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Sprott and La Mancha Group aim to bid on blocks in Egypt's Eastern Desert, while Canada's Kinross Gold plans to put large investments in the country's mining sector

US mining company Sprott and mining group La Mancha intend to bid on Egypt's international gold mining tender this month, while Canada's Kinross Gold plans to make large investments in the country's mining sector, Egypt's oil ministry said.
Egypt will launch a tender for gold mining in the mineral-rich Eastern Desert in mid-March, with blocks planned to be awarded to bidders within four months.

Chairman of Sprott US holdings Rick Rule expressed his company's "desire to take part in the international gold exploration tender" during his meeting with Egypt's Oil Minister Tarek El-Molla, the ministry said in a statement on Wednesday.

The minister is holding talks with top executives from world mining firms on the sideline of an international mining conference in Toronto, Canada.

La Mancha Group, which is chaired by Egyptian billionaire Naguib Sawiris, will also take part in the bidding round; it promised to "funnel large investments in mining in Egypt," the ministry added.

The oil minister discussed the details of the bidding round with La Mancha Executive Vice-President Vincent Benoit, and said that Egypt will carry out a seismic survey of 500,000 square kilometers in the Western Desert to "support future tenders " in the region.

Officials from Canadian-based miner Kinross Gold Corp also said they plan to put large investments into Egypt, and to make the county among its "top five priorities for its global investments in the coming years".

Search Keywords:
Egypt-gold mining-international gold tender-La Mancha-Sprott-Kinross-Short link:
http://english.ahram.org.eg/News/364671.aspx

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My Thoughts: as more companies pour into Egypt our share price will benefit as we get more exposure to more investors - Still, I hope we are not the subject of further unwanted suitors

leganis
the 2017 tenders are null and void as per the Egyptian Mining Ministry announcements

March 15th will likely have some of the very same parcels up for grabs (that last bit is only my conjecture)

all around - thx Mizolgit , Supercharger, Razor, Rebess, Super, Sotolo, Tiger , Bond, Tibbs, Hedge, Dansul - did I miss someone? There will be better days ahead ! GLA

because many equity fund managers are forced to sell whatever they can to raise cash to cover margin calls by their banks and lenders. Many funds are leveraged 4X or more putting them into a untenable position when the shares they were holding are down 5% day after day after day...

Feb 28, 2020
Mark Bristow talks the importance of laying out long term business plan and delivering

https://www.kitco.com/news/video/show/Kitco-NEWS/2717/2020-02-28/What-Barricks-Mark-Bristow-really-wants-to-say-to-gold-mining-CEOs#_48_INSTANCE_puYLh9Vd66QY_=https%3A%2F%2Fwww.kitco.com%2Fnews%2Fvideo%2Flatest%3Fshow%3DKitco-NEWS

Egypt to Present At PDAC

3:00 PM – 8:30 PM
Room 203D
Presentation & Reception Rooms
Egyptian Mining Day (Reception Room)

Egyptian Mining Day will illustrate how Egypt is a global hub for exploration and mining investment.

Egypt has started a full legislative and fiscal mining modernization program to reach 1 billion USD accumulated FDI within 5 years and increase the mining GDP contribution from 0.5% to 5%.

Topics will include:
· Modernization steps
· Mining law amendments
· Bid round system
· Gold bid round kick-off (Q2 2020)

All are welcome. Registration is not required.
https://www.pdac.ca/convention/attendee-info/schedule-at-a-glance

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it's weird, from I can see Centamin is a no show at PDAC (whereas they were at the much smaller BMO mines & metals earlier this week in Florida... Ross must be allergic to Canadian winters ...

Ross Jerrard, Centamin Interim CEO, outlined corporate strategy and growth initiatives at Sukari, key ESG achievements, and a commitment to sustainable shareholder returns underpinned by free cash flow generation. $CEY #bmometalsmining #BMOConference

https://twitter.com/BMOmetalsmining/status/1232446709227081728

Hey Gino,
I'm going to go out on a limb and say there's no association to M's death and the share drop.
But if anyone knows for certain it would be Siko.
I think he's still in Egypt, but I'm sure he'll respond to your query if he checks in to the bb.

