Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc. Watch the full video here.
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Hi Rebess,
Coincidentally I had also been thinking about the very same thing, possibly EMRA should have questioned if the Egyptian Police Academy curriculum included general mine management after the appointment of Yoursef El Raghy as Sukari General Manager and especially considering the Kees Dekker reports of 2015 & 2018 had expressed the now proven by subsequent events serious concerns over of the apparent failure by the Sukari management to have in place fit for purpose open & underground grade management.
Although I understand that EMRA do have representatives permanently on site which must surely raise some questions ?
How many of the previous BOD & NED'S are still in post despite not only failing to act with due diligence in overseeing Sukari operations, but in addition by signing off huge amounts of company funds to be as now is apparent wasted on pointless exploration and hole drilling on West African projects which have resulted in no benefit or return to share holders, although admittedly proven to be nice little earners for the drilling companies involved?
It seems now that the previous BOD & NED's who are responsible for allowing what should be by now be a world class beacon to mining excellence and instead to deteriorate into an a very expensive embarrassment would like to keep their heads down and hope everyone will forget!
Rebbess I would think by now EMRA like most genuine LT shareholders want everything put back on the right track for production increases and expansion in Egypt.
INMHO:
I wonder how EMRA feel about all the remedial work and the cost of putting it right? - After all, they will have to stand half the cost.
Hi Bobliz35,
Thank you for the reply and indeed you offer to help Cowichan in his quest for some answers on behalf of shareholders
Although I appreciate the wish to share information on this board, there may be some who are looking in that aren't batting on the same team as it were , so may I suggest that you make additional contact with Cowichan on his Twitter or Linkedin email messaging in case you wish to exchange any sensitive information in the first instance?
Cowichan raises very relevant points/questions in his last post, one of which is the very significant value of the clear up contract awarded to Capital, which as we are painfully aware wouldn't have been necessary if the BOD & NED had executed their duties with due diligence over a number of preceding years!
But that said a nice little earner for Capital and it seems that there have always been close ties between Centamin senior management and Capital looking at the names in the tree below
https://offshoreleaks.icij.org/nodes/82006106
https://www.proactiveinvestors.co.uk/companies/news/207814/capital-drilling-lands-contract-renewal-for-centamins-sukari-mine-207814.html
Tibbs
Mr Tibbles. Aisc is indeed not a perfect metric, but it is the best we have and an improvement on before we it, plus the percentage increase for a particular company is illuminating, especially if like us it is large and reflected in the reduced share price, or like Barrick up as we see, but quite a lot less, and shows the effect of the raised oil price. My second sad big holding, Hochschild, mothballed their Arcata mine because the aisc was higher than sales, and have had to hedge the entire output of their Pallancata mine as again if the PM prices fall it would be losing money, thus will miss out on any rise. Ultimately a company can not continue operation if the gold price is below aisc as even capital raising will soon be eaten up.
On another note I think the possibility of the dividend being raise from 5c to 6c is highly unlikely, it is more likely to begin to fall later this year unless gold continues to soar faster than the aisc
Hi Tibbs,
Always succinct and understanding and acceptance of those on this board with specialist knowledge. I would however remind you that Centamin IR are the recipient of COMPANY DOLLAR
Both my IR Companies and PR Companies followed my Company line without fail as their income was dependant on my Corporate line and failure was not part of their contractual obligation. Believe me the Regulatory authorities are staffed by zealous individuals who delight in fragging into the light of day failings of Companies in their Company strictures. Many who perhaps hold similar views perhaps to yourself on big Corporate business and Institutions.
With Regulatory authorities behind you Corporate fortresses can be demolished. except of course Comex but look up who is the Regulator of that organisation.
Kindest regards and the balance you so ably bring to the conscience of this board.
Bob
Energy prices don't need to be such a wild card for miners - solar helping to bring predictability
Barrick AISC
2020 $967
2021 $1,026
2022 $1,040 - $1,120 estimated
"Bristow said energy was the biggest driver of cost increases, and Barrick’s solar power facilities at mines in Nevada and Mali would help reduce its power costs."
https://www.theglobeandmail.com/business/international-business/article-miner-barrick-gold-announces-1-billion-share-buyback-posts-higher/
------------------------------------>>>>
*There, I said something positive about Centamin!
Hi Bob&Liz,
Thank you for your interest and offer of help support to Cowiichan on the issues in question with regard to FCA regulatory protocols and procedures.
