Sapan Ghai, CCO at Sovereign Metals, discusses their superior graphite test results. Watch the video here.
Lots of talk about the privatization program in #Egypt, meanwhile army-owned National Service Project Organization (NSPO) acquires 24% stakes in (three) private steel companies from Beshay Steel
https://twitter.com/EduardCousin/status/1701834003957928215
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The National Service Projects Organization, which was established in 1979 with the aim of achieving relative self-sufficiency in the needs of the armed forces and supplying the local market, owns 63 companies in 6 basic sectors: “food”, “heavy industries”, “contracting and services”, and “internal trade”. “Foreign Affairs,” “Mining,” and “Oil and Gas.”
The deals took place on the shares of the companies “Egyptian Sponge Iron and Steel”, “Egyptian American Steel Rolling Mills”, and “International Steel Rolling Mills” in the over-the-counter market on the Egyptian Stock Exchange.
Egyptian Stock Exchange data showed that the deals were made through EFG Brokerage, which accounted for 80% of trading yesterday, Monday, with more than 20 billion pounds.
Beshai Steel Group, established in 1948, is one of the largest iron and steel producers in Egypt
https://www.asharqbusiness.com/article/54362/%D8%AC%D9%87%D8%A7%D8%B2-%D8%A7%D9%84%D8%AE%D8%AF%D9%85%D8%A9-%D8%A7%D9%84%D9%88%D8%B7%D9%86%D9%8A%D8%A9-%D8%A8%D9%85%D8%B5%D8%B1-%D9%8A%D8%B3%D8%AA%D8%AD%D9%88%D8%B0-%D8%B9%D9%84%D9%89-24-%D9%85%D9%86-3-%D8%B4%D8%B1%D9%83%D8%A7%D8%AA-%D9%84%D9%84%D8%B5%D9%84%D8%A8/
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The Egyptian Army's tentacles just get longer and longer , despite what Sisi tells the international community (of lenders)
According to a recent World Bank report, Egypt's food subsidy program is the largest in the Middle East and North Africa (MENA) region. The bread subsidy programme serves 72 million citizens, and the food ration cards cover more than 64 million people.
The cost of annual food subsidies in Egypt has reached EGP 127.7 billion ($4.13 billion) for the fiscal year (FY) 2023/2024, said Minister of Supply and Internal Trade Ali Moselhi, according to a statement on Wednesday.
https://english.ahram.org.eg/NewsContent/3/12/508332/Business/Economy/Egypt%E2%80%99s-food-subsidies-surges-by--in-the-FY-.aspx
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Note: Egypt has 109 million people total - so approx. 3 out of every 4 persons in Egypt needs a handout just to eat , astounding (and frightening if you are a bankrupt dictator like Sisi)
Summary: Some London-listed companies, facing wide valuation gaps, are looking to the US
The boss of a newly listed gold mining company has said that its future lies in Toronto and New York, as more precious metals miners are bypassing the LSE.
Allied Gold, an Africa-focused producer, listed in Canada on Monday in the country’s largest mining initial public offering since 2010 with a market capitalisation of C$1.3bn on the first day.
Peter Marrone, chair and chief executive of Allied Gold since April, said that the company had been considering listing in London about 18 months ago, but it will most probably opt for a New York via Toronto route.
“New York is a very interesting place. There’s a lot of money that is a multiple of what one finds in the rest of the world,” he said in an interview. “In the precious metals world, they are becoming more comfortable with the emerging markets.”
The change in listing plans for Toronto-based Allied Gold comes after Johannesburg-based AngloGold Ashanti announced plans in May to switch its primary listing to New York in pursuit of a higher valuation underpinned by the US east coast city’s large pool of investors.
London has long been home to Russian gold producers but the likes of Polymetal and Polyus have been forced to pursue delisting plans following western sanctions in response to Russia’s invasion of Ukraine.
The London market’s waning ability to attract companies is not limited to gold miners, however.
Among companies opting for a US listing include Irish paper maker Smurfit Kappa which is moving its primary listing to the US and UK-based chip designer Arm, which opted for a New York IPO. WeSoda, which produces soda ash in Turkey, pulled out of a $7.5bn London IPO earlier this year.
London has historically been the home for natural resource companies whose production is based in Africa owing to the timezone, but Marrone believes that the UK capital’s investors have become increasingly skittish about emerging market risk.
“Whereas in the past, Europe and London had a better focus on Africa and emerging markets in Asia and some parts of Europe, I think the American portfolio manager is now catching on to that. I think the landscape is changing,”
Marrone is the former chair of Yamana, which added a secondary London listing in 2020 before being sold last year for $4.2bn
Allied Gold operates three mines in Mali & Ivory Coast that produce 375,000 ounces. Marrone aims to lift output to more than 700,000 ounces.
