Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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The Mossi (main ethnic group in Burkina) have defended themselves from the northern rabble for more than 500 years. Hard to see this changing much
cheers
the gnome
Not at all sore, but not so long back we experienced the underhand tactics by Endeavour to try and get its hands on the superior reserve assets of Centamin, not to mention to mention its cash reserves.
Having targets is all well and good but actually achieving them is more difficult especially, if the mines ore grades aren't that good and the bandits keep harassing the workers and stealing the swag!
If Endeavour can pay off their huge debts, discover some new reserves and actually start to deliver the 10/15 million oz they may start paying a dividend some time in the future, that is assuming that the bandits don't raid the mine too many times or hold it to ransom.
No wonder Endeavour were so keen to try and get Centamin on the cheap, a far superior company operating in a far more stable environment with superior long term reserves that is already delivering on its promises and paying its share holders a very respectable dividend.
Not so long back Inata mine Burkina Faso, had a convoy attacked ,gold stolen and many casualties.
Later they had another raid and kidnapping for ransom.
Took over 12 months of negotiating.
The mine is now closed.
As regards Semafo and Burkino Faso, I should also post this link from last year:
https://uk.reuters.com/article/uk-semafo-attack/at-least-37-killed-in-attack-on-canadian-miner-semafo-convoy-in-burkina-faso-idUKKBN1XG2CG
At the time I read a fair number of local accounts which claimed the actual toll from this attack was far higher than 37, as well. Around 200 seemed a common number.
Hi Cherryburn!
So you don't classify Burkino Faso as a war zone?
I realise that words are clumsy things, and "war" isn't quite the right name for a toxic mix of Islamic insurgency, tribal conflict, and plain old banditry. But, by my book, Burkino Faso is a super high risk jurisdiction.
And Mali has its issues as well.
You sound a bit sore Mr.Tibbles......Endeavour only have 5 producing mines in West Africa and surprisingly none of these are in war zones. They employ 3800 staff worldwide and are targeting production of 740k ozs in 2020 at an AISC of around $850 per oz. 8 million ounces in Reserves and 14 million ozs in M&I and all production is unhedged. They have a 10 year discovery target of 10/15 million ounces mainly in Cote D'Ivoire. I believe that their combination with Semafo will pay handsome dividends down the line and expecting 1 million ozs pa production in the near future. Not that bad is it ?
Certainly wouldn't touch Endeavour with a barge pole, no example to follow, heavily hedged,far too much debt, clapped out mines in zones of unrest and a CEO that speaks with forked tongue!
Tiger us too, I hated LA till I discovered living on the sea, we’ve gravitated from Venice, where Discovery first took me in 2003, slowly up to Santa Monica Canyon where we go for the winter now, with the excuse work is still calling. and do a few bits and pieces. Luckily returned to Suffolk on Feb 27th missing the entertainment work collapse, being locked down there with all the drama, and now riots on Ocean, and just in time to stay amused by the amazing Cey tumble and soar. I have been following, and occasionally trading, the difference between Hoc, my other big holding, and Cey. Hoc is much more volatile with far smaller volume despite half or ? of market cap, because of family ownership and riskiness. It is usually around 1.6 times cey but fell below in the tumble, got to evens in late Apr and is now 1.2 times (36p, the most this year)
I suspect some newer members or lurkers who have recently appeared on there are so used to the way that most other share discussion forums behave that they find it difficult to understand we behave differently on this Centamin forum, as Tiger stated it should be regarded rather like that favourite table in the corner of our favourite local, something very special indeed ,especially during these difficult times.
If *****iness and sniping towards fellow members whilst trying to ban or censure free expression of opinion and the discussion of the effects that world wide events ,including political policy and public sentiment have on the Centamin share price, then this is not the forum to be on.
I could advise forums that are much better suited to the needs of those that desire to brag about their successes whilst sniping at other members who may have admitted a mistake, or even asked a reasonable question, however out of respect for this unique forum and to the good people of the LSE who facilitate it I shall decline to do so.
Off topic , but of interest to those who care about our world-
A friend who is long established London gold dealer sent me some information on the work of a charity he supports that is trying to do some good for South African wildlife during the Covid- 19 crisis.
https://www.cesarsway.com/specially-trained-dogs-have-saved-45-rhinos-from-poachers-in-south-africa/
Just thought I would post a ling to this article. Basically, this is why I'm not buying the current market rally:
https://www.zerohedge.com/markets/breaking-bad-valuations-are-screaming-danger
It's all in the eye of the beholder, but if you consider this to be off topic, my apologies...