Mulla pointed out that the eastern desert will be presented to investors with a system of "blocks", with areas estimated at about 170 square kilometers,

Al-Mulla explained that the total areas offered in the Eastern Desert are 56 thousand kilometers, and includes 320 blocks for research and exploration.

He added that the production sharing system has been abolished, and taxes will be applied to production from the first day with a value of 22.5%, in addition to the 15% participation rate of the Mineral Resources Authority.

Egypt will launch an international bid round for gold and mineral exploration on 15 March, and will accept bids until 15 July.

Investors will bid for exploration in the Eastern Desert over an area totaling 56k sqkm using the block-basis concessions system, with blocks around 170 sqm

Winning bids will be awarded within four months of the tender being launched.

**The ministry will launch new gold exploration tenders every four months, Minister Tarek El Molla said in a press conference yesterday.

One caveat: Companies which have not submitted “serious” bids in previous auctions will not be considered in next month’s tender, the minister said without elaborating.

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El Molla confirmed during a press conference yesterday that the government is in talks with Naguib Sawiris to sell a 51% stake in its Shalateen mining company. The Egyptian bn’aire said earlier this week that La Mancha was in negotiations for the majority stake in the state-owned company. Ownership of Shalateen is split between several government organizations: The Egyptian Mineral Resources Authority owns 35%, the military’s National Service Projects Organization 34%, the National Investment Bank 24% and the Egyptian Company for Mineral Resources 7%. It remains unclear which companies are in talks with Sawiris to offload or reduce their stakes

https://hapijournal.com/2020/02/25/%D8%B7%D8%A7%D8%B1%D9%82-%D8%A7%D9%84%D9%85%D9%84%D8%A7-%D9%86%D8%B1%D8%AD%D8%A8-%D8%A8%D8%A7%D9%84%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A-%D9%81%D9%8A-%D8%A7/

https://alborsaanews.com/2020/02/25/1300252

New Gold Inc. (TSX, NYSE American: NGD) has found a novel way to basically move ahead free cash flow.

The intermediate Canadian gold producer Tuesday announced a $300 million partnership with the Ontario Teachers' Pension Plan for the New Afton gold mine in western British Columbia.

The teachers' pension plan will provide $300 million. In return, the teachers' pension would receive a 46% free-cash-flow interest in the New Afton mine with an option to convert this into a 46% joint-venture interest in four years. Alternatively, the teachers' pension plan could continue with free-cash-flow interest at a reduced rate of 42.5%.

New Gold said this would "materially" reduce its indebtedness and increase financial flexibility, with the company retaining full development over New Afton. A buyback option would also provide New Gold with the flexibility to potentially reacquire 100% of New Afton in the future. The transaction is expected to close around March 31.

https://www.kitco.com/news/2020-02-25/New-Gold-announces-300-million-deal-with-teachers-pension-plan.html

its own client Centamin... go figure

Buchanan tweet from Feb 12:

A full house here at the @WIM_UK panel on the @GOLDCOUNCIL Responsible Gold Mining Principles, discussing what they mean to corporates with
@GOLDCOUNCIL CFO Terry Heymann, @EndeavourMining 's Alex Buck...

https://twitter.com/Buchanan_PR/status/1227594696286969856

Also, Buchanan publishes a weekly 'Mining Scoop' blog where you'll never see a mention of Centamin... management needs to dump this PR firm - they are a waste of resources

https://mailchi.mp/buchanan.uk.com/buchanan-mining-scoop-sirius-minerals-anglo-american-vale-more

https://mailchi.mp/buchanan.uk.com/buchanan-mining-scoop-london-stock-exchange-anglogold-anglo-american-south32-more

https://mailchi.mp/buchanan.uk.com/buchanan-mining-scoop-rio-tinto-indonesia-lithium-a-2019-round-up

I don't think ordinary market forces are all that's at play.

