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Question for @CentaminPlc management: as per your conflicting reports - was the 2019
@HiSeis seismic survey at #sukari halted due to 'inconclusive data quality' or a 'multiple #gold system discovery'? #bmoconference @OSC_News @TheFCA @BarrickGold
https://www.centamin.com/media/1605/cey-rns_fy19_final_180520.pdf
---------------------------->>>>
I highlighted the text in Centamin's Audited Annual Results which states:
"A 2D geoseismic programme was completed in 2019. Initial data interpretation is very encouraging, identifying multiple potential gold systems..."
Yet follow up correspondence with Centamin IR have denied the statement as factual
Which is it?
The market cannot be legally told two different stories - shareholders need answers to this now. Either:
a) redact the statement released 18 May 2020 in the Audited Annual Results
for the twelve months ended 31 December 2019
or
b) confirm the seismic survey as stated in the annual results
https://twitter.com/DonLawson_/status/1491455132793708544
Two things can happen now. Centamin can ignore my (our) requests for a clear answer like they did with Batie West/Burkina Faso or they can prove they are different from the last lying CEO Andrew Pardey and come clean. Which will it be??
I fully understand what you say,but to my understanding the US has till 31. 12.2022, to continue selling paper contracts.
And as they seem to control a vast proportion of paper futures, I expect Gold Prices will still be controled as they please.
Simply by dumping to keep low, until they have run out of time to buy more Physical to cover themselves.
Pardon me if wrong.
Tibbs,
There are many schools of thought when it comes to contractor or owner mining no such thing as one case fits all. Much too large a subject to go into in any detail but there are many very successful, experienced and highly professional contract mining companies that provide excellent work for mining companies of all sizes including the majors.
As I said earlier it isn't just about the mining but I do agree that mining is the core activity of a mining company or if it isn't it should be but as I say it isn't always that simple.
There again what is mining is it digging ore and loading trucks and driving trucks to the hopper or is it who owns the equipment and employs the operators/drivers, or is mining telling the operators and drivers where to dig and dump? With mining being processing the ore and selling the mineral. Is it employing people or bringing in self employed do you maintain your own equipment or do you contract out to someone to do this for you? Just a couple of questions and these will all need to be taken into account as getting rid of a contractor will add additional responsibilities, personnel, activities, knowledge and the list goes on so as I say not clear cut.
In the case of Sukari underground one of the issues I have is taking ownership of a used fleet of underground machines that may or may not be reliable. Something else that worries me is continuity of knowledge and experience, with the contractors leaving with considerable knowledge and experience and trust me Barminco have considerable experience. However, it is relatively early days in the development of the underground so whilst a gutsy decision we will have to put our trust in the new team.
Tibbs you need to forget about the LHDR as this is well in the past and unfortunately mechanical equipment breaks, it is the nature of the beast and without knowing what part broke it is difficult to understand whether the part should have been in stock. The mistake was maybe they should have had a standby machine but there again underground production is and always has been a low percentage of the overall business and you can't have standby machines for every piece of equipment, just not practical and extremely expensive. A **** up but needs to be put down to experience as hindsight is so very precise.
I know you might not agree with the above but I have in the past had responsibility for stocking parts to cover fleets of equipment and it is impossible to have everything available in stock at the drop of a hat especially when so far away from the manufacturers or their parts warehouses.
Also why Capital are getting the blame for blowing up the rig I don't understand as why would someone park an underground machine in the blast zone of the open pit. Sorry no logic whatsoever unless even more worrying a blast in the above ground open pit caused a cave in or some such thing underground.
When there is an in pit blast everything stops, everyone on the mine including visitors knows when and where the blast will be taking place, the blast team pretty much take total control of the mine during this period of time there will be sweeps of the blast area made by the blast team all will be in radio contact and all clear from each member of the team prior to anyone hitting the button.
All blasts are treated very seriously and to think an underground piece of equipment would be left sitting in the blast zone just wouldn't be allowed. When I say the blast team it won't just be Capital people it will be senior supervisors, managers including the pit boss of Centamin who will be involved in the sweep.
