Donate to Remove ads

Got a credit card? use our Credit Card & Finance Calculators

Thanks to johnstevens77,Bhoddhisatva,scotia,Anonymous,Cornytiv34, for Donating to support the site

Centamin- update

richfool
Lemon Quarter
Posts: 3492
Joined: November 19th, 2016, 2:02 pm
Has thanked: 1194 times
Been thanked: 1280 times

Centamin- update

#344372

Postby richfool » October 2nd, 2020, 9:22 am

I recollect at least 2 other posters hold Centamin. I spotted this this morning about their Sukari mine. The SP is currently down c 19%:
SUKARI OPERATIONAL UPDATE

Centamin plc announces that it has detected movement in a localised area of waste material in the Sukari open pit Stage 4 West wall and has decided to immediately defer open pit mining operations in this zone. This decision is a preventative measure to safeguard the health and safety of our workforce and the long-term potential of Sukari. As a consequence, 2020 guidance will be reduced and an updated mine plan for future years will be included in the life of asset ("LOA") review.

Measures to stabilise movement in the affected area have already been implemented. In addition, the Company has commenced a detailed geotechnical assessment, which is focused on developing a plan to mine the impacted area.

The high-grade Stage 4 West wall was scheduled to be mined during Q4 2020 and 2021. The area contains circa 90,000 ounces of gold ("Au") in situ at grades of up to 2.0g/t Au. Mining of the impacted high-grade material will be rescheduled.

Open pit mining at Stage 4 North and Stage 5 North will continue, albeit at grades of <1.0 g/t Au. Any shortfall from the open pit will be provided from low-grade surface stockpiles (average grade 0.47g/t Au). Underground mining has not been affected and will continue as planned.

Preliminary gold production for the three months ended 30 September 2020 ("Q3") was circa 120,000 ounces, bringing production for the nine months to circa 375,000 ounces. While the precise impact has yet to be fully determined, the Company's preliminary estimate is that production for the fourth quarter will be reduced to circa 70,000 ounces.

Centamin will release its Q3 Quarterly Report on 21 October 2020, and further updates will be provided at that time. Furthermore, the Company will publish the preliminary conclusions of the LOA review by year end.

https://www.investegate.co.uk/centamin- ... 00039319A/

everhopeful
2 Lemon pips
Posts: 211
Joined: November 9th, 2016, 12:18 pm
Has thanked: 9 times
Been thanked: 87 times

Re: Centamin- update

#344395

Postby everhopeful » October 2nd, 2020, 10:04 am

Many thanks richfool. Rightly or wrongly I have just sold my holding at a reasonable profit. I didn't like the sound of the announcement.
My only direct holding of a gold miner now is Highland Gold which has done well for me.

richfool
Lemon Quarter
Posts: 3492
Joined: November 19th, 2016, 2:02 pm
Has thanked: 1194 times
Been thanked: 1280 times

Re: Centamin- update

#344446

Postby richfool » October 2nd, 2020, 11:28 am

everhopeful wrote:Many thanks richfool. Rightly or wrongly I have just sold my holding at a reasonable profit. I didn't like the sound of the announcement.
My only direct holding of a gold miner now is Highland Gold which has done well for me.

Yes, I did too. I still hold Polymetal and a very small holding of Greatland Gold.

Pipsmum
Lemon Slice
Posts: 325
Joined: April 12th, 2017, 11:18 pm
Has thanked: 56 times
Been thanked: 125 times

Re: Centamin- update

#362976

Postby Pipsmum » December 4th, 2020, 4:23 pm


monabri
Lemon Half
Posts: 8396
Joined: January 7th, 2017, 9:56 am
Has thanked: 1539 times
Been thanked: 3428 times

Re: Centamin- update

#363014

Postby monabri » December 4th, 2020, 7:41 pm

No holding in Centamin but I did note an article in the Investors Chron today (rated as a "buy").

"Centamin leadership promises dividends and discipline"

https://www.investorschronicle.co.uk/sh ... iscipline/

PrefInvestor
Lemon Slice
Posts: 590
Joined: February 9th, 2019, 8:24 am
Has thanked: 31 times
Been thanked: 254 times

Re: Centamin- update

#420860

Postby PrefInvestor » June 20th, 2021, 9:53 am

Great yield on offer here ATM apparently, over 10% at its current price of 106.x according to HL.

But I am always wary of single stock miners especially where they have one mine in some foreign country (Egypt I think in this case). All sorts of issues can have a dramatic effect on such miners – mine accidents, workforce strikes, scares over asset lifetime or quality, in country instability affecting mine operations to name but a few.

Anyone who bought CEY last year has seen the share price surge from 100p to about 230p but has since fallen back to about 106 today 18/6/2021. I see that Liberium have recently assessed its NAV at about 80p a figure confirmed by ADVFN Fundamentals.

https://www.sharecast.com/news/broker-r ... 53706.html

https://uk.advfn.com/p.php?pid=financia ... ol=L%5ECEY

Plenty of trading opportunity here, but looks like a potential value trap to me ATM. Those who bought at higher prices for the 5% yield last year will likely be seeing a negative total return at this point. Of course if your only concern is the income and aren’t concerned about possible capital losses you will likely see things differently.

ATB

Pref


Return to “Mining & Metals”

Who is online

Users browsing this forum: No registered users and 9 guests