Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Hi Dasut, thank you for your thought and opinion on these issues, you know the business far better then we do, not a perfect scenario by any means, so what you are saying seems to make sense,
Hi Cowichan,
I think it's pretty obvious what ever Centamin team there was they weren't that good at whatever they were doing. possibly not their fault if the senior managers were too busy covering their own ars(e's to show any interest in the staff then things soon go downhill, certainly did at Sukari!
Hi Cowichhan,
Well after the mess that has been allowed to develop at Sukari and the dire state of things on site then it makes sense to have some staff who know what they are doing, can't really blame these professionals if they are offered a better package and there is no doubt they are needed.
Hi Rebess & Mizolgit,
I have to concur with you both, a pub contact whom I have known for a number of years a senior director in a services and supplies company whom has clients all over the region I usually see about once or twice a month, he has always been of the opinion there will never be a takeover by another company because EMRA already has the controlling interest,also he has always been of the opinion that EMRA couldn't care a jot about the court case because as far as they are concerned there is no court case!
He also said that it was a pity that they didn't have some of the new appointments at Sukarui five or six years ago because under the previous lot the staff were just left to do whatever they thought best and the only time any interest was shown in the site staff and the contractors was when there was a balls up or it was getting near to quarterly results time and then it was a case of fudging things to get the numbers up!
Seems now that Pardey & the El Raghy's were just "Bull****ters!", although the Jersey BOD obviously just carried on watching Seagulls and taking their handsome remuneration packages!
Tibbs, Cowichan No I don't think the questions have been fully answered not sure that it is an excuse but definitely think it is an issue that Horgan has inherited too late for a straight forward solution and certainly something he could do without.
Having been in country during and after a coup I do understand the frustrations so am prepared to give him and the team the benefit of the doubt. No way am I saying what has happened and is currently going on is acceptable but reckon Horgan in particular has a considerable number of other issues and projects that can bring about more beneficial contributions.
Batie West didn't work out BUT it was only part of the overall package and if Doropo and ABC prove to be profitable mines then 2 out of 3 is a good return in mining terms.
If Cey can partner with the likes of a major or a company experienced with refractory ore then excellent but I don't think the ore body is necessarily the issue in attracting a partner but feel it is more likely the political risk.
So in Cey's favour is that BF government won't necessarily want to take the concession back as they will have the same problem, without the knowledge and Cey contacts, maybe with Centamin prepared to share the risk with a partner.
In my opinion it would be of no advantage for the BF government who has far more issues to worry about than taking back the concession, and will I believe rely on Centamin to encourage a suitably qualified organisation to take the ore body to the next levels.
So yes there definitely needs to be better communication and it shouldn't be the likes of us assuming what the issues are because I/we have no influence over the thoughts of investors.
Good thought Miz - It makes a lot of sense. - There is undoubtedly something simmering in the background, something that always seems to play a hand/influence at the wrong time. - It's been in play for a while now. - You've made me think.
Shalateen - EMRA - - Never forget that EMRA already owns all of the assets at Sukari. Shalateen has moved into a strategically important adjacent location and of course there is the old-chestnut of the court-case. - The CC, unresolved as it is and still casting its shadow over the future of Sukari, could well be a card just waiting to be played when it suits.
Fanciful I know, but you have made a good point. IMO
Major European equities traded higher in the premarket hours on Thursday ahead of the release of new economic data and with the Ukraine crisis in focus.
During the day, investors will receive reports on inflation and consumer confidence. Besides, on the military operation, it was known that Kiev was prepared to hold a "special round of negotiations" with counterparts from Russia. Meanwhile, the conflict continues focusing on the Donbass region in eastern Ukraine.
The DAX gained 0.34% at 8:00 am CET, while the CAC 40 added 0.21%, and the FTSE 100 rose 0.07%.
The euro was flat against the dollar at 7:58 am CET, selling for $1.08502. In comparison, the pound lost 0.10% to go for $1.30542 at the same time.
Baha Breaking the News (BBN) / JGA
Why has everyone not considered ,if there is any takeover,the logical one is already the largest stakeholder..
their other miner is not far away already, they would make an offer if they wished.
That would be dangerouse to refuse.
Horses heads in Horgans ,BOD and El Raghys bed .
