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Posted at 12/10/2009 12:34 by miyk Jackal 2 - thanks, cey has lots of potential. could see it doubling!!! Your a genius. Fantastic news release 07 oct 09AIM CANCELLATION AND ADMISSION TO OFFICIAL LIST (Centamin Egypt) TIDMCEY AIM CANCELLATION AND ADMISSION TO OFFICIAL LIST Immediate Release 7 October 2009 Centamin Egypt Limited ("Centamin" or "the Company") (TSX:CEE, ASX:CNT, AIM:CEY) AIM CANCELLATION AND ADMISSION TO OFFICIAL LIST On 04 August 2009 the Company announced its intention to apply for admission of its ordinary share capital to the Official List of the UK Listing Authority (the "Official List") and to trading on the London Stock Exchange's Main Market for listed securities (the "Main Market"). Centamin hereby gives notice, pursuant to Rule 41 of the AIM Rules for Companies, of the intended cancellation of admission to trading of the Company's issued share capital on AIM. It is expected that the Company's ordinary shares of no par value each will be simultaneously admitted to the Official List and to trading on the Main Market and simultaneously cancelled from trading on AIM on or around 05 November 2009, subject to the receipt of the necessary approvals from the UK Listing Authority and the London Stock Exchange. Investors should consult their own tax advisors as to the tax implications of the move to the Official List and the Main Market. A further announcement will be made in due course. For Centamin Egypt Limited Josef El-Raghy Managing Director/CEO 07 October 2009 |
Posted at 11/9/2009 06:06 by the player_009 Camec in a battle for one of the world's choicest platinum concessionscompany news image (Author: Barry Sergeant, Mineweb.com) An international incident is quietly forming up over Bougai, one of the world's choicest platinum properties, in an increasingly fiendish battle between London-listed Camec, and Kameni, a shadowy unlisted South Africa-based entity. Camec, Central African Mining & Exploration Company Plc, announced on 11 April 2008 that it had acquired 60% of Todal, which owns the Bougai and Kironde concessions near Gweru, Zimbabwe For its 60% in Todal, Camec paid US$ 5m in cash, and issued 215m of its shares, worth about £100m at the time. Camec also loaned US$ 100m to Todal's parent company in order to facilitate the start up of building a mine at the concessions. For these efforts, Camec learned later in 2008 that ownership of the Bougai concession was being hawked around by Kameni, in an effort, apparently successful, to raise hundreds of millions of rands (among other currencies) from investors. As 2008 wore on, Kameni started to widely advertise that it controlled Bougai. In marketing materials, Kameni claims that its subsidiary Mid-Ma Platinum (74.9% held by Pomachan, a 100% subsidiary of Kameni) holds Bougai. In December, with the global platinum sector in absolute crisis, Kameni announced plans to raise R6.5bn (about US$630m) on the Johannesburg bourse, by mid-2010, "the funds being intended to build platinum and chrome mines in South Africa and Zimbabwe". On 5 March 2009, Kameni further announced that "it had raised R300 million - its minimum capital raising requirement - in a seed capital raising to fund its exploration programme in South Africa and Zimbabwe". Kameni advised further that its "two major assets - the near-surface PGM [platinum group metal] Kalkfontein Project in South Africa and the surface PGM and chrome Bougai Project in Zimbabwe - lend themselves to rapid exploration, development and cash-generating mining". For days and weeks and months, Kameni's executives and/or directors have persistently declined requests for any interview to explain Kameni's claims to Bougai, but have instead supplied limited and incomplete answers via "strategic communication" entity Russell and Associates in Johannesburg. On 16 July 2009, James Duncan of Russell and Associates stated: "At the time the seed capital raising took place, there was no dispute regarding rights to the Bougai claims". It was on 19 February, while the seed raisings were taking place, that Walter Shamu, MD of Todal, wrote Stephen Gorven, CEO of Kameni. Shamu pointed out in no uncertain terms that Kameni's "marketing materials" referring to Kameni's "Bougai" project apparently pointed to an "overlap with existing Todal claims". Shamu urgently requested a meeting to resolve the issues. With a full blown dispute in the background, Kameni's seed raising continued. The battle had been brewing for months. More than two months previously, on 5 December 2008, Shamu wrote the mining commissioner, Gweru, expressing alarm that Kameni's Mid-Ma was apparently claiming rights "over mining claims already granted to Todal". Duncan states that "Kameni had - and still has - documentary proof of its rights to the claims from the appropriate authority including original certificates of registration and letters of confirmation of their validity from the Zimbabwean