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Like it has been assumed? Seems not.
The recent law which granted negotiating powers to Egypt's Minister of Petroleum and Mineral Resources makes amendments to these type of existing concession laws possible (in the following case it's for an oil/gas co.).
This *could* be good news for approving an amendment to the existing Sukari concession law 1994 to exploit newly discovered deposits surrounding Sukari - utilizing the existing plant/infrastructure.
A rare streamlining/cutting red tape effort by the Egyptians that apparently worked for Trident Petroleum Egypt. (And a rare positive post by Yours Truly - see I can be optimistic if the right occasion should arise)
-------------------------->>>>
posted 1hr ago
Great news!!!
My company’s concession commitment agreement amendment has been approved by the council of ministers.
A law licensing the Minister of Petroleum and Mineral Resources to contract with the Egyptian General Petroleum Corporation (EGPC) and Trident Petroleum Egypt to amend the commitment agreement issued under the Law 204 of the year 2017 for the oil exploration, exploitation and development at Esh El-Mallaha Marine Field (Magawish).
This means that we have a lot of work to do…
Kindly wish us luck.
https://www.linkedin.com/posts/sarafakhry_petroleum-work-development-activity-7082758771109769216-qOcx
Hi Cowicahn,
To be honest I just expect this share price to go down every day now, so any rise is a nice surprise!
Nothing is ever simple in Eygpt it seems its mainly 'Jobs for the boys!" I very much doubt there will be any gold being mined from any of these new concessions for many years, if ever at all!
Delighted to be proved wrong of course!
Until we get rid of the cost of clearing "Pardey's pile of crap this share price is buggered!
Nothing from FTI Consulting as yet ?
centamin@fticonsulting.com yet, more jobs for the old pals?
Mr T---I think this share tends to get a bit of a quick rise and then sink back down again slowly so it feels painful. We know that it rose very quickly years ago and we now think that the figures and the dividends were being manipulated to enable certain people in on it to get out at a high share price.
Like you I doubt any of the other parcels of land will be mined in the near future and I cannot understand why Egypt/ Erma doesn't do better by Centamin to encourage other miners to start mining.
As you know, I would like to see regular director buys to give more confidence.
At least Martin Horgan has not over promised so far. I think we are working on an average price for gold at $1850? As always I hope we will hit or exceed targets in the next updates and a bit after that maybe some good news about clearing the waste away and an end date to that. If we get most of that and lower AISC then maybe Cowichan will buy some shares and post something positive.
I cannot remember the figures for ounces mined and AISC when they share took off to over £2 and Sotolo was predicting £3 (that seems so long ago now and £2 seems so far away) but hopefully we will start to get nearer those figures and costs without the bad practices that s-rew-d us over.
Hi Paul,
Its the clearance contact that's the brick on the share price now!
Once cleared and barring any unexpected bad news at these gold prices the SP rise should be quite dramatic!
Paul. Gold was up about $2100, costs were much lower back when I said in Aug 2020, when share price was a fair 230p (with profits near 3 times higher than now) that if this continues “With rising gold I raise my fair price of Cey from 230 to 240, I may have to upgrade my earlier 250 by sept and 300 by Xmas. “. MAY have to. Well the facts changed and as Keynes said “when the facts change I change my mind, what do you do sir”. Costs are a stunning 50% higher and gold 10% lower, so profit per ounce down from maybe $1200 to $450. We all non plus ed and wrong footed apart from maybe Mr Decker by the unforeseen wall collapse and all that ensued. Since it happened I have been sadly pretty right. Let’s hope costs begin to fall!
I hope so Mr T.
I think regular updates on the clearance would help a bit. If we get to a point where it is "should be finished in 6 months" or "Should be finished in 3 months" then that is something to look forward to that is not that far away--------and should give the share price a boot as AISC should drop quite a bit once the contract has ended.
Here is something (not Centamin related) for you to think about :-) -----------What happens if we go over to a cashless society? For QE if they cannot print money, do they just create some more electrical currency? I think part of the problem with Mortgage rates and high inflation now is that younger people have become used to low interest rates and paying for things without physical money, so they don't understand budgeting and saving.
Mr T- what % of the aisc is the clearance form the issue, and will be removed when done that you are banking on? By this I mean what % drop when we are bau?
Thanks Sotolo. I couldn't remember gold being that high then?? I hope we do see £2 again before too long and maybe even your £3.
Yes , lets hope the contract ends and costs fall, along with an increase in the price of gold
Everyone keeps mentioning contract end, waste clear and so on and no one states the impact on aisc. When the mine is correctly run, there will always be an ongoing cost for clearance, but how much will it drop to?
The waste clearance may have been covered in a Q1 results presentation. I recall something like it will be resolved by the end of this year. Will need to revisit CEO presentations but that would be the one to check out first.
There will always be a cost for waste clearance , but nowhere near the present which is really a catch up for near on a decade of near on non existent waste clearance and high grading, that said after this major clear-up which in essence may be regarded as a re sculpting of the open pit workings including the creation of additional and far easier access to the very important underground workings, so yes there will be a waste clearance cost but at far more manageable levels.