Hi Sotolo!
Thanks for the post. Yes, I lived for a few years in Tinseltown (down by the ocean in Venice and Santa Monica), and the day job still takes me there once or twice a year (or it did, until the dreaded 'lergy struck). I'm told things are tough there now with the movie biz at a near dead stop.
I've added a few Centamin shares this morning, although I'm not confident about where the price of gold is going in the short term. (In the medium / long term I remain bullish). Not buying the current euphoria of the wider markets at all; still mostly in cash.
Thanks, the knowledge of many on tis board is truly helpful. Incidentally if my back of matchbox profit figure is about right then, with our lower market cap this week, our forward PE is about 10 !
Sotolo.....I rate MH very highly and some years ago, when he was at Toro Gold, he made a JV offer to a private Aussie Company that I was helping to raise pre-IPO funds. It was a fair offer but company subsequently went for an IPO and is now trading at around 4X that price. The proof of how he is regarded in the mining community is borne out by the fact that both Tembo Capital and African Lion backed him through discovery and into production at Toro.
Thanks cherry burn, you are wise on production but even if 10% lower and disc up a bit should still make very good profits if gold price holds. Yes our new CEO is renowned for deals, did you rate him on meeting?
Sotole... I tend to be somewhat conservative on production figures as many a slip could occur but will reassess once next couple of quarterlies are released. I have met the new CEO on a couple of occasions when he was at Toro Gold (private company) and would be very surprised if he is not contemplating a deal somewhere in West Africa. If a decent resource can be acquired for say $60 per oz in the ground (has to be circa 2 million ounces plus at decent grade) for scrip I believe it would take this one trick pony into another league. I am here for the dividend and have been a very long term holder in RIO, Anglo American and recently APF as well as a couple of Aussie listed explorers. Let us see how this year pans out.
Tiger I quite agree; in fact last time you apologised for being off topic, when you posted about Cummings Boris and Guppy, I wanted to write that it is not off topic as politics affects the market. Also lovely to read on another board that you lived for a bit in LA? We spend 3 or 4 months of the year there and part of the fun is waking to a full board of Centamin pub chat.
Do you know something management don’t? They are predicting 15% more than you at 510k-540k oz mines, and at a lower AISC of $870-$920, so at mid point would be 525k oz at $895 aisc, so at current gold price we would be $420k profit less 55% for profit share so around $230k or £180k for a pe of around 12; (3 times more than you suggest if
my figures in right ballpark, yours mean lower divi). If they give us most of the profit we should get a decently higher divi. I for one am hoping they don’t choose to spend the profit instead on more West African holes in the ground. Sukari and Egypt are great and plenty of gold to find there - we have one of the longest life mines. Of course if our existing W African prospect come good would be lovely too, just don’t want our profit frittered away, what is so special about cey is their gold is not running out, they don’t have to and so pay the whopping divi which is going to become even more valuable. Great entry price now imho, time again to hold our collective nerves
Hi Cherryburn!
Since you're new here (I believe), it may help to think of this board as a friendly local pub, where the talk at the bar can and does veer off topic.
I also had a couple of posts removed yesterday. Somebody asked about fellow goldie Resolute and I suggested where they could research further and warned them that the company might not be as cheap as it seems at first blush. If those posts are going to fall foul of the self-appointed censor here, then (sadly) there is little point to this board.
"Up the revolution!" Tiger, aka Citizen Wolfie Smith
Time to get back to TOPIC as there is free speech in Hyde Park for political rantings and take Jezza , John and Di along with you as they are a bit lonely out of the news at present.
FY 2019 Sales of 470k ozs at $1399 per oz and AISC of $943 per oz. FY 2020 expecting 470k ozs at $1599 per oz and AISC of $973 per oz to give additional Gross Profit of $79.9 million. All things being equal dividend could be increased slightly. Would like to see the new team at the top target a couple of new discoveries in West Africa where Endeavour and Perseus have been very active recently.
Hi MrBond,
Quite so, unfortunately recent events have clearly demonstrated that our present government and certainly the clown in No 10 are as unfit for office as the lunatic in the White House.
After I posted an off topic message at 06.47.
7 messages deleted, mine simply criticised another 4 years of this government. Along with the possibility of nothing left to recover.If the alliance with Trumps administration continues .
Is this not a BB to share thoughts,
I do know who reported .
I am disappointed with lse for trivial censorship.
Have a good life .
ZM.