Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
Hi Razors,
Ok let's do this.. the English sites ignored the mining part and only focused on the energy part, but if you have a look at this English site :
https://egyptindependent.com/egypts-prime-minister-briefed-on-prospects-for-mining-energy-sectors/
You will see that at the very bottom it says (Edited translation from Al-Masry Al-Youm), and this is the original link from Al-Masry Al-Youm:
https://www.almasryalyoum.com/news/details/1465887
All the English sites used translations from the Egyptian sites, but did not bother to translate the full report. And this is the official link on the government site with all the details:
http://sis.gov.eg/Story/198259/%D8%B1%D8%A6%D9%8A%D8%B3-%D8%A7%D9%84%D9%88%D8%B2%D8%B1%D8%A7%D8%A1-%D9%8A%D8%B3%D8%AA%D8%B9%D8%B1%D8%B6-%D9%86%D8%AA%D8%A7%D8%A6%D8%AC-%D8%AA%D9%82%D8%A7%D8%B1%D9%8A%D8%B1-%D8%A3%D8%B5%D8%AF%D8%B1%D8%AA%D9%87%D8%A7-%D9%85%D8%A4%D8%B3%D8%B3%D8%A9-%D9%81%D9%8A%D8%AA%D8%B4-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A%D8%A9-%D9%84%D9%84%D8%AA%D8%B5%D9%86%D9%8A%D9%81-%D8%A8%D8%B4%D8%A3%D9%86-%D9%88%D8%A7%D9%82%D8%B9-%D8%B3%D9%88%D9%82-%D8%A7%D9%84%D8%B7%D8%A7%D9%82%D8%A9-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A?lang=ar
http://gate.ahram.org.eg/News/2364644.aspx
Asst Prime Minister said:
Prime Minister Mostafa Madbouli reviewed a report by the Cabinet Information and Decision Support Center on the results of a report by Fitch Ratings in January 2020 on the Egyptian mining and energy market.
The report by the global leader in credit ratings included expectations for the mining and energy sector in Egypt in the near future and some speculations for the coming eight years in light of the current situation in the country.
Fitch expects a strong expansion in gold mining in Egypt.
Centamin is expected to become a major player in the development of the mining sector in Egypt in the next few years.
RNS 25/2/2019.. CEY paid royalties 21m dollars during 2018 (for 472k production).. which makes it around 360m Egyptian pound (dollar those days was around 17-18 LE.. so 400million Egyptian pound is very reasonable with 520-540k target, not considering any gold price..
https://drive.google.com/file/d/1FZJpo0UFc742nA9z2BUm4YX_FNPcDnBk/view?fbclid=IwAR2U0PbbX0v_tanil7AVAosYge2mFFjAlrxdu-B_aAUBgpMaTkxX75T9Df0
I managed to get the full official copy of the executive regulations of the new mining law. Unfortunately I only have it as a PDF file in Arabic which I posted the link to it.
The main points to mention are:
EMRA has the right to form or share a company for exploration and exploitation, either solely owned by EMRA or in partnership with others UNLESS IT IS AN AGREEMENT BY LAW.
Gold royalty is 5% from annual production.
1% from annual production is for local development (local schools, hospitals, etc..).
These were the only financial details in the executive regulations.
Spot, Re- (I'm confident that EMRA are as eager for centamin to expand outside the 3k as we are).
That's definitely correct and the proof is that the appeal to get back the whole 160km area is not just filed by Centaim (appeal No 3951), but there is also an appeal filed by EMRA (appeal No 3997) and another appeal by the Egyptian State Lawsuit Authority ESLA (appeal No 6045).
If you do a search on ESLA , you will find that its job is to represents the “interests” of the state in a variety of areas before national and international courts and arbitral tribunals.. so they decided to join the appeal because it was in the interest of the state.
I know it's been a long time since our last court case update and it seems like a lot of people forgot where we are... I also had to dig in all my court case papers to get the dates and the facts correct..
