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Read the first line and should have known same old tripe from Cowchain, heyho.
A balanced & honest analysis - much appreciated considering the vitriol from some who should remain nameless but won't ( MrBond/Mizolgit/Steve-0) who are all the same account w/ fake personalities
the factors that led to my decision to sell Centamin ( yes I missed the rise of gold & subsequent spike in Centamin's share price ) are thus
1) CEO Horgan is a serial fibber , he's been called out many times for a host of irregularities including ; misappropriation of funds ; dereliction of fiduciary duty ; manipulation of data ; omissions of serious ongoing concerns ; the list goes on - whether Horgan does it to fool institutional accounts , enrich friends at Capital, maintain kickbacks , it's all going to catch up with him soon
2) Horgan had no proven strategy to grow or diversify - depending on gold to rise perpetually is not a strategy - it's just masking his deficiencies
3) the smart money had been selling for quite some time -
4) the EMRA is in an accounting dispute with Sukari operations - how that gets resolved may only be monetarily , but still it's enough to hamstring the company
5) the executive terms of the new Egyptian concessions have yet to be finalized - there doesn't seem to be a will to do so, as it's become a bargaining chip to hold over Centamin's head to squeeze more $$$ from the company over point #4
just because Centamin doesn't want to admit the EMRA has a legal case against them (in their professional opinion) doesn't mean the EMRA won't make the situation difficult until they get what they want, and what they want is more $$$
that is why the dispute isn't directly spelled out in the latest annual report, which it ought to be
It is Tibbs it is, but for every 1oz coming from underground the open pit produces almost 3oz.
What I don't have is the Open pit AISC v Underground AISC but any way you cook it, the pit is central to the business.
Hi 3bear ,
Thank you for your opinion on this, I was always led to believe that the underground operation is crucial to the viability of the whole Sukari operation.
Tibbs
Tibbs to put your mind at rest:
Of the 450,000 ounces produced last year 325,000 came from the open pit.
Almost 75% of total production.
So, far from being a basket case that needs to be binned, the pit is the beating heart of the business.
The underground at 125000oz last year is a very tasty bonus.
Fair comments Spot, it all sounds hopeful,if only the same could be said about the poor ore grades, I wonder does Martin Horgan have a cunning plan to deal with these ?
https://www.youtube.com/watch?v=AsXKS8Nyu8Q
https://www.youtube.com/watch?v=ACnqI1l4I9s
https://www.youtube.com/watch?v=Gp5St7hORyw
Good to hear Sotolo & Paul's thoughts, I hope the new management turn out to be deserving of your trust you both deserve not to be let down again!
Josef and Andrew Pardey were less than honest in the past, the latter on several occasions to me and even though I initially had great hopes in the abilities of Martin Horgan they are now waning to say the least, as one of his managers said "Martin could sell fridges to Eskimos!"
Martin's presentation format seems to be an initial fanfare about the Sukari H & S record that last quarter,(although that said a high standard of H & S should be taken for granted in any responsible company) after which he enthusiastically announces the last quarters possibly average performance whilst glossing over the misses and the abysmally low the grades in the Sukari open pit which are really not worth the effort and expense to mine and now the underground "Bonanza" grades seem to have been a mirage and the remaining grades don't seem to be anything special!
I remain as yet to be convinced about this"Reset" and it seems so do the institutional investors, so its seems any success ( or hope) is very much dependant upon a strong POG!
I have to agree with you Paul, we do always seem to be waiting for the next update for good news.
For the last year or so the good news is that there's no more bad news.
The eternal optimist in me keeps telling me were very close this year.
Hopefully all the black swans have been dealt with.
All maintenance out of the way now.
Open pit optimised for balanced mining.
Solar completed and connection to grid due later this year.
Underground mining now owned and operated by centamin.
Light weight truck body's.
The list goes on and on so we only need the gold price to hold and we should see the return of a very decent dividend and a share price to match.
I think Mr T has been here for a long time and has probably trebled his money or at least made a good profit. If that is the case and he is no longer happy with things, then he could sell up here and put his money elsewhere. We don't usually know what is going on, only what we are told, which in the past turned out to be lies. ( We know the historic promises and the high grading etc) . So it is the usual 50/50 . We could be getting told the truth or we could be getting told lies.
I think several people on here have pointed out about the open pit. I think Dasut spoke about it a couple of months back?
Several people have mentioned with the current POG that we should be making a good profit this year. Apart from a bit of a blip in November, POG has been above $2000 for the last 6 months, and $2100 or above for the last month or so.
i think that things seem to be moving the right way regarding waste clearance, solar etc and that should help reduce AISC which we are told are still going to be on target.