:-)
Probably better Barrick put us out of our misery...if our bod fell in a barrel of dicks they'd come out sucking their thumb
Thank you Dasut,
Do you feel then that Cowichans outstanding queries were then adequately covered or addressed in today's questions on Batie ?
Oh look - we are now approaching TWENTY former Barrick employees working at Sukari.
The latest hired just a few days ago:
https://www.linkedin.com/in/jacobus-richard-thorne-70378666/
UG Mobile Fleet Maintenance Planner
Centamin PLC · Full-time
Apr 2022 - Present
Al Jizah, Egypt
Past experience
Senior UG Fleet Maintenance Planner
Barrick Gold Corporation
Dec 2017 to Apr 2020
Mr Horgan has said he's rather flattered so many high quality former Barrick employees are choosing to join the Centamin team.
My concern is how long there will continue to be a 'Centamin' team.
On that theme ( and to further Tibbs comment on the line-of-credit holdup until August ) I hope our money man Mr Jerrard's is not so busy with some due-diligence/NDA project that his time schedule is in disarray...
I'm of the opinion they should have stopped the divi back when everything went wrong...the cashpile has dropped massively, the divi is just vanity. Seems we will now be lumbered with debt we didn't need so the company could tick the secure dividend box...think I read negative FCF of 21m in 3 months
Thanks DASUT - I did catch it on the audio.
For me it wasn't much of an answer as opposed to an excuse. Also, if they already know it's reverted back to the state - I hope it doesn't take 2 years and 100 questions from shareholders to finally admit it - as was the case with Wadaraddo and Napelapara
When B2gold was recently having concession 'issues' with the state they handled the communication of the problem and reassurances discussions were ongoing with state officials exceptionally well - that level of accountability doesn't yet exist with Centamin.
Perhaps he needs to delegate better. Who is in charge of the Burkina Faso file? Let's hear from him or her directly. Surely a statement is possible. In fact it's so bad I'm quite sure I personally have better insight into what's going on in BF than some/most of the Centamin board members -
Cowichan Batie wasn't covered in the presentation but did get raised as a question and answered by both Horgan and Jerrard. Have a listen to the presentation on the website.
Well done Cowichan keep it up, at least you are getting more answers than Centamin are willing to offer !
Hi Cowichan,
Mr Bond is spot on, it has to be said,, but also you are also right in your summing up of today's announcement, but to be fair and as Sotolo, Tornado and others have previously mentioned it was to be expected and this year is going to be challenging to say the least.
Also from our past experience of when this share price is on its ar(se and especially as it is free of stamp duty it is an obvious choice for the short term day traders and shorters!
I appreciate some will say “The past is past”, however I am not alone in thinking that had Kees Dekker’s concerns been taken seriously at that time then we wouldn’t now be in “The Last Chance Saloon” and Capital wouldn’t be trying to dig Sukari out from under a decade of spoil!
My sincere thanks to Matin Horgan and his new team for all their efforts thus far, but this situation is very different from all the other previous so called unexpected occurrences of the past in that it’s not just a crack in the wall, this time the writing is on the wall!, the trust is gone and the sacred cow Sukari hasn’t just been milked by the complacent or complicit Jersey BOD and the self serving Pardey, El Raghy family and EMRA, it’s been totally slaughtered!
Today's expected depressing presentation confirms that the company is in dire straights and the Sukari situation is even worse than previously feared so if any recovery is to be achieved in the previously predicted timescales it will be nothing short of a miracle, but then I suppose we have to live in hope that Martin Horgan can deliver such a miraculous turnaround and in the absence of any more positive news that really is all we have at present!
Unfortunately if that were not bad enough it becomes ever more apparent that that the BOD & NED's oversight and financial management of the West African projects has been possibly even worse than their oversight of the Sukari operations resulting in the squandering of hundreds of thousands of dollars for no return or benefit of any kind and meaning that the company now has to resort to cutting the divided and taking on debt or line-of-credit and the process was originally slated to be complete in June, but it is now to be more like August, although no reason given for the delay, that raises red flags, Why the holdup? Why mention it?
It seems that Martin Horgan certainly has his work cut out!
