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Mr Bond,
There is often all manner of inaccuracies, overly biased or even incorrect facts in all manner of articles or mainstream published news , even more so social media and Centamin have been known to not always be entirely truthful at times when it suits!
Does anyone trust your information.
When you have just stated , "Possibly some of Cowichans questions were based on innaccurate information".
Whats more ,its likely all of his/her statements on here ,are also the same. False information.
:-)
Hi Daz,
Thank you for your thoughts, you are likely not aware but Cowichan is a professional geologist and I can vouch a very decent person, I have seen some of his past correspondence to Centamin which was polite and reasonable, and at least deserved some official acknowledgment, even better an answer!
Possibly some of Cowichan's questions were based-on inaccurate information , but if that were so then the company should have regarded it as an opportunity to quell rumour and state the true facts, sadly they did neither which is at the least is a missed opportunity to promote interest in the company!
i am a longer term holder of a not inconsiderably number of Centamin shares and I have a dossier of unanswered questions , three is certainly room for great improvement but since the change of PR company response to investors queries appears to bre non existent!
Do I trust what we share holders are being told, certainly not, they lied in the past why should I trust```````` them now!
Centamin is welll and truly buggered with market trust down the lavatory for good reason, the management behaved like carpet baggers and shysters upwards shareholders!
Its an end to the extra waste clearance costs with measurable proof results and a restoration above scraps level of the dividend that's needed before the share price will rise!
Until then regard the company with great suspicion and trust iit like a rattle snake in a lucky dip!
Centamin is in the "Stinker" class at present and great improvement is needed!
Believe it or not this article appeared in Egypt's elbarima news Aug 2, 2023 (here's some highlights - keep in mind Mulla is the main go-between with the EMRA & Centamin)
Despite his tolerant features and his “jovial” smile, which indicates a good heart and complete calmness, he is quick to anger, does not accept repeated mistakes, decisive in his practical dealings
Organized to the point that he gets angry if he finds anything that is not in its proper place and location. He sanctifies married life and helps his wife in arranging the house. With “Ahmed”, his only son, a father and friend, he has the ability to deal with his children by being kind to them.
During his tenure at the Foreign Trade Prosecution at the General Petroleum Corporation Mulla was able to reach very satisfactory understandings with major international companies that supply petroleum products and crude oil
Mulla also worked to attend international mining conferences to attract the largest mining companies in the world including Barrick, B2 Gold, and others
The law regulating the activities of the gas market the most important achievements of the era of Mulla, which will be followed by the transformation of Egypt into an international regional center for energy trading, increase in revenues and improvement of the economic situation
Mulla was able during 7 years to achieve that had not been achieved for more than 25 years, to transform the Egyptian oil sector
He sanctifies married life and the satisfaction of his parents and their prayers, the secret of his success in his work. His favorite food is “moussaka”
Mulla is born in the sign of Gemini, and the people of this sign can see two completely different personalities in them, which he expresses by saying: “As much as I am nervous when I calmly guide the one I got intolerant of, and when I yell, my voice remains loud
This kind-hearted personality was reflected in his relationship with his wife: “I am one of the men who loves the house, not just the kitchen."
His father is the ambassador, the heroic fighter, the righteous son of Egypt, Ahmed Abdel Qader Al-Mulla, who used to work as the consul of Egypt in Palestine, and it was fate that one of his periods of diplomatic work in Jerusalem in 1967 was the war period, so he remained steadfast in his position, neither retreating nor retreating in the face of death and the Israeli army
The article goes on here https://elbarima.com/%d8%a7%d9%84%d9%88%d8%ac%d9%87-%d8%a7%d9%84%d8%a3%d8%ae%d8%b1-%d9%84%d9%80%d9%88%d8%b2%d9%8a%d8%b1-%d8%a7%d9%84%d8%a8%d8%aa%d8%b1%d9%88%d9%84-%d8%b7%d8%a7%d8%b1%d9%82-%d8%a7%d9%84%d9%85%d9%84/
My takeaways:
1) WTF
2) Didn't know Mulla was once head of foreign trade prosecution, probably means Centamin doesn't want to f*ck with him
3) All in all sounds like a plea from Mulla to stay in his role (or a thank you very much, now goodbye) depending on who submitted the article for print
There was a lengthy interview with the Centamin boss some years ago in either the Times or the Torygraph when he explained the choice of Sukara. It seems there were a number of options in Egypt available to the company, but Sukara was the closest to water. Does anyone in the know have information on these other options? I suspect they were shelved as uneconomic.
“Cowichan has been very proactive in finding good news about Centamin, but I suspect he just got tired of not getting answers to is questions and enduring the way the share price languishes”
Tibbs, I’m sure Cowichan was ‘very’ good at finding good news when he was invested here. However, his present engagement lacks any enduring commitment, as he merely lingers to propagate negative comments, which in all likelihood, will be transformed into effusive praise once he acquires a position. 😏 So, there’s no enduring anything, he’s not invested. Resentment festers and behaviour like this is often attributed to the innate human tendency to recoil from feelings of powerlessness, leading individuals to seek avenues to assert themselves and retaliate. It appears that this board has become his figurative punching bag. If his conduct with Centamin mirrors this approach, then it becomes unsurprising that the company has been evasive in addressing inquiries.
