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There is no more information out, just what's in the article, but I don't think this has anything to do with the court case to be honest..
The 24 blocks, if true, is very good, considering there were 82 blocks allocated to 11 winning companies.. so Centamin got nearly the third of the blocks..
Will let you know if anything else appears..
Please translate the whole article for full details..
During the extraordinary general meeting of Al-Sukary Company (Joint between Centamin and EMRA) , and with the presence of Petroleum Minister, Head of EMRA and Martin Horgan Centamin CEO:
- Petroleum minister solved disputes lasted for the last 15 years and agreed on the basic principles in the coming period in relation to accounts and settlement.
- Mr Horgan praised Egypt for reaching a final agreement.
- Mr Horgan: Solving the dispute, which lasted for years, will give the company the incentive to pump new investments in Egypt.
- Petroleum Minister praised Centamin management for running the only gold mine in Egypt.
-Petroleum minister: Centamin won 24 blocks in the recent auction and work will start in the coming period..
(This information is published in more than one site)
Egyptian billionaire and head of Orascom Investment Holding Company, Naguib Sawiris, said global gold prices have seen a revival in the past two weeks after falling sharply.
In statements to Al-Arabiya TV on the sidelines of a conference held in Cairo on Monday, he added that there was fear of inflation and the US Federal Reserve had not raised interest rates, which was positive for gold.
Naguib Sawiris said that US President Biden's stimulus package will result in an extraordinary boom in the United States, and that is in the interests of gold, while raising interest rates is not in its interest.
Naguib Sawiris expected positive performance for gold in the short term, indicating that the price of an ounce was at $ 1900 and is currently falling to $ 1,700 and is expected to return to $ 1900.
Sawiris stated that his investments in gold and real estate have not been affected by the effects of the corona pandemic.
In statements on the sidelines of yesterday’s conference, Naguib Sawiris warned against investing in the cryptocurrency Bitcoin, describing it as a high-risk investment that has no other value, unlike an investment in gold, and has a very high risk if a price crash occurs before exiting.
Mr Ibrahim Fawzy is the ex-minister of industry who negotiated the terms of the concession with centamin and witnessed it's agreement by the parliament in 1994 (EMRA used to fall under the ministry of industry at that time)..
He appeared on TV with Mr E Elraghy in 2012 during the court case saga and confirmed that he was confident about the concession and that no one could cancel it.
I think Mr Sami El-Raghy agrees with you, that's why he tweeted this on 24 October 2020 during his exchange with Mr Sawiris about Centamin and Endeavour:
(Market cap is very misleading. Quality of the assets is the major factor. With good experienced management you will get value. That is why Centamin was paying 6% return to shareholders and still have 400 million US$ in the bank, while Endeavour paid none and have huge debt).
Just to make things clear and avoid any confusion regarding extending the deadline for the bidding process by 60 days..
This is for the second bid round.. The first one is finished and the result was announced in November 2020, where Centamin, Barrick and Sawiris won..
The first round involved 290 blocks, 82 were awarded, so 208 left, and these 208 were put up for the second bid round.
Don't expect much interest in this one as the good blocks were all taken in the first round, either the ones around Sukary or the ones around or close to known historic gold deposits.. It seems like they did not have much interest in the second round, that's why they extended the deadline by 2 months..
As we know, the area South to Sukary was taken out of the first round, and was not put in the second round either.. No information as to why this decision was taken..
Another 4 companies signed contracts today, bringing the total to 7 companies out of 11.
So far, the ones that signed contracts are:
Lotus Gold, AKH (Sawiris), Red Sea Resources, MEDAF, Al-Abbady, North Africa Mining and EBDAA.
The remaining 4 are:
Centamin, Barrick, B2Gold and Nuba mining..
Looks like the news could come any time..
Will update you if I know anything about the allocated areas to those companies..
I take Altus news as good news..
Sawiris (i.e Altus) was the main threat to take the most important areas from Centamin, which are the ones attached to Sukary area.
If you look at this map from the petroleum ministry site, these are the auction areas before the allocations. The Blocks attaches to Sukary are:
CH77 and CH 78 (West)
Now, this map (at the very bottom of the page) is showing the available blocks after allocations, you can see all the above areas have been allocated:
I was worried in case Sawiris managed with his contacts to get some of the areas attached to Sukary, but looking at the map published by Altus:
Their closest allocated block to Sukary was Wadi Dubur, which is block DA75, which according to their RNS is 40km from Sukary.
That means someone else (who could it be?) got the blocks attached to Sukary area.
Also looking at the first map, if block DA75 is 40km away from Sukary, then the blocks attached to Sukary must be only a few kms away from Sukary.
I noticed Mr. Youssef El-Raghy's comments always don't go down well on the BB.
Do you prefer if I don't post any of his comments that appear in the Egyptian media so it does not cause any unnecessary negative effects? Or you think posting it does not make any difference as it's already out?
If true, again a BIG IF, it seems like Centamin won two areas, one of them is where the existing Sukary mine area is..
Yes Rebess, this is Mr Sawiris stake..
AKH gold (English company) is one of the winners..
Altus Strategis owns 100% of AKH Gold..
La Mancha (owned by N Sawiris) is the largest share holder in Altus with 35% ..
Still no news yet about the allocated blocks to any of the winners, but news has been coming recently, so hopefully we will hear something very soon..
The ministry of petroleum started signing the contracts with the winning companies.
There were 11 companies won the licences.
Today, 3 companies signed contracts (Lotus , MEDAF and Ebdaa).
The petroleum minister stated that the rest of the contracts would be signed with the other winning companies soon.
It is just someone explaining how a computer program called Micromine works, and when he reached the part where he was showing the design of a mine with open pit and underground , he just said (and an example in Egypt is Sukari )..
The whole video he is explaining all the options of the program.
Sorry did not have much to say during the recent exchange on the BB...
In this report yesterday it says:
Regarding the latest developments after the company won the bid for gold exploration, Mr Youssef El-Raghi said:
(We are still discussing this matter with EMRA and the Ministry of Petroleum, and and announcement will be made in due course)..
Merry Christmas and a happy new year everyone.. look after the ones you love and the ones around you, and remember money is not an aim, but a tool that helps you reach your goals..
(PS, please please keep the BB and the discussions civil as the last few days were "bad").
Many countries recognise the FDA as the main approval.. The MHRA is not known or recognised as high as the FDA in many countries (Egypt and the middle East for example are some of them)..
Also with Pfizer being an American company, so the USA approval is what other countries are waiting for.. The UK approval would not have a big effect..
USA is widely expected to approve Pfizer vaccine on Thursday or Friday, which could lead to many countries approving afterwards as many countries are waiting for USA decision..
Do you think this could have a very bad effect on gold price? Especially on the day of approval?
As one of the longest serving members on this board, could I kindly ask to stop the Sotolo thread?
It's sad to see our great board going down this road. I believe everyone is entitled to their opinion, honest or fake, and the others are clever enough to read/believe/ignore what they want, otherwise they should not invest if they believed someone's else post would made a difference.
Apologies in advance if some people don't like my view..