Mines Department", but has not supplied copies of such materials, or anything else. With Duncan clearly suggesting that Bougai has been sold twice, he also states that: "as we have said to you at least twice now, the matter has been referred back to the appropriate authority, the Zimbabwean Ministry of Mines, for clarification and Kameni is confident of an outcome in its favour". Again, Kameni has not supplied proof of such a process. Nothing that Duncan states checks out. Information available - of which there is no real shortage - indicates that Kameni's "claims" in Zimbabwe - Bougai is not the only one - have been annulled and repudiated by the relevant authorities. Dominique Mabayiwa, CEO of the Zimbabwe Minerals Development Corporation (ZMDC), which owns the balance of 40% in Todal, mentions the word "motive" when asked about Kameni's conduct. He also speaks for the Zimbabwe government, given the ZMDC's status as a parastatal. Duncan states that "from the outset, Kameni has and continues to act in terms of the best legal advice in both South Africa and Zimbabwe", but, again, provides no details, evidence or anything else that would throw light onto Kameni's bizarre and twisted trail. For now, investors who ploughed hundreds of millions of rands into Kameni will simply have to sit on the edge of their seats. |
Posted at 09/9/2009 15:24 by bobbyewing MINING IN AFRICA Platinum spat turns ugly It's London-listed Camec vs. Kameni in a battle for Bougai, one of the world's choicest platinum concessions. Author: Barry Sergeant Posted: Wednesday , 09 Sep 2009 JOHANNESBURG - An international incident is quietly forming up over Bougai, one of the world's choicest platinum properties, in an increasingly fiendish battle between London-listed Camec, and Kameni, a shadowy unlisted South Africa-based entity. Camec, Central African Mining & Exploration Company Plc, announced on 11 April 2008 that it had acquired 60% of Todal, which owns the Bougai and Kironde concessions near Gweru, Zimbabwe For its 60% in Todal, Camec paid US$ 5m in cash, and issued 215m of its shares, worth about £100m at the time. Camec also loaned US$ 100m to Todal's parent company in order to facilitate the start up of building a mine at the concessions. For these efforts, Camec learned later in 2008 that ownership of the Bougai concession was being hawked around by Kameni, in an effort, apparently successful, to raise hundreds of millions of rands (among other currencies) from investors. As 2008 wore on, Kameni started to widely advertise that it controlled Bougai. In marketing materials, Kameni claims that its subsidiary Mid-Ma Platinum (74.9% held by Pomachan, a 100% subsidiary of Kameni) holds Bougai. In December, with the global platinum sector in absolute crisis, Kameni announced plans to raise R6.5bn (about US$630m) on the Johannesburg bourse, by mid-2010, "the funds being intended to build platinum and chrome mines in South Africa and Zimbabwe". On 5 March 2009, Kameni further announced that "it had raised R300 million - its minimum capital raising requirement - in a seed capital raising to fund its exploration programme in South Africa and Zimbabwe". Kameni advised further that its "two major assets - the near-surface PGM [platinum group metal] Kalkfontein Project in South Africa and the surface PGM and chrome Bougai Project in Zimbabwe - lend themselves to rapid exploration, development and cash-generating mining". For days and weeks and months, Kameni's executives and/or directors have persistently declined requests for any interview to explain Kameni's claims to Bougai, but have instead supplied limited and incomplete answers via "strategic communication" entity Russell and Associates in Johannesburg. On 16 July 2009, James Duncan of Russell and Associates stated: "At the time the seed capital raising took place, there was no dispute regarding rights to the Bougai claims". It was on 19 February, while the seed raisings were taking place, that Walter Shamu, MD of Todal, wrote Stephen Gorven, CEO of Kameni. Shamu pointed out in no uncertain terms that Kameni's "marketing materials" referring to Kameni's "Bougai" project apparently pointed to an "overlap with existing Todal claims". Shamu urgently requested a meeting to resolve the issues. With a full blown dispute in the background, Kameni's seed raising continued. The battle had been brewing for months. More than two months previously, on 5 December 2008, Shamu wrote the mining commissioner, Gweru, expressing alarm that Kameni's Mid-Ma was apparently claiming rights "over mining claims already granted to Todal". Duncan states that "Kameni had - and still has - documentary proof of its rights to the claims from the appropriate authority including original certificates of registration and letters of confirmation of their validity from the Zimbabwean Mines Department", but has not supplied copies of such materials, or anything else. With Duncan clearly suggesting that Bougai