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April 2022
I’m happy to share that I’m starting a new position as UG Mobile Fleet Maintenance Planner at Centamin PLC!
https://www.linkedin.com/in/jacobus-richard-thorne-70378666/
That makes TWELVE former Barrick employees now working at Sukari...
Hi Halfpenny, I agree a buy rating is beneficial, my point was the analysts don't really have an in depth knowledge of work in progress at Sukari and it is now apparent that during the annalists Sukari visits in the past that the analysts weren't looking where they should have been or didn't ask the right questions, or perhaps they simply didn't realise that the site was being high graded and that it was in danger of disappearing under a decades worth of uncleared waste, just like the Jersey BOD who were watching the seagulls!
Although when you consider the value the analysts are putting on the company is barely what it was when stage 4 was still under construction and the repayment of CAPEX not to mention profit share was somewhere in the future, the share price was over a £1 when the first revolution was taking place in Cairo .
Yet even though there is the temporary increased AISC and profits are being split 50/50 the CAPEX has been repaid,no company debt, Sukari reserves life is better than previously estimated and underground grades better then expected ,solar soon to come on stream and there is the likelihood of some good Egyptian reserves being announced.
This company is making a profit and will no doubt make a lot more and yet the analysts come up with piffling targets of £1.20, well big deal!
Brokers giving the company a buy signal hardly a bad thing Tibbles as puts cey on the radar?
Equities in Europe traded lower in the premarket on Thursday ahead of the release of the reports on Germany's industrial production, house prices in the United Kingdom, and retail sales in the Eurozone.
Investors will also keep an eye on the North Atlantic Treaty Organization's (NATO) meeting on the crisis in Ukraine, and whether the European Union will impose another set of sanctions on Russia over its military operation in the conflict-hit country.
The DAX traded 0.39% lower at 8:00 am CET. At the same time, the FTSE 100 declined by 0.35%. The CAC 40 went down by 0.34%.
The euro gained 0.22% to the dollar at 7:58 am CET to sell for $1.09194. A minute later, the pound sterling rose by 0.14% against the greenback to go for $1.30858.
Baha Breaking the News (BBN) / JR
The political climate in Burkina Faso and Mali is decreasing, sadly.
In BUrkina, the cowards are now attacking and killing defenseless women gathering water. Animals don't do this, so gives you some idea of what they are dealing with.
https://www.voanews.com/a/more-than-30-people-in-burkina-faso-killed-in-armed-attacks-/6485090.html#:~:text=Armed%20militants%20killed%20at%20least,the%20restive%20area%20above%2030.
Mali is appalling in the north
https://www.voanews.com/a/rights-groups-call-for-investigation-into-mali-killings/6517572.html
Although no company has lost tenements or had their assets stolen or taken from them, due to Coup d'états, in either country - there has been some reviews when the prevailing laws have not been adhered to by the previous regime.
Its an extremely sad situation in these countries, and one of the factors, less we forget, is the "liberation" of Libya.
the gnome
Guest(s): Martin Horgan CEO, Centamin
The Sukari gold mine in Egypt is on its way to become a tier one asset with production of 500,000 ounces a year for ten years at an all-in sustaining cost approaching US$1,000/oz, said Centamin (LSE:CEY) CEO Martin Horgan, as a new mining code sees Egypt become a coveted destination.
Horgan spoke to Kitco correspondent Paul Harris at BMO's Global Metals & Mining Conference held in Florida last week.
{*article dated Mar 10}
https://www.kitco.com/news/video/show/BMO-Conference-2022/3910/2022-03-10/Sukari-to-become-a-coveted-asset#_48_INSTANCE_puYLh9Vd66QY_=https%3A%2F%2Fwww.kitco.com%2Fnews%2Fvideo%2Flatest%3Fshow%3DBMO-Conference-2022
Here's another golden flipflop story I recently added to my *speculative* tenbagger holdings - obviously do your own research - but a video to get the curious started
https://goldinvest.de/videos/video/930-omai-gold-mines-guyana-ist-zu-einem-hotspot-der-goldexploration-geworden
https://money.tmx.com/en/quote/OMG
Hardly sticking their necks out with such a ratings, what do these analysts really know about mining or what is happening at Sukari, not much more, if anything from the majority of share holders.
