Member Info for Cowichan

...China imported 400 tonnes of gold directly from Switzerland between January and October – 60% up on last year. Thus the Hong Kong data paint a distorted and overly negative picture of Chinese gold demand, in our opinion...

https://www.kitco.com/news/2018-11-27/Gold-Silver-Precious-Metals-Daily-News-Briefs.html

So much for an orderly transition! Oh well, maybe we can live without a chairman - save us some money in 2019!

I wonder if we shall get any updates before the new year on the 'nearly complete' Burkina Faso report??

An amazing effort by our team in #Centamin Chairman’s Challenge marathon (Egypt), they came 2nd in a time of just 18.15 hours (avg 13.2km/hr!). The 240km course begins in Edfu and finishes in Marsa Alam. Every team member ran a minimum of 25km, congratulations to all participants

https://twitter.com/CapitalDrilling/status/1062179580180484096

Good job Rebess!

I join my voice with the rest in thanking Siko for his humanitarian work in Egypt - simply amazing!

Also, the profit share numbers & mining law update he has kindly shared are most welcome news...

Thank You Siko!

LEGISLATION WATCH-

Amendments to Mineral Resources Act sent to House:
The government has sent long-awaited draft amendments to the Mineral Resources Act to the House of Representatives for review, Oil Minister Tarek El Molla said.

El Molla reiterated that the amendments were made primarily to draw investments in the flagging mining sector, which holds world-class potential, but is hobbled by an outdated economic framework better suited to the oil and gas industry.

El Molla noted that the ministry will begin immediately implementing the reforms laid out by consultancy Wood Mackenzie as soon as the House passes the amendments.

Wood Mackenzie had been contracted by an affiliate of the Oil Ministry to lay out an appropriate development strategy for the sector.

https://alborsaanews.com/2018/11/18/1152941

And for the rest of us some off topic reading... Have a good weekend all!

What would happen if America defaulted on its debt?
Sure we know it would be bad, but what do all of these scary numbers really mean?

https://twitter.com/donaldplawson/status/1063479578415517698

Hi Rebess, it's all very curious messaging indeed!

Here's some more from Aton just repeating what I've already posted yesterday. Everyone sounds hopeful but we've been here before only to watch our expectations drowned in the cruel sands of time... ( just trying to curb my enthusiasm !)

It was today announced by Prime Minister Madbouly’s Cabinet that it has approved the long awaited changes to the Mineral Resources Act, and will be moving away from the oil and gas focused Production Sharing Agreement (PSA) model and abolishing the requirement for a 50:50 Joint Venture with EMRA. The Government hopes to have the changes ratified by the Parliament by the end of the year.

“This is wonderful news, not only for Aton shareholders, but for the future of investment into the Egyptian mining sector and the Egyptian economy as a whole” remarked Mark Campbell, President and CEO.

“The recognition by the Government of Egypt that mineral exploration and mining are wholly different businesses to oil and gas has been a long time coming. Aton believes the effect that these changes will have on investment in exploration and mining will be significant -- the scrapping of the PSA, for a transparent tax, rent and royalty system, along with getting rid of the requirement for a 50:50 joint venture with EMRA, should be of great interest to exploration companies all around the world.

Egypt has vast unexplored areas and is one of the last untouched mineral exploration frontiers in the world. One only has to look at what occurred in Ecuador after its Government amended the mining law, to get an idea of what could transpire in Egypt.

Aton understands that the Government plans to streamline and simplify the acquisition of exploration licences and do away with oil and gas style bid rounds.

It is a testament to the vision of President El Sisi and the Minister of Petroleum and Mineral Resources, Tarek El Molla that these changes are being made, and in short order too, and also in choosing Wood Mackenzie to advise the Government on amendments and to help implement them.

Aton expects to benefit from the proposed changes - within our 738 km Abu Marawat licence area, we have a development project at Hamama and 17 solid exploration targets, including our major exploration project at Rodruin. I am confident that the future for Aton and the Egyptian exploration and mining business is very bright indeed.”

HURGHADA - 9 Nov 2018: A marathon held under the slogan "Egypt is Safe" kicked off on Friday from Upper Egypt’s Edfu city on the west bank of the River Nile to Marsa Alam, a town located in south-eastern Egypt on the western shore of the Red Sea.

As many as 90 Egyptian competitors along with 40 participants from foreign countries partake in the 250-km marathon, which is organized by Sukari Mine.

The foreign competitors are coming from the UK, Australia, Burkina Faso, South Africa and Canada.

http://www.egypttoday.com/Article/9/60231/%E2%80%9CEgypt-is-Safe%E2%80%9D-marathon-kicks-off-from-Edfu-to-Marsa

Meeting of the Council of Ministers No. (17) under the chairmanship of Dr. Mustafa Madbouli (Nov.7)

2. The Cabinet approved a draft law amending certain provisions of the Mineral Wealth Law 198 of 2014, which comes within the framework of the Egyptian state's pursuit of development plans, following up the global developments in mining, restructuring and developing the mineral wealth sector....

http://www.cabinet.gov.eg/Arabic/MediaCenter/CabinetNews/Pages/Cabinet-meeting-No-17.aspx

CABINET WATCH- Madbouly Cabinet approves amendments to Mineral Resources Act:

The Madbouly Cabinet approved on Wednesday long-awaited amendments to the Mineral Resources Act that aim to attract significant foreign interest in the nation’s mining sector, according to a statement from the Madbouly Cabinet.

While the statement includes no details on the amendments, previous reports indicate that the reforms will see Egypt scrap its oil-and-gas-style production sharing agreement and move to a tax, rent and royalty model — and eliminate the requirement that miners enter into 50:50 JVs with the sector’s regulator.

