last October.
He stated that the total investment flows over the life of the Sukari mine have so far amounted to approximately $6 billion, including “investment and operational” expenditures that have enhanced the Sukari mine’s production in recent years and its possession of a reserve capable of supporting the Egyptian mining sector’s contribution to the state’s national product.
Arabian-Nubian Shield region
He pointed out that the Arabian Nubian Shield region is one of the most promising areas in the field of mining in Egypt, which is expected to receive great attention for gold exploration in light of the current legislative frameworks that have become an incentive for foreign investors after the amendments made in 2019 to the Mineral Resources Authority Law, which is based on Paying taxes, land rent, royalties, and a percentage of the profit to the state, and this is the system in effect in most countries of the world.
He said, "The new law amended the business model from sharing profits at a rate of 50% between the government and companies to royalties, taxes, rent, and a share of the profit."
He pointed out that Egypt possesses infrastructure, ports, road network, and security and political stability that will help the company expand in Egypt, as these components are among the most important elements of attracting foreign investments in the field of mining.
cont-
Page 2.
The CEO of Sukari Gold Mines and Centamin Egypt , Amr Hassouna, said that the revenues of the Sukari Gold Mine during 2023 are approximately $850 million, compared to about $788.4 million in 2022.
He added in an interview with Al Arabiya Business that the exploratory studies conducted by the company raised the proven reserves in the Sukari mine by 500,000 ounces, rising from 5.3 million ounces last October to 5.8 million ounces, bringing the group’s total reserves to 7.7 million ounces.
He said that the company's investments in the Sukari mine during the current year amounted to $600 million, and he expected that investment rates in the mine next year would continue at current year's levels, in addition to investments expected to be pumped into other new areas in the Eastern Desert, ranging between $10 and $15 million.
Egypt agrees in principle to reduce the Israeli component in the “QIZ” agreement
Economic stories
private Egypt agrees in principle to reduce the Israeli component in the “QIZ” agreement
Hassouna confirmed that gold production from the Sukari mine rose to 450,000 “planned” ounces by the end of 2023, compared to 440,000 ounces last year, explaining that the company operates in a dynamic environment with regard to the annual production capacity of the mine, which may rise or fall from year to year
Participation in auctions
Regarding Centamin’s participation in the upcoming gold exploration auctions in Egypt, Hassouna said that the company does not mind expanding and owning new concessions to work in, whether by participating in the upcoming gold exploration auctions or through exploration within the current concession areas.
He added: "We will certainly study all the bids that will be offered by the Egyptian Mineral Resources Authority, and all options remain available to us, as we had the ability to work on more than one project and possess the financial cloak to cover those projects at one time."
The Egyptian Mineral Resources Authority and the Pharaonic Gold Mines Company - a subsidiary of the Australian company Centamin - signed an agreement in 1994. The commercial disclosure was announced, and a company was established to carry out operations under the name “Al-Sukari Gold Mines”, and production began in 2010 as a joint entity between “Centamin” And the body
cont-
Pleas note I have cut and pasted this news using TWP to translate the Arabic text, but it is a good update about Centamin!
Centamin to Arabic: $850 million in revenues from the Sukari mine in Egypt during 2023
The company intends to invest about $600 million in the mine next year !
The CEO of Sukari Gold Mines and Centamin Egypt , Amr Hassouna, said that the revenues of the Sukari Gold Mine during 2023 are approximately $850 million, compared to about $788.4 million in 2022.
He added in an interview with Al Arabiya Business that the exploratory studies conducted by the company raised the proven reserves in the Sukari mine by 500,000 ounces, rising from 5.3 million ounces last October to 5.8 million ounces, bringing the group’s total reserves to 7.7 million ounces.
He said that the company's investments in the Sukari mine during the current year amounted to $600 million, and he expected that investment rates in the mine next year would continue at current year's levels, in addition to investments expected to be pumped into other new areas in the Eastern Desert, ranging between $10 and $15 million.
Egypt agrees in principle to reduce the Israeli component in the “QIZ” agreement
Economic stories
private Egypt agrees in principle to reduce the Israeli component in the “QIZ” agreement
Hassouna confirmed that gold production from the Sukari mine rose to 450,000 “planned” ounces by the end of 2023, compared to 440,000 ounces last year, explaining that the company operates in a dynamic environment with regard to the annual production capacity of the mine, which may rise or fall from year to year
Cont-
Hi Razor's and other members,
When this RNS popped up this morning I thought how great to have s me really encouraging news to start off 2024, seems to confirm that the company has indeed turned a corner and concentrating on Eygptian exploration and development as a priority may well turn out to have been a prudent move by Martin Horgan!
p.s. Glad it was you that cut and pasted, saves me being criticised for doing it!
Nice!
Possible this shares will spike to 1000% of the current price? :D
I am very encouraged by those drill results.
Centamin announces the results of its maiden drill programme on the Company's Eastern Desert Exploration ("EDX") landholding in Egypt and provides an update on the anticipated exploration programme for 2024. The Company's EDX blocks comprise 3,000km2 of greenfield exploration tenements within Egypt's Nubian Shield - a highly prospective geological belt which has not been explored using modern exploration methods.