Take the last three posts " with a large Spliff and a tumbler of Jack Daniels.
;-)
Hi Mary,
These shares ain't going anywhere until $300-$400 come off the AISC !
The liquid assets are lass than half of what they once were because of the managements past bad practice and greed!
Take what Gold Eagle prints with a large "Spliff" and a tumbler of Jack Daniels!
Hi Daz, I think its fair to say that in the past Cowichan has been very proactive in finding good mews about Centamin, but I suspect he just got tired of not getting answers to is questions and enduring the way the share price languishes in the bottom of the spittoon of "The Last Chance Saloon" with not getting his questions answered!
Oh I agree about being a single source provider, but then according to the website Pardey and Co were supposed to be developing the other satellite operations in West Africa , although as it turned out they were just expensive drilling operations that seem to have produced nothing other than more disappointment, although of course they were a bit of a diversion from what was going wrong at Sukari!
5 years
1. Shanta Gold ShG
2. Anglo Asia AAZ
3. Endeavour Mining EDV
4. Centamin CEY
5. Fresnillo FRES
6. Hochschild HoC
7. Hummingbird HUM
3 years
1. EDV
2.ShG
3. FRES
3. CEY
3. AAZ
6. HUM
7. HoC
One year
1. HUM
2. HoC
3.CEY
4.ShG
4. EPV
6. AAZ
7. FRES
3 Months and 1 Month same line up
1. HoC
2.ShG
3. CEY
4. EDV
5. FRES
6. AAZ
7. HUM
Everybody at some time has their day in the sun.
This bit seems to be the reference - chances are there will be a significant find once explored more.
Centamin PLC
Centamin reached an agreement with the Egyptian government on the exploration of the 3000 km² of ground in the Easter Desert and has drilled 3,000m so far. The agreement covers three major blocks and is important because the ground has been largely unexplored. Centamin is Egypt's largest producer and possess a strong balance sheet. Centamin produced 220,000 ounces from the Sukari Mine and is on track to produce 460,000 ounces this year at AISC of $1,400/oz. Cash and liquid assets are $161 million. The shares should be bought.
Near the end of article.
https://www.gold-eagle.com/article/gold-why-empires-fall
Good post Daz. You say it how many are reading it but are not wanting to feed the agenda/illness. It’s all very sad.
Cowichan: “I talk about a Centamin and the country which it operates in”
Well, I don’t know a single investor that dedicates all their posts and time to a board where they have no financial investment. I know not a single investor/trader that acts that way, none of us on this board exclusively focus on another board where we have no financial commitment, why would we? Naturally, such behavior raises questions about your underlying motives.
Cowichan: “You simply talk about me”
Given your peculiar behavior, it is only natural to speculate about a vendetta, perhaps stemming from your past negative experience with Centamin, or perhaps you had a disappointing vacation to Egypt 😂. My intention is not to launch a personal attack, but rather to observe and analyse this pattern of conduct and behaviour. There is no need for me to tarnish your credibility, as your actions and posts here already provide ample evidence and you’re doing a fine job running your own smear campaign. As Radiohead sang “you do it to yourself, you do…and that’s what really hurts”
https://youtu.be/oIFLtNYI3Ls
N the past, a heavily managed exchange rate has not served Egypt well. It has led to periods of building imbalances, which in turn, have led to the loss of central and commercial bank foreign currency assets, rationing of foreign currency, forcing the central bank to abruptly devalue the Egyptian pound relative to other currencies. These devaluations have led to spikes in inflation and undermined economic activity as consumers and investors lose confidence in the health of the Egyptian economy.
https://www.kitco.com/news/2023-08-04/It-might-be-good-to-hold-some-gold-after-U-S-debt-downgrade.html
N the past, a heavily managed exchange rate has not served Egypt well. It has led to periods of building imbalances, which in turn, have led to the loss of central and commercial bank foreign currency assets, rationing of foreign currency, forcing the central bank to abruptly devalue the Egyptian pound relative to other currencies. These devaluations have led to spikes in inflation and undermined economic activity as consumers and investors lose confidence in the health of the Egyptian economy.
https://www.imf.org/en/Countries/EGY/Egypt-qandas
I talk about Centamin and the country in which it operates.
You simply talk about me.
Do you not see the irony?
If you don't have anything to add about the company, good or bad, fine. But to launch a personal attack against my credibility, opine about my personal vendetta, or my apparent dislike for Egypt - just grow up. Or better yet, grow a pair.
I'm available should you want to come out of the anonymous cloak you bravely talk behind.
https://www.linkedin.com/in/don-lawson-98619370/
Siko,
Sorry you feel like a victim.
I pointed out Egypt's 1991 history because - as I said earlier - the current 20.25% interest rate set by the CBE was only reached once before and that during an extreme crisis. It is very relevant to me as Centamin is not the only company I can pick to invest in Egypt.
