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Full disclosure, I've sold most of my Centamin shares and bought a different miner, experiencing a mine ramp up issue. Took an 18% loss on CEY but not happy with the management here and that's hard to fix IMO. It's a shame because it's an excellent asset with a very low AISC.
I've kept a small position here and will keep an eye on the share price and this board, hopefully could re-enter when things look better. I'd require a larger margin of safety than last time though.
Good luck to all!
European major stock market indexes were mostly lower before the opening bell on Monday as investors awaited the Queen's Speech in Westminster which is set to outline the United Kingdom government policy until the next election. Brexit will remain a key topic after the European Union is said to have asked the UK to clarify its Brexit position. Meanwhile, Germany announced it wouldn't be selling new weapons to Turkey amid its latest intervention in Syria, but Berlin is said to be prepared to allow Huawei 5G networks in Germany to avoid a dispute with China.
The DAX and the CAC 40 both lost 0.20% at 7:23 am CET. In London, the FTSE 100 was flat, increasing 0.01% at 7:24 am CET.
The euro was down 0.07% compared to the dollar, changing hands for 1.10300 at 7:39 am CET while the pound fell 0.34% against the US currency at 7:40 am CET as it went for 1.26065.
Breaking the News / VP
Sorry typo in previous post below!
Should read Buchanon should be far more 'Proactive' in promoting every piece of positive news at every opportunity !
Thank you Dasut,
So many questions that need answering, or at at least they should be providing some ongoing updates on these other projects!
Buchanon should be far more provocative in promoting every piece of positive news at every opportunity !
My knowledge of the the professional capabilities of the new Centamin board members is limited to the information given on the company website.
However your recent post inspired me to enquire about the two new appointees to the Centamin board
The official response from Buchanon
Everyone is entitled to an opinion or to speculate about comings and goings of various people. Jeremy Langford was a very successful COO at Endeavour. His track record speaks for itself. I certainly hope he will be at least as successful at Centamin but he has only really only just got going.
Re Catherine Farrow, again people’s views on what happened at TMac, are entirely up to them – however, she provides a different technical perspective in relation to the rest of the board and is a valued member of the board as a non-executive.
As far as we are aware at this time she is unlikely to be a considered a candidate to become CEO of Centamin if that is what some share holders may be thinking.
Tibbs not BF rather Cote d'Ivoire (Doropo and ABC) and another question that needs answers what has happened to Bate, BF?
Cleopatra will I hope given grades to date be a profitable addition but I agree they do need to get on with it BUT with a well planned strategy and with no negative impacts to the long term, with strong buy in from the new operational teams.
Also CEO is an issue and we do need someone of substance with previous known track record but this isn't where the production comes from it is the operational teams that make the difference providing they are given the tools and I don't envy the new team who have arrived when there are issues that are not of their making.
I would also love to see a 3D model to fully understand the impact of the early underground workings on the current pit operations, I will have to look through early presentations to see if there is anything that helps.
Hi Gnome & Dasut
Take the points about interest rates & production
As a long term investor though what concerns me is that the production side seems to be getting worse not better.
Andrew Pardey stated that communications with share holders would be improved, there is little evidence of that .
Being polite the performance of Buchanon PR is questionable and seems to have made things worse especially since Q1 2018
We are told that lessons have been learned and that the management really feel do understand the concerns of investors and feel their pain?
We were promised that production would improve towards the end of Q3 2019 and yet very recently out of the blue an RNS that the CEO is retiring and another veiled warning of a Q3 that will fall short on what was promised.
With the ongoing production and ore grade problems the Centamin share price and future is now is very much dependant upon the POG staying above $1500 and we all know how fickle and manipulated that can be.
Surely though with all the very good drill results in BF there is a substantial revision to reserves waiting to be revealed and would provide some very welcome good news at this time.
Share holders were in fact promised a BF update several times over the past 36 months, however this has never materialised.
I have very limited knowledge of gold mining technique but it seems that the Cleopatra slope development has been going on forever and yet they have little to show for all this effort and expense, I wonder does this make business sense?
After so many failures to deliver on what was promised I an sure that I am not alone in feeling let down and very disappointed about the present situation in which we find ourselves.
Gnome I agree but I don't think the 23rd October financials are going to set the world on fire. I think they are having problems in the pit not just lower than expected grades but also the higher strip ratio and they are also admitting to issues with voids as they reach early underground workings and operating with trucks running at approx 240 metric tonnes they don't want to hit a void.
What I am hoping for is high selling prices and some positive news regarding increased assets with maybe a mining start date estimate for Doropo. Definitely need some positives otherwise the SP will take another hit.
2.8% Interim Dividend,
last year full year dividend 5.6% nominal
and Interest rates from a big 4 bank (last of the tax payer guaranteed, protected species?) in OZ ...
30 days 0.35% p.a.
60 days 1.00% p.a.
90 days 2.15% p.a.
120 days 2.35% p.a.
150 days 2.50% p.a.
180 days 2.80% p.a.
210 days 2.80% p.a.
240 days 2.80% p.a.
270 days 2.75% p.a.
1 year 2.70% p.a.
18 months 2.60% p.a.
2 years 2.60% p.a.
3 years 2.60% p.a.
