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The lack of subtlety to the downramping by some members of this board, is a bit embarrassing.
Hi Paul,
Agree with you entirely!
As Dasut has already explained to rectify so many years of inappropriate mining practice at Sukari was going to take several years and require a very considerable increase in CAPEX!
It seems to me as though Martin Horgan and his team have almost had to start again at Sukari !
Whilst some may choose to try to claim the previous managements misdoings are all in the past , that legacy is very much in the present until the awful mess that Pardey and Co made is finally cleared away and who really knows if that will be 2024, or even later , I'm sure we all hope the completion will be the former!
I agree with Tornado the next quarters results are crucial because until there is some real evidence of substantially improved quarterly figures released this share remains in the bargain bucket of penny shares!
Whilst such uncertainty remains would it be right to consider Centamin as an investment,likely not!
No wonder there is so much despondency amongst long term shareholders!
Tibbs
Well said Tony, and for me it is good to see you on HZM chat, although my holding there is a lot less than CEY.
I very much appreciate your open approach and that you share your thoughts and information on technicals, wider econmomics and even trades.
The performance thus far over 2022 has been over 7% year on year improvement on attributable growth in profit to shareholders. The exploration results on the Nugrus block that is adjacent to Sukari is awaited. The life of mine plan at Sukari will also be of interest. Grade improvement of gold mine was up 0.06g/tonne from Q1 to Q2.
I have a policy of not writing on boards that I have not invested in. Unfortunately on most boards on LSE we have individuals who own no shares, but feel they have some kind of duty to down ramp investment in particular stocks. I have put up with shed loads of it on the RBW board which eventually has gone up 100% in 4 months. All of the down rampers were invested in competitor companies. They still deliver garbage on that page despite brilliant news. I would only say it is important for us to do our own research and note who gets it right most of the time and reports unbiased facts like mentioning which investors increase in Centamin and only who reduced a particular position as an example.
Well some people have been expecting inflation to drop for a long time and it doesn't seem to be doing so yet.
If people on here are losing faith in Martin Hogan then it is not surprising that the market is as well---although this board cannot influence the market.
Regarding the "low hanging fruit" , I think the previous lot went after that in terms of what gold they could get out quickly before "Doing one" as they had painted themselves into a corner regarding actually mining gold.
I'm happy with cost savings as AISC are important and should help increase profits.
I agree that the boards pay should be linked to share price or even profit. As you know , I'd like to see regular buys by the board to give confidence.
Maybe Dasut or someone will come on and reassure us as a lot of people on this board seem to be pretty down about this share now?
I am really hoping that the spade work will start to show some good results soon and we will get a good boost in share price and in dividends.
Paul I have lost faith in Hogan, so far all he has done is go after low hanging fruit in so called "cost savings and spent a lot of money on an obvious long term solution that is not yet proven to pay off.
He has shown little or no vision and done nothing strategic that positively impacts the share price, instead kick the can down the road letting shareholder take the hit and is now being deserted by institutional investors, meanwhile he and the (invisible) board become rich milking shares, salary and bonuses over endless years to come.
If Horgan truly is a leading player in the industry it is time for him to pull his finger out and deliver on share price improvement. As for the him and the board pay them in proportion to SP performance., right now and in the long term that will be the true measure of their performance.
Major indexes in Europe traded between lower and flat in the premarket operations on Tuesday amid the latest published data on the German and Swiss economy and Eurozone investor confidence which decreased. In the political sphere, markets are also digesting the statements of Russian President Vladimir Putin and his Turkish counterpart Recep Tayyip Erdogan after a meeting that could lead to lifting the suspension of the Black Sea Grain Initiative.
The DAX and CAC 40 kept flat at 8:00 am CET, while the FTSE 100 declined 0.25%, and the Euro Stoxx 50 moved down 0.19%.
The euro was down by 0.9% against the dollar at 7:58 am CET, selling for $1.07851. Also, the pound lost 0.8% compared to the US currency to go for $1.26158 at the same time.
Baha Breaking News (BBN) / AC
A rise, inflation dropping (with some costs actually deflating).
As for the drop in AISC due to end of waste clear excess (obvs there will always be some continual clear, but the excess)
it's just a question of when. I trade so in and out a lot- so for me am more interested in continued volatility- but with a continual upside, it's far easier!
What you could do is look at their latest online presentation on their website- it will show their longterm view. Whether you think what they think will happen, will happen, is up to you to decide on the SP impact.
On August 16 2023 Abrdn held this many Centamin shares
Rank #10 Abrdn 18,275,264 shares
as of today they are no longer in the top #10 list - see here:
https://www.marketscreener.com/quote/stock/CENTAMIN-PLC-9730915/company/
also , on Aug 16, 2023 Van Eck held this many shares :
Rank #1 VanEck Inc 110,273,580 shares
as of today they hold 7 million less ,
103,128,507 8.902 %
slowly , reducing
Good point MrBond
Thats probably the reason PMs not moving much.
I think the correct value will come when the company reports the next set of numbers.
87p area with gold spot at $1940 with Centamin on higher production than Q1 and Q2. Average price sold in those quarters was $1938 spot with SP average on 106p. This should be on 91p minima.
So looking forward a year, how do you think /HOPE we will be doing then?
After the wall episode 3 years ago the price more than halved in about 3 months. Since then it has more or less hovered between 80p and 120p.
Martin Horgan has been in charge for a couple of years and instigated the waste clearance along with a few other things to cut costs. So with the waste clearance scheduled to end in summer next year and hopefully the AISC should drop a lot, how do you see the share price and the dividend?
Best not to dwell on the past- it's gone.
