It is interesting see people earlier discussing Centamen diversifying in Africa. About a year and a half ago centimen tried to buy out Nyota Minerals in Ethiopia on condition that the CEO, Richard Chase resigned his position. However, the CEO refused to go and centamen pulled out and Nyota share price dropped ever since. The company was recently taken over, using it as a shell and taking control of a company in Manilla called Big Dish. Nothing to do with gold mining but food. Therefore is it possible Centamen are taking the mine now??
Would make one hell of a poker player. He knows that he's holding all the cards now! It's with good reason there's only one commercial goldmine in Egypt and I believe that only an Egyptian could have got this far through the crazy political and bureaucratic minefield. Even with more favourable terms it will be a brave company that takes up a gold mining licence in Egypt. In the meantime our chairman will sit back and watch and wait as yet another round of auctions draws a blank response. At some point whoever it is that's holding back the mining law reforms will be under monumental pressure to resign or except change. And with cash in the bank, and a plant ready and waiting to take advantage of the surrounding areas with little further capex, its not if but when this happens. In the meantime It would be great to get confirmation of a start date in Burkina Faso.
I've posted my letter to santa this year with my list of presents and law 32 is on top! Thought I'd give it a shot now that I'm of the naughty list.
Well If centamin can't make the new opportunity work, and they are the only gold miner in Egypt, no the system and a well run company, I can't see many others jumping at the opportunity, can't be fruitful
I had a look and did some quick research in case as Cowichan mentioned it could have been old comments. As you know Mr. Samy El-Raghy appeared in many videos over the last month. In the above link, in one of the videos, the presenter asked Mr.Samy El-Raghy if he would consider any of the new licences/auctions in Egypt, but Mr.Samy El-Raghy said (NO) and mentioned the same reasons of his brother (Mr. Youssef El-Raghy).
If you translated the line below the video it would say ("Sami Al Rajhi" reveals why he would not apply for gold bidding)
CEY management always mentioned that they did not like the current mining law and they are lobbying to get it changed.
There is no date set for the auctions as the way it works is not like everyone goes and an auction is held on the day, but the way it works is that Egypt releases the details, people take them, discuss and apply, then Egypt consider all the applications (if any) and announces the winners. So the next step is for Egypt to release all the details of the auctions (locations, areas, conditions, etc..) and this is expected during this month.
There is an Egyptian company showed interest and intention to apply (Gold pyramid group) with a partner company from Australia. The details are in the following link:
Sounds like the 'ol good cop bad cop routine. If the Egyptian government doesn't grab the olive branch clearly on offer here and react positively to the 'golden' opportunity presented on a plate for them, then they really have lost the plot.
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