The bill is also expected to allow exploration companies to acquire exploration ground without first obtaining exploration licenses. Oil Minister Tarek El Molla had said last month that the amendments to the act would be presented to the House of Representatives in three months.

Stakeholders to be consulted on the amendments: Prime Minister Moustafa Madbouly ordered a survey of local officials whose governorates are home to potential mining activity. Business associations such as the Federation of Egyptian Industries and the Federation of Egyptian Chambers of Commerce will also be included in the public consultations.

Industry approves: The amendments have received the overwhelming support of the industry, with top execs at Aton Resources, Thani Stratex Resources and Resolute Egypt signing an exclusive op-ed for Enterprise praising the reforms.

Because I'd be interested to hear how you are voting.... I'm not a shareholder but if I were I'd tell Barrick to go stuff it!

Barrick shareholders vote on Nov. 5 and Randgold investors on Nov. 7.

https://fingfx.thomsonreuters.com/gfx/ce/7/1687/1686/barrickRandgold.JPG

https://www.reuters.com/article/us-randgold-rsrcs-m-a-barrick-gold/barrick-randgold-sweeten-dividend-ahead-of-takeover-deal-vote-idUSKCN1N51RA

Hi Rebess,
It was the similarity that made me think to post. (Misery loves company and all that!) Cheers

...investors have increasingly shown impatience with mining companies, as Vancouver-based Goldcorp Inc. learned on Thursday.

With a $101 million loss in the third quarter, compared to $111 million profit the previous year, the company’s stock fell 18.40 per cent to $11.09 Thursday — a price it hasn’t closed at since 2001.

The first 30 minutes of Goldcorp Inc.’s quarterly earnings call on Thursday proceeded without mention of the stock trouble until one analyst suddenly unleashed on the company’s management.

“I’m trying to think about the accountability on management, how shareholders are expected to understand this — the stock’s down 35 per cent,” said Peter Jacobs, an analyst with Stifel RMG Group. “And it’s almost as if it’s business as usual, just another failed gold mining stock.”

https://business.financialpost.com/commodities/mining/another-failed-gold-company-goldcorp-and-other-miners-face-investor-fury-amid-tepid-gold-prices

(Now that Trump signed an executive order that forbids American companies and individuals from buying Venezuelan gold....)

In a televised announcement, Maduro said his government is now certifying 32 gold fields that "are going to set Venezuela as the second largest gold reserve on Earth".

The politician said the massive mining project will be financed by both the public and the private sector and is expected to generate $5 billion in 2019.

As a reference, in the first nine months of 2018, Venezuela sold 23.62 tonnes of gold to Turkey for about $900 million.

http://www.mining.com/maduro-blasts-new-us-sanctions-venezuelan-gold/

This month Orbit Garant acquired the drilling business of Projet Production International, based in Burkina Faso’s capital, Ouagadougou. The US$6.4 million acquisition (US$5.15 million in cash and US$1.25 million worth of shares) adds 13 surface drill rigs, about 100 employees, support equipment and customer contracts.

Orbit Garant expects the acquisition will add about $12 million in additional revenue for the 2019 fiscal year ending on June 30, 2019, as well as generate positive cash flow and earnings.

President and CEO Eric Alexandre told The Northern Miner that Burkina Faso is one of Africa’s largest gold producing countries and one of the most active exploration markets on the continent, so the acquisition makes a lot of sense.

Margins in West Africa are a big incentive too, he added.

“The ground is a bit easier to drill,” he said in a telephone interview from Montreal, explaining that you can drill shallower and more productive holes in Burkina Faso. “In Canada shallow holes are like 1,000 metres, and there it’s 300-400 metres. The deepest holes in Burkina Faso don’t usually exceed 800 metres … and you don’t have winter conditions.”

In addition, “the cost of manpower is way cheaper than Canada so that goes to your margin.”

http://www.northernminer.com/news/orbit-garant-buys-burkina-faso-drilling-company/1003800194/

Both! lol

For all we know the underground at Sukari holds more than the open pit.

From what I can grasp from the latest presentation at a certain level the mineralized porphyry starts to change direction from diagonal to lateral which would keep the lode nearer the surface and thus easier to access long term

Changing topics to the court case... I find it interesting that the ongoing delay serves our purpose more than hurts us. Especially if we fear a opportunistic takeover like Barrick/Randgold

Perhaps Centamin has more sway with the EMRA and government officials than we imagine

Tiger - those drill results were very impressive. Hugely positive going forward. They mentioned increased LOM at Sukari - this deposit could stretch out half a century...

And the new guy running the show at Sukari who was formerly at Kinross Tasiast -

http://www.kinrossworld.kinross.com/en/articles/tasiast-wins-kinross-continuous-improvement-award

https://www.linkedin.com/in/raitt-marshall-1342a741/?originalSubdomain=uk

They keep hiring new people but I want to hear about a new mine!!

While last month's failure to sell all the gold during the quarter may have been a scheduling issue perhaps if more miners did this a new 'market maker' would emerge.

Clearly a few miners like Centamin do not require to sell everything to make ends meet so why not bank some bullion to sell at higher prices? If the miners were to throttle supply a bit like OPEC then imagine what dividends we could enjoy!

Just a Friday thought - Cheers all!

And we still haven't heard a BOO about the Burkina Faso study which was almost complete two reporting cycles ago...

Maybe they want the new chairman to have some good news to report BUT when will he show up?

They said it would be an 'orderly transition' at the beginning of the year and now it is November. WTF?

Hi Elonex, there's some twit posted an article link reminding us all how the US got to be the headmaster of the school for dunces. Try not to tear your hair out when you finish reading.

It's called 'Paul Volcker’s Guide to the Almighty Dollar'

https://twitter.com/donaldplawson/status/1057289260754223104