has been sold twice, he also states that: "as we have said to you at least twice now, the matter has been referred back to the appropriate authority, the Zimbabwean Ministry of Mines, for clarification and Kameni is confident of an outcome in its favour". Again, Kameni has not supplied proof of such a process. Nothing that Duncan states checks out. Information available - of which there is no real shortage - indicates that Kameni's "claims" in Zimbabwe - Bougai is not the only one - have been annulled and repudiated by the relevant authorities. Dominique Mabayiwa, CEO of the Zimbabwe Minerals Development Corporation (ZMDC), which owns the balance of 40% in Todal, mentions the word "motive" when asked about Kameni's conduct. He also speaks for the Zimbabwe government, given the ZMDC's status as a parastatal. Duncan states that "from the outset, Kameni has and continues to act in terms of the best legal advice in both South Africa and Zimbabwe", but, again, provides no details, evidence or anything else that would throw light onto Kameni's bizarre and twisted trail. For now, investors who ploughed hundreds of millions of rands into Kameni will simply have to sit on the edge of their seats. |
Posted at 24/7/2009 10:51 by dealy I am certain that we would be much higher right now if the company had not mentioned the approaches. The reason is that people have become very sceptical of failed approaches and so the bid premium is zero. Meanwhile investors seem half convinced that the shares will plummet if no deal is done.Such perverse logic but that's the stock market for you. Ultimately I am confident that the company's assets are highly valuable and a buyer will try to get the company relatively cheaply now while investors are still nervous and weak. I still think an offer of at least 25p will be tabled in the coming days. |
Posted at 18/7/2009 14:43 by dealy The price on the screen reflects caution by investors that no deal will be done coupled with the fact that equities in general are still very weak (despite last week's rally). Confidence and risk appetite are still very low. We shouldn't forget that sentiment was so depressed a few months ago that these shares were selling for as low as 2p. Just because the shares closed at 15p on Friday doesn't mean investors think that is the price that will be offered in a takeover. |
Posted at 18/7/2009 08:15 by dealy The shares were 15p in June even without takeover approaches being announced. Since then we've had the Chinese Cobalt deal announcement and the improved valuation of the platinum assets and a huge market run this week.No direct investor in Camec from the last 3 years would even have a profit at a takeover price of even 50p. What will Praire think of any offer given that they now own about 35% of Camec after the Mukondo deal from 15 months ago? They will be a key player in any offer acceptance process. Personally I see the following happening over the next few weeks: a) Camec releases results next week (they were released this time last year) and provides an update on trading since the end of March. From this the current run rate of the company can be assessed. I expect that the current run rate at least will be highly cash flow generative. This will put a floor on the valuation b) The board will then use this opportunity to inform investors and potential buyers of the fair value of the company c) At least one of the potential buyers will move fast to table a reasonable offer on the basis that many investors will sell below full value just to get some cash. I think that level is about 25p. If Praire (Gertler) are happy to hold then we are all in this for the long run. Alternatively a competing offer could come in. This time last year the shares were 60p. There has been no dilution since then and NAV at the last full year results was 37p per share (£1.05 billion). Those assets have increased in value since then. |
Posted at 17/7/2009 14:29 by speculating Your empathy could not be more misplaced chops - I'm very happy, and wasn't foolish enough to get suckered into endowment policies in the 80's or pensions in the 90's to present thanks... UK Shares over the last 10 years yes - but not bitter... In fact when finished with the NYSE stock in the coming weeks - I will still be overall up financially by quite some margin. It's never been a viable business though shares, or worth the massive amounts of time and stress very often. You spend weeks doing really well trading on banks like LLOY and RBS making up to 50% profit, to then see most of the same profit wiped out within a few days on some AIM stock by thieving MMs.. The proven useless FSA being financed by the same MMs.. UK shares for around 10 years has been nothing but an elaborate scam. All shares are controlled and mmanipulated by a group of MM companies, and their only real interest is to try and steal as much money as possible from private investors, via whatever means.. I should have read the