Hi Mr Bond
As I understand it, the segment of Basel 3 that effects the value of 'Paper-gold' held on account , the Net Stable Funding Requirement (NSFR) is already in place. With the exception of the LBMA, it has been in place since July 21. - LBMA from Jan 22. - Only 15% of the value of said contracts is now applicable, the remaining 85% has to be covered by Tier 1 assets - There are still segments of Basel 3 as yet to be introduced/implemented and I believe it will be 2023 before full implementation is complete. - Gold has been elevated to Tier 1 status along with Cash and certain other assets that can offer instant liquidity. - It doesn't mean of course that Gold has to be held in paper gold's place. - Any Tier 1 asset can provide the required 85% coverage. - This is my understanding
Gold price up, Cey price down, is it just me...sigh
Yes the problem is selling paper Gold, which is reflected in Gold Pricing,unfortunately most of this year will be the same ,rollon implemtation of Basel 111.That MIGHT stop it.
Inching up again. Slow and steady. Let's see if it lasts past 14:00 where it tends to fall (presumably due to the American markets).
Opinion of a very experienced and respected mining analyst-
Using contractors for mining is almost always a bad idea.
Only when there is a short term mining project such as the pushback at the open pit there, you could argue to use contractors. It is not worthwhile and efficient to equip and staff up for such a project.
That said if you have a longer term mining project you should use an owner miner approach for the following reasons:
- Mining is the core activity of any mining business. If you outsource this activity you never build up an in-house expertise. It would be similar for an information business to outsource design of information system and programming activities.
Also It is more expensive as the contractor will build-in a profit margin and should they miscalculate and go under, you will have to take over at short notice, which results in a shamble, loss of revenue, appointing another contractor which knows it has you by the balls or you have to equip and staff up quickly, which in practice is impossible having worked for a company that experienced this when their contractor went bust!
In general there is a loss of control in directing mining activities having to work through another party.
Hi Dasut, Your understanding on these matter is better than many of us on here, although after the apparent failure of "whoever" to take proper care of the sole LHDR and the failure by Centamin to ever disclose just who was responsible for the balls up and the inability or reluctance to claim any compensation from the guilty parties for dereliction of duty then taking these specialist services in house seems to be long overdue.
“I wonder will any of the analysts upgrade Centamin on today’s news.
It’ll be interesting to see any comments are published over the next couple of days. “
Not wrong then!
Liberum raises Centamin price target to 108 (106) pence - 'buy'
Mr. Zelensky, a 44-year-old ex-comic with no political experience prior to his election let alone qualifications other than he made people laugh and was as such, popular, is in his bid to fend off both Russian aggression as well as the American response it has kicked off. Caught between two powers increasingly at odds with each other, Mr. Zelensky is adamant he can prevent an invasion on his terms. The question hovering over his jittery nation is whether he is right, or even whether he is serious, or more deeply disturbingly, whether has he got the skills and qualifications ? LOL shiver
With Russian military forces gathering on three sides of Ukraine last month, advisers to President Volodymyr Zelensky urged a low-key response. His top national security adviser, in a cellphone call, counseled him with two words: “Olympian calm.”
The following day, Mr. Zelensky addressed the nation on television and said the threat of war was no greater than any other time since Russian President Vladimir Putin invaded portions of the country in 2014. Light laughter.
A relaxed President Biden has described this as potentially the largest land invasion since World War II, and reminded all of to remember John Wayne?
Good for gold or not?
Good tip Razor - I'll be on 'name-change' alert from now on and not just with Centamin - Cheers.
I once owned an Irish stock called “Galen pharmaceuticals”, out of the blue they changed their name to “Warner Chilcott” and within a few weeks where the subject of a bid. Apparently Warner Chilcott was more suited to Americans than Galen.
I noticed lately that “Cairn Energy” change its name to “Capricorn Energy” it to is active in the M&A market, so if we get an RNS from Centamin directing a possible new name it won’t be certain but my guess would be, in all probability!
*Galen Pharmaceuticals / Warner Chilcott owe me nothing!
;)
The only industry Pardey could get employment in, is in the Mining Industry, and then a gig in Guinea or Siberia, and he won out, and got Guinea. Guinea has sinced protested, and taken it to the Council of International Arbitration and Intervention (LOL). Hope it all goes well for him and the shareholders of Predictive Discovery, but Discovering Pardey may not help the shareholders, as there is a suggestive track record of helping ones self...
Equities in Europe traded higher in the premarket on Wednesday ahead of the newest report on Germany's trade balance. GlaxoSmithKline PLC (GSK) is also expected to post its latest financial results. Meanwhile, in the field of politics, France, Germany, and Poland promised to work together to avoid a war between Russia and Ukraine and de-escalate tensions between the two countries diplomatically.