I have no knowledge of the Seismic survey process and so I am reliant on other mining industry professionals understanding.
Most likely the Centamin IR are trying to be as helpful as they can within their remit, although their knowledge of Seismic survey techniques is likely limited to say they least and they would just be relaying the company brief regarding results.
There seemS to be little doubt of the magnitude of the dereliction of duty by the BOD & NED's, although it was unfair to expect Cowichan to attempt to fight the cause alone on so many different issues, so your knowledge of contacts and procedures will no doubt be a great help to him.
Tibbs
Tibbs,
Thanks for your reply!
Given that I annoy myself with the steady stream of mostly negative posts I appreciate this board's (and your!) tolerance. I miss the days when all I would post is how management was on the right track and pushing production up & up! I do believe Centamin can return to that exceptional performance and perhaps very soon. The prospects of Egypt are enormous and there is no company in a better position to take advantage than Centamin. Mr Horgan has so far managed to make a great impression - getting the basics /foundations right at Sukari to build on - hiring him looks to be the best decision the BOD have made in a long time. But it hardly makes up for the past and as you say - with so many missteps - some of them should graciously bow out of the picture.
Bobliz35 - yes, please do send the post(s) - Having our group of shareholders get vocal is exactly what I'd hoped might happen. I agree that for anyone wishing to take advantage of our current share price underperformance - raising a flag might give them pause. Also, it's good to get your perspective and insights on the regulatory system in the UK - thank you!
Cowichan
I forgot to add that Companies House has a Register of all Board members including their address.
Bob
Hi Cowichan,
With your permission I would like to send your post to all Board members including the Non Execs and the Regulatory Body controlling the FTSE the FCA This will be by Recorded hard post .
In addition the Jersey regulatory body is extremely keen to maintain credibility (where Centamin is registered) My previous involvement with these organisation would indicate they have an almost zealous intent for transparency in Company communication where affecting the market of which they are involved.
A flag at this stage might influence future thought processes of those wishing a depression of CEY value
Lastly I am most impressed by your in depth knowledge of the Gold mining scenario. I can only offer a knowledge of the markets , regulators and how it works
(or should)
Bob
Hi Cowichan,
Thank you for your detailed reply, you raise valid concerns in the light of no offered evidence to the contrary by the BOD & NED at that time of their failure to carry out due diligence in the past before signing off projects that have turned out to be a complete waste of many millions of pounds to as far as we are able to ascertain achieve nothing more than an erosion of share holders trust in the professional competence or suitability for post of the responsible culprits.
That said however and considering the BOD & NED's complete dereliction of duty with regard to the proper management of the Sukari mine and the West African exploration projects then it is very difficult to have ant trust or faith in anything they approved or commissioned.
I think we can be pretty certain that the BOD & NED's are quite rightly embarrassed that their failures to execute their responsibilities as they should have done are now blatantly apparent!
My own view is that if they had any sense of honour then a walk outside into the blizzard to not return would be the right thing to do, but I doubt any of them have the integrity or courage to do so!
So that said
Hi Tibbs,
I want to agree with you but I hesitate to blindly trust the current BOD. Apologies for the rant in advance - it's directed at the BOD's - not you:
1) It was the current board who approved the HiSeis survey - not some replacement board who only operated in 2019. And it's the SAME board who is denying us seeing the results.
Isn't there a pattern with the BOD in spending our money wastefully?
Let's do an audit.
Maybe $100 million spent at Batie West/West Africa over a decade with nothing to show.
$260 million to be spent in the open pit "emergency waste removal" program. Will it all be recouped? I dunno. But just trust us, it was definitely needed.
Remember it's Capital Drilling that 'won' the waste removal award. A pretty sweet deal. And Capital Drilling have 'salesmen' just like HiSeis have 'salesmen'. Any argument down the road coming that it wasn't actually necessary to remove urgently? Any alternate plan proposed that saw Centamin's own fleet do the job - albeit at a slower pace?
All we've been doing is blindly accepting the decisions of the same BOD's - until a few years later when they tell us (or don't tell us - we just figure it out) that an error has been made.
How about avoiding the errors in the first place? How about getting a better slate of board members?
But back to Centamin's totally useless, why-did-we-bother, experimental, test trial, too expensive HiSeis survey.
Kirkand Lake hired HiSeis in 2019 for its Fosterville mine - the results were stunning, detailed and invaluable. In Kirkland Lake's own words it was "critical in understanding the distribution of mineralization at the Fosterville Mine" And it led to Angico Eagle launching the takeover. Talk about a waste of money on the wrong technology!