Bottom Line - facts are facts - if you have something to correct or set the record straight on my posts, go ahead. At this point I'm pretty impervious to verbal abuse and attacks on my character.
I understand your sentiment, Siko. It appears that Cowichan has consistently posted on a board which he holds no financial interest in, 40 times over the past month. The content of these posts has predominantly been negative and occasionally relies on unfounded information and hearsay. One can only surmise that he might harbor a personal grudge or vendetta against Centamin, as it seems ‘unlikely’ for someone to invest such significant time and effort on a board without any underlying motive.
Cowichan,
I was going to reply in details about this "amendment" to Trident contract/law that you mentioned, because whoever brought it to your attention as an example of Egypt changing laws/contracts, does not have a clue!!!
but then, I decided to step away, because I noticed I was getting dragged in a conversation that states Egypt is bankrupt, Egypt will nationalize companies, Egypt will change laws/ contracts to shaft companies, and then referring back to links from 1991 about Egypt and the gulf war!!!
Too much for me.. I explained simply what I wanted to explain.. I never wanted to go that deep.. so I will leave it here..
Cowichan has forgotten to mention that at some point in the distant future the earth will be consumed by the star at the centre of its solar system. The impact that this calamitous event will have on Egypt and Centamin will be disastrous.
Was during the Gulf War Crisis. Further reading:
Economic Impact of the Crisis in Egypt
Marsha Pripstein Posusney In: 168 (January/February 1991)
Egypt was facing a severe foreign exchange shortage when the Gulf crisis broke out. Its debt arrears were piling up and it was finding it more and more difficult to obtain new loans. The Gulf crisis threatens to make this situation even worse. Here’s how:
on the brink of economic collapse, and risk major political disruptions. Accordingly, the US and other Western nations and the conservative Gulf monarchies have rallied to Egypt’s aid. This rescue has taken these forms:
Direct Aid and New Loans France will provide $50 million in emergency funds and a $143 million concessional loan. Germany will grant $135 million to finance imports and a concessional loan of $159 million, and will release $365 million in project loans that had been blocked due to Egypt’s arrears in debt service. Increased aid has also been announced by Denmark, Canada, Japan and Italy. The US has not directly increased aid but has upped the cash portion of the aid package from the US Agency for International Development. Grants are also coming in from Gulf countries and the Kuwaiti government in exile. The Gulf Cooperation Council is preparing some $1-2 billion a year. Egypt has reportedly already received $1.5 billion from Saudi Arabia and $600 million from the UAE.
International Monetary Fund Deal After years of pushing Egypt to implement reforms that would make life more difficult for the poor, the IMF, at Washington’s behest, may now be willing to give Egypt a standby agreement on more favorable terms. The Fund, along with the World Bank, is actively lobbying Western nations to increase direct aid to Egypt.
Debt Forgiveness The Bush administration has won Congressional support for its proposal to cancel Egypt’s $7 billion military debt to the US. The Gulf states have reportedly canceled debts worth $7 to $9 billion.
An IMF accord will pave the way for a Paris Club deal with other creditor states worth around $7-8 billion. But what has happened represents a fundamental shift in the components of the external accounts in a way that makes Egypt less reliant on its own resources and more dependent on foreign aid. Worker remittances flowing into Egypt’s “hidden economy” were accessible to members of the lower classes, even in rural areas. Most of the funds made available as crisis relief will accrue to the state, where political and economic elites get first crack at them.
https://merip.org/1991/01/economic-impact-of-the-crisis-in-egypt/
----------------------------->>>>
The last statement about elites skimming off the top of aid packages is particularly resonate in the current Sisi regime. So what has changed? Egypt is bankrupt again and needing a rescue package asap. Only thing different is this time it hasn't taken a war to ruin Egypt's economy, just a military dictator named Sisi
Hi mrtibbles,
I couldn't imagine a more iron clad contract than what currently exists between Centamin and Egypt - yet I point out the fact that it is possible with that last example. Personally, I worry more about political and fiscal instability causing disruptions with procurement of materials (explosives) and who knows what else (equipment)
Being a single source miner is a b*tch - the vulnerability ought to have been addressed years and years ago.
4 Aug 2023
In this week’s episode of Live from the Vault Andrew Maguire is joined by Daniel Lacalle, the investment manager, author, and professor of Global Economics, to assess whether the Fed risks driving inflation with escalating rate hikes.
The industry experts discuss whether US Treasury Bonds can still be considered risk-free and whether a default is inevitable amid unrestrained borrowing, before turning to the politicisation of UK banks.
https://www.youtube.com/watch?v=nqoM-doc4Uo&t=24s
Interesting Cowichan because I raised this issue several times with "Buchanan" and the comapny on several occasions and was told that the original contract terms are enshrined in law and even any new concessions are won on the new T & C there is no chance of any changes to the original Sukari term.
Siko has also explained and confirmed no chance of change several times in the past.
So what now?