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Hi Cowichan,
This report (Ahram online) is not accurate. The author added the word (each) which is not correct.
The $60 million is the total figure of initial investment between all the 11 companies.
In the original Arabic video of the petroleum minister announcing the results, he did not say (each company), but he was talking about the initial investments committed in the first bid round. And in all his interviews afterwards he was talking about this bid round attracting $60 million initial investments.
It's in this video at 3:42
https://youtu.be/CVAduHruh2c
Title:
Surprise.. Naguib Sawiris is one of the winners..
https://economyplusme.com/52537/
AKH gold (English company) is one of the winners..
Altus Strategis owns 97% of AKH Gold..
La Mancha (owned by N Sawiris) is the largest share holder in Altus with 35% ..
Altus is listed in London and Canada stock market..
gjsrg, I don't know what's been allocated to who yet. This is the available information so far from the official EMRA website with updated maps for next round. Any or all of those three blocks would be great for Centamin I would think.
The petroleum minister said that the remaining areas (the unallocated blocks) will be offered for the next round of auctions from today till mid March 2021
EMRA has updated the map for the next round of auctions.
They took off the areas that were allocated to the 11 winning companies.
Sukari is the orange block, block CH78 as you can see on this link :
https://www.petroleum.gov.eg/ar-eg/mineral-resources/Documents/indexMap_Ar_09092020.pdf
All the areas attached to Sukari Block have been taken off (i.e allocated).
The blocks around Sukari that been taken off are:
DA78 (North)
CH79 (East)
CH77 (West)
Please check the interactive map at the bottom of this link (Sukari is the orange area next letter G)
https://www.petroleum.gov.eg/ar-eg/mineral-resources/Pages/EmraBidRound.aspx
Mr Youssef Elraghy stated earlier that Centamin applied for 4 areas where they studied and worked at before, so they don't just get allocated random areas.
Rebess, in the video, if you listen from 2:13 you will hear the names of the winners, first Centamin then Barrick
https://youtu.be/CVAduHruh2c
I'm still trying to find the details of the blocks..
https://youtu.be/CVAduHruh2c
Definitely La Mancha /Endeavour /Sawiris not mentioned (unless someone knows of a relationship between them and any of the winning companies).
Minister: The excellent news is that those companies can start work straightaway as part of the application procedure was that the standard contracts were uploaded to the electronic application site.
https://www.elwatannews.com/news/details/5053310
The above site published an actual copy of the document of the winning companies:
1: Centamin (Australian)
2: Barrick Gold (Canadian)
3: Lotus Gold (Canadian)
4: AKH Gold (English)
5: B2Gold (Canadian)
6: Red Sea Resources (Canadian)
7: MEDAF (Egyptian)
8: Al-Abbady (Egyptian)
9: North Africa Mining (Egyptian)
10: Nuba Mining (English)
11: EBDAA for gold (Egyptian)
I can't see La Mancha (Sawiris- Endeavour) on the list.. Very strange.. especially with the news from the petroleum minister today about stopping the discussions with Sawiris to buy Shlateen gold company.. I will watch the video of the conference to find out more...
https://www.elbalad.news/4580190
https://alborsaanews.com/2020/11/19/1400166
List of winning companies.. 4 local.. 7 international..
(Will update you with more details once they are out)
https://www.dostor.org/3262961
The petroleum minister is holding a press conference tomorrow where he is expected to announce the results of the recent gold licences auction.
If you remember from the last news report (The Minister of Petroleum and Mineral Resources, Eng. Tariq Al-Mulla, will officially announce the names of the winners of the bid within days at an international press conference that includes a large number of officials and ambassadors of some of the countries winning the bid)..
Today they announced that the petroleum minister has been in touch with the Australian ambassador and discussed gas production, mining and the recent auction results that would be officially announced soon.
The Australian minister confirmed that Australian companies are interested in mining in Egypt and taking part in auctions so that other companies join as well as Centamin.
Read this report under the title:
(Petroleum minister to ambassador of Australia: Announcing the winners of the international gold auction is soon)
https://www.elbalad.news/4577295
That means Centamin won at least one of the four specific areas they had applied for. I will keep an eye on the media and post anything else I come across, but please please please, whatever happens, don't shot the messenger. I'm posting everything I know and everything I come across, but obviously nothing is official yet..
https://www.dostor.org/3257691
Sat 14th Nov 4:54pm
The names of the international mining companies that won the gold bid in Egypt 2020:
Al-Dustour obtained a list of the names and details of the global mining companies that won the results of the global gold auction put forward by Egypt in March 2020, to search for gold and associated minerals in all mining areas in the Eastern Desert, Marsa Alam, the Red Sea and Aswan, before gets officially announced within days.
