London South East | The UK's favourite investor portal.

For what it's worth I've not seen any indication of a 10 day plant shutdown via the Sukari workers on LinkedIn - esp. one that was unplanned (other than standard maintenance)

Therefore I'd be very surprised if it turns out to be true.

Additionally, the gravity circuit must be nearing a state of readiness, so I would expect some high grade bonanza ore to be processed soon - which should give Q4 a boost across the finish line

8th September 2023

Allied Gold, led by the former leadership of Yamana Gold, is heading for the Toronto Stock Exchange, with the gold miner set to start trading on Monday.

Allied Gold Corp and Allied Merger Corp (AMC) on Thursday completed the previously announced business combination and reserve takeover transaction, as well as concurrent financing of $267-million.

This would aid the next phase of growth for Allied Gold, from a midtier Africa-focused gold producer to a next-generation senior gold miner. Allied Gold controls three producing mines and several development projects in Africa.

AMC was formed and capitalised by the former principals of Yamana Gold.

Over the last decade, Allied Gold has developed and acquired a portfolio of gold assets in Africa with current Mineral Reserves of approximately 10 million ounces, Measured and Indicated Mineral Resources of approximately 15.2 million ounces and Inferred Mineral Resources of approximately 1.9 million ounces1. Since 2019, Allied Gold has tripled its gold production, producing over 370,000 gold ounces in 2022.

El Sid, Egypt

The El Sid project is an active exploration project located approximately 80km east of Luxor and 170km northwest of Centamin's Sukari mine within the Arabian-Nubian Shield. The project covers a 600 km2 area across Egypt's largest former gold operation which focused on extracting high grade mineralization between 1940 and 1957 via underground mining methods with an estimated average feed grade of over 30 g/t. El Sid is under a legacy framework agreement with the Egyptian government similar to Sukari, and has not been explored with modern techniques previously. Allied Gold has an experienced and established exploration team assigned to the project and has completed 15,894 meters of diamond drilling in 90 drill holes to date.

https://www.miningweekly.com/article/marrone-led-allied-gold-heads-for-toronto-listing-2023-09-08

https://www.globenewswire.com/news-release/2023/05/11/2667358/0/en/Allied-Gold-Corp-Limited-Allied-Merger-Corporation-and-Mondavi-Ventures-Ltd-Announce-Binding-Letter-of-Intent-for-Business-Combination-and-Financing-for-Minimum-Proceeds-of-US-300-.html

--------------------------------->>>>

My Thoughts:

When it begins trading in Toronto on Monday Allied is expected to open with a MC of $ 1.6 billion CND - same as Centamin. Given Allied is already a multi mine geographically diversified - and profitable - mid-tier miner I expect it to have a syphoning effect of those investors wishing to play Egypt - if it hasn't already.

Alternatively more media exposure/hullabaloo about Egypt's eastern desert deposits could benefit Centamin's share price. Guess we'll see.

Either way we're about to gain access to the once privately held drill results from Allied's ongoing drill campaign at El Sid in Egypt. Go, Egypt.

August 28, 2023

In2Metals is beneficially owned by the Egyptian Sawiris family who, through the Agreement, is underlining its commitment to invest directly and proactively into the development of Egypt’s mining sector. In2metals is an affiliate of the Company’s cornerstone shareholder La Mancha Investments S.à r.l. (“La Mancha”).

Under the Agreement In2Metals has acquired an 80.1% interest in and assumed management control of the Company’s subsidiary Akh Gold, through the subscription for US$10 million in new Akh Gold shares (“Subscription") over a four year period (the “Transaction”). The proceeds from the Subscription will be applied to fund exploration of Akh Gold’s projects in Egypt. Elemental Altus will receive US$1.5 million in cash pursuant to the Agreement, a 1.5% Net Smelter Return (“NSR”) royalty across Akh Gold’s current projects in Egypt and will retain a 19.9% equity interest in Akh Gold upon completion of the US$10 million Subscription, with pro rata co-funding rights thereafter.

