The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
It probably has to do with Pfizer's announcement from yesterday, threatening GSK's dominance so far here.
Pfizer says its RSV shot is protective through a second year
https://www.reuters.com/business/healthcare-pharmaceuticals/pfizer-says-its-rsv-shot-is-protective-through-second-year-2024-02-29/
Quite embarrassing that it took them this long to rectify the error -- and that despite it being pointed out to them by a shareholder on the results call! As of this morning, they have not even updated the underlying filings on the website so that they match the correction announced through the RNS! Are these guys constantly snoozing?
Shame to see him leave, really. I guess he was not let go, but the RNS did not state either as to why. If it is for health or retirement reasons, it would have said so. So all a bit odd and discomforting that they need to find an adequate replacement for him in this critical phase of development!
Caledonia explores funding options to build Zimbabwe’s biggest gold mine - Reuters News
19 Oct 2023 13:02:49
Gold miner wants to raise $250 million for Bilboes mine
New mine could boost Caledonia's output to 250,000 ounces
By Nyasha Chingono
HARARE, Oct 19 (Reuters) - Caledonia Mining Corp CALq.L is exploring options to raise $250 million needed to develop its Bilboes project into what could be Zimbabwe's biggest gold mine.
The company, which also owns the Blanket gold mine in Zimbabwe, could raise the money via a combination of debt, its own cash reserves and equity, Maurice Mason, Caledonia's vice president, corporate development, told Reuters.
The Bilboes project could potentially produce about 170,000 ounces of gold annually, boosting Caledonia's total bullion output to around 250,000 ounces, Mason said.
Caledonia, backed by investors including Cape Town-based fund manager Allan Gray, is one of a number of mining investors that are searching for new opportunities in Zimbabwe even as the economy buckles from ongoing challenges such as intermittent power cuts, scarcity of U.S. dollars and hyperinflation.
Caledonia, which plans to construct the Bilboes mine over two years, is doing studies to find solutions to reduce the up-front capital, Mason said.
"It will be Zimbabwe biggest gold mine by far," Mason told Reuters via email. "We are considering phased capital raising, but that will depend on the outcome of the review of the feasibility study."
Mason said that while investors were cautious to commit to big mining projects, "our experience has been for quality projects with good returns investors have been supportive."
Zimbabwe has been struggling to attract big investors from
early 2000 when its economy imploded following the government's
seizure of white-owned commercial farmland for
distribution to Blacks.
The scarcity of dollars means some investors often struggle or fail to remit profits.
While Caledonia has been able to pay dividends from its Blanket mine, Mason said in general terms some international investors remain concerned about repatriating profits from investments in Zimbabwe as well as about the country's policy stability.
"Foreign investors need to know that they can repatriate the fruits of their investment," Mason said.
Gold is among Zimbabwe's top foreign currency earning commodities alongside shipments of tobacco and platinum metals mined by units of Impala Platinum IMPJ.J and Anglo American Platinum AMSJ.J.
Caledonia, which has long sought to expand gold output in Zimbabwe, acquired the Bilboes project last year. Its also searching for more gold deposits at Motapa and Maligreen projects.
(Reporting by Nyasha Chingono
Editing by Felix Njini and Jane Merriman)
(( NyashaMark.Chingono@thomsonreuters.com ;))
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.
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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...
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."
12-Apr-2023 09:04:50
** Brokerage Liberum sees acquisition potential for smaller gold producers in 2023, as consolidation in sector intensifies with Newmont Corp's NEM.N $19.5 bln offer for Australia's Newcrest Mining NCM.AX being the latest
** Says producers such as Caledonia Mining CALq.L, CMCL.N and Shanta Gold SHAN.L will likely attract "attention" from Chinese or Moroccan buyers such as Managem MNG.CS
** Expects CMCL and SHAN, up 38% and 29% YTD, to continue to outperform in 2023
** Believes Centamin CEY.L could look to merge with a tier II/III peer like IAMGOLD IMG.TO and Perseus Mining PRU.AX
** Liberum, however, believes UK-based Endeavour Mining EDV.L, EDV.TO is unlikely to make a second bid for Centamin as it sees little value in the acquisition
** Up to last close, EDV up ~23% YTD
(Reporting by Roshan Abraham)
https://www.marketscreener.com/quote/stock/GSK-PLC-9590199/news/Goldman-Sachs-Resumes-GlaxoSmithKline-at-Buy-43096876/
In a research note, Goldman Sachs analyst Keyur Parekh has maintained his recommendation on the stock with a Buy rating. The target price remains unchanged at GBX 2000.