4 years 2.65% p.a.
5 years 2.70% p.a.
Woder where I would put my money. More likely upside in CEY WHEN they get their new inde inspiring CEO! and they get into the high grade
I'm not buying this Brexit positivity, a professor from the LSE just said on the radio that this positive stance from EU is just so they can make it look like it was the UK that walked away/ needed the extension.
China 'mini' trade deal would mean more money for China to buy Gold INMHO
I would have to ask so what? An up and a down hickup for gold? Trump blunders again, the French taking over the ECB (grief), Turkey invades USA's (and the coalition of the willing) former allies, Australias energy policy shown to be worse than its water policy, Iranian tanker blows (or has been blown) up off Saudi coast, and Russian secret army seeks to do worse than the CIA and destabilise Europe. And lets not ponder Boris's next strategic move. Just another day at the office?
Big news was the Perth Mint move into Crypto backed by gold. Having just been to the Perth Mint and got the story, this to me is where the future lies. The fiat currencies are a farce and now backed by dubious political whims (nothing unusual here really), unusual economic theroies, makes a compelling story for more "rigour" in the money domain. It is increasingly difficult to forsee a world with endless money printing, savers penalised, zero or negative interest rates, financialisation of everything and anything....that does not need some stability like gold...and crypto.
Many will exit before tonight’s US-China update
Pardey seems to want to hang around like a bad smell. the new COO appears to have done an efficient hatchet job on the guy & must be trying to jump into his shoes already. I just wonder why this Langford chaps' tenure at Endeavour as COO was cut short? What did he get wrong? Also concerned that the new directors are not up to the task. Catherine Farrow was the CEO of TMac Resources until she was shown the door after their disastrous plant startup in 2016. The magnitude of destruction in share price she created was staggering - make Pardey look not so bad.
Shares in London posted losses on Friday before the bell, while Paris and Frankfurt were in the green, as trade talks between the United States and China boosted optimism among investors. In the United Kingdom, Brexit uncertainty continues, and official data released yesterday showed the economy contracted by 0.1% in August, with the industrial production down 0.6%.
The DAX added 0.58% at 7:44 am CET as the FTSE 100 declined by 0.24% at the same time. The CAC 40 rose 0.33% at 7:43 am CET.
The euro advanced 0.11% against the dollar, buying $1.10174 at 7:45 am CET. The British pound gained the same on the US currency, changing hands for $1.24518.
Breaking the News / NI
Very good point Cowichan!
Perhaps some of our members could email Centamin IR and ask that question?
My thoughts: How is it that Capital Drilling and Aton Resources are touting their connections with the EMRA yet the only real freaking miner in Egypt is as dumb as a mole? If that is some sort of strategy I've had quite enough, thank you.
Oct 9 2019
Mark Campbell, President and CEO “Over the past months we have been primarily focused on securing our mining licence at Hamama and working with the Government and Wood Mackenzie on mining reform in Egypt, but importantly we continue to develop the overall exploration potential of the Abu Marawat Concession”
Look at the effect on our SP once gold drops below $1500oz
Sad old state of affairs really!
Very valid and fair comments Dasut, I just thought it was some coincidence ,although as you point out Capital Drilling must have gained some very interesting and detailed data over their years of operation in the region.
The sooner we get a new and hopefully more suitable CEO the better and then old Pardy can take his leave to look after his allotment or whatever he likes to do!
Tibbs B of D most definitely need to take responsibilities for decisions but sure like me you have seen internal promotions of people that don't work, it happens best geo or engineer don't always make the best boss/manager, primarily because other responsibilities come with promotion and this takes up time and deflects from their expertise.
Not defending anyone because I am as disappointed with the goings on as the next investor and hope that the right leader is out there to take on the role of CEO.
I don't necessarily think EMRA and Drillers has anything to do with what Cey are doing or not doing and suggest albeit I don't have any factual information, they are discussing "Exploration" for the future and maybe some past results outside of cey's concession area. These guys have been involved in the region for some time and I am sure will have some very useful data.
Thank you Pushme,
Good of you to provide your thoughts and EP info!
Further to my post just now, Forward PE’s:
Centamin 13 !!
All from Guruwatch.
At current gold price Centamin profit should be around £100m, after profit share which is like tax, and gives a pe of around 14, which is low for goldminers so would help the likes of Barrick. Plus political dangers are less than Argentina, Mexico, much of Africa, as Barrick found in Tanzania with Acacia, and Glencore in Congo, Sizi is a strongman and looks to be around for a while. And with new owners, and well managed, production could recover. I would buy it if I had a billion and a bit but as it is have bought .05% and happy to hold. Even happier to see so many selling out, even Tiger, as that means fewer investors to sell and more to buy back. However I don’t expect a takeover bid with the court case etc and Egypt an unknown for other miners.
Completely agree again with your analysis MR TIBBLES
WHO in their right minds would splash out well over a billion pounds for the Sukari mine that will always by owned by the Egyptian Government. Only to receive less than 50% of it's income in it's profit sharing scheme.
I very much doubt that any company would even consider trying achieve some sort of acquisition of the Centamin Pharaoh Gold Mines NL (PGM) , even if the court case were resolved then EMRA Centamins partner would have to agree, imagine how many years that could take!