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HUM CEO updates on the Yanfolila Gold Project now fully funded.

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Member Since: Sun, 11th Dec 2011

Number of Share Chat Posts (all time): 1,468
Number of Share Chat Posts (last 30 days): 22

Last Posted: Today 16:54

Post Distribution over the last 30 days

Today 16:54

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:

That's all I know for now.
Today 15:38

No offence taken at all Cowichan. We agreed a long time ago that I post anything I come across and it's up to you what you make out of it :)
Today 12:20

That's an excellent translation, sorry I did not have time earlier to translate the whole article and just posted the headlines.
Today 09:25

Mr. Youssef El-Raghy (General Manager-Egypt Operations) confirmed that Centamin would not apply for the new licences/auctions in December and would not pump any new investments in Egypt due to the unfair conditions imposed by the ministry of Petroleum, adding that the company is moving new investments to 3 African countries instead of Egypt. These investments were supposed to be pumped in Egypt, but the difficulties and bureaucracy forced the company to take the decision not to pump any new investments in Egypt, especially under the new Mineral Resources Law.
Tue 21:08

Q4 shipments so far:

381kg (6th Dec)

322kg (28th Nov)
269kg (21st Nov)
523kg (16h Nov)
190kg (7th Nov)
322kg (1st Nov)
404kg (25th Oct)
344kg (18th Oct)
380kg (11th Oct)
358kg (4th Oct)
Sat 11:00

The SCC went against all the odds today.. especially against the commissioners!!!

I will not go in details about the demonstration law because the law itself is irrelevant to CEY cc, but I will talk about what's relevant.

The ECESR challenged article 8, the commissioners recommended it was constitutional, the SCC agreed with the commissioners and ruled it was constitutional.

The ECESR challenged article 10, the commissioners recommended it was constitutional, the SCC disagreed with the commissioners and ruled it was unconstitutional.

Another group challenged articles 7 & 19, the commissioners recommended both were unconstitutional, the SCC disagreed with the commissioners on both articles and ruled both articles were constitutional.

So the SCC went against the commissioners recommendations in 3 out of 4 which came as a big surprise.

This ruling today proves one thing for certain: the commissioners recommendations and reports are only ADVISORY and the court could easily ignore them.

(All links above are in English)
Fri 16:41

They couldn't with the demonstration law!! The commissioners recommended the demonstration law was constitutional..
Fri 16:13

The Egyptian Center for Economic & Social Rights is an Egyptian nongovernmental legal institution, founded in 2009, arising from values of Justice, liberty and Equality.

The ECESR works through litigation, research, data providing and campaigning to patronize and protect economic and social rights and expand their domain.

The center’s mission covers a wide range of programs and issues, including social rights such as labor rights, unionizing and organizing, education, health, housing; and economic policies including taxes, debts, free trade, public budgeting, investment, privatization and corruption.

ECESR has filed many cases that were cornerstones to the public discourse, such as the national minimum wage case, the expropriation for public utility case, and many cases related to the corrupt privatization deals of public property.

The institution operates through 3 branches in Alexandria, Daqahliya and Aswan, with the main office in Cairo, in addition to legal representatives in more than 20 governorates across Egypt. The ECESR coordinates with grass-root movements such as national unions and initiatives, as well as operating within anti-poverty national, regional and international networks that counter marginalization and fight injustice.
Fri 15:49

The SCC will rule tomorrow on the demonstration law. That case was filed by the ECESR, the same people who filed law 32 case. The commissioners recommended the demonstration law was constitutional and recommended to decline the ECESR requests.
There was also another case filed by a different group regarding other points in the demonstration law regarding the punishments. The commissioners recommended those points were unconstitutional as the punishment was too harsh.
Will be interesting to see if the SCC agrees with the commissioners and rules against the ECESR.
29 Nov '16

The previous petroleum minister appeared on TV a few days ago. The presenter asked him about Al-Sukary and this is what he had to say:

-To say a project is good or bad, the only gauge is the current results and facts.
-This project is governed by a law.
-This project is very big and I would like you to visit it.
-There are 4500 employees who work daily like bees.
-People complain that we have a partner. We must have a partner because of the way the gold is produced. Gold is not found in bars. It's a complex process.
-Instead of people keep worrying about Al-Sukary, we have 100s of other sites containing gold in the Eastern Desert, why don't we go and establish another 5 more like Al-Sukary? Al-Sukary project is legal, complying with the law, the investor is doing a good job, the production is good, they put Egypt on the global gold market producing Al-Sukary Egyptian gold.
-From my position, I could tell you that Egypt always got its fair share. If some people think we could have a better deal, then we could always work on that in future projects, This is the first project on such a huge scale in Egypt.
-Foreign investment is not bad as some people think. The investor spends money on wages for Egyptian employees, Egyptian materials and Egyptian transports. Foreign investment is good.

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