Endeavour's failed talks were just the beginning.

Other - much bigger players are going to make a bid.

I have the opinion their brokers are suppressing the share price with loads of small sell orders to avoid detection. If management doesn't unload some big sh*t news and soon we are screwed.

Sorry, I know it's not the usual type of post but it bears saying.

Too bad it took the threat of a pandemic.

Warren Buffett kicked his stock-buyback program into high gear, spending US$2.2 billion on repurchases in the last three months of 2019, the most ever in a single quarter -- and he’s looking to buy even more.

Buffett’s Berkshire Hathaway Inc., which loosened its repurchase policy almost two years ago after being stymied on the dealmaking front, has since taken a cautious approach to buybacks, acquiring only US$6.3 billion of stock. In the fourth quarter, Buffett bought shares every month, and has no plans to slow down, if the price is right.

“Shareholders having at least US$20 million in value of A or B shares and an inclination to sell shares to Berkshire may wish to have their broker contact Berkshire’s Mark Millard,” Buffett said in his annual letter to shareholders Saturday. “We request that you phone Mark between 8:00-8:30 a.m. or 3:00-3:30 p.m. Central Time, calling only if you are ready to sell.”

https://www.bnnbloomberg.ca/buffett-spends-record-us-2-2b-buying-up-berkshire-shares-1.1394045

Ampthillmob — it's a very tough decision to make. Over the years I question why I didn't take some profits when you just know the share price is going to bounce around.

If next week we see gold drop below $1600 it's all but certain you'll be able to repurchase 20p cheaper BUT there will come a time when you are caught out. I agree with the others who say now is not the time to take chances — especially considering a new porphyry discovery adjacent to Sukari could double us overnight.

It's apparently going to cost twice as much as Centamin's farm for about the same output $ 50 million USD vs $98 million USD

'... 34MW photovoltaic solar farm. This will consist of approximately 100,000 solar panels...

...on average, the solar plant is expected to supply all of Koodaideri’s electricity demand during peak solar power generation times and approximately 65% of the mine’s average electricity demand. Together with a new lithium-ion battery energy storage system, the solar plant is estimated to reduce our annual carbon dioxide emissions by about 90,000 tonnes compared to conventional gas powered generation. This is the equivalent of taking about 28,000 cars off the road...

https://www.riotinto.com/news/stories/First-solar-plant

Who among our little clan of Centamin shareholders is taking a little profit at this price?

Or if you're not willing to sell a little now, at what price are you willing to sell some shares in anticipation of a (brief?) pullback?

(I will give my 2 cents next week...)

Hi Bob,
Personally I don't think the possibility of Centamin making a bid is influencing the share price - yet.

Engineer Youssef Al-Rajhi, General Manager of the Pharaonic Company for Gold Mines "Santamine Egypt", said that they are ready to invest in the field of research and exploration for gold in Egypt, saying: "We are waiting for the Ministry of Petroleum and Mineral Resources to announce the international bid for research and prospect for gold and know all the details and conditions." Related to the bid

... they have the financial, technical, and resource capabilities for mining that exist in the Diabetes Mine to participate and invest in mining in Egypt, pointing out that the executive regulations of the new mining law include a royalty, tax and lease system is a good thing...

https://www.youm7.com/story/2020/2/19/%D9%8A%D9%88%D8%B3%D9%81-%D8%A7%D9%84%D8%B1%D8%A7%D8%AC%D8%AD%D9%89-%D9%86%D8%AD%D9%86-%D9%81%D9%8A-%D8%A7%D9%86%D8%AA%D8%B8%D8%A7%D8%B1-%D8%A7%D9%84%D8%A5%D8%B9%D9%84%D8%A7%D9%86-%D8%B9%D9%86-%D9%85%D8%B2%D8%A7%D9%8A%D8%AF%D8%A9-%D8%A7%D9%84%D8%B0%D9%87%D8%A8-%D9%88%D9%85%D8%B3%D8%AA%D8%B9%D8%AF%D9%88%D9%86/4638006