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Thank you for asking Dasut
I have noticed over recent months that any enquiries are rarely answered by either Centamin Investor Relations or their new PR company fti, but instead seem to be delegated to corporate analysts to answer?
Good response received DASUT, thanks for asking them and posting your response- I will post my responses to questions also in the future and they tend to answer the questions.
Sorry I should have said my question related to Doropo and my question has been answered fully and with a little extra detail than just how the licence expiring is being handled.
I asked the question and got a reply that I was expecting as the current licence is valid for exploration and does expire mid 2024 .
The response from one of Centamin's corporate analysts is as follows:-
We have until the middle of 2024 to submit our application for a mining license, with an additional 90-day period taking us to late Q3. However, we intend to submit our mining license application (DFS + ESIA) by the middle of 2024.
We then envisage a 3-6 month approval process, pending approval, we will be in a position to go to the board and make a final investment decision.
We are also considering the potential to expedite the final construction timeline by completing some low cost early works (roads, equipment downpayments, construction camp etc.) ahead of license approval.
So all sounds positive.
I think the Q1 results in April need to show better than "Steady as she goes+" . Being on target or better for ounces mined so they are not playing catch up later in the year would help. An update on the waste removal contract end date and a bit of news on "Little Sukari" project would also help. The dividend needs to be upped a bit, which they should be able to do, given the price of gold in the last 6 months.
Martin Horgan has spent a great deal of money ,but as yet the share holders see little improvement in share price or the derisory dividend?
Is this year going to deliver or will the can of promises continue to be kicked down the road?
ERRATUM – Group Resource and Reserve Statement
Not too serious a change. The reserves remain essentially the same in terms of gold content and grade.
About the “other former mining professional”s opinion, of course pit grades vary, the thing with Sukari open pit is that they are mining consistently at a lower grade than originally envisaged. Strange that your man is not shocked by the stripping ratios in the new LOM plan:
> 2024 6.4 / 2025 10.0 / 2026 11.4 / 2027 10.0 / 2028 11.1 / 2029 7.5 / 2030 5.8
For such a low grade deposit, these are very, very high rates.
Then again, in the past their plans had higher grades and lower strip ratios which proved wrong. Question: why does the presentation avoid showing the forecast open pit grades. As usual they give you half the story. One thing is certain, the financial performance for 2025 - 2028 will cost probably be poor.
Why conclude that the Sukari operation needs the open pit to be viable.?
Closing down the open pit and mining from underground will cut a lot of the overheads, the process plant can batch process the feed from underground allowing for only one shift with the rest of the day available for maintenance and repaid. W
ithout detailed cost accounting it is however not possible to conclude either way.
Kees Dekker's original modelling 2015 -and in 2018 showed the open pit to be very marginal and that was at higher grade and lower strip ratio.
In the presentation they show the open pit feed grade varying between 1.0 and 1.2 g/r in the early years, which is a substantial improvement from current levels.
Let’s see, the proof is in the pudding!
At present Egypt's economy seems to be going from bad to even worse which is a great pity for the ordinary people!
It's hardly surprising that Cowichan and other long term shareholders who quite rightly expected that they were being told the truth should after the crack in the pit wall and the narrowly avoided collapse forced the confession by the BOD and the management that they had condoned and been complicit bad mining practice whilst deceiving the shareholders on guidance that some long term shareholders should no longer have the same trust or confidence in Centamin.
Quite likely if Centamin Investor Relations had answered the questions put to them, or at least offered a reason why they couldn't hen trust in the company would be much improved, sadly that hasn't been the case!
It seems a great pity that some have to resort to "ad hominem" attacks against those that have that least taken the trouble to do some research and then question the company via the Investor Relations department .
Cowchain was pro CEY before the wall collapse, look back at his/her posts, then vehemently anti CEY on his/her posts after this. He/she lost a packet, and his/her narcissistic anger flipped over.
A bit of dollar consolidation today in advance of tomorrow's inflation data perhaps
Cowichan-Pangloss - so they should have ignored a pit wall in danger of collapse and bought some other mine somewhere else - seriously? Horgan and his team have done a fantastic job turning the Sukari mine in reality into what Pardey and crew were pretending it was.
So not much growth no, but SGM is fundamentally sound in a way it simply wasn't in years past.
You mean went up to $2181
Big drop on Gold ($179)!!!!!
To be clear I am referring to Mr Cow-Tibble-chan not forgetting Covgas from 2005.
I forgot.
Never argue with stupid people because they will drag you down to their level and then beat you with experience--------Mark Twain
Major European stock markets fell on the premarket trade on Monday in anticipation of the fresh German and United States inflation data that will be published during the week. The United Kingdom will reveal its GDP, industrial production, and trade balance report on Wednesday.
The DAX declined 0.29%. The CAC 40 fell 0.28%. The FTSE 100 was down by 0.31%. The Euro Stoxx fell 0.42%.