The initial ruling on 31st October 2012 by the Administrative Court declined Al-Fakharany's request to cancel the agreement as it's a law, but because the signed exploitation contract for the 160sq km area was not submitted, the court decided to only approve the 3sq km area that was initially allocated to Centamin and the court made it clear that the ruling was due to the absence of the approval (signed contract).
In the appeal, Centamin submitted the signed contract (I posted a link for the signed contract here before).
On 20th March 2013, the Supreme Administrative Court (SAC) made a ruling suspending enforcement of the judgement issued by the Administrative Court on 30 October 2012 until a final decision on the merits of the appeal is given. This judgement supersedes the notice of "objection to enforcement" which has been in place since 31 October 2012 and effectively allows normal operations at Sukari to continue throughout the appeal process. (Centamin released an RNS that day confirming that).
I hope that explains clearly where we are from the 160sq km area..
https://www.alarabiya.net/ar/aswaq/economy/2020/01/16/%D9%85%D8%B5%D8%B1-%D8%A7%D9%84%D8%AD%D8%AF-%D8%A7%D9%84%D8%A3%D9%82%D8%B5%D9%89-%D9%84%D8%A7%D8%AA%D8%A7%D9%88%D8%A9-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D8%A9-%D8%A8%D9%82%D8%A7%D9%86%D9%88%D9%86-%D8%A7%D9%84%D8%AB%D8%B1%D9%88%D8%A9-%D8%A7%D9%84%D9%85%D8%B9%D8%AF%D9%86%D9%8A%D8%A9-20-.html
Investors are still waiting for a full detailed copy of the executive regulations of the new mining law as what was published yesterday was a brief by the petroleum ministry. Today, news emerged that they cancelled the need to form a joint company between the investor and EMRA (i.e like Alsukary company) which is great news for investors.
http://gate.ahram.org.eg/News/2349424.aspx
Just some bits and pieces of the executive regulations, can't find yet the full financial details..
https://alborsanews.com/2020/01/14/1285328
El-Raghy: Endeavor has requested 52% of the new company's shares and management right.
Youssef Al-Raghy, General Manager of "Centamin Egypt" Company and Managing Director of Al-Sukari Gold Mines Company, told "Al Borsa", that Endeavor Mining Company asked for 52% of the company that will result from its merger with Centamin, which was rejected by the company.
Hi Dansul, sorry just seen your question about the new mining law. The petroleum minister stated today that the executive regulations of the new mining law have been finalised, been approved by the state council and just waiting to be announced by the council of ministers in the next few days.
(It's widely expected that the new regulations would scrap the profit/production share scheme and adopt taxes and royalties scheme instead.. we will know the exact figures soon).
As to today's news, I'm very happy to get the confirmation that the offer drama has come to an end.. what a relief..
https://www.endeavourmining.com/news-releases/press-release-details/2020/Endeavour-Announces-Termination-of-Merger-Discussions-with-Centamin-PLC/default.aspx
Endeavour Mining Corporation (TSX:EDV) (OTCQX:EDVMF) (“Endeavour”) has been informed by Centamin plc (“Centamin”) that it does not intend to seek an extension to the January 14, 2020, PUSU deadline. Given the lack of information received, Endeavour confirms that it does not intend to make a firm offer for Centamin and therefore the merger discussions have been terminated.
Commenting on this, Sebastien de Montessus stated:
“We remain convinced about the strategic rationale of combining Endeavour and Centamin to create a diversified gold producer with a high-quality portfolio of assets. The quality of information received during the accelerated due diligence process has been insufficient to allow us to be confident that proceeding with a firm offer would have been in the best interests of Endeavour shareholders.
We continue to be disciplined in relation to business development opportunities and remain sensitive to dilution of our shareholders given the significant improvement in our business over the past four years. Following a period of significant investment, our business is now well positioned to generate significant cash flow as demonstrated with our net debt reduction of US$52 million in Q3-2019 and a further circa US$77 million in Q4-2019.”