Marrone said he consider opportunities for mergers and acquisitions to build a portfolio of emerging market gold mines, which could include partnering with competitors to buy bigger rivals and divide up their assets.
“I would like to get to a platform of 1mn to 1.5mn ounces per year that leans towards the emerging markets,”
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
Sept. 12, 2023
For a sense of Egypt’s inflation and currency woes, look no further than the line of customers at a Cairo kiosk jostling for a pack of smokes.
In a country of 18 million smokers, speculation about imminent price hikes has led traders to stockpile cigarette products in recent months, in turn causing shortages and resulting in an unprecedented rise of over 50% in the cost of tobacco since March.
Tobacco prices are mostly set by the government and administered through Eastern Company, until recently wholly state-controlled - the country imports raw tobacco but produces cigarettes domestically.
There’s “limited availability of foreign currency, impacting production of some cigarettes,”
Eastern Company, in which a United Arab Emirates investment firm recently bought a 30% stake for $625 million, raised production twice in recent weeks in an attempt to tame prices.
The UAE investor reached agreements with banks to make $150 million available for Eastern to fund raw-material imports.
https://www.bnnbloomberg.ca/egypt-s-soaring-cigarette-prices-cast-smokescreen-over-inflation-outlook-1.1970176
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Summary:
The Egyptian gov't - through co-ownership with private companies - pressures the private company - in this case Global Investment Holding Ltd. - to secure additional loans ( US dollars ) to import tobacco - cuz Egypt has maxed out its credit.
It's the same story with all imported products.
The expectation is that supply constraints will only get worse in all sectors of Egypt's economy that rely on imports.
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
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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.
7:52 am on 7 September 2023
Wafi-Golpu project negotiations are nearing completion and the PNG prime minister James Marape has confirmed it will be a majority PNG-owned project.
Newcrest and Harmony Gold Mining Company will have a significant minority shareholding.
https://www.rnz.co.nz/international/pacific-news/497435/png-expects-to-gain-billions-in-royalties-from-wafi-golpu-gold-mining-project
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My Thoughts:
Step 1) spend a decade & loads of shareholder capital exploring far reaches of the earth
Step 2) spend shareholder $ building vast infrastructure & processing facility (still no return)
Step 3) spend shareholder $ on wages & procurement & start up (start to pay back loans)
Step 4) discover terms gov't presented to lure foreign investment are 'too generous'
Step 5) hang upside down over a barrel, negotiating a 'fair deal' or risk nationalization
The leaders of many 3rd world nations are basically thugs - exploiting national sentiment to enrich themselves while appearing to 'do the right thing' for the people - thus investing in natural resource companies has always been and will always be the riskiest of business
unfortunately, i b*tch from experience - enjoy the weekend folks
Sustainability Coordinator
Sukari gold mines · Full-time
Egyptian Armed Forces Army Officer
Jun 1999 - Jun 2020
Promoted in positions from infantry commander to infantry battalion chief commander
https://www.linkedin.com/in/ahmed-el-sh%C3%A9rif-81aa57167/
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As long as this practice continues, expect inefficiencies.
Not saying army people aren't capable - but it seems as if the powers that be in Egypt expect to have a foothold at Sukari in perpetuality
Also shows some of the BAST (bonanza grade) drill core photos (so it does exist?!)
link here
https://vrify.com/decks/13728-sukari-3d-deck
I can't get the geophysics data to show up on the map (yet) but loads of other features work
just click on the 3D button ( at the bottom right ) of map page and check mark the items you wish to see - then they appear on the left menu - enjoy
On August 16 2023 Abrdn held this many Centamin shares
Rank #10 Abrdn 18,275,264 shares
as of today they are no longer in the top #10 list - see here:
https://www.marketscreener.com/quote/stock/CENTAMIN-PLC-9730915/company/
also , on Aug 16, 2023 Van Eck held this many shares :
Rank #1 VanEck Inc 110,273,580 shares
as of today they hold 7 million less ,
103,128,507 8.902 %
slowly , reducing
A shareholder who doesn't:
- question
- evaluate
- reassess
- compare
but makes a point to mock others who do so , is probably not a satisfied shareholder
at 87.7 pennies perhaps it's more comforting to turn a blind eye
here:
https://www.linkedin.com/posts/victoria-nobel-523431176_virtualsitetour-mininginnovation-vrify-activity-7085667970680590336-whwn
interesting at the video's halfway mark the notes read "forecast to produce in excess of 400,000 ounces per annum"
that would be a significantly 'damped down' declaration of production to include in centamin's most up-to-date presentation
the overhead eagle eye views are pretty slick - but if you peruse the vrify site you'll see it's geared towards raising awareness of explorers & juniors, not supposedly established mid-tier producers , guess ceo horgan has mucho $$ to burn
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🚀 exciting news! 🚀
i'm thrilled to announce that centamin plc plc has just launched its immersive virtual site tour on vrify 🌍
alexandra barter-c****
michael stoner
in an industry driven by innovation and cutting-edge technology, we believe it's crucial to embrace advancements that enhance our operations and deliver an unparalleled experience to our stakeholders. with vrify, we're revolutionizing the way we showcase our mining sites, bringing them directly to your fingertips in a fully immersive virtual environment.
