Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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In regards to the last few posts, who among us isn't choosing to believe management is keeping us informed - otherwise wouldn't we be invested elsewhere?
The reality is too often it's only when the bad news is no longer deniable that shareholders are informed.
On that note I'd like to know what Centamin LTH's are expecting in terms of 2023 performance.
An AISC of $ 1500 or above?
Production of 450-500k ?
If that is all that can be expected isn't management setting the bar quite low?
Also, Doropo - what do LTH's expect the costs will be?
Endeavour just awarded mining firm Mota-Engil a $600 million contract to carry out production at its recently approved Lafigué mine in Cote D'Ivoire which will have similar volumes as Doropo. That's an incredible sum and will be challenging to bring value to shareholders if its actual metrics don't fall into line with projections.
https://im-mining.com/2022/12/13/mota-engil-seals-endeavour-mining-lafigue-gold-project-contract/
Whatever happens with Doropo, Centamin still has prime Egyptian real estate to explore. I however do not like the fact that it's been 18 months since the concessions were awarded and we are still no further ahead in knowing what the final exploitation terms will be. Who is going to spend $ drilling in Egypt with uncertainties like this hanging over the industry?
Happy new year all.
Holder since 2004, early days of military lands - challenges to explosive licenses - Aussie exploration drill contractors and mine staff evicted from site multiple times.. wrote a long post earlier which evaporated… so may not have the patient to rewrite…
Having met the el Raghy family a number times at site, Cairo and Alexandria I hold them in high regard.. exploring, permitting, building and establishing a Gold mine to produce in the region of 500k is No mean feat in any jurisdiction.. let alone Egypt and on such a time of political and social change
My 2023 outlook:
Positive - reducing AISC - full year of power mix utilising solar, acknowledging power mix required - mill etc, full year of optimised payload truck bodies, reducing waste to ore strip ratio, reallocation of additional fleet from pure muck shifting to regular mining and associated more normalised strip ratio’s, consistent leadership approach that so far have resisted the temptations of adrenaline shot type results.
Development of other Centamin Assets - PFS conclusions and ideally BFS completion supporting investment.. at a stretch maybe line of sight to construction or even commence early construction phase very late 2023, visibility of timelines for development of other mines in Egypt - bolstering the hard rock mining industry in Egypt, coupled with an in region refinery should all help ref Court Case etc.
Not so positive - if leadership changes or they are pressured into adrenaline shot results, acquisition at sub £2 in my view short changes everyone apart from the buyer, further geological incident, unplanned wall movements, UG challenges - this mining game is no an exact science and very easy to commentate from the armchair / side lines especially retrospectively…
I am going to post this- before it goes south again.. probably a problem in the seat - ha ha, apologies if I have errors or not wholly explained my view - all the best anyway… we don’t know we are alive unless we are on the edge…. And if we are not on the edge we are taking up too much space - said in jest and to raise a smile - Good Luck all 2023 in my view a very strong year for Centamin - and us
Hi Cholly,
Thank you for your most informative post!
Good to hear from you Cholly happy new year to you and your family I have recently struggled with posting and found if I hit the back arrow and then the forward arrow the post reappears.
Agree with your post and would say to Cowichan improvements to the bottom line by any mining company is a success given what is going on in the world and currently would rather not debate what is felt might happen.
Let's wait until the 19th to hear what the guys on the ground and the board say what their achievable goals and forecasts are for 2023.
We would all like to see more but we have seen in the past what happens when overly ambitious forecasts aren't met and consistency and market credibility must be the goal for 2023.
Tibbs - no worries.
Dasut - thank you for your wishes, family all great thanks, mother currently visiting down under from blighty… enjoying some warm weather, hope you and yours are keeping well.
Let’s see what materialised on the 19th and beyond
At the risk of being accused of "Ramping" by others this positive look forward was offered to me last week by someone with very close ties to the company.
"The message is getting through to the market after a few very tough years, there is light at the end of what feels like quite a long tunnel but, as explained by Martin the plan has always been to get Sukari producing c.500k Oz per annum consistently from 2024 onwards, and importantly at lower costs and now the main bulk of the capex is now behind us , the gold price being strong is a also good bonus!
Tibbs
Cowichan I have no idea if $600 million is an awful lot of money in the context of Endeavours new mine as I have no idea what is included in the contract and also the duration of the contract.
What will the costs be at Doropo are we talking upfront costs, life of mine costs, cost per ounce, mining costs, costs per ounce, annual costs? Having not had the opportunity to discuss or see the mine plan any numbers would be pure supposition.
Cholly, we aren't suffering overly cold as now live in the west country but very wet and windy, envious of your warm weather again great to hear from you stay safe.
Quite so Cholly , at the risk of being accused of "Ramping" by some lets hope now the Sukari mining operation is being run properly this time it really is a case of "Onwards and upwards!" and thank you once again for posting!
Best
Tibbs
I suppose Mr T that by clearing the pile , that they are giving themselves room to work, and once it is clear it should just be a matter of keeping on top of it, like should have been done in the past.
I always get a funny feeling when the share is tipped in the papers as we sometimes get a fall soon after.
I remember about 5 1/2 years ago we were tipped around the high 170' then shortly fell to the 120's I think.
Im not getting any younger. We need things to carry on improving and hopefully quckly.
Hi Paul,
I agree with you, unfortunately in the past all too often after media had published an upbeat article there was yet another "Unforeseen grade deterioration or operational mishap" which immediately undermined confidence in the comapny and knocked back the share price.
However from the information available it seems the big difference now is that the Sukari operation is being run properly with achievable and realistic targets for the long term as the priority.
Lets hope this time things really are different!
Keep Well
Tibbs