As a result of this announcement, Endeavour and any person acting in concert with it will, except with the consent of the Panel on Takeovers and Mergers (the “Panel”), be bound by the restrictions contained in Rule 2.8 of the City Code on Takeovers and Mergers (the “Code”) for a period of six months from the date of this announcement.
Under Note 2 on Rule 2.8 of the Code, Endeavour, and any person acting in concert with it, reserves the right to set aside the restrictions in Rule 2.8 of the Code in the following circumstances:
if the board of Centamin agrees;
if a third party announces a firm intention to make an offer for Centamin;
if Centamin announces a whitewash transaction or a reverse takeover pursuant to the Code; and/or
if there has been a material change of circumstances (as determined by the Panel).
Hi Dasut,
Mr N Sawiris and his brothers are by far Egypt's No.1 business family. From the outside, you could not say that they are influential as such, his brothers keep very low profiles, but of course their business is vital for the Egyptian economy. Their reputation is brilliant and as far as I know never been accused of any wrongdoings despite the widespread of corruption and bribery in Egypt.
We don't know what happens behind the scenes though, this is from the outside..
If you are asking to get the feeling whether Mr Sawiris could apply a pressure on EMRA to apply pressure on Centamin regarding the merger offer, I honestly don't know.. of course Mr Sawiris knows all the top people in Egypt very well, and last November he was on TV and mentioned that he has been conducting meetings for months with the PM and the petroleum minister to start a gold project in Egypt.. here is the link for what he said:
https://m.elwatannews.com/news/details/4413895
https://enterprise.press/stories/2020/01/12/endeavour-to-make-new-merger-offer-for-egypt-focused-centamin-within-days-sources-9651/
Sunday, 12 January 2020
Endeavour to make new merger offer for Egypt-focused Centamin within days -sources.
M&A WATCH- Endeavour to make new offer for Centamin within days, sources say: Canada’s Endeavour Mining is set to lodge in “a few days” a new, higher offer to acquire Egypt-focused Centamin, Al Mal reported, citing sources close to the matter. There’s also a possibility that we could be seeing a rival offer from another “major gold company.”
We already know that Endeavour’s last chance is Tuesday: Centamin received approval from a UK regulator late last month to give Endeavour an extension for a “put up or shut up” deadline that was triggered when Endeavour made an initial takeover offer, which Centamin had rejected. The new deadline is now Tuesday. The deadline extension came amid mounting pressure from major shareholders in both companies, including VanEck International Investors and US-based BlackRock. Naguib Sawiris’ La Mancha, the largest shareholder in Endeavour, has also urged Centamin to make the merger work.
This all comes as Centamin’s operations in Egypt are doing well: The London-listed gold miner reported a 51% y-o-y increase in 4Q2019 production at its Sukari gold mine in Egypt during 4Q2019, according to a press release. Centamin produced 148,387 ounces of gold from the mine during the quarter, marking the strongest performance since the end of 2017.
2020 the numbers have a nice feel I'm optimistic : Donald Trump will not be next President, North Korea will unite with South Korea , UK will regain its past glories , Erdogan will be toppled , Syria,Lybia and Iraq will be libirated from foreign troops and Gold will hit 2000 :)
— Naguib Sawiris (@NaguibSawiris) January 1, 2020
Mon 30th Dec:
http://gate.ahram.org.eg/News/2343235.aspx
https://www.masress.com/amwalalghad/1272214
In the official annual statement of the ministry of petroleum which was published this morning, the petroleum minister stated that during 2019 Al-Sukary so far sold 482k oz of gold, totalling 650m dollars in sales, generating 19.5m royalties.
https://economyplusme.com/19821/
In a strange move, the council of ministers today issued a draft of a law similar to law 32 to protect all contracts awarded by an investment trust headed by President Al-Sisi from any legal challenges.. Exactly the same wording of law 32.. to the letter.. and now will see what the parliament would do with the draft.. will be very interesting..
I find it really strange to issue a law very similar to one that is being challenged at the Supreme Constitutional Court!!