Highlights:

New royalties created in Egypt with US$10 million to be invested by In2Metals in Akh Gold

Elemental Altus to receive:

1.5% NSR royalty on current licences and licence applications totalling 1,914km2

Cash of US$1.1 million on closing and US$0.4 million on or before August 30, 2024

Milestone payment of US$5 million on definition of a 3 million ounce resource

Rights to co-fund its 19.9% equity interest in Akh Gold following the Subscription

In2Metals selected following a competitive process with multiple potential counterparties

In2Metals is led by Gérard de Hert, the former SVP of Exploration for Endeavour Mining and is beneficially owned by the Sawiris family

The Sawiris family have a distinguished track record in telecoms, media, real estate and mining in Egypt and across Africa

Through Akh Gold, Elemental Altus established a portfolio of prospective targets in Egypt:

Channel sampling at the Wadi Dubur project includes 6.80 g/t Au over 18.0m

Wadi Dubur is located 35km west of the Sukari gold mine of Centamin Plc

https://www.linkedin.com/posts/g%C3%A9rard-de-hert-65a85913_royalties-mining-gold-activity-7102313880281841664-hp4N

August 30, 2023 4:25 PM

- Mining firms such as Barrick Gold, B2GOLD, Resolute Mining, and Hummingbird Resources operate in Mali, a major gold producer in Africa; the new law aims to re-negotiate contracts and recover state losses of up to $995 million

- Mali's Interim President Assimi Goita approves new mining legislation aimed at increasing gold concessions and addressing production income shortfalls

Alousseni Sanou, the finance minister for Mali, stated on Monday night that an assessment of the mining industry had revealed that the state was losing between $497 million and $995 million ($300 billion to 600 billion CFA francs), which it aimed to recoup.

"The shortfall is around 300 to 600 billion CFA. So if the facts are established, it will be a question of re-negotiating what is renegotiable and recovering what is recoverable," Sanou said on state TV. "When we go into negotiations with the companies, it is possible that we will obtain 300 to 400 billion," he added.

Mining Minister Amadou Keita stated that the new rule will tighten down on mining corporations processing their gold ore at a second, tax-exempt mine, which has resulted in some state losses. He said that the granting of mining titles would receive more attention.

"From now on, for the sake of transparency and inclusiveness, mining titles will be signed by several ministers (finance, mining, environment, etc.)," he announced via a television broadcast.

Assimi Goita, the interim president of Mali, has approved new mining legislation that would enable the military-led administration to acquire more gold concessions and make up for what it claims is a significant shortfall in production income.

https://africa.businessinsider.com/local/markets/malis-interim-president-approves-new-mining-law-to-boost-gold-production-and-revenue/pnlpqce

------------------------->>>>

Too much military control in government always ends up killing investment. Sad day for Mali. To me it's the path Sisi has allowed Egypt to follow, too.

Aug 23, 2023

(Bloomberg) -- The dollar’s role in international payments has never been stronger, according to the latest transaction data compiled by global financial messaging service Swift.

The figures show greenback-related trades rose to a record 46% in July, compared with slightly more than one-third a decade ago. The dollar was the top currency as measured by transaction count, followed by the euro, pound, yen, and yuan.

Large global banks use Swift, or the Society for Worldwide Interbank Financial Telecommunication, to communicate with each other and facilitate interbank currency deals. The information Swift tabulates — like some 200 million FX trade confirmations annually, for example — has offered a window into global flows since the consortium began compiling it in 2010. The latest figures reflect a technical upgrade based on changes this year to how trades are reported.

While Swift’s data doesn’t encompass the whole currency market, it bolsters the idea that the greenback’s role in international finance remains robust — even as some efforts emerge toward more diversification. For example, the multilateral lender founded by the BRICS group of emerging-market nations aims to lift the share of funding it raises in local currencies to 30% from less than 20%.

The dollar’s increasing tally of Swift transactions has largely come at the expense of the euro, which peaked at a 46% share in 2012. Last month, the European common currency’s share of trades was its lowest on record, at slightly less than a quarter.

Swift’s data also reveals the increasing frequency of yuan-related transactions as the Chinese currency gradually becomes more embedded in global foreign-exchange flows. In July, for just the second time on record, more than 3% of instructions sent via Swift involved the yuan, while in 2010, that figure was roughly 0.03%.

https://www.bloomberg.com/news/articles/2023-08-24/dollar-usage-in-global-payments-in-july-rises-to-record-swift-says#xj4y7vzkg

--------------------------------- >>>

If the Euro , after so much integration of policies, laws and regulations between neighboring nations has struggled to replace the dollar, indeed - has perhaps reached it's peak a decade ago - how improbable is ;

1) a BRICS common currency to emerge (who would dictate the interest rate?)

2) an integration of economies between such divergent & far flung nations

the rich get richer and the poor get poorer - same goes for nations

“Who is backing you and the reputation of your tribe determines your standing on the mountain,” he says. “Whatever your connections are, you must have backing and weapons. There are people without backing, or who are Christian. Their cars are stolen or militias take their sites by force.”