I cannot remember when Cowichan sold up but I've got a feeling was when the shares were around 105? (maybe higher, maybe lower) but we are up fair bit since then, so I wonder if he would have preferred to stay in a little longer?
It does feel like we are always waiting for the next Update/ next Q . I'm always scared to sell out before one (Like STEVE does) in case we get some really good news, but i cannot remember when we got a decent rise on an RNS??
Hopefully the next Q should be a good one and move upwards from there.
I suspect the drop to $2300 helped unload 8 tonnes of gold, 261,000 ounces out of Comex on Monday. Looks as if it may have gone to Hong Kong. More options to probably unwind in the next 24 hours. The delivery is equivalent to around 2% of global demand. However around 80% of global demand has shut down with the price action. Gold needs to find physical buying support in the coming weeks.
Centamin drop from 132p to 124p is in line with Gold retreat to date.
You need to let it go Tibbs and focus on positive things.
Just let it go with Centamin and move on- bitterness is not a good trait.
Mr T, Sukari is churning out getting on for a million dollars a day half to us with no further tax to pay, and costs set to fall and ounces rise as we become a tier one gold miner. Horgan took on a difficult situation, steadied it and the share price is on the up helped by gold. Personally I think this is a great investment with a good (if not great) management which is why I am invested here, I wouldn’t be otherwise. I don’t think they chose well on W Africa diversification and quite a bit of money has gone down holes but that was started a while ago. I do believe in Egyptian expansion. Whatever, I am leaving my money here and added more when prices were lower and even bought a few more in the last month as I believe in Centamin. Next quarter should look rather good. However I do much appreciate your alternative views, and of course those of a trader like Steve who has different perspectives to my long view but is often interesting if not always agreeable..
Mr Tibbs - impressed by golds resilience - silver bouncing, copper bouncing, so gold should join in so CEY should join in anyway - but clearly the ramp is on so good luck all !
Most equities in Europe are set to open higher on Wednesday, with investors awaiting remarks by European Central Bank (ECB) Executive Board member Piero Cipollone and Joachim Nagel, President of Deutsche Bundesbank (BUBA). Market participants will also receive updates on the business climate in Germany later today.
On the business front, Swiss healthcare company F. Hoffmann-La Roche AG, Lloyds Banking Group plc and Italian energy enterprise Eni S.p.A shared their financial report for the first quarter of 2024.
The DAX gained 0.20% while the Euro Stoxx 50 was 0.42% higher at the same time. The FTSE 100 improved 0.30% while France's CAC 40 traded flat. The euro and the pound were flat compared to the dollar, selling at 1.06975 and 1.24460 at 8:19 am CET, respectively.
Baha Breaking News (BBN) / RR
Happy hump y’al
Gold currently $2328.58
Wasting your valuable time Cutting and pasting Steve,
If you choose to regard "Burned" as not being given the true facts about the true state of Sukari and other now abandoned West African projects, then yes I agree and it seems that may well be the case yet again!
The Sukari open pit operation is now a almost a charity case to create local employment by moving piles of crap from one location to another, at present ore grades it may be better for the environment just to park up the trucks and cut the CO2 emissions, just pay the staff to do something else, possibly they could make up two teams for a game of "Kicking the good times coming can" down the road!
Horgan was supposed to deliver this year, so far there is little evidence of delivering anything other than excuses despite spending huge amounts of money, cutting the dividend and failing to invigorate the share price, although he has received really generous bonuses for some reason's that aren't as yet that apparent.!
Centamin CEO predicts a gold bonanza at Sukari mine after geological re-assessment
By Brendan Ryan -December 8, 2021
Horgan added two particular underground targets would be a priority for 2022 so that they could be classified as resources and then brought into the mine schedule as reserves.
“Given their location we believe it is possible to integrate them into our underground mining plan from 2023 onwards. The mining of these stopes is not currently contemplated in either our interim plan or the road map to 500,000oz plan.”
https://www.miningmx.com/news/gold/48335-centamin-ceo-predicts-a-gold-bonanza-at-sukari-mine-after-geological-re-assessment/
2
*Readers are encouraged to refer to the detailed drill results disclosed at the end of this exploration update.
NEAR TERM MILESTONES & TARGETS
• Solar power plant commissioning – Q3 2022
• Capital structure review – Q3 2022
• Underground expansion study – Q3 2022
• Doropo Project (Côte d’Ivoire) pre-feasibility study – Q4 2022
• Sukari Resource & Reserve update – Q4 2022
SUKARI UNDERGROUND DRILLING UPDATE
With the completion of the orebody re-logging exercise in early 2022 and the development of an integrated geological
framework for the Sukari orebody, drilling at the Sukari underground operation continued to test for both resource extension
and conversion to support both the growth of the underground reserve base and in turn the underground production expansion study. The exploration programme has focussed on defining targets close to existing infrastructure which can be quickly and cost effectively brought into the mine planning process, while also continuing to test the depth and strike extents (which remain open) that underpin the longer term potential of the underground mine and the mine expansion plan.
