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Share Views Episode 4: Mid & Large Caps with Chris Bailey

Member Info for Siko

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Member Since: Sun, 11th Dec 2011

Number of Share Chat Posts (all time): 1,393
Number of Share Chat Posts (last 30 days): 2

Last Posted: Tue 12:41

Post Distribution over the last 30 days

Tue 12:41

Hi all, sorry for not posting for a while as I have been busy with other things. I'm still not holding any shares for financial reasons, but hoping to get back soon.

No news at all from Egypt. CC, SAC, SCC and the Commissioners are all the same, no changes or news what so ever.

The Australian ambassador visited the mine last week and was met by members of Al-Raghy's family and management.

For those who keep an eye on shipments, this is a list of all the recent shipments (I could not find one for 7th July, also not sure if 29th June counts in this Q or last one, but thought to post it).
471kg (23/8)
465kg (16/8)
439kg (10/8)
251kg (3/8)
305kg (27/7)
430kg (21/7)
393kg (14/7)
362kg (29/6)
13 Aug '16

For those who donated, I posted an update about my trip and how your money was spent.

(Go to the updates section).

Apologies again for being O/T.
16 Jul '16

-DQ, Thank you very much for your supporting post. Luxor is one of the most, if not the most, amazing places in Egypt. A Nile Cruise down the Rive Nile with the temples on both sides is a view to die for. As you said in your post, tourism in that area is nearly dead now and it was the sole income for the whole community there. The children now run after the few tourists and ask them for anything they could spare, even food. It is so kind of you to feel their pain and help them and I'm sure you felt their appreciation.

-As to the SCC and law 32, I don't think we will get a ruling on law 32 in August. The SCC currently holds its meetings on the first Saturday of every month, so next meeting is on Sat 6th Aug, giving the "minimum" 15 days notice that has to be given to all parties, then the commissioners report has to be submitted by 22nd July the latest. Considering the summer holiday in Egypt, I don't see this happening. They sat on the report for over a year, so I can't see them rushing it through the summer!!

-So many comments appearing from Al-Raghy's family in the Egyptian media where they confirm their intention to do their best to get the mining law changed. Their aim is to apply taxes and royalties instead of production share, and it seems like some people at the petroleum ministry started to support that view.. let's wait and see.

-For those who are keeping a record of the shipments, there was a 393kg shipment at Cairo Airport on Thursday (apologies if flop has already reported it).
16 Jul '16

Hi Tibbs, yes the site takes 5% , but to transfer the money in the bank account they use something called "Stripe" which takes another 1.5 %, so in total 6.5%.
I just thought to post all the fine details as transparency is important when it comes to collecting donations.
16 Jul '16

Just thought to let you know that with your help we managed to raise £1185 (£295 via paypal + £890 via gofundme "after 6.5% fee deductions").

On behalf of the Egyptian children in need, I would like to thank everyone who donated. I am really grateful and I can reassure you that your money will be very much appreciated by those who are desperate for it and hopefully it makes a difference in their lives.

I'm going to Egypt soon. I will make sure that the money is given to those who need it the most and I will post an update with pictures after coming back.

Special thanks to Cowichan whose idea was very helpful, and once again special thanks to everyone.
13 Jul '16

Hi Dansul,

I hope you don’t mind me explaining a few points so people could follow..

Re: 12:40 post (The new Committee by the president issue a new investment law then they will sign a new/modified contract with CEY that will remove the CC automatically.) :

Al-sisi has ordered to form a supreme council of investment under his chairmanship. The details are in the following link (in English)

The formation of the council of investment came in accordance with the latest investment law year 2015. The investment minister submitted a proposal to the economy committee at the parliament to amend the investment law and asked for 3 months to gather all the proposed amendments. The main issue was how to sort out disputes. No more details are out yet.

Re 14:46 post (law L32 is contradicted with an old Law was written in early 1950) :

I can’t understand the relation between law 32 and the 1950s constitution/law.. When Naser became president, he nationalized nearly everything.. but as you said there is a new constitution in Egypt now and it does not mention anything about that..

As to law 32, it does have some problems and that’s why it is at the SCC. First, the retroactive part, as there is a legal base in the administrative court that any new law should not affect any "acquired legal positions", so the people who are appealing against law 32 say that law 32 should not throw out any cases which had initial ruling and are at the appeal stage because he initial ruling gave them "an acquired legal position" at the case, but the government says that initial rulings do not give "acquired legal positions" as the rulings are not final.
Second, the constitution states that natural resources belong to the public and they have the right to defend it, the government says that law 32 organized the way to appeal and did not stop it all together.

