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ETF Investing made simple; CEO of justETF explains why

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Member Since: Sun, 11th Dec 2011

Number of Share Chat Posts (all time): 1,524
Number of Share Chat Posts (last 30 days): 23

Last Posted: Sat 14:08

Post Distribution over the last 30 days

Sat 14:08

For those who have donated, as you know I'm in Egypt now and I have posted a couple of updates with some pictures, you will find them in this link, more to follow later..
13 Feb '17

Cowichan, I made sure that Centamin were aware of this report. Of course there is a possibility the journalist could have twisted the words and it's up to them now to do what they think is the correct action.
13 Feb '17

Sorry I could not translate last night..
The headline of the report says:
(Dr.Taema: The comments of Centamin chairman about the gold bids aim to hit the Egyptian economy).
In the report, when he was asked about the motive and the timing of Centamin chairman's comments about the gold bids he said: (The only reason for Centamin to release these comments now was to hit the Egyptian economy as Centamin wanted to negotiate with the state to accept the percentage of the royalties, and in return the state to cancel any state monitoring of production which was completely refused at all levels).

Obviously what he is saying is very serious accusation and I think Centamin should reply because as I mentioned earlier Ahram is Egypt's largest and most popular news agency and this was a big report as you could see.

The tricky thing is that Mr.Taema is accompanying president Sisi's assistants today for a visit to the area and they are expected to visit the mine, so I think some words could be exchanged during the visit.

There is an expected change in the Egyptian cabinet over the next few days, and if the petroleum minister got changed then Mr.Taema might have to find himself another job.
12 Feb '17

Sorry no time to translate, I hope google translate does a good job, but I highly recommend you translate and read this report because I think Centamin may/should reply to these comments. Ahram is by far Egypt's most popular news agency.
11 Feb '17

Mac, I'm not aware of anything about those companies approaching the government or al-sisi saying anything. I had a look all over the media and could not find anything, even sky Arabia, if you have a link could you please post it. In the above links EMRA saying Russian, Australian, Canadian and Spanish companies showed interest, no names mentioned, also the Egyptian prime minister confirming production share is what Egypt is adopting.
11 Feb '17

Aton is expected to announce the discovery at the end of this year or the beginning of next year for their current areas. The new bids have 8 years exploration period, so as you said they could easily just take the licence, sit on it for years while develop their current area - if they do- then take it from there in a few years time, what are they going to lose??? Not a bad idea really knowing that they are literally sitting on a gold mine!!
11 Feb '17

Mr.Taima said that Alexander Nubia (Aton) & Thani Dubai have announced their participation in the bids.

(Both companies are currently working in the Eastern Desert and no doubt they would go for the best areas as they must have a fairly good local knowledge by now.. It's well known that Um Oud "14km from Sukary" and Hangalya are very good and promising areas and both are included in the 7 areas on offer)
10 Feb '17

Just read all the posts from yesterday now and here are some replies to some of them:
Re-Wally (11:31)
(everything hopefully should be sorted by early June ).. The SCC should rule by June on law 32, if they approve law 32, then that's the end of the cc.. it doesn't matter then when the SAC actually spells it out as throwing the case out is inevitable in that case.. but if the SCC does not approve law 32, then we are back to the SAC to rule on the merits of the case and in that case I'm not sure how long it could take and we would have to wait.

Re-Marmot (16:49)
(Chemical Ali seems to be protesting too much) ..As Mr.Taima is talking a lot these days, that attracted the attention of the MPs and got the petroleum minister in trouble as MPs have called yesterday for the petroleum minister to appear in front of the parliament to explain Mr.Taima's comments that Egypt has 220 gold sites including 120 sites produced gold in the past. An MP said (We have not seen any positive signs out of these comments and what are the gold estimates from these mines?) the petroleum minister has a lot to answer for!!

Re-Cowichan (17:09)
( I still believe Centamin will make a bid)... Centamin will not apply under these T&Cs, El-Raghy's family made that very clear on TV and in the media.. Even Mr.Samy El-Raghy on TV said (we will not apply, I want the T&Cs to change and I'm doing that for Egypt's benefit in order to attract international companies, I'm not after any personal gains by changing the T&Cs, I could even sign a declaration that we would not apply for any concession if the T&Cs changed, we will keep campaigning until it changes, and it will change)

Re-Rebess (17:25)
( would that sort of cut make the proposition non-viable?)..Assuming producing 100oz, the investor gets 76oz for all production cost and to recover CapEx, you work out how much the cost of production is then how much is left to recover CapEx and how long it would take the investor to recover it. I worked it out with random figures and it did not look good for the investor., Also I have been told there were a lot of extra payments to be made including the rent for the water and electricity lines which could cost millions. Just think the government is taking 15% of the produced gold from day 1, not from the profit, so if CEY is producing 500k oz, the government would be taking 75k oz gold.. it took Centamin years and years to recover the CapEx with the government taking only 3% and with Centamin having very low costs and subsided diesel for years.

Re-Cowichan (19:04)
(there is a new investment law about to be passed in parliament which apparently allows for special considerations/incentives to spur growth - this includes the mining industry) .. actually the state council recently sent notes to the council of ministers regarding the new investment law, one of the notes was ( special considerations/incentives violate the constitution with regards to equal treatments
9 Feb '17

250kg shipment arrived at Cairo airport this morning.
9 Feb '17

At last things are moving..

The SCC must give a 2 week notice, The SCC meets at the first Saturday of every month, its next meetings are on 4th March and 1st April, so if the commissioners submitted the report in the next few days, then it may just make it for the 4th March, but most likely would be the 1st April, Judging by the demonstration law, it could take one or two hearings, so the latest we could have a ruling would be the beginning of June, but could also be before then..

As you know I don't hold any CEY shares at the moment, but if the report was positive I would raise any possible funds and buy as many shares as I could as I don't see the SCC going against the commissioners if the commissioners opinion was to approve the law, so for me that report could signal the positive end of the cc.

Stay tuned..

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