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You left out incompetent ....
"the governments in this region are untrustworthy, weak, corrupt" - years ago, when I posted that (although I just said untrustworthy and corrupt, I didn't say weak), I was savagely attacked. I don't know how you've gotten away with it.
Dasut--having been in the business, you understand the jargon a lot better than most of us and hell of a lot better than me. I am pleased that you think it makes sense. It does seem a pretty detailed explanation and not one designed to fob off Mr T. IF we achieve the 500 mark mined at reduced AISC for a couple of years that would be pretty good I guess, especially if POG holds up.
For now, I guess we are waiting on the next update and hoping that will be a good one and the ounces mined and the share price will kick on from there.
No, although this was likely a factor in the Centamin rationale to pull out of the Burkina Faso project after having invested many millions of dollars no w with no hope of ecvan a partial recovery and likely the partly developed project will end up being under the control of less than scrupulous operators!
the point of my post is to illustrate that so many of the governments in this region are untrustworthy, weak, corrupt and in order too stay in power are quite prepared to sacrifice the best interest's of their people, their countries natural resources (gold, etc) to corrupt Russian controlled influenced mercenaries.
In the meantime whilst Russian is acquiring huge amounts of blood gold bullion the US FED and its cartel of big banks are trying to control the markets with Comex paper contracts!
Whilst Mr Putin remains in power there are certain area's of Africa at risk from mercenary incursion that are no place to try and develop bona fide and properly regulated gold mines!
Tibbs, Thanks all makes sense and whilst nowhere near as detailed this is pretty much what Horgan summarised when answering my question during year end numbers.
Fair commenst Dasut,
Posted as requested although I am a shareholder and not a mining analyst !
Are you suggesting that Centamin's operations are under threat from the Wagner Group?
Cont Part 2 Final-
In summary, in Q1 we mined planned low grade material as well as additional Waste to ore conversion that went to the dump leach at 0.4-0.45g/t. We also mined our planned open pit mill feed at ~1g/t, this mill feed was slightly lower grade than usual for Q1 due to oxide ore in a region of stage 7 - we have mined the majority of this in Q1 and expect minimal quantities in Q2. On a combined basis the LG dump leach ore plus the mill feed meant the overall mined open pit grade was lower than the overall reserve grade.
As regards the reclassification of waste as ore, as described by your analyst, this is an obligatory accounting adjustment required by our auditors under IFRIC/IRFS and has no impact on AISC. If we reclassify material, we deduct the costs of mining it from operating costs and move it to sustaining capital costs – both of which sit within AISC.
We share your frustration with the current share price which we do not feel fairly values the business or rewards the progress we have made in recent years; however, we note that we are not alone with most gold mining stocks and much of the London stock market in general trading at historic discounts to NAV.
Once again, I think you for your support as a shareholder. We will announce Q2 and HY results on 25 July and hope you can again listen in to the webcast – and you are very welcome to submit questions to management via the portal.
Kind regards
Centamin
Thank you for your letter of 22 April and for your support as a shareholder. We take governance and transparency very seriously and so wanted to respond in detail to your concerns.
Before addressing some your concerns directly, I wanted to explain where we believe we are in the strategy that was outlined with the arrival of the new team from 2020. Firstly, we embarked on a 3- year reset programme to restore Sukari production towards 500,000 ounces per annum from this year. We have also made considerable progress on improving the quality of our operations, reducing AISC, reducing carbon emissions, and maintaining an excellent safety record. Our production guidance for this year remains 470,000 to 500,000 ounces
With the reset successfully delivered, we are now increasing our focus on growth. This includes exploration and development work in Egypt and also at our Doropo project in Cote d’Ivoire, where we will deliver a DFS this year.
As regards your concerns regarding the grade of ore being mined at Sukari, I’m sure the following points will set your mind at rest.
At the US1,450/oz gold price we use for our reserves – we have the following economic cut-off grades (the minimum economic grade) – any material mined above this is cashflow generative at a gold price above US1,450/oz. These are externally Audited and verified (NI 43-101 and Reserve Audits).
