Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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Holes on their 2020 awarded concession sites until negotiations with EMRA are complete.
This goes against what Mr Horgan has thus far advised Centamin shareholders, as he is on the record saying concession exploration drilling outside the Sukari concession site would start H2 2023.
The refusal to proceed with exploration drilling is tacit admission Centamin doesn't trust the EMRA to uphold its end of the negotiations. The question is why is the EMRA stalling? Do they have military orders to thwart development? Is the Egyptian military keen on taking over such exploration activities? And gold production? That is what the following Egyptian news article alleges:
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July 9, 2023
according to the intelligence website, the permits granted in November 2020 did not lead to any new exploration activity, as several companies that obtained the permits are still negotiating with the Egyptian General Authority for Mineral Resources, and refuse to invest until the agreement with them is completed.
These include Centamin, which operates the Sukari gold mine; Canadian giant Barrick Gold; And the Canadian B2Gold company as well.
These companies do not plan to start exploration at this stage, and they want to first obtain the necessary clarifications from the Egyptian Authority for Mineral Resources regarding taxes, customs, and procedures for moving from exploration to actual extraction under the concession permits granted to them.
[ Additionally ] the current call for applications for mining rights has not yielded satisfactory results so far, and for good reason, as the concessions offered are still subject to the old legislative framework, which requires companies to enter into a partnership with the Shalatin Mineral Resources Company, a company that partly owns by the military, and offers relatively unattractive profit-sharing arrangements
In the context of the militarization permeating the backbone of the Egyptian economy, all investors have become apprehensive about entering the Egyptian market, as army companies are exempted from taxes and customs fees, and land is granted free of charge, which makes competition with private sector companies or investors not possible. To work as subcontractors, given that they do not obtain projects and tenders directly from the government, as the army seizes all tenders by direct order, then distributes projects in exchange for a 40% deduction of their value, as gains for them, without efforts or work, which puts investors before two options, Either exit from the Egyptian market or accept to work as subcontractor.
full article here:
https://www.fj-p.com/351594/%D8%B9%D8%B2%D9%88%D9%81-%D8%A7%D9%84%D8%B4%D8%B1%D9%83%D8%A7%D8%AA-%D8%A7%D9%84%D8%A3%D8%AC%D9%86%D8%A8%D9%8A%D8%A9-%D8%B9%D9%86-%D8%AA%D8%B9%D8%AF%D9%8A%D9%86-%D8%A7%D9%84%D8%B0%D9%87%D8%A8-%D8%A8/
Hi Cowichan,
Think how how long the court case dragged on, likely this will be another case of years and years of talking that comes to nothing more than yet more talking until the new potential miners get fed up and go elsewhere or sell their concessions to any other guidable idiot!
https://tinyurl.com/4sxy2abe
Interesting, but also rather depressing as it confirms that nothing has really changed that much in Eygpt and in the light of the lack of news possibly not in Centamin either!
But it seems that B2Gold has completely given up the ghost in Egypt from what I have heard from a well informed acquaintance and as here is no mention of Egypt on their website for instance (https://www.b2gold.com/projects/exploration/other/).
Barrick may remain but they are not making any noise about this either (also nothing on their website) – that said though they have such a vast portfolio they probably don’t need to!
So what of Centamin’s relationship is with the Egyptian government, hard to say but there really should have been far more progress by now if they really are working as partners!
But from all that is apparent at present neither Centamin or EMRA seem to be any hurry to progress the awarded concession sites, which is pity, as Cote d’Ivoire projects are years away from being producing assets (if progressed at all of course!).
Centamin seem to be going back to their old ways of treating retail investors like mushrooms whilst applying copious amounts of the same old bullsh*t at quarterly intervals!
If things are going so well in Egypt why are companies like B2 throwing in the towel and why no sense of any urgency developing the areas adjacent to Sukari?
It may sound good during presentations to churn out the same old ureteric but in reality Cote d’Ivoire projects are years away from being producing assets (if progressed at all!)
Mr T, I thingkby now Centamin know how things work in Egypt and do not want to upset the apple cart. I think all the bids went in "on spec" as none of them wanted to lose out on a potential gold mine :-) . I'm guessing that they were all willing to lay out the initial money to secure a plot but do not want to spend more developing them until such a point that the terms are favourable and are willing to sit on them for years.
I cannot understand why Egypt/ Erma don't help Centamin out more with a view to getting others interested and actually mining gold, especially when you consider what Centamin contributes to the economy.
Lets hope the next update is a good one. At least the POG that they were working on was $1850 so we should be doing better than anticipated. I know other costs might have risen , but the extra per ounce should help. If the ounces mined are better than predicted, then that should also help. I cannot actually see the figures being a lot better than predicted as the "slow and steady" gives a bit of leeway and any extra ounces could be held back for the next quarter.
Hi Paul,
Absolutely Paul Centamin know how things work in Eygpt and were certainly not guilty of upsetting any apple-carts, on the contrary they seemed to be walking as though on broken glass, even contributing to the Egyptian economy with advance payments in some instances over and above above the terms of the Sukari concession, that despite its legality being challenged in a court case lasting over 12 years! which detrimentally affected the share price for a number of years!
So why now when other mining companies Barrick doesn't seem that bothered whilst others are already having second thoughts about progressing with developing new mines and with B2 throwing in the towel shouldn't Centamin start to fight its corner a bit more, or is there something we aren't being told?
My main complaint is the lack of ongoing meaningful and detailed information from the company, such as when will there be the much promised substantial fall off in AISC!
I think CEY are in a very interesting of not excellent position.
They are in Egypt, they do know how it works and how not, they have systems, people, processes in place which work. They have highly prospective ground, including some excellent high grade ore, which could last for decades.
I would understand that substantive Mining newcomers, would be very apprensive of making a committment which in essence would be of the order of 20-30 years, when there is so much uncertainty and ineptitude on display because of the government. The Govt needs some help, needs to listen, and needs to act to make mining investment a far better propositon to long term investors.
If CEY can hold the line, maintain and expand their position, things could unfold to their advantage.
Like to have a punt in the Sudan, or Ethiopia? A splash in Burkina? Lose your shirt in Zimbabwe, or be nationalised in your favourite South American nation ...
Strange world, things are not all bad for CEY
best
the gnome
And in terms of jurisdictions, spare a thought for the penal colony of Australia, still doing purgatory for the sins of our grandfathers (I still dont know who he was?!), or something like that. We have THE VOICE referendum coming up, which will ultimately will see a TREATY drawn up between the Indigenous Nation (which has never existed mind you, but lets not get bogged down in reality, ideaology is far more exictinig) So if land access is difficult now, it is only going to get a lot more difficult, and we could well end up where we were 50,000 years ago? LOL Mining? Not here!
The politicians have lost there way more than usual such that Mining Majors are now getting more concerned than usual
HP launches High Court challenge to public holiday precedent
David Marin-Guzman
Jul 12, 2023 – 4.35pm
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BHP is calling on the High Court to overturn a sweeping precedent requiring bosses to ask staff if they want to work public holidays before rostering them on, warning it will create roster uncertainty for much of the economy.
The mining giant has sought special leave to appeal this year’s full Federal Court ruling that found its labour hire arm, Operation Services, breached the Fair Work Act by requiring 85 miners to work on Christmas Day and Boxing Day...
and so on, and so forth
Thanks goodness for Single Malt
best
the gnome
Hi Mr Gnome,
True Centamin should have some advantage of knowing how things work in Eygpt , well its time they started to shake a leg and get on with things with some sense of urgency rather than just talking about what might be sometime down the road!