Dear Centamin,
There is no mention of the sale of #BatieWest / #Konkera gold deposit in the latest presentation.
Please let shareholders know if management has spoken with the new #BurkinaFaso Minister of Mines Jean Alphonse SOME .
Centamin's board of directors have a long history of keeping shareholders in the dark, shirking their fiduciary duties and overall losing shareholders money.
Martin Horgan - please make the changes necessary to hold the BOD to account. Give the chamber of mines head Adama SORO a call - straighten this issue out before we lose yet another multi-million ounce deposit to the board's incompetency.
James Rutherford Ross Jerrard Sally Eyre Mark Bankes Marna Cloete Catharine Farrow Hennie Faul Craig Murray John Singleton B2Gold Corp. Barrick Gold Corporation Berenberg Capital Markets BlackRock VanEck Schroders Standard Life UK Vanguard
https://www.linkedin.com/posts/don-lawson-98619370_burkina-burkina-activity-6922584326719111168-ooPk?
------------------------------->>>
The last LinkedIn post was well received, gaining 4227 views, 75 reactions (likes) and several contacts with company insiders sharing their views and insight on what-is-going-on within the company. Enlightening to say the least...
Also, not sure if there was a good reason Centamin hired a former Berenberg / Peel Hunt analyst to be their new IR go-to or 'Group Corporate Manager' whatever that means. These folks are by and large useless - judging by the questions they consistently fail to ask . When was the last time these talking heads unearthed any useful information for shareholders? Just because they rub elbows in the UK banking scene shouldn't be qualification to a cushy job.
https://www.linkedin.com/in/michael-stoner-837ba022/?originalSubdomain=uk
Cowichan...they cant afford the dividend so doubt they should be spending more money on buy backs also...
I don't like being a hindsight trader but I sold a good few a few yesterday seeing the big dip in gold coupled with poor results and bought them back today
If it makes somebody feel any better, I present Turquoise Hill's horrid 1Q results announced yesterday;
copper production down 33% vs Q1 2021 (and down 22% vs Q4 2021)
gold production down 60% vs Q1 2021 (and down 25% vs Q4 2021)
https://financialpost.com/pmn/press-releases-pmn/business-wire-news-releases-pmn/turquoise-hill-announces-first-quarter-2022-production-and-oyu-tolgoi-mine-and-corporate-update
The difference ? Turquoise Hill closed the day with a share price slightly up.
Can't believe I'm saying this but MrBond is correct - these clobbering's to Centamin's share price aren't based on poor fundamentals or a loss in confidence by LTH's - simply opportunistic trading.
Bottom Line: Centamin's best days are still ahead. The foundations are being laid - albeit costly in both time and money.
However I do think management can navigate these difficult times with more finesse.
Perhaps just a little bit of strategic share buybacks would put a floor under the share price - unless of course there are other forces at play content with undermining the share price. The jury is still out on that possibility.
( NB I still haven't read thru Centamin's results - figured I'd get the chat board's reaction first )
3bear....I agree, I think today will be the day the recovery slowly starts...the market knew how bad those results would be but still doesn't like seeing it in writing....if q2 isn't impressive compared to q1 then I give up
Managed to pick up over 60,000 today in 3 tranches at c90p average...
Buying purely as a gold play to add to existing holdings plus FRES and big GOM...
GLA
Horgan was pretty upfront about how awful this quarter was going to be to be fair. The hope is that from here on ounces goes up and AISC comes down. He's stuck to his FY guidance so 430-460 and 1275-1425. Capex for the year is front loaded with the costs of taking undergound in house, waste stripping and solar. It was a double whammy because underground takeover also knocked production. With all that bad news in the open, and the share price already recovering in the low 90s I think today was the last ever chance to buy in at 80-something. Caveat: This prediction may only last a day or two knowing CEY.
Todays Broker upgrade, from 120 to 140.
Obviously it's because of the outlook. Great price to buy now
AISC for Q1 1,558 but high end of FY guidance is 1,425 what has gone wrong here? Production Q1 93k which is lower than every quarter last year. FY guidance 430-460 this is really poor, anyone care to explain poor guidance and poor quarter, am I wrong? Does the higher AISC include the stated extra costs associated with the transition to be owner operators, is this a one off or ongoing?