Open pit cut-off grade for reporting
0.4g/t Au for mill processing
0.2g/t Au cut-off for dump leach
Open pit design is based on a cut-off of 0.4g/t Au for M&I Mineral Resources only
On a full year basis within our mine scheduling, we aim for a mill throughput from the open pit of ~ 11Mt @ 1-1.1g/t in line with our open pit reserve grades, this is based on our detailed modelling of the open pit resource which we continue to refine.
What we’re seeing is that in addition to mining our modelled and planned ~11Mt of open pit ore for the mill, in certain areas that were difficult to resource drill due to the historic terrain, material that we planned to mine as waste in the resource model is mineralised at grades above the economic cut-off grade when we grade control (GC) drill it. It is therefore reclassified to low grade ore:
This ore is around 0.4-0.45g/t and the majority is sent to the dump leach which, as above, has a cut-off grade 0.2g/t, we do not process this material – we invested in dump leach expansion last year and this has generated good ounces with a very low cost. We would have had to originally mine and dump the material on waste dumps but now are able to realise economic ounces from this.
Also, depending on where we are in the pit – typically near surface push backs - we mine planned low grade ore which is typically designated for the dump leach.
In summary, in Q1 we mined planned low grade material as well as additional Waste to ore conversion that went to the dum
If more sanctions is the answer then the question must be how do we continue to trash Western Europe's economies
In another country, Burkina Faso, as in Niger and Chad, former Wagner forces are now under firm control of the Africa Corps.
Young boys gather on top of a car while displaying flags of Niger, Burkina Faso and Russia during a demonstration for the immediate departure of United States Army soldiers deployed in northern Niger in Niamey. | AFP via Getty Images
https://www.politico.com/search?q=burkina+faso
Seven months after the fiery death of Yevgeny Prigozhin, the audacious oligarch whose private army known as the Wagner Group led an insurrection against Russian President Vladimir Putin, the Russian state is establishing control of the private mercenaries and putting them to work pursuing the Kremlin’s agenda.
The thousands of the former Wagner forces have splintered into at least four groups, according to two U.S. officials granted anonymity to discuss sensitive intelligence matters.
By mixing the fighters with other mercenaries loyal to Putin, the Russian government hopes to prevent a repeat of the events of last year, when a unified Wagner turned on Putin and his defense ministry.
“Part of the objective of the restructuring is to make sure there is more control over the operations overall,” one of the U.S. officials said.
In the Central African Republic, for instance, Wagner had taken control of a gold mine. In the wake of Prigozhin’s death, his former subordinates have significantly expanded the mine, U.S. officials said, but have not yet found a way to efficiently market and ship the minerals. They would reap hundreds of millions of dollars in profit on the global market.
https://www.politico.com/news/2024/04/28/wagner-fighters-russia-africa-00154595
Blood Gold Report: Key Findings
The Kremlin has earned more than US$2.5 billion from trade in African gold since Vladimir Putin launched his full scale invasion of Ukraine in February 2022.
n the Central African Republic (CAR), a Wagner front company has been awarded exclusive rights to the Ndassima mine, the country’s largest gold mine, in return for propping up an authoritarian regime.
In Sudan, “the Russian company” controls a major refinery that has allowed Wagner to become the dominant buyer of unprocessed Sudanese gold, with multiple accounts of Russian military transport planes shipping processed gold out of the country.
In Mali, Russian mercenaries are paid in cash – US$10.8 million per month according to US Intelligence – by a military junta that relies on a small number of international mining companies for the majority of its tax revenue. Canada’s Barrick Gold – the country’s top taxpayer – paid US$206 million to the junta in the first half of 2023 alone.
How to stop the Kremlin’s blood gold system
The Blood Gold Report recommends a suite of measures which, if taken collectively, can significantly hamper Wagner and Russia’s Blood Gold operations, and deliver a major financial blow to the Kremlin, to the benefit of African security and the defense of Ukraine.