For those who want an education on the technology used at Fosterville - GeoHug interviewed HiSeis on its program in January 2022 - the video link is here https://youtu.be/2MuC-pA6jzU
The reality is that seismic isn't just for oil & gas anymore - the video is a good source of factual information - unlike Centamin's IR dept. ( on this subject at least )
Also, Perseus hired HiSeis in 2020 for their Yaouré Gold Mine in central Côte d’Ivoire - they couldn't be more pleased with the results ( which are discussed at 5:45 onwards here --->
https://youtu.be/2MuC-pA6jzU
Bottom Line: I don't believe Centamin's IR Dept. telling us the HiSeis survey was a bust - Centamin is simply keeping that information private for the benefit of third parties with which they've probably signed a NDA and fear releasing the HiSeis info at this time might breach the agreement. That is yet another mistake by the BOD's.
Anyone who agrees please send this and my last chat post to Centamin's IR and if they reply we can compare notes
That said I totally understand we all have our own opinions - mine certainly can be wrong - just have a look at the videos and draw your own conclusions
Lol
Thank you.
ok.
Paul please don’t refer to my personal account regarding this board.
I would absolutely never refer to anyones mood or form on this forum and kindly expect the same in return.
No offence intended Razors. I know you have been here a long time and get frustrated with this share some times. I can almost hear you gritting your teeth sometimes when you post :-)
Hopefully, before we are all too old, this will come good and the golden flip flops will come out.
“I know you have suffered along with a lot of us on here Razors.”
Y’al talking outta turn there Paul.
I know you have suffered along with a lot of us on here Razors. Im hoping for a nice but small surprise with final dividend. I think the figure of 5 cents has been mentioned before? If that were increased to 6 cents, then it should show that Martin Horgan has confidence in the way things are starting to go and maybe the market might take that as a good sign?
Hi Cowichan,
It is worth bearing in mind that market regulations do not require or stipulate that management has to disclose all and everything, but only items that are material.
Other wise they would flood the shareholders and public with notifications and interest in new ones will soon be lost, because it will be perceived as a waste of time.
Re 2019 Seismic survey opinion of mining analyst consultant
Early stage exploration is a very low success activity and one must expect that almost all efforts will be wasted.
Geophysical surveys are early stage exploration activities.
without knowing the geology where the seismics was applied, it isn't possible to understand why it was used in the first place.
Seismic survey is generally mostly useful where there is relative simple geology and in stratigraphy that is sedimentary.
Hence the use of seismic in the oil industry, however even then it is not a surefire method to identify oil traps!
On top of this, seismic is the Most Expensive geophysical method available!
Hence it should not have been used in the first place based on cost/benefit!
It seems the old Board was convinced by a smart salesman to try the method!
Is it wise to be trusting a seismic contractor, which clearly has an interest to play up the results, more than the company(Centamin) commissioning the work?
From this I can only conclude that the Centamin management has made the right decision not to forget the Seismic survey and move on.
Remember Cowichan there are always those who say "We should do this" when in reality they mean "We should do this, shouldn't you!"
Tibbs
According to the regulator, The London stock exchange, Centamins declaration date is 21 Feb 2022 (Mon). On the day Centamins board of directors will announce the amount of the final dividend payable for the six months ended period ending 31st of December 2021
inside source that Basel III compliance has driven a top-tier bank to unload the last of their unallocated gold contracts.
With the gold market ready to explode, the London whistleblower digs deeper into the BIS revelations, drawing even more focus to the smoke and mirrors world of ETFs, the last holdout to accept the NSFR rules.
00:00 Start
01:30 What is happening so far this year
06:45 A Little bit deeper into the ETF topic
14:30 The physical vs. paper fundamentals
16:00 Big Basel III revelation, Bombshell Information!
21:00 What to expect in the very short term?
24:50 What is happening now in the silver markets?
https://www.youtube.com/watch?v=yDkEsGF42zc
Sotolo,
AISC is a very flawed metric that can easily be manipulated and does not reflect the true cost of mining. See my article attached, which was published by Crux Investor as an “Analyst’s Note”.
- It is simplistic to believe that gold mines will be mothballed when they cannot produce at positive cash flow. There are a myriad of gold producers that have to go back to the market continuously for funding with gullible investors prepared to do.
- The AISC cost does not cover ALL cash outlays required to keep mining