An official source at the Ministry of Petroleum and Mineral Resources revealed to Al-Dustour that the auction was closed on September 15 after receiving offers and sealed envelopes from a large number of international companies working in the field of gold and mining, as well as local companies, and as soon as the bid was officially closed, a committee was formed to the highest level for evaluating these offers according to the conditions and specifications set by the Mineral Resources Authority, in cooperation with major international companies such as Wood Mackenzie and Enppi, according to the executive regulations recently issued to the Mineral Resources Law and its amendments approved by the Prime Minister after Parliament approval, which stipulated the most important Two items of them, which are the separation of the search for production so that the search period is two years, which are renewed once with a license from the Minister of Petroleum and Mineral Resources without an agreement until the search work is completed, and in the event of a commercial discovery of gold, an agreement is made according to the executive regulations and a joint company is established between the Wealth Authority Mineral and the franchisor.
The source explained that among the companies winning the bid to explore for gold in the Eastern Desert and the Red Sea are:
-B2Gold Corporation.
-Barrick gold corporation.
-Centamin.
-la Mancha.
-Red Sea.
-MEDAF (kuwaiti-Egyptian).
And some local mining companies.
The Minister of Petroleum and Mineral Resources, Eng. Tariq Al-Mulla, will officially announce the names of the winners of the bid within days at an international press conference that includes a large number of officials and ambassadors of some of the countries winning the bid.
(Please translate the full article yourself as I'm not responsible for any of the contents. Siko)
I've just heard some news from Egypt.. I will just have to wait for a link to appear as I will never post something like that based on "I heard it myself" for obvious reasons...
I will try to update you as quick as I can..
All I could say is It's great news :)
Friday is the weekend in Egypt, while Saturday and Sunday are weekdays.. So if EMRA sticks to the guidelines and releases the results in a press conference by the 15th November, then the results should be announced Saturday or Sunday, in which case we would know from the media first, then the winning companies release the news on Monday.. That’s “if” EMRA sticks to the guidelines..
Sorry for the late reply as I was at work. I checked with someone who knows better than I do, and here are the points that I can write on a BB:
EMRA has put all the details of the tenders in a booklet/file, including the points they would “put into consideration” to choose the winning applicants.
This booklet/file had to be bought by all applicants before applying. It's one of the conditions to apply, so Centamin and everyone else knew all the details before applying , and Centamin still applied ( which tells you something).
Even one of the points to be considered is the percentage to pay in terms of royalties and to EMRA. They said many times that they would not just allocate based on the applicants to offer the highest percentage. EMRA and the petroleum ministry stated that they would consider all the technical and financial details, and the ability to deliver is also a big factor.
The Egyptian press always mention that Barrick, Centamin and La Mancha are the front runners competing for the licences.
If you look at La Mancha, on its own, it's way behind Centamin in terms of everything. Yes its has shares in Endeouver, but as an applicant on its own, Centamin is much better.. saying that, everyone knows that Sawiris (The owner of La Mancha) will win something.
If you look at the company's update on 14/1/2020 : (The company's management continues to undertake considerable exploration to extend its 11.0 million ounce resource base).. In Egypt, I would not worry much about resource/reserve.. EMRA and the petroleum ministry always talk about Al-Sukary holding more than 10m oz of gold.. They also refer to Al-Sukary producing on average 500k oz..
In his SkyNews interview, the petroleum minister said that they received excellent offers from national and international companies.. Do you think any of the national companies in Egypt has 10m oz resource/reserve and produced 500k in 2019 for the petroleum minister to say they received an excellent offer from them? In Egypt, it's all “guidelines”..
And one last important point, there are 320 blocks on offer, each one is around 170sq km.. plenty for everyone.. even the same area is divided into many blocks, so one good area could fit more than one company..
I'm not saying, and never said, that Centamin WILL win, but I would be very surprised if they did not..
This link also gives you an idea about everything.. even the title..
https://almalnews.com/%D9%85%D9%86%D8%A7%D9%81%D8%B3%D8%A9-%D8%A8%D9%8A%D9%86-3-%D8%B4%D8%B1%D9%83%D8%A7%D8%AA-%D8%B9%D8%A7%D9%84%D9%85%D9%8A%D8%A9-%D8%B9%D9%84%D9%89-%D9%85%D8%B2%D8%A7%D9%8A%D8%AF%D8%A9-%D8%A7%D9%84%D8%AA/
Siko
This is the latest about the new gold licences in Egypt:
-Mr Youssef El-Raghy stated that Centamin applied for FOUR areas where the company had studied and worked before, and those areas are promising with good results.