The current drill programme also focussed on the further delineation of the high-grade Bonanza zones as announced in December 2021 which have the potential to host low tonnage / high grade targets.
Drilling completed up to 30th June 2022 is planned to be incorporated into a Mineral Resource and Reserve update scheduled for completion in Q4 2022.
https://www.centamin.com/media/2836/cey-rns_-2q22-exploration-update_final.pdf
Possibly then these Bonanza grades were in fact "Baloney grades" possibly to try and get a better rating from Broker Liberum?
"If gold is able to exhibit some stability and people get used to this sort of relative range in prices above $2,000, that can create a very nice foundation to allow people to think more about the miners, " he said.
https://www.kitco.com/news/article/2024-04-23/q1-earnings-will-be-mining-sectors-time-shine-higher-gold-environment
I love some of the "turn of phrases" that issue forth...
The IMF projects that public debt in the world's two largest economies could double by 2053. They also singled out the U.K. and Italy as two nations that face significant fiscal risks as their government debt rises.
"History and logic show that when there are big risks that the debts will either
1) not be paid back or
2) be paid back with money of depreciated value, the debt and the money become unattractive," Dalio said in his commentary.
"Since debts are promises to pay money, when a government has too much debt to be paid, its central bank is likely to print money. This prevents a big debt squeeze from happening by devaluing the money (i.e., inflation)."
"Gold, on the other hand, is a non-debt-backed form of money. It's like cash, except unlike cash and bonds, which are devalued by risks of default or inflation, gold is supported by risks of debt defaults and inflation," he added.
Dalio said that debt and other financial assets are only attractive when the financial system works well and governments can meet their debt obligations without having to print money.
"On the other hand, when the reverse is the case, gold is a good asset to own," he said. "That's the main reason that gold is a good diversifier and why I have some in my portfolio."
As I mentioned the other day- I used to trade the vix index but got burned so stopped as couldn’t develop a strategy to move the odds of success into my favour- once I’d stopped, I ceased posting in the forum, as i was no longer invested, so pointless for me to waste my valuable time.
Unfortunately Mr T shows all the traits of someone badly burned by this stock ages ago…
“ People who struggle to let go of the past often ruminate over their past failures. They constantly replay these events in their minds, focusing on the negative outcomes rather than looking at the lessons learned. This cycle of negative thinking can prevent them from moving forward.”
# Trades 1,118
Vol. Sold 1,658,339
Sold Value £2.06m
Vol. Bought 3,551,568
Bought Value £4.41m
You have no control or credibility of anyone.
You seem to think yourself the only person able to do their homework ,and must be listened too .
Take up Bowling it might "suit you sir".
Its not about informing people is it ? More about look at me while I teach everyone.
No thank you,teaching your grandmother to suck eggs ,people already know the score when they make , THEIR choice.
And no there were no Bonanza grades promised ,just a possibility . And still is,but until that face can be mined its impossible to know for sure.
Best of luck Daz- Friday @13:30 is a key time to watch for- fed use pce.
Cheers.
True Mr Bond, But investors need to be aware of all the facts so that they can make an informed choice, which at present is difficult because all they are getting is promises of better next time which as yet is getting further and further away!
The Sukari open pit ground has been mined for over a decade and due to the inerrant and consistent poor grades it was only possible in the past to make the operation profitable by high grading the open pit and not clearing up the waste ore, we are all aware of the costly consequences!
It seems from this last 2024Q1 report the open pit grades are no better ,in fact appallingly bad and the promised "Bonanza " grades supposedly in the underground pit seem to have been lost because the underground grades now appear mediocre to say the least!
the Solar power supply doesn't appear to be fully commissioned as yet as promised and the waste clearance contract has been extended so the AISC remain excessively high!
As to investor relations laughing at me well that remains to be seen, but if they fail to respond appropriately then I shall be referring my concerns and the information I have to several mining publications, the corporate brokers and contacting the FCA.
investors were led up the garden path far to many times in the past and as far as I am concerned it wont happen again!
Your continuous negative comments are totally unnecessary ,investors have the option to sell as well as buy.
What the ground holds will be mined, you continuousy ignore the fact that without the open mine the past success as well the future would not be secure, it contributes a profit ,especially now with elevated gold prices.Do you seriously think it should be sold for landfill !! Mr Golden Flip Flops.
It sound like you have sold whatever you had, and spend your life in your hobby of posting provocative rubbish, I will bet Centamin PR just laugh at you.