warning signs much sooner but got caught up in all of 2008 and other problems this year. In another business, I inadvertantly won a customer who was a seniour officer in Bears Stern who shared for over an hour how entirely bent and corrupt the City had become, because they had lost hundreds and hundreds of millions of pounds over NRK, the rulebooks had gone out the window, and MM dealers and every company was fighting for survival, stealing whatever money they could possibly systemically get, especially from soft targets like Private investors - called sheep in the City. There were also other key signs regarding what was evolving - but unfortunately I still became entrapped within shares again in 2008 and have had to continue as best as possible since. MANY were wiped out entirely, MOST are at least 50% to 66% down - but I've actually done relatively okay, and am certainly not bitter. The break into an international share on the NYSE has been amazing and I wont be looking back at any UK shares. The entire sesspit of evils is bent and loaded against you - and nothing has been changed. Only a fool would remain in UK shares, especially on the frontline trying to trade. The LSE having become nothing more than a bent loaded casino, with most people still left on advfn, being addicted gamblers on horses and many other vices. The wise need to consolidate asap and look to exit safeguarding whatever monies are left. |
Posted at 17/7/2009 14:23 by eish Speculating,You might enjoy this article from minesite in 2004: "April 27, 2004 Sunday Times Reports That The AIM Authorities And FSA May Be Investigating Dealings In Phil Edmonds" Companies According to the Prufrock column in the Sunday Times both the Stock Exchange authorities and the Financial Services Authority are taking a look at share price movements which took place in three of ex-cricketer Phil Edmonds" companies back in January. On January 25th our London Correspondent reported in That Was The Week That Was . in London, Australia and Canada as follows "And finally, an interesting coincidence. All three of the junior mining companies controlled by Phil Edmonds had gained exactly 28 per cent by the close last week. One of them, Southern African Mining, did at least put out a proper news release, informing us that it had acquired a PGM prospect in Botswana and that Roy Pitchford (CEO of Zimplats) had joined the board as a non-exec. Central African Mining announced completion of a fundraising and Capricorn, as usual, announced precisely nothing." In Australia a speeding ticket would have been issued on the spot by the ASX and an explanation demanded. If that explanation was not satisfactory the shares might have been suspended while an investigation took place. Not in London. Here the onus is laid equally on the nominated adviser to the company, its broker and the regulatory authorities to check unusual price movements by AIM listed companies. The result is that none of them bear full responsibility, and who is the nominated adviser to most of the Edmonds companies? None other than our old friend Grant Thornton which played such a heroic role as nominated adviser to the disastrous listing of Bullion Resources. Gerry Beaney at Grant Thornton pleads that he cannot make a comment on any possible action by the LSE or FSA and he is in a somewhat embarrassing position as his colleague, Brian Moritz, is a director of some of Edmonds" companies. Back to the reported investigation of the synchronised price movements in January. Phil Edmonds says that he has not been approached by either the AIM regulators or the FSA. Maybe there are letters in the post, but it seems odd that Prufrock should get the story before Edmonds has been contacted. Three months is quite a time to wait before asking questions and it is not as if nothing odd has happened with the Edmond companies in the meantime. At the end of March our Phil listed yet another mining company with no assets called Central African Gold to join Capricorn which still has no assets a year after listing. Minews queried this new fashion of listing junior mining companies with no assets with the AIM authorities and received the following answer from Richard Webster-Smith a few days later. "Thank you for sending your recently published article regarding Central African Gold, the following is our response to some of the points you raised: AIM is a specialist growth market and was specifically designed with the needs of smaller, fast-growing companies, including startup companies with a limited trading history or relatively few fixed assets in mind. Whilst such companies can raise capital on AIM, they must also fully and continuously disclose all relevant information regarding their financial position to the market so potential investors can make an informed decision about whether to invest in that company or not. In addition, the following points need to be made in response to specific issues raised in your article: .A