The state, and in particular security institutions, has tried to take control of mining areas and expel militias and miners. But as the state dealt with the crisis, the security strategy turned into an armed confrontation, which has taken a dangerous turn since the last quarter of 2022.

One of the incidents included the death of First Lieutenant Mohamed Kilani in an attack carried out by the Ahmed Abul Abbas militia on a police car near the Barramiya area on the Marsa Alam-Edfu road, in response to one of Abbas’ men being taken in by security forces in Red Sea Governorate in mid-January. He had been carrying large quantities of raw gold, weapons, and half a million Egyptian pounds, according to miners and engineers in government mining companies affiliated with the Armed Forces who spoke to Mada Masr.

Military and police forces responded by tightening their control, with the participation of the Ababda in the area of Baramiya, close to where Kilani was murdered, according to the site owner. Therefore, site owners in the cities lost touch with workers on the mountain, from the end of January until mid-February, due to a lack of signal and a siege on the roads leading to the mountain. People could descend from the mountain, but not the other way around.

By mid-July, security forces launched the largest security campaign in the region since 2020, targeting the Salah mine, located near the Wadi al-Gamal reserve, and the informal Abkar mine.

Three days before the raid, drones were seen flying overhead, according to a miner working at Salah. “They burned the loaders and the excavators, confiscated vehicles and expelled miners.” Those who stayed on were threatened with a military trial.

Dozens of miners were arrested and others have gone missing as the military drones hunted for them in the desert, the previous miner and a second miner tell Mada Masr.

Nonetheless, these campaigns, with the different institutional and legislative attempts undertaken by the state, have not succeeded in controlling those fishing for gold in the Eastern Desert. So far, the war rages on.

Https://www.madamasr.com/en/2023/08/16/feature/politics/the-gold-war/

In order to extract the gold, the quartz stones are crushed in mills located mostly in Edfu, hidden in homes and large warehouses. The process of crushing takes about 12 hours and costs around LE1,000. The percentage of raw gold extracted is between 3 and 15 grams per ton. The percentage and purity of the gold vary depending on the mining site.

Just as it is extracted informally, the gold is also sold informally in the city of Aswan, especially in the neighborhood of Sadaqa. The sale is “all illegal and shady,” according to the gold mill owner, who adds that it is monopolized by merchants known to the government and the locals, most of whom own big gold stores in Cairo, and “they gather up all the gold coming from the mountain.”

The owner of the mining site distributes the profits from extracted gold as follows: the workers get LE400 a day or a monetary percentage of the gold as agreed upon, while the provider of the car gets LE7,000 per trip, which takes three to four days. The owner of the equipment gets a third of the profits.

Miners are either locals or migrants. Workers live on the mountain, or “up there,” as the locals in Aswan say. “On the mountain, there are all sorts of people: the thugs, the religiously inclined and the addicts. We do everything on the mountain. We cook. We slaughter. And we bake bread,” says one of the gold workers.

The period each worker spends on the mountain is up to them. But according to the worker who spoke to Mada Masr, “there are always four workers in a mine” in case of theft. And the mountain cannot be separated from the city because all supplies are brought from there in trips lasting about six hours to replenish critical items.

The migrants are divided into two groups: Arabs from Sudan and other migrants from Chad and Eritrea, who are estimated to number in the thousands in the desert.

The migrants have to put up with very harsh working conditions. One of the chemical sluicing tank owners who spoke to Mada Masr says that the migrants’ ability to withstand difficult work in the mines and desert, in addition to their expertise, make them the preferred workers.

“They’re like camels. They can live a long time without water and can withstand what we Egyptians cannot. They can even go down a 200-meter well to get the gold,” he says. “An Egyptian would refuse to go down a well if it is deeper than 20 meters, but a Sudanese wouldn’t care. That’s why many of them die of suffocation in the wells.” He adds that this is another reason employers prefer them: if they die, they can be buried anywhere, as they are not officially in the country.

“The desert is vast. If the loader puts some dirt on top of a body, no one will find it,” says the gold mill owner. “I’ve lost four Sudanese workers so far.”

Latest Share Chat

Member Info for Cowichan

Followers

Following

Posts (Last 30 Days)

Posts (All Time)

Last Post

Member Since

Share Chat Post Distribution (Last 30 Days)

Activity Log (Last 30 Days)

Latest Share Chat

Member Info for Cowichan

Followers

Following

Posts (Last 30 Days)

Posts (All Time)

Last Post

Member Since

Share Chat Post Distribution (Last 30 Days)

Activity Log (Last 30 Days)

Please enter at least 2 characters

No results found

Search results

Recently viewed

Trending