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The real price of gold is at 1850 if you wish to buy coins or Bullion.
So CEY doing well ,even with reduced output and higher costs.
When you consider for a long period gold was $1300 per troy oz.
EFFECTIVE FED FUNDS RATE 0.08% JUNE 30 VS 0.1% JUNE 29
Hi GlyBristol,
I appreciate that many hold Sammi El Raghy in high regard as a geologist, I must accept their opinion because because II am not in a position or adequately qualified to dispute the opinion, nor do I wish to!
Sammi has often quoted Sukari as a world class mine, with only the best people, however after ten years of erratic guidance performance, several avoidable production equipment disasters, the claimed unexpected grade problems that were known about three years previously and most recently the near collapse of the open pit wall due to the complete failure to clear waste and manage water drainage, Sammi's claims seem unjustifiable to say the least!
The Sukari mine in it's present state cannot be regarded a world class mine, it is a a mine that is operating in limp mode due to certain area's being full of waste restricting access which has to be cleared and although work has already commenced at present the timescale for completion and the resumption of more normal production can only be estimated at best.
Also whilst the ordinary Sukari site staff may be hard working and committed, their success is reliant upon the directions given and professional abilities of the previous senior management who have now been proven to be inept, complacent,possibly even worse!
In its present state present the Sukari mine cannot be regarded as world class and neither can the previous manegment be regarded as the best, quite the contrary on both counts in fact!
Those facts accepted, I agree that Sukari has the potential to became a world class mine, but only under the right manegment team, this achieved and on a sustainable basis then that team may well justify being regarded to as some of the best!
The future of Centamin and Sukari is now dependent on the new management walking the talk and proving themselves to the market and the share holders, no mean task, but I remain optimistic!
Tibbs drilling holes and making presentations to investors is what a mining company does.
The latter is considerably cheaper than advertising in the media.
As for drilling there is considerable science a lot of gut feel and a hell of a lot of luck involved.
Yes Centamin have had 10 years plus in West Africa trying to find a viable resource and it isn't just about finding a resource it has to be an emphasis on the viable cost effective project.
Centamin knew when taking on Ampella's properties that they had some proven sulphides in BF and a considerable number of square miles of additional ground to look at and yes the need for a whole lot of holes to drill and this is a necessary evil, you don't just say thanks and use it as a nature reserve you have to work it to ascertain whether you have additional reserves and OK BF and Batie didn't work out BUT we should all be tipping our hat because it looks as though they have viable resources in Ivory Coast and bonus is not land locked somewhat safer and yes they still need to drill more holes as I say if we want to invest in a mining company they need to spend money on exploration and it doesn't come cheap.
Don't get me wrong I am not making excuses for many short comings over the last 5 years but this isn't about exploration it is about how they buried their head to Sukari issues all of which should have been obvious if you are working the mine.
I don't get why they being the board need to concentrate on just Egypt WHY? they are the board they aren't the grafters on the ground who are doing the work.
The board member(s) will be making a visit possibly in current times only virtually and looking at management summaries of reports provided by their teams and outside professional consultants and then writing up policy and relying on their project managers to bring in the results.
Having got this far in WA it is time to push on to opening another mine or hopefully two and if they bring in Doropo from a virgin plot to a productive mine in the next 18 months it will have been done in very good time.
Everything crossed for some good news over the coming weeks and if it is good news the market understands it is good news.
Mr Tibbles, I agree that sorting the Sukari mine out has to be the priority with exploration elsewhere secondary. However, I think your post is confusing the previous management failures and the current managements' plans ( agreed yet to prove themselves). This new management appears to be sorting the mine out and getting back to production levels that saw a £2 share price, and reducing the cost of production. I think the future for the mine and shareholders is positive. Also, they are thinking about growth and exploration, (which has to be positive), and they cannot be held responsible for unproductive exploration expenditure by the previous management over the last 10 years. Please give them some space to prove themselves.
Looks like he's notched up another one.
Equities in Europe traded higher on Thursday ahead of several economic reports that will be released during the day. Those include Germany's retail sales, the manufacturing activity in the Eurozone, the United Kingdom, and Germany, and the unemployment rate in the euro area.
Earlier, the UK's National Health Service (NHS) stated it plans to offer the so-called booster shots of vaccines against COVID-19 in September to those considered the most vulnerable to combat potential new spikes in infections.
The DAX traded 0.45% higher at 8:00 am CET. At the same time, the FTSE 100 rose by 0.35%. The CAC 40 advanced by 0.53%.
The euro lost 0.15% to the dollar to sell for $1.18398 at 7:34 am CET. A minute later, the pound sterling declined by 0.14% against the greenback, changing hands for $1.38116.
Breaking the News / JR
Thank you Cowichan, very interesting, I just can't get enthusiastic about these West African operations, certainly after Centamin's past record they would be drilling more holes and producing coloured charts for the next two decades, and you would still be waiting for your promised recourse updates!