It's interesting, that no one mentions the fact that the SP here hit ~220 in July2020 on the COVID recovery (well after the wall issue) and boost in gold risen by uncertainty (and the amount of "experts" hysterical gold predictions).
Horgan has been in his position for over 2 years now and SP was ~102 when he was officially appointed.
He, and the current board are responsible for the SP- no one else (of course there are external factors, there is in every business, but ultimately it's in his remit).
Daz,
Had the previous management acted sooner rather than carrying on digging themselves into an ever deeper hole of insufficient diameter whilst not taking the vital underground reserves seriously, then things now would have been very different now , admittedly the previous management were more much more prudent with CAPEX at Sukari which meant high profits in the shortest possible time, but now we have to pay a much heavier price thanif they had dealt with issues much earlier.
As to CAPD doing business in Eygpt there are far more riskier places on their portfolio but so far I understand that all Centamin has honoured all its continental obligations to CAPD.
You haven't mentioned what you see as any better alternative investments ?
Major European indexes rose in Monday's premarket trading ahead of more economic data releases, including trade balance figures from Germany and . Elsewhere, market watchers awaited a speech by European Central Bank (ECB) President Christine Lagarde at the Distinguished Speakers Seminar scheduled for later in the day.
The Euro Stoxx 50 rose 0.16% at 7:57 am CET, the DAX was up 0.15%, the FTSE 100 increased 0.16% at the same time and the CC 40 traded 0.12% higher at 8:02 am CET.
The euro added 0.12% against the dollar to go for 1.07876 at 7:55 am CET and the pound gained 0.16% compared to the US currency to sell for 1.26092 a minute later.
Baha Breaking News (BBN) / NP
Happy Monday y’al
Gold currently + .25% $1946
Https://www.zerohedge.com/markets/fed-fkery-back-seasonal-adjustments-turns-66bn-bank-deposit-outflow-41bn-inflow
In for a very interesting September and October.
A shareholder who doesn't:
- question
- evaluate
- reassess
- compare
but makes a point to mock others who do so , is probably not a satisfied shareholder
at 87.7 pennies perhaps it's more comforting to turn a blind eye
Tibbs, hard to believe CAPD decided to work in Egypt and with a company with such a disastrous track record as Centamin. By the time Egypt and Sisi have finished with Centamin, I’d be surprised if CAPD even get a penny. Capital drilling are walking on thin ice, even yesterday on eBay I saw “Great Pyramid for sale’ - Seller profile ‘Sisi897’
Hi Mr Gnome,
The City of London is on course to secure an exemption from new global corporate tax rules to protect the largest banks within the Square Mile. The new global tax reforms were initially agreed by the Group of 7 (G7) counties, aiming to extract more money from multinational companies such as Google, Amazon and Facebook.
The Financial Times reported that the UK’s pitch to protect its financial services sector from the new global corporate tax rules were accepted during the Organisation for Economic Co-operation and Development (OECD) talks in Paris this week.
The approval is a huge boost for UK financial services but also comes at a cost. In return, the UK was urged to discontinue its digital services tax, which imposes a 2% tax on large multinational firms whose revenues are linked with user participation of search engines, social media platforms and online marketplaces.
https://www.halofinancial.com/economy/city-of-london-to-secure-exemption-from-new-global-tax-rules
23rd May 202245 0
British overseas secrecy hubs have reduced their overall supply of financial secrecy to the world but remain, as collective with the UK, the world’s biggest enabler, according to the Tax Justice Network’s Financial Secrecy Index 2022 – a ranking of the world’s biggest suppliers of financial secrecy. The UK, however, increased its supply of financial secrecy at home despite actively taking measures to rein in some of its overseas jurisdictions’ financial secrecy.
https://www.icrict.com/icrict-in-thenews/2022/5/24/britain-is-officially-the-biggest-tax-evasion-enabler-on-the-planet
Fact checks focused on tax evasion, avoidance and offshore accounts
https://fullfact.org/economy/tax-dodging/
https://www.jerseyfsc.org/media/6556/section-14-estate-agents-and-high-value-dealers.pdf
Mr Tibs
Do you know how many secret groups in the \uk that are involved in money laundering and tax evasion_?
I suspect a few more than Egypt
Weather is lovely in New York, and I have lost count of how many groups there are involved in money laundering here, and that was before breakfast
regards
the Gnome
A think-tank called the Egypt Technocrats, made up of independent Egyptian professionals living around the globe, claims there are more than 300 secret companies inside Egypt involved in money laundering operations.
Some say vast amounts of money may have been smuggled out of the country since President Abdul Fattah al-Sisi came to power nine years ago. If true, could this flight be just one of hundreds that have made similar trips?
https://www.bbc.co.uk/news/world-africa-66614769
Kathmandu, Sep,1 : Additional police officers have been assigned to investigate the case of gold smuggled from Hong Kong to Nepal.
The Department of Revenue Investigation (DRI), which started its own investigation after seizing 60 kg and 716 grams of gold, has entrusted the investigation to the Central Investigation Bureau (CIB) of the police.
https://risingnepaldaily.com/news/31825
The investigating agency, the DRI, is a government body and that high-level politicians have been suspected for their involvement in this case, it is doubtful if the report of this agency would be impartial. In such a case, it is difficult to assume that the real culprits, including the mastermind behind the scam, are going to be punished. But it should not be forgotten that any leniency in punishing the real culprits involved in gold scams would not only erode Nepal’s image among the global community, but it might also have a detrimental effect on the economy and security of the country.
https://www.orfonline.org/expert-speak/nepal-a-hub-for-transnational-gold-smuggling/
who recommened my post ;-).
someone **** taking, no doubt. ha ha.