The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Welcome on board George. I'm sure you're aware that Cononish was a Caledonia project until they abandoned it about 25 years ago. https://www.theguardian.com/uk/2001/sep/09/stephenkhan.theobserver
Good Day All. I'm currently getting my fingers sizzled over at Scotgold. The share are currently suspended. Fortunately I sold 50% before the crash but I've still lost a 5 figure amount, many have lost many millions. So what did I do with those sold SGZ shares ? I bought this. Let's hope I am not some kind of demi god bad luck charm because just lately everything I touch turns to dust....
Zimbabwean president lays out agenda for second term - Xinhua News Agency
15 Sep 2023 05:58:40
HARARE, Sept. 15 (Xinhua) -- Zimbabwean President Emmerson Mnangagwa laid out on Thursday the agenda for his second term in office following re-election last month.
During a high-level government retreat, Mnangagwa said the new government will accelerate people-centered development to achieve Zimbabwe's "Vision 2030," which seeks to propel the southern African country into an upper-middle income economy by the year 2030.
He demanded the recently sworn-in cabinet ministers and public sector leaders improve people's livelihoods and pass on the momentum accumulated during his first five-year term in office.
Mnangagwa appointed a 26-member cabinet on Monday.
"Our people deserve quality, affordable and accessible services," Mnangagwa said. "More of our people must be taken out of poverty into prosperity, especially the vulnerable, women and youth."
Mnangagwa said that his new government will continue consolidating food security through higher agricultural production, mechanization and modernization.
He said that the government must continue to create an enabling environment for investment and that fiscal and monetary policies should foster economic stability and predictability as well as spur confidence among citizens.
The country will only develop best practices through benchmarking government services, said Mnangagwa.
He urged all government officials to work with urgency and complement each other's role in order to promote the realization of vision 2030. Enditem
Copyright (c) 2023 Xinhua News Agency
UK criticises conduct of Zimbabwe's disputed elections - Agence de Presse Africaine (APAnews)
02 Sep 2023 15:42:05
UK criticises conduct of Zimbabwe's disputed elections
( 01 September 2023 )
APA-Harare (Zimbabwe) The United Kingdom on Friday added its voice to the chorus of organisations criticising the conduct of Zimbabwe's August 23-24 elections, saying the tallying of results was fraught with irregularities.
UK Minister for Development and Africa Andrew Mitchell said his government shared the view of other election observation missions such as the Southern African Development Community (SADC) and European Union "that the pre-election environment and election day fell short of regional and international standards."
"Issues included limited transparency from the electoral commission, the lack of level playing field, the passing of repressive legislation, long delays in the opening of some polling stations, and reports of intimidation of voters," Mitchell said in a statement.
He said the UK "takes note" of the results announced by the Zimbabwe Electoral Commission on Saturday, which showed that President Emmerson Mnangagwa had won 52.6 percent of the presidential vote against 44 percent for opposition Citizens Coalition for Change (CCC) leader Nelson Chamisa.
"However, we are concerned by a lack of transparency in the tallying of results, as well as the arrests of domestic observers," Mitchell said.
The results also gave Mnangagwa's ZANU PF 136 seats out of the 210 contested National Assembly seats while the CCC got 73. Elections in one constituency were postponed following the death of a candidate.
The CCC has rejected the poll outcome and called for fresh elections supervised by SADC and the African Union.
He commended Zimbabweans for demonstrating patience and "especially for maintaining a peaceful atmosphere on election day and beyond."
"We urge all parties and citizens to continue to follow constitutional processes in the coming weeks, allow space for inclusive dialogue, and act with restraint."
JN/APA
Copyright © Agence de Presse Africaine (APAnews). All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
Copyright (c) 2023 SyndiGate. All Rights Reserved.
urn:newsml:newsroom.refinitiv.com:20230902:nNRApt6q3e:0 Copy to Clipboard
Copyright © 2023 Refinitiv and/or its affiliates. All rights reserved. Show more
If I'm reading the RNS correctly (those things don't exactly spell it out).
Oh, Man...this thing is going down like Devine Brown. Certainly makes the yield attractive (assuming they maintain the dividend).
As a holder since 2019, I'm still in the black, but we're a long way from the highs of £20. Tempted to add here (for the yield), then hopefully ride the wave back up.
"I'm prepared to hang on for the better times".
But let's get the Zimbabwe G.E. settled first...