The facts are that law 32 is with the SCC, no one knows anything about the time scale, law 32 has nothing to do with the investment law. Personally, I don’t think any new investment law would apply to CEY as they already have a contract and so far it is all in the hands of law 32 and the SCC.
10 Jul '16

Thanks guys for your support. I appreciate all your kind comments, but I also appreciate and understand that this is an investment BB after all, so lets get back to discussing CEY. " I'm still not a holder"

Mr. Esmat El-Raghy (Alsukary Manager):

-Mining industry is very risky and needs a special type of investors who are patient, willing to take risks and withstand financial difficulties during search and analysis periods which could last for years. Those investors could not enter in any other business during that time because the financial gains are slow.
-Egypt has not promoted mining as it should have done. Big mining companies are all listed on the stock markets and all know each other very well. Mining business is very clear, you can't do work "under the tablet" otherwise you would get delisted, lose your reputation and your investments all over the world.
-When we started back in the 90s, we faced many questions and difficulties because of bureaucracy and the lack of understanding, but we took on our shoulders to change things and submitted our plans. We spent 6 years doing our research and spent $35 millions without any return and we faced a war from the minister at that time.
-The international arbitration nearly ruled in our favor with many times of what we spent. If we had not been Egyptians, we would have accepted the ruling, but responsible knowledgeable people at that time got involved and we reached an agreement and now Egypt has Alsukary which has put Egypt on the international mining map.
-Egypt has all the constituents to become a mining tiger and put an end to the unemployment problem, but the people in charge need to look at the international mining laws, compete to attract investors and introduce a law that protect the investor and the state's rights.
-We are the main investors in the company, but we can't force the rest of the shareholders because there are better attracting opportunities in other countries.
-We brought many international companies, had a look at Alsukary, were very impressed, but when the time came for agreements, they just visited the Egyptian museum and the pyramids and went back home or took their investments to other countries,
-We are taking on our shoulders to change the mining law, and we will get it changed for Egypt.
9 Jul '16

Thanks Cowichan for your idea. I always wanted to take this step, but your post today gave me the final push to go for it.

Please feel free to share.
9 Jul '16

I would like to thank the 7 people (Ian, Kenneth, Paul, David, William, Kevin & John) who kindly responded to my post last weekend and donated £295. I will personally give your donations to those who need it the most and I will update you privately direct to you emails, probably with photos, after I come back from Egypt.

Apologies again for being O/T.
2 Jul '16

Dear all, Thank you sooooooo much for your kind words. I was touched and humbled by your supportive comments. As I said earlier, and confirmed by Mr.T, you are my friends, and that's why I feel I could ask for your help.

I need your help and support to help the people in Egypt. The real reason I sold today and back in February was to help me finance some charity work I do In Egypt. As you are aware the economy in Egypt is very bad and of course the poor people are the ones who are feeling it the most. I'm originally from a very poor village in Egypt and I could never describe to you how bad the real situation is for the people there. First of all you should know that there is no such thing as benefits in Egypt. If you don't work, you get nothing and you are on your own. If you don't pay the rent, you end up on the street even if you have children. To cut a long story short, I help, and need your help, in these areas:
1) Orphanages: orphanages in Egypt are financed by charities, and the one where my family lives is desperate for anything and everything. Clothes and toys are luxuries, so they mainly ask for the basics which are nappies, baby milk and blankets. Just seeing the orphans there would make you go and hug your kids and be grateful for what you have and take for granted.

2) People in debt: One of the biggest issues in Egypt is people who are in debt and end up in prison. The most touching cases are widows who lost their husbands and had to borrow money to feed their kids, buy them medicine or pay the rent. These widows normally can't pay back the money they borrowed and end up in prison. The amounts they owe could be as little as £50 but for them this is a fortune, and regardless of the amount they owe they could end up in prison leaving their kids behind and most of them end up in orphanages. The feeling you get when you see the difference you make in the whole family's life is amazing.

3)The door bell never stops, people come with their sick children, genuine medical reports and prescriptions asking for help. Medicine in Egypt is not free and without help many of them go without. Just imagine your own child is sick and you can't afford to buy his medication and you watch him suffering in front of your eyes.

I would have never asked for your help unless I was sure you trust me and I hope you do. Any amount could help, could keep a mother with her children, save the future of a whole family or make a sick child smile again. I always believed that good deeds stay with you and you get paid back some way or another.

If you would like to help, may paypal account is elsayedakl at hotmail dot com.

I'm sorry for posting this which has nothing to do with CEY, but as it was the weekend I thought it would make no harm and could do a lot of good. I don't want this post to cause any distraction, so please don't let it take more space than it did and just support or ignore.

Once again, thank you and best of luck.


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