The euro rose 0.06% against the dollar, selling at 1.09426 at 7:58 am CET. The pound sterling was flat compared to the greenback, changing hands to 1.25846.
Baha Breaking News (BBN) / DD
Happy Monday y’al
Gold currently $179.60
Banks Federation head urges caution as hot money flows into Egypt after flotation, rate hike
Ahram Online , Sunday 10 Mar 2024
The pound lost nearly 60 percent of its value recording approximately EGP 49.4, from its previous value of around EGP 30.9, against the US dollar.
In recent years, Egypt has faced economic shocks caused by the sudden exodus of hot money, which is short-term, high-interest-rate investment certificates.
https://english.ahram.org.eg/NewsContentP/3/519171/Business/Banks-Federation-head-urges-caution-as-hot-money-f.aspx
Horgan's interview was made a few days prior to Egypt's latest currency devaluation. He spoke of the stability of Egypt's economy, as compared to some West African countries. Fair enough. But shareholders deserve some genuine stability - actually safe jurisdictions like Australia, Canada & the USA - for diversification that was touted over a decade ago. Horgan said he's still open to consider M&A opportunities, but only within the general UK region's time zone. What a flipping loser - obviously Horgan's beauty sleep overrides his responsibility as Centamin's CEO. It's been 4 years of zero growth at high expense. If the 100's of millions wasted on expedited contractor pit clearing was instead spent on an already producing M&A shareholders would be far far better off. Time to dump Horgan & his inept management.
No one here wants to hear from you mrbond/mizolgit ++ other user names no doubt
it is against LSE rules to have multiple accounts pretending to be different people
and liking your own posts to boost your self-esteem , anything you say is a lie , liar pants
No letter how high the GOP is, if Martin Holgan does not pay investors a decent devi, nobody trust what he said
Doropo 03 Apr 2023
In response to your first email around the purpose of the update.
Earlier in the year we had committed to updating the market on the Doropo pre-feasibility study ("PFS"), the announcement was following through on that with an update of the various workstreams and their various stages of completion.
The update also enabled us to communicate the following:
Firstly, that we had identified an opportunity to make significant capital and operating cost savings within the processing circuit.
Secondly that in pursuing this opportunity publication of the PFS was being deferred until we had completed the necessary test work to evaluate the cost saving opportunity, to ensure we published the most comprehensive PFS based on available data.
Finally, the update was also necessary to communicate the updated Mineral Resource Estimate (“MRE”), which demonstrated a significant improvement in grade from the preliminary economic assessment ("PEA")
As mentioned in the recent full year results, we look forward to publishing the results of the completed PFS in June this year.
In response to the second
The grades in the MRE update are correct. The data was prepared by and under the supervision of the Group Qualified Persons, Howard Bills, Group Exploration Manager, Craig Barker, Group Mineral Resource Manager, and Mike Millad, the independent Qualified Person from Cube Consulting Pty Ltd. All are geoscientists who fulfil the requirements of being a "Qualified Person(s)" under the CIM Definition Standards.
In the June 2021, we published the PEA MRE and in November 2022 we published an update. Historically the Inferred Resource grade was at 1.13g/t, and this was updated to 1.14g/t. Previously the Mineral Resources were unconstrained (at any gold price, which is not unusual for an early stage study). When we published the November 2023 update, the Mineral Resources were constrained within US$2,000/oz open pit shells to outline the scale of the Mineral Resource that has the potential to become economically viable to extract at our reserve evaluation gold price of US1450/oz. This is a more rigorous approach involving the application of the Reasonable Prospects for Eventual Economic Extraction ("RPEEE") criterion reflected in most current reporting codes. The June 2021 PEA outlines that the Doropo project is a series of individual resource deposits rather than one singular deposit like Sukari, with deposit grades ranging from ~1.0g/t to 1.7g/t, depending on the way the pit optimisation were run it will have generated open pit shells from those deposits (albeit using updated drilling data from the PFS). The grade dispersion will vary with the geology and the drilling information/density. As such, portions of those pits will be at lower grades and in the Inferred Resource category.
9 Mar 2024
The gold price is hitting all-time highs, but there is still scant interest in junior miners, noted JuniorMinerJunky's David Erfle.
On Wednesday Erfle recorded the inaugural show Digging Deep, hosted by Kitco correspondent Paul Harris at PDAC in Toronto.
PDAC is mining largest annual get together. Over 23,000 delegates attended last year's show.
Erfle noted the lack of love junior miners are attracting despite precious metals jumping higher.
https://www.youtube.com/watch?v=JiBnO0yQiGY
I think Cowichan has raised a very valid point, considering Centamin Investor Relations have ignored these questions several times when asked directly in writing I doubt we can expect a straight answer anytime soon though!
Anyone that doesn't believe this should email Centamin themselves!
what does he really tell shareholders, nothing new same old parrot fashion rushed through rhetoric of what may be coming in the future, nothing certain!
martin horgan well rehe****d sales talk that hasn't really changed in three years, this may as well be a presentation on double glazing or vacuum cleaners!