The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Hi Razors,
Unfortunately, I'm not a holder anymore, so I stopped posting here regularly like before as I believe that this BB is for investors and investment only. I took my interests elsewhere, but I still pop in here every now and then to see what you are all up to and say hello. I do miss the old days, but nothing lasts forever..
I wish you all the very best with your investments and I hope you achieve what you aim for..
Siko
https://www.albawabhnews.com/4136314
Some companies applied and others could apply just before the end.
Reading this article, did anyone know about this (15% EMRA free participation)? And the more percentage you give to EMRA , the higher your chance to win?
I knew about it a while ago, but was surprised it was not discussed here before.. By the way it's true, not media rumours as I have seen the documents and it was published on EMRA's website.
I had a look, a spokesman at the petroleum ministry and EMRA said that they took out 5 areas out of the tenders. He did not say why. Also until 2 weeks ago no companies applied at all, but he said companies tend to apply towards the closing date (15th Sept). Also don't expect results or any news on the 15th. That's the closing date, then they study and consider all the applications.
It says in the article Allied is an Australian company.. basically Russian comoany SMW had their gold licence revoked, took Egypt to arbitration court, Allied bought majority controlling shares in SMW, settled things with Egypt and got the licence back. The licence is in a good area indeed, and now arranged with Capital Drilling... A great plan to get a licence in a good area without auctions or biddings..
I remember someone posting something here about Capital Drilling and Allied Gold and no one could find anything about Allied... The master plan is clear now.. read this article..
https://almalnews.com/%d8%a7%d9%86%d9%81%d8%b1%d8%a7%d8%af-smw-gold-%d8%a7%d9%84%d8%b1%d9%88%d8%b3%d9%8a%d8%a9-%d8%aa%d8%aa%d9%86%d8%a7%d8%b2%d9%84-%d8%b9%d9%86-%d8%a7%d9%84%d8%aa%d8%ad%d9%83%d9%8a%d9%85/
Hi MrBond:
This is what you need. In the middle of this report you will find a window with all the areas of the tenders (you may need Scribd to download/view).
Section G is the closest to Sukari. The areas are Atud, Om Oud, and Hangaleya (Sukari is the orange shaded area).
Look for package G:
https://www.dostor.org/3098674
Siko
Mr. Samy Elraghy posted the following on his social media page today:
Buy a piece of gold for the one you love while being comfortable. People who fight over the daily fluctuation of gold price, this is affected by many factors and is only important for traders in gold or gold companies shares. Investors like us look for the long-term.. supply and demand. Demand has always exceeded supply. For example in 2019 gold mines produced 3300 tonnes of gold, while actual demand for the same year was 4355 tonnes, a shortage of around 1000 tonnes. Add to this the trillions of dollars lost by the world economy this year because of Covid19.. where will this money come from? Gold could well break the 2000 mark this year, and if one of the big currencies falls, which is a very big possibility, only God knows how many thousands the price is going to be.
(P.S. I'm still not a holder)
MrBond,
Mr Sawiris said today the negotiations are still ongoing and he thinks they would reach a decision in a few weeks time , but it's going well.
As Shalateen gold company is kind of owned by national/government companies and banks, I would think he would get his 51% stake.
Re- (some of them told the Guardian they lacked protective equipment and were struggling to get vital tests for themselves and patients).. This article is from May, more than a month ago.. the PPE situation in Egypt is much better now, and the points the article raised were exactly the same as what had happened in UK.. so if UK suffered a lack of PPE and tests were limited to certain people at the beginning and doctors could not get tested unless they showed symptoms.. so I don't find it strange for the same things to happen in Egypt with its much less financial capabilities and weaker health system.
The overall Covid19 situation in Egypt is much better than UK, total death just over 2k, of course the real number is higher, but nowhere near the UK 40k.
Also Egypt was one of the very few countries which agreed to sell PPE to UK during the peak, while many countries banned all exports of PPE, a decision which the Egyptian government said it was important to help UK during the peak period.
EMRA 24th June 2020:
Given the conditions in the world due to Covid19 pandemic, and to give more opportunity for the bidders, the international bid-round No1 for the year 2020 for the exploration of gold and associated minerals will be extended for a period of two months. Closing date will be on Tuesday September 15th 2020 at 12.00pm Cairo local time.
Hi Somnamna,
I don't think there is a English translation. The best English info you could find would be on Centamin site. It's very brief and not in details, but it does cover the basics.
I have pdf files of the actual Arabic court judgements and commissioners report, some of it is handwritten by the judges, but you can't use that in Google translate or anywhere else as you can't copy and paste because it's all photos.
Regards
Hi all,
just popped in to have a look, catch up and say hello..
A couple of points to mention after reading all your posts..
First, the auction's deadline is Wed 15th July, not 15th June.. and this is the official auction link from EMRA..
http://emra.gov.eg/UI/Lang1/TDIDataShow.aspx?ID=8320
Second, this site published the details of all the areas (need to download from the window via Scribd), with maps and detailed info, showing section G (Atud, Om Oud and Hangaleya) is the closest one to Sukari, even in the content of package G , point 19G- Report on Sukari concession. (The interested company has to buy the package to get all the details). I also noticed that area G is the most expensive one to buy its package..
https://www.dostor.org/3098674
I noticed that Om Oud and Hangaleya ( within section G ) are on the auction list, while these 2 areas were allocated to Eastern Gas Company in the previous auctions in July 2017.. so it seems like government has officially cancelled those allocations.