-EMRA published the criteria for choosing the winning companies (All fit Centamin perfect).
- EMRA has nearly finished studying and reviewing the applications and informing the winning applicants.
-The petroleum minister told SkyNews yesterday that the result is going to be announced in the coming few days.
-The auction guidelines stated that the result should be announced within 2 months of the closing date (15th Sept), so they are trying to stick to that and announce it before 15th November.
- I checked with a very reliable source at Centamin who confirmed to me that the result is expected anytime now.
-I also think that winning one or more of these licences, of course on top of adding another mine, would send a huge message of support for Centamin's court case as Egypt would not give a company a new licence if they believed the company did something wrong before..
-Based on all the above, and before it becomes too late or get caught by a surprise announcement, I bought some shares today, not much, but as much as I could afford, as hopefully the sentiment changes once the result is announced.
Here are some links for you:
(Some Arabic links may need to be opened using a laptop)
https://almalnews.com/%d9%85%d8%b3%d8%a6%d9%88%d9%84-%d8%ad%d9%83%d9%88%d9%85%d9%89-%d9%85%d8%b1%d8%a7%d8%ac%d8%b9%d8%a9-%d9%88%d9%81%d8%ad%d8%b5-%d8%b9%d8%b1%d9%88%d8%b6-%d9%85%d8%b2%d8%a7%d9%8a%d8%af%d8%a9-%d8%a7%d9%84/
https://almalnews.com/%d8%b3%d9%86%d8%aa%d8%a7%d9%85%d9%8a%d9%86-%d8%aa%d9%86%d8%a7%d9%81%d8%b3-%d8%b9%d9%84%d9%89-4-%d9%85%d9%86%d8%a7%d8%b7%d9%82-%d9%81%d9%89-%d9%85%d8%b2%d8%a7%d9%8a%d8%af%d8%a9-%d8%a7%d9%84/
https://www.elwatannews.com/news/details/5035937
GLA
Siko
Hi Thunder2040,
(Re- this is one of the worst boards I have seen)..
I know where you are coming from, but I disagree with you. This board has always been the best one by far , especially when Centamin used to be a stable share with the normal ups and downs, with mainly long-term holders here discussing the good and the bad. Even during the times of the court case, suspending the production and stopping gold exports when the SP went down to 20p, the discussion was great..
The problem now is that the 2 recent major drops in SP attracted many new faces who are either frustrated because they got locked in at a higher SP, shorters who want the SP to keep going down, or people who are sitting on the fence wishing for the SP to go down further so they could get in at a lower more attractive SP. This mix has deviated the board from its usual path.
I'm not a holder at the moment, but will look to buy, not much due to lack of funds, once the results of the recent EMRA tenders get announced, which could be soon. Centamin has applied for a few good areas and EMRA is in the process of looking at all the applications now after announcing the criteria for choosing the winning applicants. If Centamin wins any tenders, I will seriously consider getting in for the long journey, regardless of the SP, subject to cash availablity.
Siko
Sawiris: Centamin: After being down 20% 2 weeks ago as they revised downward production for Q4, they are now down another 20% as announcing guidance for 2021 significantly down and very high costs...Thank God Endevour’s offer was not accepted by their board.
El-Raghy: Sorry Naguib, despite all what you have mentioned, which is a true, Centamin is still much better Company than Endevour. A world class mine, nearly 400 million Us$ in the bank, no debt, and a market cap, Endevour can not afford.
Sawiris:I think you are out of touch ! Endevour has double the market cap of Centamin that would have done better if managed transparently and without to conflict of interests of your Family !
El-Raghy: I might be out of touch Naguib, but sure I know a good mine when I see one. compare the quality of the assets, The resources and reserves, the strength of the balance sheet and the return on investment, I need not mention the quality of the Sukari people they are the best.
Hello everyone,
Sorry to interrupt your discussions, but I think this is very important and something I have not come across before...
I think Centamin might need your help..
Mr. Naguib Sawiris posted a tweet on Wednesday criticizing Centamin after the RNS..
To my surprise, Mr. Sami El-Raghy replied to the tweet a few hours ago , and Sawiris replied back..
The tweets are not nice at all, a bit personal from Sawiris and it's like a war between Centamin and Endeaouver..
The clever ones here could give Mr. El-Raghy a hand..
Just search (Naguib Sawiris) and see today's tweets and the one from 2 days ago...