You can forget most of these ratings until here is some actual evidence of the progress at Sukari and some actual evidence of improved production and news on if there will be any further write downs or not, or any as yet undisclosed skeletons in the cupboard that the BOD were unaware of, then its pointless quoting the pathetic piddling estimates they are banding about on these notes, they are in short pie in the sky!
A good start would be honest answers to Cowichans and Dasut's submitted "Investor Meet" questions which for some reason they seem unable or unwilling to do!
Why don't some of these brilliant analyst ask such questions, quite simple they don't have any skin in the game and and they don't know as much some retail share holders on this forum.
So there you go Centamin BOD if you are reading this come on and be straight with the share holders or are you going to watch the seagulls instead?
Absolutely correct Cowichan,
I recall your past posting of what actually happens when a pit wall does collapse and it is most fortunate that the fault in the open pit wall structure was detected before any collapse might occur, thus saving life and limb, not to mention the company share price to a great extent!
92.50p +0.32p UTCEY 92.50p +0.32p UT
Berenberg Bank Keeps a Buy Rating on Centamin
Berenberg Bank analyst Jonathan Guy reiterated a Buy rating on Centamin (CELTF – Research Report) yesterday and set a price target of p114.00. The company’s shares closed last Tuesday at $1.22.
According to TipRanks.com, Guy is a 1-star analyst with an average return of -0.5% and a 44.5% success rate. Guy covers the Basic Materials sector, focusing on stocks such as Galiano Gold, Yamana Gold, and FRESNILLO.
Centamin has an analyst consensus of Strong Buy, with a price target consensus of $1.59, implying a 30.4% upside from current levels. In a report issued on March 24, RBC Capital also reiterated a Buy rating on the stock with a p120.00 price target.
The company has a one-year high of $1.76 and a one-year low of $1.06. Currently, Centamin has an average volume of 8,855.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Centamin Plc engages in the exploration, development and mining of precious metals. It operates through the following business segments: Egypt, Burkina Faso, Cote d’Ivoire, and Corporate. The company was founded on March 24, 1970 and is headquartered in Saint Helier, the United Kingdom.
Sotolo -->> you keep reminding people there was a mine wall collapse - there wasn't
in actual fact the company reported 'movement was detected' in the open pit - nothing more
Hi Langford,
In most respects although I agree it is an annoying/frustrating and indeed an unfair situation I have to agree in the main with the answer Prof has offered to your question.
That said though there is some deadwood/free loaders on the BOD who spent too much time watching seagulls out of the jersey window rather then watching what a mess was being created at Sukari!
Its hard to take in, especially when you consider that Sami El Raghy was making statements in the media that they had the best people at Sukari!
So was Sami unaware, didn't know what he was looking at, didn't look at all and believed what he wanted to hear from the Egyptian policeman in charge at the time, or was Sami complicit in the "Pyramid scheme , because like it or not that's what it was and why it narrowly avoided coming crashing down, and the reason why Centamin and us the share holders has to pay for the "Best" or most professionally capable people to sort out a bl**dy mess that should have never happened!
Just shows how much these so called mining analyst know who take part in the Webinars and then produce their notes, also despite visiting the Sukari operations how many of them ever questioned or mentioned any concerns over the way that the site was being operated, none!
Although never having visited Sukari and reliant on the information released the only analyst who ever raised concerns was Kees Dekker in 2015 & 2018 and Pardey tried to discredit those two reports!
Unfortunately in the past share holders good nature and trust was taken for granted and betrayed, not once but now it is apparent on a regular basis, each time the s*it was about to hit the fan Pardey/Josef/Youssef would manage to pull a rabbit out of the hat and calm things down, and all was well, until the next time, typical pyramid schema tactics!
So we have been shafted and we have the choice of either staying and hoping/trusting we won't be betrayed this time or selling out and possibly losing out if Martin Horgan is able to deliver on his stated aims, I hope he will, but it is one hell of a task sorting out a decade or so of crap and that's not just at Sukari!