I do like the straightforward and transparent way CMCL report their results, including the failings. I'm prepared to hang on for the better times they are promising.
there is no question that this is disappointing.
mark does give some reassurance -
"mining is never without its difficulties, and the first half of this year has certainly not been without its challenges. however, blanket is now running better than expected and i look forward to achieving production guidance of between 75,000 and 80,000 ounces of gold for 2023."
he's not known for bull****ting so he must be confident. i guess we'll have to wait for q3 update to see how it pans out.
No idea where we would be otherwise if it wasn't for a record quarter in global gold prices: "The LBMA (PM) gold price averaged US$1,976/oz during Q2, a record high. This price was 6% higher y/y and 4% above the previous record high from Q3’20. " https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q2-2023#:~:text=The%20LBMA%20(PM)%20gold%20price,prices%2C%20notably%20China%20and%20Turkey.
Hopefully out of the woods now after 2 consecutive quarters crystallizing misjudgment and other failings. If Q3 turns out to be another disaster then I do not know what...
Its a working environment subject to potential huge seasonal weather swings - any extremes then become an issue and difficult to mine.
I am sure all on here are wishing the workers all the encouragement to succeed safely in their tasks.
Every confidence in management to sort out all the current issues at Blanket to get us back on track, they have over years encountered every issue you could possibly think of yet still managed to progress and develop the current mine.
Bilboes is where maybe their experience will be tested the most, this is something away from their usual everyday routine, but it is the most interesting, nice to see the sp stable I thought it might be more volatile than it has been due setbacks at Blanket and Bilboes, although as stated the earthworks need to be shifted in any event it's just a shame they couldn't make money doing it.
I hope you are right. What I find very discomforting though is that on 15 May (i.e. only 2 months ago) the Q1 23 results stated quite the opposite of today's news:
"As stated in the first quarter production update dated April 24, Blanket Mine ("Blanket") suffered some technical challenges which adversely affected its contribution in the Quarter. Management believes these challenges have now been resolved and is encouraged by production and cost data in April and to date in May. Accordingly, Caledonia reiterates its production guidance of 75,000-80,000 ounces for Blanket for 2023."
It appears for the last two quarters actual production has not been in accordance as originally proposed planned. One thing I do note - CMCL board statements are always made in good faith with the information they have to hand.
So when Mr Learmonth states, ". . . we have much work to do to make up for the production shortfall from the first six months, we are confident that we will do so and we therefore re-iterate our production guidance for 2023 of between 75,000 and 80,000 ounces of gold. . . ", I for one believe this is their intention and they are addressing the issues.
Lets wait and see how this unfolds - but based on past performance, I am expecting them to achieve their expectations for the one simple reason - they stated in the RNS that they "are confident that we will do so ".
Must be macro factors, ie bad week for ZIM dollar
Beats me! Next production update better be good!
Today they release an RNS saying Blackrock have increased their holding above a 3% threshold and... the share price drops 7%! Answers on a postcard.
Another interview with Mark, a little more information regarding gold sales outside of Zim, Bilboes in this interview expected the oxides to produce about 50k ozs over its life, which it probably won't now due to lower than expected grades however he does reiterate the material has to be moved anyway to get to the sulphides and sulphides were the reason for buying Bilboes.
At Blanket details cost increases due increased electricity prices which they now have a new supplier and the rectification of winding failures and chute blockages.
https://youtube.com/watch?v=AFhwvtsKFuU&feature=share
SP is down 20% over the past month. I certainly don't think the company is now worth 20% less because they had some production issues in Q1 and the Bilboes oxide project is not turning a profit. None of this will be relevant when Bilboes is in full production and the company is churning out 200,000 oz +
Opportunity for me to top up....
As per the interview below the production oz's at Bilboes was below expected however in total the oxides there was only expected to produce 30k Oz over a three year period, it will now be aimed to be run at break even which allows the company to continue to employ 150 workers it has there for the more important sulphide project.
So we have the financial implications confirmed for the previously mentioned interruptions at Blanket, which as stated have been rectified putting production and costs back on track as far Blanket is concerned.
What's interesting is the guidance for consolidated aisc have been revised and now do not include Bilboes is stated as $935-$1035.
This leaves questions regarding costs for Bilboes which at present we will just have to wait and see.
Good that the solar plant is up running and contributing, and the gold price is still holding above $2000.