Sorry all in Arabic, but am sure Google translate will help you..
(I don't hold any Centamin shares)..
GLA,
Siko
Noel, John, Ian, Paul and Kevin... I would like to thank you first in front of everyone..
I really miss this BB. I have been here since 2011 and enjoyed reading and writing every single post, but unfortunately I had to move on now with other things in life.
I'm really happy that the SP is reflecting Centamin's true value .. I never doubted Mr. Esmat El-Raghy (RIP) when he told me once (Good days are coming)... And I hope more good to come..
As to the recent link regarding Egypt's emergency law, this has been in place for the last few years and has to be renewed every 3 months by the parliament. Last month the law was amended by adding points mainly related to health pandemics as Covid19. There were no points related to nationalisation or revoking licences. Saying that, I have to admit that democracy and freedom of speech are not some of Egypt's strenghths, but unfortunately so is most of the middle East and Africa..
This link from Reuters explains more about the amendments so you can read for yourself.
https://www.reuters.com/article/us-health-coronavirus-egypt-lawmaking/egypt-amends-emergency-laws-amid-coronavirus-outbreak-idUSKCN22437A
GLA,
Siko
This link is in enterprise this morning..
https://enterprise.press/stories/2020/02/16/egypt-awards-aton-resources-gold-mining-rights-11948/
(The approval is pending completion by the authorities of several procedures, including a review of an economic feasibility study)
I agree with you Dansul, Aton should release an RNS on Monday to clarify this.
The problem is this piece of news is in almost all the major Egyptian media sites, some contacted the ministry of petroleum and some from the President of EMRA (Farouk).. and all said the same thing.
Either someone higher up in the ministry signed something no one else knows anything about (even the president of EMRA), or other possibility is Aton got it wrong (very hard to believe)..
So will wait and see..
Here are more links for you (please don't shoot the messenger)..
By the way, Aton Resources has a very active Twitter account. Maybe someone could ask them..
https://www.elwatannews.com/news/details/4577372
https://www.dostor.org/3001599
https://www.youm7.com/story/2020/2/13/%D9%85%D8%B5%D8%AF%D8%B1-%D8%A8%D8%A7%D9%84%D8%A8%D8%AA%D8%B1%D9%88%D9%84-%D9%8A%D9%86%D9%81%D9%89-%D8%B1%D9%88%D9%8A%D8%AA%D8%B1%D8%B2-%D8%A8%D8%B4%D8%A3%D9%86-%D8%AD%D8%B5%D9%88%D9%84-%D8%B4%D8%B1%D9%83%D8%A9-%D9%83%D9%86%D8%AF%D9%8A%D8%A9-%D8%B9%D9%84%D9%89-%D8%B1%D8%AE%D8%B5%D8%A9/4630338
I was planning to stay away until I come back from Egypt, but this is serious and someone is in big trouble..
As you all read here, Aton Resources announced on Thursday that its application for an exploitation licence has been approved.. Aton's SP has doubled in one day..
https://www.atonresources.com/news/2020/aton-announces-the-approval-of-a-mining-license-at-its-abu-marawat-concession-area/
Now Egypt ministry of petroleum and EMRA DENIED that and said Aton only applied for a licence, which has not been discussed or approved yet as they asked the company for more details about the technical studies showing the estimated resources and the area of the mine, which the companies has not submitted yet, also the licence still needs to be approved by various authorities.
https://theworldnews.net/eg-news/ry-ys-lthrw-lm-dny-shrkt-lmy-stdkhl-mzyd-ldhhb
https://alborsaanews.com/2020/02/15/1296623
https://www.falsoo.com/News/4/97046/%D9%87%D9%84-%D8%A3%D8%B5%D8%AF%D8%B1%D8%AA-%D9%88%D8%B2%D8%A7%D8%B1%D8%A9-%D8%A7%D9%84%D8%A8%D8%AA%D8%B1%D9%88%D9%84-%D8%B1%D8%AE%D8%B5%D8%A9-%D8%AC%D8%AF%D9%8A%D8%AF%D8%A9-%D9%84%D9%84%D8%AA%D9%86%D9%82%D9%8A%D8%A8-%D8%B9%D9%86-%D8%A7%D9%84%D8%B0%D9%87%D8%A8-%D8%A8%D8%A7%D9%84%D8%B5%D8%AD%D8%B1%D8%A7%D8%A1-%D8%A7%D9%84%D8%B4%D8%B1%D9%82%D9%8A%D8%A9
As I told you before, my plan was to sell in Feb as I'm going to Egypt in March for another- hopefully- great trip.. and I thought today was a good day to do so, I could have waited longer but did not want to take any risk with that money, so I'm out for now.. Will see how things are when I come back.. I will let you know if I come across any important news..
GLA,
Siko