Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc. Watch the full video here.
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However I am in Suffolk where it is early to bed early to rise, however I am always surprised how often Razor is up before me and how many post overnight, most from Oz
I meant the many of us in Oz
Just FYI heading South won't affect your time Zone. Moving East or West will though. :)
Cowichan--you are or were in the mining game? What sort of reputation does Martin Horgan have?
How would you have tackled "The wall" differently? Or not at all?
What reason do you think he might have for shifting it all in one rather than just removing what needs to be done to continue current mining, and maybe also gradually work on "the wall" if it does need doing?
What do you reckon to Mr T's mate Kees Decker and his thoughts over the years?
Also Im pretty sure that previous management did promise a lot over their last few years only for bad news to crop up a few weeks later. In one case I think it was the promise of the amount that would be mined in the year and then revised 3 weeks later.
Im not having a go at you. I'd like your view on the questions from you experience in the business.
Im a dull and boring sort of bloke. IF the dividends for the next 2 years were to total 20 cents (We should be so lucky!) , I'd much rather 2 lots of 10 cents than one of 15 followed by one of 5, even though money in your pocket is always better.
The point being, the consistancy would give confidence.
Thanks
Thank you Spoonington, quite agree, I enjoy waking to the overnight posts from those who live in sunnier climes, inc Gnome etc including Tibbs of course from Cornwall, I have visions of him waking and grabbing the computer as a thought comes to mind and then falling back to sleep, unless he has headed south). Also good Telegraph piece from AJ Bell which seems pretty spot on, thanks Razor
“ the dividend was lower than the year before and a long-term legal case in Egypt rumbled on.….”
Seriously I thought the rumbling had come to an end!
I’m not sure how this link will react to posting, my message is there is a long article on Centamin in today’s Daily Telegraph which ends with a HOLD recommendation
https://www.telegraph.co.uk/investing/shares/gold-fails-glitter-metal-producers-can-act-precious-buffer-times/
European stock futures rose on Tuesday after the sentiment in the banking sector worldwide seemingly improved following the recent $3.2 billion takeover of Credit Suisse by UBS Group. Today's session is expected to be marked by the ZEW economic sentiment data due for release later during the day.
Frankfurt's DAX gained 0.54% at 7:04 am CET, while the FTSE 100 in London simultaneously rose 0.20%. The French CAC 40 expanded by 0.57%, while the Eurozone-wide Euro Stoxx 50 climbed by 0.55%.
The euro slipped 0.12% against the dollar to sell for 1.07091 at 7:18 am CET, while the pound declined 0.21% to $1.22522 at the same time.
Baha Breaking News (BBN) / ND
Save your breath Cowichan, Mr Bond is part of the support Horgan & deride previous management cohort who refuse to let facts sway their opinion.
The fact that Horgan has squandered a significant portion of our cash reserves prudently accumulated by previous management on a waste stripping program which, based on information so far provided, is largely unplanned & has no defined objectives or anticipated outcomes seems not to concern them - as long as they can criticise Pardey & the El Raghy family all is good (reminds me of the US political system).
I have simple questions for the “we love Horgan” disciples - how has the financial position of CEY changed during his 3 year reign? What meaningful & demonstrable achievements has he made in those 3 years (outside of just doing what he is paid handsomely to do whilst at the same time squandering shareholders capital) - I need a good giggle so please respond with as much scorn & venom as you feel is warranted :)
If you have a technical report on reserves, a discussion of exploration results is part of it. However, the report would also include the overall geological model, the outline of the deposit, the resources and their level of confidence, how it would be mined, the conversion factors (mining recovery and dilution), processing, production schedule both for mining and processing, cost structure and a cash flow model, preferably on an annual basis.
Observations from another shareholder Dasut and former mining professional who supplied heavy plant to Sukari from the early days
With a strip ratio over 10 to 1 their costs are currently much too high and this is where I would like to understand in more detail the cost per ounce of Capital's waste removal.
