Centamin Share Discussion Threads

[rovi70] 15/8/2018 16:51

Josef El-Raghy,he knew when to sell!

[rovi70] 15/8/2018 16:47

Egyptian minister joins the board.

[fenners66] 14/8/2018 16:29

Seems like the legal moves take forever...

[fenners66] 14/8/2018 16:28

As a rough guide 8% for 10 years would take that $22.7m up to $49m

[fenners66] 14/8/2018 16:25

From the interim accounts Note 18

"the group received a further demand from Chevron for the repayment of fuel subsidies received during the period from late 2009 through to January 2012, for EGP403 million (approximately US$22.7 million at current exchange rates).

As at the date of this document, no decision had been taken by the courts regarding this matter.

No provision has been made in respect of the historic subsidies prior to January 2012 as, based on legal advice, the Company believes that, notwithstanding the unfavourable State Commissioner's report, the prospects of a court finding in its favour in relation to this matter remain very strong. "

That is despite an unfavourable report - so they could face $22.7m + interest I guess which could be 10 years or so on some of it. Interest rates in Egypt since 2008 have not fallen below 8% and peaked at 19%.


Also from Note 18

"In the event that the appellate court fails to be persuaded of the merits of the case put forward by the group, the operations at Sukari may be adversely affected to the extent that the group's operation exceeds the exploitation lease area of 3km(2) referred to in the original court decision. "

So there is a risk here but that has not been quantified.

[fangorn2] 14/8/2018 15:47

Isnt the court case re extent of licence still ongoing?
Am sure that is what fenners referring to.

As to rebate on diesel subsidy - more chance of seeing a pink elephant I suspect! :)

[ukgeorge] 14/8/2018 15:10

No you are not correct.

They could get a rebate of $150/oz on a subsidy to diesel but this is unlikely.

[fenners66] 14/8/2018 15:02

Do I remember correctly that they are subject to legal proceedings in Egypt that could result in $ms fines and penalties?
Have they provided for them in the accounts already ?

[chrismcglone] 12/8/2018 20:43

I’m buying a few more. No better idea than anyone else if this will continue down but on a 12mth view, I think they present good value on the fundamentals. I’ve always taken a very long term view with my purchases since the very start and that strategy has served me well.

I can’t really recall a time when there wasn’t some kind of political/legal/contractual threat looming over this company but I’ve always taken the view there was likely to be commercial grades in sufficient numbers to support a decent mine life and therefore plenty of time to ride out the roller coaster that is gold mine investing (in a politically unstable environment).

[eeza] 11/8/2018 20:41

The ones to watch are the large commercials. When they switch from short to long.

The real signal.

[juju44] 11/8/2018 19:58

Well , I looked and think just another nut . Of course there will be a someday but these guys are no smarter than a dope like me

[eeza] 11/8/2018 19:24

Look away, juju.

"To sum up, gold is looking great, silver is better than gold, and the junior miners are potentially life-changing. Assuming anyone is still paying attention."


Lol !!!!!

[ken tennis] 10/8/2018 18:23

Just sit it out guys golds not staying at this price forever.
I couldn't resist a little dip in here so picked up 9000 just before close.
By January this will be well in profit.

[ukgeorge] 10/8/2018 16:21

ffs, really starting to look grim now. The mining companies are implying that gold is going to tank. Fres will close under £10 today new low here even though gold is up a little.

with the back drop of higher rates in US and keeping them flat in Japan and europe

[rovi70] 10/8/2018 13:09

never ever bought at the bottom, bad timing always dam!

[juju44] 10/8/2018 12:52

Sector getting slaughtered

[johnrxx99] 10/8/2018 10:05

Chip, totally agree, same old etc. I wish I had sold some in the 160's but there you go.

[juju44] 10/8/2018 08:57

A dip below the 9th July low of 108 p would imo . be a very bearish signal . I would not want to see that

[rrr] 09/8/2018 13:45

Thanks chip. I thought your staircase might be in action here! I too doubt it will be different this time. All the best to you, rrr

[chipperfrd] 09/8/2018 11:52

Hi rrr,

Hope all is well with you.

I did close out a lot of CEY stock a year ago because of family requirements and my belief that the share price might weaken due to the increased payout on the PSA.

I have more recently bought new positions in line with my 'staircase' system as I feel the stock is increasingly good value.

I also feel that the probability of strength in the gold price is increasing irrespective of bullish 'noise' from the US with regard to their economy.

The summer doldrums for PMs and the miners will shortly be over and more normal service is likely to resume as we head into the Asian gold buying season.

Only time will tell but we have been through these short term cyclical moves so many times and I doubt it will be different this time.

All the best
Chip

[rrr] 09/8/2018 11:16

Chip, good to see you here. My feeling is that the fall in CEY is overdone. I bought some more at 118 and am now patiently awaiting a recovery. What do you think?

rrr