company"s placing price is based on its valuation. The placing price is set by the company itself, in consultation with its nominated adviser, and it is not unusual for this to be discounted slightly in order to attract investors. .A company is responsible for the composition of its own board and must meet requirements outlined by the Companies Act. Again, AIM rules require that all relevant information about Directors" backgrounds and current/past directorships is fully disclosed. .It is a nominated adviser"s responsibility to discharge any questions related to the independence of directors and to demonstrate that there are effective Chinese Walls in place in the case when a related person is a director and/or shareholder of an AIM company that they also act as nominated adviser for. If there are any other issues that you would like to discuss then please get back to me on the numbers below." Minews saw little point in continuing the dialogue, but at the same time our London Correspondent made the following comment in his weekly round-up on April 4th. "The second best gain was made by last week"s star listing, Central African Gold. The stock put on a further 46 per cent to close at 14.25p, though during the week the stock traded at the magic 15p level, triggering the issue of the next batch of options to Phil Edmonds and his friends. Will they now push the stock to 25p to capture the last tranche currently available, or will reality set in? Who knows, and frankly who cares - the AIM regulator certainly shows no sign of doing so. Let us remind ourselves that this company now has a market capitalisation of £22m, yet its only asset is the £1m of cash raised in the flotation last week. It has no mining assets and (according to last week"s prospectus) is nowhere near getting any. Yet it is apparently worth more than most of London"s more serious exploration juniors - companies with solid professional management and good prospects to work on." If the AIM regulator wants to be seen to have some teeth it should have a close look at the dealings that took place in Central African Gold after its March listing as well as the trades in Southern African Mining and Central African Mining and Capricorn back in January. If it does not, there is a danger that London"s junior mining sector will get the reputation of Perth or Vancouver in the bad old days when anything was possible. Shareholders will not be happy if these balloons crash back to earth again, still without assets, but doubtless the advisers will continue to collect their fees." |
Posted at 07/2/2009 16:33 by josels Interesting article, It does not mention CAMEC, however it makes in my opinion a good reading.Ready for a rally? Dec 30th 2008 From The Economist print edition Markets could decouple from the economy in 2009-in a pleasant way for equity investors Illustration by S. KambayashiSOOTHSAYIN In late 2007 Buttonwood ventured to forecast that both commercial property and eastern European economies would be a source of trouble in 2008. Although those predictions turned out to be right, neither was remotely close to being the big story of the past 12 months. The sheer scale of the damage wrought on the banking sector by the credit crunch was a surprise to almost everyone. It is true that some people forecast that the debt burden of English-speaking consumers would lead to economic calamity, but many of those Jeremiahs had been predicting disaster for a decade or so. If 2008 was the year of systemic risk, particularly in the financial sector, 2009 seems likely to be a year dominated by specific risk. In other words, we can be sure that more companies will default on their debts. The current default rate on American high-yield bonds is less than 4%. Barclays Capital is predicting a rate of 14.3% by the second half of 2009. Inevitably some of the defaulters will drag other companies down with them. Equally certain is that the downturn will lead to the emergence of financial scandals, along the lines of Enron and WorldCom in 2002. Recessions uncover what auditors do not, as the old saying goes. But corporate collapses would hardly count as the big surprise of 2009. What would? Country risk also returned in the course of 2008, with Iceland the most notable example. But although emerging-market bond spreads have widened, they have not done so to anything like the same extent as high-yield debt. There may be some more country defaults in 2009, as export volumes and commodity-related revenues slump, and as Western banks, under political pressure, focus on domestic rather than international lending. Markets have a terrible tendency to inflict maximum pain on the maximum number of investors. For example, if the consensus is bearish on the dollar, investors will be positioned for a decline in the American currency. If the greenback then rises, investors are forced to buy the dollar, pushing the currency up even further. David Bowers of Absolute Strategy Research