This will then hopefully provide us with something to look forward to at the end of the contract, a more realistic strip ratio and reduced cost per tonne/ounce. Or will it and is this high strip ratio more realistic given the age of the open pit?
Dear Mr Horgan,
I do hope that you will take these observations and suggestions in the spirit in which they are offered and after due consideration that you are able to reply to me with your thoughts and some reassurance that this time things really are different and we shareholders aren’t going to let down as on numerous occasions in the past prior to your arrival.
The above part of a letter 26/07/2022 below which remains unanswered!
July 2022 update-
From the 2022 analysis It appears in the absence of any information to the contrary at present as far as the open pit operation is concerned in isolation it hardly seems to be worthwhile, or a commercially viable project, despite the huge cost of a three years clear up and unless the open pit situation changes then the Sukari operation should mainly concentrate on the underground reserves which I appreciate you identified early on as a priority to change over to inhouse operation.
I understand that due to lesser obligations of openness that London and Australian listed companies are not required to give detailed substantiation of their claims to those reviewing them, possibly this is why some companies prefer to list on these exchanges?
However in contrast on the Canadian S & P Gold Miner Index when reserves are defined they usually give the “Life of mine production schedule”.
So in the interests of openness with shareholders & the market Centamin should publish technical reports when they estimate their first resources or reserves, or when there is a material change in resources/reserves
Doing so would be most or useful because when reserves are defined they usually give the life of mine production schedule.
This would better enable mining analysts to evaluate true merit of the reserves and so independently so produce more accurate valuations.
Legally Centamin need have no concern about strategic information as no other company can benefit from the information because Centamin's tenure protects it.
Re the Centamin July Q2 report Some recommendations from a mining professional to make it more informative and meaningful
Reporting such as “cash cost” and AISC per ounce is pretty meaningless as these can be manipulated and are to a large extent out of control of management with grade having a major role as has book entries to re-allocate cost to capex.
What is far more meaningful is unit cost for:
- Underground Mining
- Open Pit Mining, preferably distinguishing between ore and waste, and before any reallocation to capex as “deferred stripping"
- Rehandling Cost
- Processing Cost
- G&A - annually
Technical reports on reserves usually give such costs, but financial and/or MDA reporting does not.
Centamin anyway has relatively very low open pit mining cost compared to their peers and they should be proud reporting these!
Strange, when previously attempting to get info on Centamin via Sedar I was unsuccessful, but now see they do post.
However, no Technical Report on Sukari since January 2017?
One would have expected their new strategic plan is supported by a formal study?
Cont
Repost
I appreciate the pool of adequately experienced and skilled mining specialist support services drilling contractors may be somewhat limited and possibly then the reasoning why Centamin would have a preference for working with an existing established and trusted drilling contractor “Capital”.
The contract for the waste removal of waste from the Sukari site as far as tendering goes might well be regarded as work of a different category requiring somewhat different specialist expertise and experience, so there may have been alternative contactors that could have carried out the work more efficiently at less cost, that said though sometimes extra cost can be justified if an overriding factor such as in this case of the said waste removal contactor being immediately available to commence the work.
Some may or may not be aware but these concerns has been raised by an Australian Centamin shareholder and some other UK retail shareholders
As the documentation is from some years ago I appreciate that Josef & Youssef E Raghy may no longer hold their “Capital Drilling” shares , but after all that has taken place over the past years partly as a result family nepotism in senior appointments at Sukari then it is understandable why some shareholders should be somewhat suspicious of anything now.
“There would be room for significant and worrying conflicts of interest in this arrangement as you suggest. I hope El-Raghy is not a shareholder in Capital drilling but, there seems to be some link up suggested in the ICIJ offshore leaks link below, and in fact through Josef, and Centamin (separately) who have shareholdings in Capital Drilling? I hope my reading is incorrect, but this is a matter that should also be looked at
https://offshoreleaks.icij.org/nodes/82006106
Also.
https://www.proactiveinvestors.co.uk/companies/news/207814/capital-drilling-lands-contract-renewal-for-centamins-sukari-mine-207814.html
“So if it appears the major shareholders on the management board of Centamin are also major shareholders in a Sukari drilling contractor who may have not carried out its duties as efficiently or as well as it should have done considering the ongoing production cuts in production guidance.
