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Hi Tibbs, cans are not being kicked down the road any more. They are being picked up and dealt with. That costs money. But eventually the cans will all be gone and the AISC will reduce. Bon courage mon ami, we're almost there.
Thank you Dasut,
To be perfectly honest the waste is waste and I agree that opening up new areas will create waste , but that said at the end of the day had the waste been dealt with as a matter of course in the past as any responsible mining company should have done we would be in a much better place now.
I have encountered differing views and opinions amongst industry professional and analysts as to the gradient inclination of the open pit.
I can't disclose the name but a forum contact from the past who has recently moved to another higher paid mining related position said the Sukari job has been somewhat more involved than initially envisaged, although they seemed pretty sure that there was at least another 3 quarters work at present rate, possibly more depending on anything unforeseen on the main clean up contract and even then the work would still carry on helping to move production along for some time subject to all parties agreement.
Mikefreedom 25th July is when we are due to hear 2nd Quarter/Half year results. It isn't a wall clearance because the unstable ground was mined ages ago. The waste contract is due to complete during this second quarter but when exactly isn't known. I am sure we will hear something loud and clear when it does come to an end.
Centamin held its Annual General Meeting ("AGM") today, 21 May 2024, and announces that all resolutions set out in the Notice of AGM were put to the AGM on a poll and were passed with the requisite majority. The full results are detailed in the table below.
The Company's issued share capital eligible to be voted at the AGM was 1,161,082,695 ordinary shares and approximately 71% of the Company's issued share capital were voted at the AGM.
In accordance with LR 9.6.2R, a copy of the results of the AGM, along with a copy of resolutions passed other than those concerning ordinary business at the AGM, have been submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
The scrutineers of the poll were Computershare Investor Services (Jersey) Limited. The full text of each of the resolutions is set out in the Notice of AGM, a copy of which is available on the Centamin website (https://www.centamin.com/investors/shares-dividends/shareholder-meetings/).
As announced on 21 March 2024, Dr Ibrahim Fawzy, Non-Executive Director, has retired from the Board as a Director effective from the close of the AGM today. The Board and mananagement thank Dr Ibrahim Fawzy for the invaluable contribution during his tenure as a Board member.
FOR MORE INFORMATION please visit the website www.centamin.com or contact:
Centamin plc
Michael Stoner, Head of Corporate
investor@centaminplc.com
FTI Consulting
Ben Brewerton / Sara Powell / Nick Hennis
+442037271000
centamin@fticonsulting.com
___________________________________________________________________
Tibbs, May have been a contributing factor is more like it BUT I would respectfully suggest that if it was due to a steep angle we would have seen a slip not just what actually happened and they discovered a small localised area of unstable ground which isn't uncommon.
As for the $450 million spent on removing waste OK marginally more expensive employing a contractor but it is not additional waste it is waste that is being moved later than it should have been and inherited by Horgan and his team plus some advanced waste removal to get into some areas of ore earlier than scheduled to provide the multiple faces rather than the single or at best a couple of faces.
It isn't piles of waste removed and dumped in pit only to be moved again it is the opening up of areas to expose ore on several fronts to provide flexibility.
This then provides the flexibility of utilising several smaller fleets working several areas, rather than one or two larger fleets working one or two areas.
Somnamna this is why I believe we will see improved production ounces in the open pit coupled with laying down of low grade ore onto the leach pads this will maintain lower strip ratios and therefore reduce the cost per ounce.
This said the icing on the cake is dependant on the blend of the higher grade underground ore which is crucial over the coming years.
Proof will be what is achieved by year end and Horgan needs to be at or close to the high end of the target to earn market approval.
Hi Tibbs or anyone
When will be Q2 be announced?
And if we hit predicted targets and when is the clearance wall costs due to end. Any help appreciated needing to sell come soon.
bests to all
hi 3bear,
having listened to the last few slick presentations by martin & ross and watched martin rattle off his well rehe****d sales talk on various youtube mining channels of really nothing more than dressed up reasons why yet again the can has been kicked down the road, i cant be bothered to watch or listen any more!
i just hope for some proof of strong production, but i'm not holding my breath unfortunately!
as mike states were it not for the pog then this sp would be in the bottom of the last chance saloon spittoon!
When is Q2 declared for hopefully the SP lift??
Lucky the price of gold is so high otherwise would be lucky to be in the 80s
Added today....don't like the ATH on various exchanges/NASDAQ etc. Added a few of the major mining players also. Want to add some juniors though for a small part of portfolio. Any recommendations, preferably gold/ copper? That would be good to research. Any help would be good.
Gold is going to the moon and when fed pivot it's too late.
Q2 should see strong production and record revenues. Something like 120,000oz sold for $275million. Hoping that will give the SP a boost.
Whats needed is more production at lower costs, it seems that the the company version of good news and the company results published so far aren't enough to cut the mustard with those that matter at the moment!!
0940 am Gold has only come off 0.49% and yet Cey share price is knocked back 1.33%, even at this price Centamin should be higher but it seems to still suffer from a lack of market belief in the company .
Continued excuses and can kicking don't encourage confidence!
