Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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Is not whether the US dollar is on the verge of devaluation - but rather what is the state of Egypt's currency. To this end - an article about Egypt's dire need for income :
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The Suez Canal Privatization Conundrum
MAY 29, 2023
Selling some port facilities to private or foreign investors would take the country into the uncertain waters of free market economics. Egyptian President Abdel-Fattah El-Sisi is aware of this, but he has no other solution. At a recent summit in Dubai, he declared: “Egypt needs a trillion dollars per year. Do we have the money? No. Do we have half? No. Do we have a quarter? No.”
The Gulf monarchies have understood the gravity of the Egyptian economic situation, which has become so dire that the government is now advising the poorest to survive on chicken feet.
The Suez Canal’s profitability is not under debate. In fact, after carving out a new river section for supertanker transit, profits surged 25 percent, reaching $7.9 billion last year. This upward trajectory has continued throughout the first months of 2023, with a robust 35 percent rise in the first quarter.
Development work on the canal is almost nonstop. The latest project to widen the waterway by an additional 10 kilometers of bidirectional traffic (between terminals 122 and 132) is nearing completion. It will allow an additional six vessels to pass through every day. More ships mean more revenue. On March 13 this year, Cairo celebrated a record number of vessels passing through in one day: 107
It has long been an unspoken tradition for the state to reward senior officers with prestigious positions in large companies when they retire. The current chairman of the Suez Canal Authority, Osama Rabie, is an admiral and the former commander of the Egyptian Navy. Though Mr. Rabie is a widely accepted and respected leader in his role, there are instances in other organizations where individuals have been assigned roles for which they lack proven competence. The negative impact of such placements on the efficiency and performance of these organizations is readily apparent. The connections between the formal and informal economies are plentiful and often hard to trace.
The privatization of the Suez Canal is both vital and precarious, given the current economic climate in Egypt. Debt alone accounts for 54 percent of public expenditures and domestic consumption is on a downward trend. Cairo is racing against the clock to implement necessary changes.
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Centamin investors - let that sink in - in Egypt "debt alone accounts for 54% of public expenditures" . Stop wasting your time worrying (or fantasizing) that the US will go bust - your investment is in Egypt. How would an Egyptian default impact Centamin? Is nationalization of Sukari a real possibility?
article continues here:
https://www.gisreportsonline.com/r/suez-canal-privatization/
Is nationalization of Sukari a real possibility?
No.. nationalization of any company in Egypt is not on the table at all.. and it never gets mentioned.. not even as a rumour..it's actually the opposite.. Egypt is pushing for privatisation.. Egypt is aiming for the mining sector to increase its contribution to the country's income from 0.5% to 5% by attracting international companies.. Egypt is not planning to mine through government owned companies.. they can't.. they know it.. and they are not planning to do it..
Yes the Egyptian pound is doing very bad.. and could do worse.. but default is not going to happen.. when the government struggles, they borrow more.. the Egyptian pound sinks.. prices go up.. Egyptian people suffer.. but don't worry, it won't affect your investment.. actually it's better for centamin, as while its income is in US dollars, it pays employees in local currency, so it actually pays less in US dollars as the wage increase is nothing compared to the currency devaluation..
June 2022, US dollar was 18 Egyptian pound..
June 2023, it's official listing price is 31, but you can never get it for that price, its actual price in the market is 38.. I was in Egypt recently and sold dollars for 38.50.. so the currency has more than halved in one year.. and prices of everything nearly tripled if you add normal inflation..
Egyptian pound?....turkey's lira,fairing a lot worse.
not to mention,theyre inflation rate,which went into overdrive,well before covid
Very interesting trying to "balance" all of the paper stuff (Fiat currencies.) It reeks of fabulous poiliics, and hopeless logic
Get into real assetts as soon as possbile and ont forget gold