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Cowichan
Without me reading your previous posts can i ask, Do you actually own shares in CEY.
But Centamin's management has decided not to blow the whistle, yet.
But you ask, what is a triggering event?
Triggering events are events or changes in circumstances that indicate that the fair value of an asset may be below its carrying amount. Typically, triggering events vary by asset class.
this from Centamin's H1 Report (unaudited)
" {Centamin's} Management has considered a number of factors when concluding on whether an impairment trigger existed as at 30 June 2023. Notwithstanding the fact that the carrying value of the Group's net assets exceeded its market capitalisation as at 30 June 2023, management noted that the fall in share price is consistent with an industry-wide trend, and that there have not been significant operational issues at Sukari in the period, and the Group remains on track to achieve its annual production guidance, with costs in line with forecasts. As such, management has concluded that there is not an impairment trigger relating to the Sukari CGU as at 30 June 2023"
https://www.centamin.com/media/2980/cey-rns_1h23-interims_final_250723_website.pdf
https://www.eidebailly.com/insights/articles/2020/5/asset-impairment-testing-triggering-events
Bottom Line:
Concerned Centamin shareholders - of significant shareholdings - ought to be asking:
1) How much does the Central Bank Of Egypt currently owe in arrears in TOTAL?
2) Why is this amount not considered at risk of non-payment?
3) Why does Centamin continue to grant credit to the CBE when in the first 6 months of 2023 the CBE added $16,062,000 US dollars to its unpaid tab?
Furthermore, from PWC (Centamin's auditor's own website)
"Market capitalisation below net asset value is an explicit trigger for an impairment test in the standard. If market capitalisation is lower than a VIU calculation, challenge of the appropriateness of the assumptions should be undertaken 4 ."
https://viewpoint.pwc.com/dt/uk/en/pwc/uk_in_briefs/PwC-UK-in-briefs/PwC-UK-in-briefs/impairment-of-nfa.html
Be aware - Mr Horgan & Ross Jerrard are treading on thin, thin ice.
Mr Bond,
That is your interpretation, not mine.,
I am aware that the waste in the open pit has to be cleared before any higher grades can be found as i was referring to the claimed "Bonanza" in the underground workings which could be used to compensate for the poorer grades that are inherent in the open pit workings.
Has set a hearing date for 2 September 2023 to consider:
"As per the provisions of Egyptian Civil Procedures Law, Centamin's subsidiary, PGM, has submitted an application to the SAC to resume the Appeal proceedings and request the SAC to reject the original case in its entirety in accordance with the provisions of Law 32"
AUGUST 19 2023
Polymetal shares on the London Stock Exchange dropped 80 per cent following the invasion. They have been suspended, and trading will not resume as the group plans to delist from the LSE by the end of August.
The LSE shareholders will have either to sell their shares or open an account at AIX and transfer them to Kazakhstan, said Nesis.
“We made every effort to keep the LSE listing. But it required the active participation of financial services providers, primarily registrars, who declined to co-operate due to sanction-related risks,”
Polymetal does not believe that Moscow will seize its assets, as it did with Danone and Carlsberg, where their Russian operations were nationalised.
https://www.ft.com/content/5a8ed4a7-2bad-4948-a56b-355c61a93a8b
Mr T , understand.
No possibility of any grades from the face in the open pit,until the waste contact is finished.
You either dont comprehend or have no idea of mining and safety.
Mr T , understand.
No possibility of any grades from the face in the open pit,until the waste contact is finished.
You either dont comprehend or have no idea of mining and safety.
And there we go again- tibbles simply can’t stop - inane post number 8 today and still counting…
Come on Steve, stop complaining , surely there must be some good news about Centamin, it just ain't' obvious at the present, bit like those Bonanza grades, they were there, but then possibly they were just "Baloney" grades after all!
You just can’t leave it can you tibbles- you persist. Post number 7 now today with zero value- and why are you now asking Cowchain to have a dig- you just can’t leave can you and keep stirring the pot.
Absolutely. Let's keep it informative and not personal please.
Thank you for your posts Steve.Jones,
Looking forward to any good news you may care to post about Centamin, although I appreciate its difficult difficult at present with the elevated AISC and loss of market confidence .
Cowichan may have something to post later though!
Only 6 inane and repetitive posts from tibbles today- I guess we should be grateful it's not double figures as is his norm- although the day is a while off being over...
Oh, and his puerile post where the phrase with the words "head", "bottom" and "up" included it in spring to mind.
Happy Monday y'all :-).
Imagine being married to him... jeeze...
Hi Wally,
Hope all is well with you!
Your last paragraph posses the obvious question !
Hi Paul,
Absolutely Paul and as yet despite the slick presentations that admittedly promise so much if all goes as hoped then the the AISC should fall off, but no news yet if the underground "Bonanza grades " will ever materialise to supplement the average and below grades.
Also as you say some meaningful purchases by the BOD would demonstrate their confidence in the company strategy.
Can we talk on here about the share please.
Not keep moaning about certain people who have posted on here for years
This share should be a lot higher for a company with no debt and a good dividend and produces gold on a regular basis so why is it so ..it ?
Yes Daz--they seem to be. I guess there is a confidence "hangover" from the last lot. I really would like to see regular buys by the management to give a bit more confidence in the share.
I’m clear that you didn’t like the old management Tibbs. The new CEO & management appear to be hitting targets.
Well what a coincedence.
What what he thinks as his buddy does equally the same, more than strange.
But remember the red T shirt of Ed China . On Wheeler Dealers.
It a quote from Mark Twain.
And very true
Hi Daz,
I posted mainly positive in the past, but then I was criticised by some when it became apparent that the management had been less than truthful and reckless!
So Centamin now have the opportunity to post some positive news if they so choose, like the market I'm waiting!
Helping you make sense of what’s happening in your world. Big stories, small stories and everything in between. Understand more, feel better. Five days a week, Monday to Friday.
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You have such disdain for this share Tibbs, why hangout here? You only post on Centamin and all negative. That’s a bit strange to me.
Cowichan is now regarded as somewhat of social media and LinkedIn legend who now has good following with messages from professionals inside the mining industry such as "Great work,lots of useful information and "truth" no doubt!'
Congratulations to Cowichan!
Anyone considering investing in Centamin should consider why the market seems to regard such "inane" facts to lose faith in the company and rate it as a penny share!
Another pointless repetitive post from tibbles.
Tibbles, we all know your view on the high AISC and previous management, you told us 1,000+ times, please stop posting the same inane repetitive drivel, and actually post something meaningful that could impact the company and/or the SP.