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Share Views Episode 13 - Ferrum Crescent Exec-Chairman Justin Tooth talks on his re-structuring strategy and exciting new projects

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Member Since: Sun, 11th Dec 2011

Number of Share Chat Posts (all time): 1,432
Number of Share Chat Posts (last 30 days): 30

Last Posted: Today 08:14

Post Distribution over the last 30 days

Today 08:14

404kg shipment from Alsukary left Cairo Airport today on its way to Canada.
Fri 13:43

As you know I only post what's in the media, but to be honest I don't think the profit share has started 100% yet. I read it as cey nearly recovered all the costs and started to pay plenty of advance payments from the profits. Maybe that's why there was no RNS, or maybe we will find out with next accounts RNS.
Thu 20:34


Mr. Youssef El-Raghy:
-Centamin will start profit share with Egypt starting from this financial year (i.e 1st July 2016).
-We do the accounts every 6 months, and up to the end of June 2016 the company did not recover the full costs, but in solidarity with the state in the current conditions, we agreed to distribute the profits starting from Jul-Dec 2016 accounts.
-Last week, Centamin paid EMRA $6.67 millions from the profits, and more amounts will be paid until the end of December.
-It's hard to specify exactly Egypt's share from the annual profits as it depends on the production and the price of gold, but it is expected to be around $200 millions per year.

(more in the link, but nothing important)
19 Oct '16

I know it's only “a source at EMRA”, and I also know that CEY made it clear that profit share was going to start in 2017, but I thought to post this report anyway which only appeared a couple of hours ago. Maybe the massive production over the last few months plus the increase in price of gold have changed things.. or it could be just rumors or false claims..
19 Oct '16

A source at EMRA told the “stock market” news agency:

-EMRA has finished the settlement of accounts for the revenue and expenses of Alsukary and it has been ratified.
-According to the signed settlement, the profit share is due from last July.
-CEY paid this week $6.5 millions as an advanced payment from the profits, bringing the total payments to $35 millions advanced profits and $85 millions royalties.
-EMRA's expected profit share is to be around $100 millions during the year.
19 Oct '16

This law is a new investment law to replace the one that was issued in 2015 before the investment conference. As we saw in 2015 investment law, they left it separate from law 32 to avoid any constitutional issues. So I think this new law will not have any impact on CEY & the cc.
Yes the new investment law could include many guarantees and protections for investors, but it's the retrospective part in law 32 that we need to clear the cc, and I can't see any new investment law containing any articles to cancel any current court cases as this subject is already covered in law 32.
18 Oct '16

344kg shipment arrived today at Cairo Airport from Alsukary.
17 Oct '16

Looks like CEY is responding strongly to the MP's claims.. After Asking the president of the parliament to approve a visit to the mine, tonight Mr. Youssef El-Raghy was on TV, explaining all about the agreement, the advance payments, the billions of investment funded by investors, 95% of workers are Egyptians, hundreds of millions paid in insurance and taxes, billions of dollars were deposited in the Egyptian banks from the sale of gold, etc... Egypt's share is expected to be around $200 millions per year and the profit share is expected to start in "a few months".
He also compared CEY to all the other companies who had exploration licences for around 10 years, still exploring, but never produced an ounce of gold..
His words were very sharp and precise. Well done..
15 Oct '16

Management of AlSukary mine has asked The president of the parliament to give MPs members of the industry and energy committee at the parliament a permission to organize a visit to the mine in order to understand the capabilities of the mine and hold a meeting with the management to listen to their views and requests to Issue a new mining law and specify the rights of the state and the investor.

Mr Esmat El-Raghy said that the management is fully prepared to welcome the parliamentary committee, to reveal the facts and answer any questions about the production of the mine and the state's share of gold produced.
14 Oct '16

Yes Marmot, Mr Samy El-Raghy is very passionate about Egypt and mining. He comes across as a very down to earth man who loves Egypt very much. Last week he appeared in a lengthy video report (4 parts) for more than one hour talking about:

-The current economic situation of Egypt.
-The importance of attracting investment and economic legislation.
-The serious Investor is able to protect his investment against anything.
-Comments about the claims that income of mining companies goes abroad.
-Minerals exploration.
-Why gold goes to Canada.
-Disadvantages of the current Mining Law and its implementing regulations causing the reluctance of international companies to work in Egypt.
-His vision of a modern mining law which could attract investments and make Egypt an international mining center.

Unfortunately all videos are in Arabic. I only gave you the headlines, but it was very educating ..

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