These measures include:
WIDEN sanctions to automatically target any party that employs Wagner’s security services, ensuring fitting punishment for Wagner’s benefactors.
INTRODUCE stringent supply chain controls to prevent blood gold infiltration.
DEMAND real responsibility from international mining companies that do business with regimes and factions that employ and fund Wagner.
DESIGNATE Wagner a terrorist group and set the International Criminal Court on the mercenary group’s trail to ensure justice is served.
DEEPEN collaboration between allies and international partners to close gaps in the existing sanctions framework.
INCREASE support to African democratic states, independent media, and civil society groups directly and indirectly threatened by Wagner operations on the continent to both strengthen local resilience against Wagner’s hybrid tactics and demonstrate strength against Kremlin interference.
https://bloodgoldreport.com/
Thank you Razor's!
Https://www.lse.co.uk/rns/CEY/total-voting-rights-2jfcocunak95gea.html
Major European stock indexes traded mostly lower in premarket on Tuesday as investors digested the latest financial results by several European corporations, including Mercedes-Benz, Volkswagen, Santander, Lufthansa and Adidas. On the economic front, traders are expected to closely monitor the fresh reports on German retail sales and gross domestic product (GDP), French inflation and the GDP in the Eurozone.
The DAX drp[[ed by 0.10% at 8:00 am CET, while the FTSE 100 gained 0.12%. At the same time the CAC 40 declined by 0.22%, and the Euro Stoxx 50 went down by 0.09%.
The euro lost 0.21% against the dollar at 7:58 am CET, selling for $1.06985. The pound fell by 0.23% compared to the greenback, going for $1.25335 simultaneously.
Baha Breaking News (BBN) / JJ
Gold currently $2322.37
Hi Mr Gnome,
I'm not making any assumptions about who is telling the truth because most of the experts likely have their own reason's for promoting a particular narrative.
I posted the piece by Jeffery Christian just because it is a contrarian view to that of the majority at the moment and one which people will likely have their own opinions on.
Same Simply Wall St dated last Thursday:
The projected fair value for Centamin is UK£2.27 based on 2 Stage Free Cash Flow to Equity
Centamin is estimated to be 45% undervalued based on current share price of UK£1.26
Strength
Earnings growth over the past year exceeded the industry.
Currently debt free.
Dividends are covered by earnings and cash flows.
Weakness
Dividend is low compared to the top 25% of dividend payers in the Metals and Mining market.
Opportunity
Annual earnings are forecast to grow faster than the British market.
Trading below our estimate of fair value by more than 20%.
Threat
Revenue is forecast to grow slower than 20% per year.
And of course Centamin share price is no longer below a year ago. As others below have said better to listen to the knowledgable here than the pundits, especialy the generalists, who often know far less about Cey ; a bit like Superforecasting that showed a group of intelligent amateurs, ie us, is almost always better than pundits who move in a herd. The pundits certainly don't know which way gold is going, when it rises they almost all say up and vice versa, we shall only see if this is a top, or it carries on further, retrospectively
If the institutions were going to dump Centamin shares they would have done it a long time ago. The fluctuations have been far greater than they were last week.
Tibbs why do you need to check things out if you have had an answer to questions ? Who better to debate with than this forum of people who have been following Cey for a considerable time. Surely Cey haven't sworn you to secrecy when answering your questions.
What a load of tosh!
Journo standards have fallen off a cliff recently.
Simply Wall St dated 9 Dec 2023.
As I thought.Just supposition being dressed up as an actual event. Much dramatised.
Deception.
Institutional owners may take dramatic actions as Centamin plc's (LON:CEY) recent 5.0% drop adds to one-year losses
https://simplywall.st/stocks/gb/materials/lse-cey/centamin-shares/news/institutional-owners-may-take-dramatic-actions-as-centamin-p
https://www.lse.co.uk/rns/CEY/
What happened to the RNS that is normally published after we were informed a great number Corporate Investors had sold large volumes or was it all Bo****ks . ;-)