Major stock indexes in Europe traded lower on Tuesday premarket ahead of publishing a new batch of economic data.
Kingfisher, Smiths Group, Fresnillo, and Generali will report earnings during the session. Eurozone trade balance and construction data for March are also due today.
At 7:55 am CET, the DAX lost 0.14%, the CAC 40 fell 0.10%, and the FTSE 100 declined 0.21%. The pan-European Euro Stoxx 50 inched down 0.16% a minute later.
The euro and the British pound were flat against the dollar at 7:56 am CET, selling for $1.08574 and $1.27090, respectively.
Baha Breaking News (BBN) / JG
Gold currently $2416.01
Hi Somnamna,
I agree with your sentiments and concerns, but especially concerning the "Brightness" of the future which at present seems to based more on hopes rather than actual delivery.
That said it is noticeable shareholders are expected to believe in the company strategy yet the BOD aren't willing to put their money whee their mouth is by making some substantial purchases!!
I'm sick of promises and can kicking down the road, as Crux investor rightly pointed out it's deeds not words that are needed now!
,
Wise words Dasut about needing to look at the future, but with one caveat, for me the elephant in the room is gold production.
Shareholders and management have been fortunate to have had a period of high gold price but it is now time for Horgan and crew to consistently and reliably deliver 500k+ gold ounces per year from Sukhari.
Also time to stop coming up with excuses for barely achieving targets, underperformance and to stop kicking the can down the road.
Despite the future looking bright I don't yet see evidence of Horgan and crew doing locking down gold production.
I await each quarter gold production announcement with trepidation, wondering will they comfortably hit target and what will be the excuse this time.
Tibbs, Yes there was an unsafe area BUT I have never seen anything reported that it was caused by steep pit walls. Also it is history and we need to look at the future which as far as I am concerned looks good and if we don't see an improvement and consistency after the waste contract brings order to the operation then like you I will be asking some t questions as to why.
Will the improvements improve the SP who knows as we have all seen improvements, good results and very good news coming out of the company but very little of the positives have improved the SP.
Hi Dasut,
Open pit design regarding the wall angles inclination may have been a contributing factor to Centamin's open pit woes, this seems to be the opinion of some experienced industry professionals and analysts.
Open Pit
RAISES QUESTIONS ABOUT DESIGN’
This could necessitate a redesign based on shallower pit angles with higher resultant strip, which would have a negative impact on costs and free cash flow generation.’
https://www.sharesmagazine.co.uk/news/shares/centamin-plunges-as-production-hit-by-mine-trouble
https://kuchling.com/steeper-pit-slopes-can-save-money/
I understand all too well that there was no mention or implied intention by the previous management to even clear away the several years worth of waste already accrued, let alone any intention to open up the face or improve the access to the underground workings, indeed it wasn't until after the "Crack" in the gloss that the Jersey BOD claimed they were simply unaware that there was no waste clearance in the open pit!
Incidently I have the reply from the Centamin representative stating as such!
So contrary to what you imply It would have been impossible to open up or re sculpt the open pit walls ,or indeed improve access to the underground working because prior to the forced admission by the previous management of a potential wall failure the presence of several years worth of accumulated uncleared waste would have made such open improvement works impossible.
This is why $450 million has been spent on a waste removal contract with Capital.
The "waste" removal was neccesary to open the the face and hoping to access underground ,thus making open pit grades are enhanced.
Never mind your old cut and paste posts, in truth you do not understand very much at all.
Your dramatic posts benefit no one.
Come off it Mr Bond, the unital indications may have been regarded as microscopic, but never the less it necessitated the severe curtailing of normal production and had taken around $450 million and nearly four years to try and rectify the station by re sculpting the open pit walls and improving underground access and the job is ongoing as are the lower ore grades !
https://www.miningmx.com/news/gold/44561-centamin-commits-to-100m-payout-in-each-of-next-two-years-as-unveils-sukari-review/
The broker said, ‘We view this as a material negative and is the first significant operational issue faced by the new CEO.
‘While the downgrade to 2020 is significant, the bigger concern is that this raises questions about the design of the Sukari pit moving forward.
‘This could necessitate a redesign based on shallower pit angles with higher resultant strip, which would have a negative impact on costs and free cash flow generation.’
https://www.sharesmagazine.co.uk/news/shares/centamin-plunges-as-production-hit-by-mine-trouble
This is one of the reasons that is so little market confidence in Centamin!
There was no near collapse, just a miscroscopic movement, same as messured in old buildings ,especially church vaulted roofs,these done by small plates of glass,glued in place over vintage cracks,after hundreds of years.
Thanks Tibbs and Gnome for your replies
Tibbs who told you that the pit wall was too steep and that this led to a near pit wall collapse?
Centamin Crux Rating
The Crux Score was until recently an internal score that Crux Investor collectively produced amongst our pool of expert industry analysts in order to keep a current overview of the natural resource market, the opportunities for investment that exist and the companies that we would like to engage for interview.
We are now making Crux Score public to be used as further data point that readers of our website can use to help them navigate the plethora of miners and investment opportunities that the natural resource space offers-up.
https://www.cruxinvestor.com/companies/centamin