argues that investors are positioned as if 2009 will see a rerun of the 1930s Depression, having sold equities and commodities and pushed government bond yields down to very low levels. But what if all the measures taken by governments and central banks actually work? Interest rates have been slashed, taxes have been cut, money has been bumped into the banking system. The effect of these policies might come through in 2009, since both monetary and fiscal policy always take a while to have an effect. Mr Bowers reckons that the fourth quarter of 2008 may have seen an "inventory shock". Faced with credit constraints and forecasts of plunging consumer demand, companies slashed production. The result is that they are entering 2009 with very low inventories. If consumer demand turns out to be better than expected, then companies may find themselves desperate to get hold of components and raw materials. Pricing power will return and commodity prices will shoot back up. That would definitely count as a big surprise. Morgan Stanley, for example, is forecasting a fall of 30% in capital expenditure between now and mid-2010. If Mr Bowers is right, low government-bond yields could lose their appeal and equities could rebound. Income-seeking investors seem unlikely to get much of a return from cash this year. An equity rally could occur even if the global economy is in for a prolonged period of weakness. Two of the best years for Wall Street in the 20th century were 1933 and 1935, despite the severity of the Depression. The value of the London stockmarket more than doubled in 1975, in the midst of a stagflationary crisis and the year before Britain had to ask the IMF for an emergency loan. For much of late 2007 and early 2008, many people in the "real economy" wondered what the financial sector was panicking about. It was only in the autumn that business conditions turned savagely down. By extension, it is quite possible that in the course of 2009 company executives will be bemoaning a slump in both demand and profits at a time when stockmarkets are rallying in anticipation of recovery in 2010 |
Posted at 09/10/2008 16:55 by 33sds The chinese conspiracy :Oct 08, 2008 (BBC Monitoring via COMTEX) -- Zhonghui International Investment Limited, a Chinese group of companies, says it would invest 2bn dollars in various sectors to include the construction of a copper smelter with a production capacity of 310 tonnes per year in North-Western Province. And government says the Chambishi Multi-Facility Economic Zone is not only for Chinese investors, but that other international investors were welcome. Zhonghui has also expressed interest in investing in virginia tobacco farming in Zambia due to the country's good climate. The firm's subsidiary, Zhonghui International Mining Industry Group Limited (ZIMIGL) has invested 500m dollars in copper exploration activities on the Copperbelt. ZIMIGL vice-president Charles Shi said in Ndola yesterday that the company was exploring for copper along the Chingola-Luanshya stretch in Ichitimpi, Chipupu and Itimpi. He was speaking when his entourage paid a courtesy call on Copperbelt Minister, Mwansa Mbulakulima. Mr Shi said the company would construct a smelter in North-Western Province that would be leased to other interested mining companies. "The finances meant for investment in the mining industry in Zambia is too much for the mining activities being done so far. We are also trying to look for land to explore minerals in North-Western Province where we intend to construct a smelting plant," he said. Mr Shi, who is Zhonghui Mining Industry Zambia Limited (ZMIZL) president said the exploration was going on well in the three regions, but that no tangible results have come up yet. ZMIZL has employed 120 local workers while 100 are Chinese expatriates. The company has requested for land to construct company houses for its staff. Mr Shi said the company would also venture into agriculture, citing tobacco growing as one of the preferred sectors. The entourage also visited the site next to where a stadium would be constructed by the Chinese government and expressed interest to construct a hotel and a shopping mall. Mr Mbulakulima said the Chambishi Multi-Facility Economic Zone was for all international investors. He said the Chinese investors were the ones that were responding on time in the development of the zone. Mr Mbulakulima challenged other investors to take advantage of the facility by setting up companies. He said Zambia and China had established sound cooperation that would result into the economic growth in the country. Copperbelt Province permanent secretary, Jennifer Musonda, challenged the investors to consider establishing a gemstone plant. "Our country is endowed with precious stones currently exported in rough form without value addition," Mrs Musonda said. Source: Zambia Daily Mail website, Lusaka, in English 8 Oct 08 |
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