what does this mean for you?
whether you're an investor, a potential partner, or simply someone passionate about the mining industry, you can now explore sites from anywhere in the world, at any time.
vrify enables seamless collaboration and knowledge sharing. connect with other industry professionals, exchange ideas, and foster partnerships. share the virtual tour with your network, colleagues, and potential investors to amplify the impact and opportunities created by our mining operations.
thank you for being part of our journey towards innovation, sustainability, and progress. we look forward to your virtual visit and the exciting opportunities it may bring!
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
Who knows - maybe the terms aren't as good for the Mali people as they should be
that said, investors in B2Gold, Resolute & Hummingbird deserve fiscal reliability in order to spend 100s of millions in risky exploration
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
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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.
Terrible Human Rights record? Loads of restrictions on foreigners & their capital? Environmental degradation overlooked? Zero free speech? If you answered yes to any of these then the BRICS is your new home - welcome to the world's greatest collection of losers. Latest case in point:
(Beirut) – A Saudi court has sentenced a man to death based solely on his Twitter, and YouTube activity, Human Rights Watch said today.
On July 10, 2023, the Specialized Criminal Court, Saudi Arabia’s counterterrorism tribunal, convicted Muhammad al-Ghamdi, 54, a retired Saudi teacher, of several criminal offenses related solely to his peaceful expression online. The court sentenced him to death, using his tweets, retweets, and YouTube activity as the evidence against him.
“Repression in Saudi Arabia has reached a terrifying new stage when a court can hand down the death penalty for nothing more than peaceful tweets,” said Joey Shea, Saudi Arabia researcher at Human Rights Watch. “Saudi authorities have escalated their campaign against all dissent to mind-boggling levels and should reject this travesty of justice.”
Human Rights Watch has repeatedly criticized rampant abuses in Saudi Arabia’s criminal justice system, including long periods of detention without charge or trial, denial of legal assistance, and the courts’ reliance on torture-tainted confessions as the sole basis of conviction. The violations of defendants’ rights are so fundamental and systemic that it is hard to reconcile Saudi Arabia’s criminal justice system with a system based on the basic principles of the rule of law and international human rights standards.
https://www.hrw.org/news/2023/08/29/saudi-arabia-man-sentenced-death-tweets
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The same goes for Russia, China & Egypt - with others to varying degrees. Is this the secret to long term economic success? Doubtful, esp. if you happen to live there.
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
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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
Egyptian President Abdel-Fattah El-Sisi during his meeting with Russian President Vladimir Putin in Saint Petersburg on Wednesday 26 July, 2023. Photo courtesy of Egyptian Presidential Spokesman.
On his side, President El-Sisi thanked Putin for his warm welcome, stressing Egypt’s keenness to cooperate with Russia on both the continental level as well as on the level of bilateral relations.
The Egyptian president also expressed thanks to Putin for establishing the Dabaa Nuclear Power Plant as well as the Russian Industrial Zone in Egypt.
He also congratulated his Russian counterpart on the 80th anniversary of Egyptian-Russian relations.
In 2022, Egypt’s exports to Russia surged to $595.1 million, up 21.6 percent from 2021, according to data from the Central Agency for Public Mobilization and Statistics (CAPMAS).
Meanwhile, Egypt’s imports from Russia increased to $4.1 billion in 2022, up 15.5 percent
https://english.ahram.org.eg/News/505523.aspx
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Don't know how any Egyptian could view Sisi's warm relationship with Putin as anything but vile and morally perverse. First he destroys Egypt's economy then cozies up to the most murderous and deranged dictator in modern times - God help Egypt.
Ahram Online , Saturday 26 Aug 2023
The headquarters of the Egyptian Ministry of Foreign Affairs was lit up in the early hours of Saturday with the slogan: “Egypt 80 Russia” in Arabic to celebrate the occasion.
Egypt’s Minister of Foreign Affairs Sameh Shoukry and his Russian counterpart Sergey Lavrov exchanged letters of congratulations, affirming the special and deep historical relations between the two countries, the Egyptian foreign ministry said in a statement on Saturday.
Russia is also one of the most important tourism markets to Egypt with up to 30,000 Russian tourists visiting Egypt every week.