Took some more today with profits from poly...trying to stay positive and think this is just a prolonged period for accumulation, we're on the thick of the worst bit now so hopefully the market will start too look forward soon
Berenberg raises Centamin price target to 114 (108) pence - 'buy'
Major indexes in Europe traded lower in premarket on Wednesday, with investors closely monitoring the situation in Ukraine and how it will affect the upcoming economic data due to be released today.
European Union (EU) will discuss new sanctions against Russia following the alleged "war crimes" in Bucha that left Europe officials appalled. Consequently, countries across Europe decided to expel over a hundred Russian diplomats citing security concerns as they prepare a new batch of sanctions that target Russian energy products. NATO Secretary-General Jens Stoltenberg reiterated the alliance’s support during a press conference saying it will direct more weapons to Ukraine in the following weeks.
FTSE 100 and CAC 40 were seen down by 0.31% and 0.32% respectively at 8:00 am CET.
The euro was lost 0.21% against the dollar at 8:00 am CET selling for 1.08847, and the pound was lost 0.10% against the dollar selling for 1.30607.
Baha Breaking the News (BBN) / AB
Happy hump y’al
Morning Langford,
What you flag is always a difficult one for a company in distress/ turnaround. You have to pay significant money/bonus/LTIP to get a class act in to do the turnaround but turnarounds take time so until it takes effect and shareholders benefit it is very frustrating for the shareholders.
My personal preferred model to align interests is greater use of LTIP with vesting based on the results of the turnaround however this can result in enormous payouts in case of success which can then also frustrate shareholders.
Best wishes,
Prof
Langford, the reduced profit was from the reduced ounces and higher costs after the mine wall collapse, which was not Horgan’s fault, I presume they have been working harder to overcome it. Despite this the totals in the finals (annual report not yet out) were down 10%, and do t seem inordinate for a company this size, “salaries, superannuation contributions, bonuses, LTIs, consulting and directors' fees paid to Directors during the year ended 31 December 2021 amounted to US$3,694,236 (31 December 2020: US$3,915,877); “ie around £2.7m?
Mr T,
Great respect for all the regular posts.
Today reading the annual report Jerrard and Horgan are receiving massive bonuses!!
How is that justified ???
Reviewing older annual reports El Dogy and Pardey actually declined bonus payments yet today we read about huge bonus’s whilst the shareholders suffer.
Is this fare surely they and the board should show true commitment- wake up Rutherford, Eyre etc
It seems that some of the Centamin BOD are out of their depth, dead wood, in fact if they were racing pigeons they would not be worth their corn and their necks would be wrung!
Have to agree with Dasut and with you Cowichan!
"During 2021 emphasis was also placed on fully exploring the Sukari concession and a 10km drill programme was devised focusing on six targets within the concession area and results are expected back in Q1 2022." from page 23 of Annual Report
--------------------------->>>
My Thoughts
It would be good for Mr Horgan to reinstitute regular drilling updates - which have been missing on some quarterly reports lately
Give long term shareholders some reasons to remain positive - include the greater Sukari drilling results with Q1 results later this month !
darren, dividend almost certainly falling, as intimated by board, but I think all in the price now so hopefully we will turn back up…..at some point, I am still adding a bit
Hi DASUT,
Unfortunately I think you're right -
Reading further in the 2021 report I came across this
"a review of corporate options in respect of Batie West has been ongoing since mid-2021, albeit this has been somewhat frustrated by the recent changes in Burkina Faso's political environment" (page 12)
So the board has a perfect scapegoat in the recent political upheaval - but why they waited until the last moment to look into the matter indicates they are not first rate material.
Endeavour is operating in BF as if nothing has changed - as is a dozen other miners - why Centamin is incapable of acting until it's too late is beyond me - some of the board members really, really need too go away as they are dragging the company down into the dirt on many levels.
daren love your confidence but I am not too sure we are going to see any profits for a while yet there is just too much waste still to shift and going owner miner underground will mean reduced ounces while they get up to speed. So costs out stripping ounces so unfortunately I see first qtr results in my opinion being disappointing. I do hope I am wrong.