The DAX advanced by 0.78% at 8:00 am CET. At the same time, the FTSE 100 rose by 0.72%. The CAC 40 grew by 0.76%.
Both the euro and the pound sterling stood flat against the dollar at 8:01 am CET, selling for $1.14187 and $1.35548, respectively.
Baha Breaking the News (BBN) / JR
One hump or two…
Happy Wednesday y’al
Veteran fund manager Kerr Neilson says rising bond yields means serious investors can prosper again as tech valuations crash back to earth and free cash flow yields return as a dominant driver of investment returns... Commonwealth Bank CEO Matt Comyn said the Australian economy’s strong post-COVID momentum will continue until at least the end of 2023, triggering multiple cash rate rises starting in August, as he announced a strong increase in half-year profit.He urged the Reserve Bank to take a “gradual and modest” approach to hiking rates, recognising the sensitivity of the housing market to higher mortgage costs and lower expected inflation in Australia compared to other major economies.Govt getting desperate to get the economy to invets more productivelyLooking good for gold and CEY (debt free), free cash flow not heard of in tech space often?best
Absolutely agree Mr Bond!
Oh Mr Tibbles, if only I had magic mushrooms on toast while smoking a spliff for breakfast. My point was that it is salutary to work out that the endeavour shares have risen while ours have fallen so their offer would be worth around £1.50 and it would be a relief to see our share price back there however it is done.. Of course I would be far happier with Somnamba’s price of £5
Considering where Pardey ended up. it does not surprise me. When really he should have been unemployable.
END takeover setup clearly, Pardey is another bastard . Plenty around, I trust no one now.
Or, was it accidentally on purpose? - I had previously forecast a'mine-incident' and sure enough, there it was. - A chess-move perhaps in the grand-scheme of things? - A move designed to suppress/damage the SP in order to accommodate other factors perhaps? - In the light of what followed, it would be very easy to harbour such thoughts.- IMO
Absolutely Ken and Pardey tried to lie his way out of it with when reporting t o the market and shareholders!
So did Barminco forget to order LHDR spares or did Capital just not check before pushing the plunger and blowing the LHDR up, either way appallingly bad site management!
Mind you when this happened where was Youssef, probably checking out real estate to spend his bonus shares on!
Gnome interesting most definitely will test the CEO and his team. A major decision and not without considerable risk. Yes it is good in many ways to go it alone but it isn't just "the mining" part of the decision as maintaining, servicing and repairing underground machines and equipment ain't easy, let alone taking over a fleet of used kit. I hope the contractor has maintained detailed records for each piece of kit.
Also the underground gear isn't manufactured and supported by the same team as the open pit equipment.
Interesting times but they aren't reliant on the underground performance as much as they are the open pit and will have time to adapt before the demands become far greater. Guess they will be taking on a good number of the contractors people even if only for short term.
Very interesting times and a gutsy decision.
Mr Tibbles I remember it well in 2018 LHDR left within the blast zone, that's just crazy and such an elementary mistake that cost a bloody fortune.
The Bank of England has only one solution to rising inflation – make workers pay
Daniela Gabor
Tue, 8 February 2022, 10:30 am
The consensus that has prevailed for the past 40 years told us that monetary policy must be depoliticised, so that central banks can independently pursue the goal of price stability in the economy without catering to politicians, private finance or corporations. Andrew Bailey, the governor of the Bank of England, threw that impression aside last week when he suggested that workers should not demand higher wages in order to contain the inflationary pressures confronting the British economy in 2022.
“I’m not saying nobody gets a pay rise” he said. But “we do need to see restraint in pay bargaining, otherwise it will get out of control”.
When central banks call for workers to yet again shoulder the pain, their role as guardians of the distributional status quo – the struggle over the distribution of national income between labour and capital – becomes clear for everyone to see. It is a misjudged call, tearing off the veil of carefully curated neutrality, and showing whose interests the Bank really protects.
Bailey’s reasoning is clear. The 1970s left central banks scared of the prospect of wage-price spirals, when powerful unions obtained worker pay rises that kept pace with higher living costs, and in turn companies transferred those higher labour costs into higher prices, triggering renewed wage demands.
https://uk.yahoo.com/news/bank-england-only-one-solution-103027651.html