Considering the past shambolic organisation of production in the open and the underground pits at at Sukari projects like this are most probably way beyond the capability of the Centamin, management at present, they have after all spent a decade and many millions of dollars drilling holes and making promises of guidance updates anytime soon, yet have failed to produce anything of any substance!
The new Centamin management team have yet to prove themselves by sorting the mess at Sukari, a project like this would be just another diversion and the excuse why they haven't delivered guidance in Eygpt again!
10 years and millions of dollars drilling millions of holes and yet delivering nothing of any worth as far we are aware speaks for itself, there is either nothing there or as a mining company Centamin aren't up to the job in that environment.
27th June article. Curry got one call wrong between November 2020 until this week. All the other forecasts have been very accurate. https://www.gold-eagle.com/authors/jim-curry
Au999 contract was on the floor last night. Years ago this gave a high probability (85%) of heavy buying with a new month and new quarter. We shall see if that proves to be so once again.
https://www.en.sge.com.cn/data_DailyReport
@Auson - obviously I don't know what it's going to do but the, clear to my eye, retrace target would have been $1,735 last week but it never made it and has only managed $1,750 this week so I'm very much leaning to bull mode now given the inflationary backdrop.
The Fed/BoE/ECB can BS the general populous all they like about the real-world inflation numbers but they know the score and they need an instrument to recapitalise themselves on, which certainly won't be fiat paper that's for sure, hence Basel III IMO - they must surely want gold up, very up, now.
Dropping below $1,700s very much implies a longer-term downswing IMO and surely that's not on anymore - if it can't go down then it has to go up, be it slowly at first then all at once as per.
I did add today below 101.5p, which gave the total shares I was looking for. I noticed last night on the NYSE my Newgold finishing in the positive, despite a drop earlier in the session. There was no corresponding rise for the gold price at the time, so I took it as a temporary bottom.
Hopefully, we'll see a rise in the gold price now, but I think it will be a bounce rather than a sustained move up. If that is true, I'll sell my recent additions (providing the are in profit!) and wait for a final bottom. I don't know yet if this is going to occur, so I'll let the price action dictate. I'm in, come what may.
I'm sorry to say this, but I get the distinct impression this share is being shorted. The selling was pulled off a couple of minutes before the end of today's session, which caused a little price jump at the end. Unless the shorter has got things wrong, I don't think they would continue to short if the gold price was about to make a sustained rise.
I could have this all wrong, of course, but I don't post here for the sake of popularity, only what I think.
The good news is that when this pullback is finally over, I believe gold will be on the up and up. On the five-year chart, the bottom will give us seven swings ( yeah, a chart - I know).
28 June 2021
ASX-listed West Africa gold developer Tietto Minerals appears on an unwavering pathway towards kicking off the main construction phase at its Abujar gold project in Cote d’Ivoire by early 2022 and achieving production start-up at the end of that year.
Tietto has also just hosted representatives from more than a dozen mining contractors bidding for the Abujar open-cut mining services contract.
https://thewest.com.au/business/public-companies/cote-divoire-gold-mine-development-motoring-along-for-tietto-c-3258136
After one small point I'll leave it alone. Other matters are more concerning:
When I last checked there are a few tough Afrikaners at Sukari. Expats they may be but they don't cut and run. They dig in and, if their families are alongside, they are extricated. Many of these blokes can be found right across Africa. They are a very tough breed unlike us "rooinekke".
The Minter’s Yield.
For the first time in history, Kinesis is providing a yieldon gold a nd silver. Find out everything you need to know about receiving your yields.
https://kinesis.money/minters-yield/
Might be a little early for the big rise with a six month time frame
That said it would be good to see £1.30/1.50 as such a low price is always a worry with possible predators and £2.00 plus 2023
South Africa is a world away from BF and Cote D'Ivoire but I get the point - Africa can be dangerous. Only problem is that if we indeed want to stand by ESG commitments that would include not tucking one's tail and running when security becomes a challenge.
Centamin (and Ampella) have already spent over a decade on the ground building relationships while exploring. It's fine for expats to take a flight home but locals have no such escape route - never mind the jobs Centamin provides feed and clothe many more than just those hired to do the grunt work.
If all we are concerned about is digging up a profit and to hell with the rest then yes - we do not deserve to be in the mining business in West Africa - I for one aspire to do more with my investment dollars.
bonker99,
Back test of June 2020's Gold price then resume upward trajectory ?
We're real close IMO peeps - I don't see that Gold has anywhere to go but up from c$1,750 ...
It always comes eventually and lets now see a rise in line with Gold futures!
I hope I can keep my Centamin shares until they are profitable .
I am committed to a very large building extension at the moment. I may have sell my Centamin shares in the next six months . Think that gold is money and fiat money is paper. I think that efficient gold miners should be profitable. I had hoped that Centamin was an efficient company. I hope I can keep may Centamin until they are profitable !
I agree entirely, at this time.
Spot on Tibbs
Put your own house in order first and foremast and get the income rolling in and then turn to other options
Its paper gold dropping.
Try buying the real stuff.
Might it be the paper being off loaded before Jan 2022 ? in the UK. And September in the US ?
Just a suggestion of course.