From the most recent report on 25th Feb 2019 the Cleopatra incline and the open pit are still not producing the higher grades or the improved output within the timescale share as promised to shareholders by Andrew Pardey on behalf of the Centamin board.
This arrangement of Centamin and Capital Drilling being so closely intertwined by way of possible pervious or ongoing share ownership and the same senior management having served on both company boards and being represented to shareholders by the same PR representative may be perfectly legal, but is it wise, ethical or in the best interests of whom?
As far as I am aware there isn't any requirement to be a shareholder in order to take part in this forum debate on Centamin, surely the forum should be a place for anyone who wants to find out about the company or wishes to take part in the ongoing debate by contributing information or asking questions.
Possibly when considering the value and the advantages to Capital in the terms of the contract with such little risk but great profit making potential it males sense to get some of our money back by holding Capital shares instead of, or as well as in Centamin, at least it would be a way to enjoy some benefit from the appalling mess of the Centamin BOD making!
What is the Federal Reserve System?
The answer may surprise you!
It is not federal and there are no reserves!
Furthermore, the Federal Reserve Banks are not even banks!
The key to this riddle is to be found, not at the beginning of the story, but in the middle. Since this is not a textbook, we are not confined to a chronological structure.
The subject matter is not a curriculum to be mastered but a mystery to be solved.
"The creature from Jekyll Island"
For anyone who would like to read two links below-
https://archive.org/details/pdfy--Pori1NL6fKm2SnY/page/n7/mode/2up
https://archive.org/stream/pdfy--Pori1NL6fKm2SnY/The%20Creature%20From%20Jekyll%20Island_djvu.txt
None
You answered what I expected.
A great admirer of those 3 especialy of Barickl,lost a few quid , excuse me C dollars.
Is it you want vengence on CEY.
Dont answser ,its not important at all for me. :-)
Have a good day.
As I said, I am still interested in Egypt's mineral wealth , still interested in greater Sukari , still interested in all of Centamin's , B2Gold , Altus and Barrick's new concessions.
What part of that explanation is difficult for you to understand, exactly ?
And further why are you still posting with in your words, sold out?
Who do suggest would Would be best for a buyout.HA HA.
As for your data , its all supposition.
I am ,like you ,of posting whatever I wish.
If you think my messages are misinformation then report me, ;-)
I'm still interested in Egypt's mineral wealth and have been for near two decades. As I posted previously I will still invest if the right management team ever comes in place - thru a buyout or otherwise.
The strange thing to me, MrBond, is folks sharing misinformation and blindly supporting unprofitable management decisions. I always post details and real sources with links to the data - you should be required to do the same when sharing opinions.
Thought you told us you are no longer a shareholder?
Why are you still interested?
No doubt in the interestests of those who are.
Very strange.
3bear - the fact that Centamin says a competitive tender was performed doesn't mean it was a cost effective option.
Sadly, as was the business rationale behind Centamin's move to owner operator underground i.e. replacing Barminco - it is never ever cheaper to contract work out - for the simple fact that a profit margin must be maintained for that contractor.
In our case the Capital contract costs upwards of a 25% profit margin. Thus it cost Centamin shareholders an EXTRA >$80 million vs an owner operator model.
I wish people would stop pretending otherwise and thereby deceive Centamin shareholders. It really isn't honest.
The Capital contract went out to tender like any other. It was more cost effective to hire a contractor for this work than to buy the extra trucks and excavators to do it in house.
Agree Cowichan
Good points Paulmetcalfe, when you are in a sticky position , its easy ,later to have different ideas retrospecively.
Cowichan ,only in your opinion.
I suggest we agree to disagree.
You are not CEO thank the Lord.