MARTIN HORGAN, CEO, commented: "Through the application of our systematic approach to assessing the geological potential of our Egyptian exploration portfolio, our team has delivered an encouraging set of maiden drill results across several targets within the Nugrus block, which is adjacent to our operating mine, the Sukari Gold Mine.
Supported by a pending new mining regulatory and fiscal regime, these results underpin Egypt's emergence as an attractive exploration jurisdiction which Centamin is uniquely positioned to leverage given our experience and long standing position in-country.
We have an exciting work programme budgeted for 2024 which includes delineating potential resources and further drill targets in Egypt as part of our growth strategy, which has already increased pre-depletion Group reserves by 3.5Moz over the last three years."
https://www.lse.co.uk/rns/CEY/encouraging-maiden-edx-drill-results-fkiggeeq2wab9s2.html
Yawn Mr Tibbles, same old drivel, same old cut and pastes, same old insults- break a habit of a lifetime and post some useful- but that would take a level of intelligence that you sadly lack
Why don’t you post in the RNS that has just come out? Not that your view holds any weight- quite the opposite.
Major European stock indexes traded mostly higher in the premarket on Tuesday in anticipation of the latest data on German industrial production and the Eurozone unemployment rate.
The DAX increased by 0.12% at 8:00 am CET. At the same, the CAC 40 gained 0.24%. The Eurostoxx 50 advanced by 0.23%. The FTSE 100 lost 0.10%.
The euro fell by 0.05% against the dollar at 7:58 am CET to sell for $1.09498. At the same time, the pound sterling lost 0.13% against the greenback to go for $1.27350.
Baha Breaking News (BBN) / DD
China's foreign exchange reserves rose 2.1 percent month-over-month to $3.238 trillion in December, a two-year high, according to data released Sunday by China’s State Administration of Foreign Exchangehttps://www.lse.co.uk/ShareChat.html?ShareTicker=CEY&share=Centamin-PLC
Steve, in general your contributions fall into three categories; put-downs, self-congratulatory or so-general-as-to-weigh-less-than-a-feather!
Yawn Mr T.
I gave up the first few lines of your first paragraph- didn't bother with the rest as I know there will nothing relevant, just more attempts at self justification and deflection.
All pointless really.
Hi Razors , traders have had their bit of fun for now, things seem to be steadily turning around yet again, they won't be able to keep the gold down price for very long now, it's in demand! by buyers who want delivery rather than paper contracts!
Not long now to find out how much profits have improved!
Keep well
Tibbs
Thee are better things to watch on the BBC i Player!
Well Steve if you had been a forum member for a few years longer then you would have been aware of all the information I posted that wasn't available in the mainstream media during the difficult times of political revolution and during the court case disput.
But then those of us that were able through staying strong and buying in at less than absolutely bottom of the bargain bucket prices are still way in profit now and we have had the benefit of all the big bonus dividend and all dividends since which is why we don't feel the urge to scratch around now chasing the share up and down for a few pence likely on leveraged CFD's.
You see what ever information is offered and given in good faith there is always the chance that unforeseen events can occur or even that some people have been less than honest about the true state of affairs.
I was criticised in the past for being too upbeat about Centamin after the information given to me by a well meaning and reliable source didn't work out because they themselves had been misled, so n view of this I felt it better not to risk building peoples expectations up and instead encourage them to expect less , in which case anything better is a bonus!
You criticise me for cutting and pasting, but that has it;s place in sharing information and educating people about important topics , I doubt very much that you never do research which in turn likely involves consulting very many cut and paste publications, even the data will have been cut a pasted and no doubt changed many times over
Bu contrast you post little or nothing about Centamin the company, general mining or other related issues, but instead waffle on about your trading prowess which is incidently is likely just wishful thinking whilst your your repeated statements, information and opinions are boring,and quite useless to the majority of investors who are in for the long term.
Have a nice day.
Yawn, more passive aggression from Mr T.
One day he'll surprise all on this forum, and post something of relevance instead of his usual, out of date, copy and paste waffle, and insults.
Steve,
Renumber that forum T2W, you will enjoy it I'm sure, your wasted here !
The price of precious metals dropped on Monday amid uncertainties regarding Federal Reserve rate cuts and the still-hot labor market. Last week, the Fed indicated it could hold rates for longer than previously expected, while the nonfarm payrolls report for December showed the United States economy added more jobs than analysts predicted.
Gold fell by 1.07% at 6:31 am ET and sold for $2,022.80 per ounce, while silver slumped 1.27% to go for $22.88 per ounce at the same time. Platinum declined by 1.18%, going for $954.11 per ounce at 6:32 am ET, and palladium lost 1.98%, selling for $1,000.57 per ounce.
Baha Breaking News (BBN) / DJ
Ten days until the 2023 Q4 numbers are released.
Usual passive aggressive nonsense from Mr T- some things never change…