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Michael Masterman talks on WRES potential & Tungsten market Watch here

Michael Masterman talks on WRES potential & Tungsten market

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Member Since: Sun, 11th Dec 2011

Number of Share Chat Posts (all time): 1,551
Number of Share Chat Posts (last 30 days): 26

Last Posted: Tue 23:03

Post Distribution over the last 30 days

Tue 23:03

I posted this before, In the above link, where the contracts were published, the first file contains the contract, the second contains the map, and the third contains the official document of law 222 year 1994 (The concession agreement) in English and Arabic. Page 53 (Article 8: Titles to assets).. it's all there in black and white., Read yourself and don't listen to anyone else.
20 Mar '17

I did mention on 7th Feb that I had sold all my CEY shares as I needed the money to take with me to Egypt. I still have not maneged to buy back yet, but this is only due to financial capability, nothing to do with CEY news.
19 Mar '17

In an unprecedented case, the Vice-President of the State Council, who is a judge at the Department of contracts at the Administrative Court, has filed an urgent case to halt the bids for the gold licences and to oblige the central bank and Ministry of Finance to provide the necessary finance to exploit the gold from these areas.

He says the aim of his case is the early prevention of the officials and leaders of the Ministry of Petroleum and Mineral Resources from implicating the state and society of Egypt into binding contracts with foreign companies which involve giving away a large proportion of the gold found at the bid sites.

He says EMRA should exploit the gold and give it to the Egyptian central bank instead of giving half of it to foreign investors in return for cheap investments.

I'm speechless.. how come Australia, Russia, China, Canada, USA, etc... never thought of this genius idea before!!
I'm not surprised that cases in Egypt take such a long time if the judges themselves file cases rather than finishing off the ones on hand!!
7 Mar '17

391 kg shipment at Cairo Airport today.

Total shipments since 1st Jan:
391kg (7th Mar)
277kg (28th Feb)
265kg (20th Feb)
367kg (13th Feb)
250kg (9th Feb)
231kg (7th Feb)
321kg (30th Jan)
289kg (23rd Jan)
325kg (16th Jan)
375kg (9th Jan)
399kg (3rd Jan)
5 Mar '17

During the petroleum minister visit to the mine, CBC Extra news channel had a quick interview with him and broadcasted it tonight. His words were:

- For the petroleum minister to stand next to our partner (Mr Esmat El-Raghy was next him) on the ground of this project is a clear message of reassurance especially at this time when we are launching the auctions.
- The presenter asked him about the report that he was going to submit to the presidency after his visit to the mine. he said ( The project faced certain problems which the investor had nothing to do with. If you look around you could see how much the investor spent).

Then the channel interviewed Mr Youssef El-Raghy who talked about the mine and explained why the taxes and royalties were better than the production share.

(some good videos from the mine in the report, from 10:46)
5 Mar '17

5th March 2017

Mr. Taema (President of EMRA):

- We don't have now any problems with Centamin.
- The company is paying regular payments every 10 days, the value of which depends on the shipments.
- The annual production is expected to reach 650k oz in 2018.
- The mine reserve is now 15.7 Moz.
4 Mar '17

Could you imagine the cc coming to a bad end and spoiling their "only" successful story??!! I couldn't...
4 Mar '17

4th March 2017

Mr Taema (President of EMRA):
Gold licence is offered as a concession agreement in the form of a law which protects the investor because this agreement lasts for 30 years. The best evidence that we are a country which respects its agreements is Al-Sukary agreement as despite what happened since 2011 the agreement is lasting and the company has not stopped and continued working very seriously and I would like to thank the people of Al-Sukary for their hard work and successful story which made us stand on solid ground now while we are marketing the new auctions as we have an evidence of a successful story.
4 Mar '17

Hi bardill,

Believe it or not, I don't know the official published reserve figure by Centamin because I prefer to get my info from Egypt as it is normally way ahead of the market's official news, but here are some things for you:

20th Oct 2016:

Mr Esmat El-Raghy (The actual reserve reached 15Moz and is expected to exceed 20Moz)

Also in the above video (2nd March 2017), the director of the central department of mining and quarrying says at 1:08 (The confirmed reserve at Al-Sukary is 15Moz. These figures are confirmed by the results of the company's work).

I asked about Mr. Barakat's latest comments and this is what I got: (He is correct, the current reserve is now over 15Moz, and the company is "aiming" through continuous exploration to increase it to 30Moz.)

Mr. Barakat is the president of Al-Sukary company, which is the joint company between Centamin and EMRA, so he knows a lot, but he hardly ever talks to the media.

In a discussion today, someone asked Mr.Barakat about his comments about Al-Sukary's reserve, and his exact reply was ( 30Moz is a modest and reserved number because in 20yrs Centamin increased the reserve to a very big number. There are very promising indicators but Centamin is very reserved and does not announce anything until the time is right and the results are 100% confirmed.)

As to the 600k, the exact translation of his words is (The annual production of Al-Sukary last year was over 500k oz. The production will be increased by the end of this year to 600k). No more details about that bit.

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