Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Burkino Faso cannot afford ,most of the time to pay its troops.
Thats why the Bandits run wild in much of it. They have enough fire power to overcome most.
Cowichan / others , any thoughts re the imposition of military rule in Burkina Faso...?
Hi Cowichan,
You may be familiar with the saying *"If the cap fits then wear it!" which in my opinion certainly applies in the case our Jersey based BOD & NED's, a clear case of them failing to carry out due diligence!
To allow the accumulation of $350 million of waste at Sukari over several years and and then claim they were unaware only when the wall in the the open pit was declared as such a serious safety hazard it put normal production into limp made for an as yet undermined time, can only be described as a deliberate or accidental failure to do what they should have done as part of their job!
The BOD & NED's should safeguard the company and share holders investments by ensuring Centamin"s assets (mines/reserves ) are managed as effectively and properly as possible and by rewarding the prudence and innovation of those managing them on a day to day basis, but not by rewarding them for spoofing and corner cutting for short term excessive gain, and then when the cracks in the plan are exposed allow those responsible to walk away with their unjustifiable rewards whilst the consequences are dumped onto the shareholders!
i would be delighted to express my feelings the board face to face should they wish to meet with me!
*(If the cap fits is the shortened version of the idiom if the cap fits, wear it. It carries the same meaning as if the shoe fits, wear it. It is used to convince someone to accept the legitimacy of a criticism sent their way, or the truth of a description about themselves. If the cap fits, wear it is primarily a British phrase first seen in the late 1500s. The phrase has remained the same in Britain, but in its transition to the United States the idiom became if the shoe fits, wear it.)
Bullion back by popular demand / report.
RT.com/business/547636
Yep, inflation running rampant around the world, Turkey has a runaway 36%. Only a matter of time before stagflation creeps in too. See Boris and Sunak are going ahead full steam with the hike in NI for April. Bad times ahead for all but the well prepared..
https://www.fool.co.uk/2022/01/29/a-cheap-penny-stock-with-5-dividends-to-buy-today/
https://youtu.be/Ctkl9YYDYVY
31 minutes in the workers are nearly done stuffing the holes with Boom Boom sticks! Imagine, not a job for the faint hearted.
it does seem odd that he's considering debt when the company is sitting on such large cash reserves...
Hi Mr Bond,
That is the corporate policy at the present.
Hi Mr Bond,
That is corporate poliicy at the present.
In the Q4 results call Martin Horgan was asked:
Is the board considering share buyback?
What he said:
We flagged at the life of asset day back in December that a review of the capital structure of the business would be under way H1 this year, really looking at how we structure the balance sheet going forward. How we think about things like debt funding, certainly for Doropo, but more broadly things like the three capital projects at Sukari with our costs recovery model, how that looks in terms of production profile going forward in free cash flow generation. How that ties in the business as well. So that whole capital piece is ongoing. Once we’ve got that work done, that will allow us to look at what is the optimal capital structure of the business today and on a go forward basis. And the implications of what we can then do in terms of financial flexibility. So I would say no definitive plans at this stage except to say in the context of a full balance sheet capital structure review is under way and over the first half of this year I’m sure that all sorts of options will be on the table for us to consider as we take the business forward.
What I heard:
No share buybacks. I’m going to borrow money and go mining.
In the past it has been made clear all new ventures will have to be self sufficient upon production.
they are registered as part of Centamin, but each will be a seperate entity.
Horgan said in the last couple webcasts he is reviewing the capital structure of the business and would be looking at debt to fund construction of the Doropo mining phase and in the January results call said he was looking at the possibility of debt to finance development of Egyptian operations? I may have added 2+2=5 but that says to me he's planning to borrow?
I agree 3 bear.
share buybacks have no effect on the long term,
I do not know where you got the idea Horgan was about to borrow anything,
No matter what some say the Company still makes a profit.
And there are still adequate funds.
Especially if West Africa is not seen as worth further investment.
But I will be interested to see the year end results..
Egypts future prospects are still excellent.
IMHO.
fair enough I'm a newbie to the travails of this company, but I'd still prefer to see its capital spent on developing the business than supporting the share price, isn't that in effect where the last lot went wrong? But I do get your point Mr T, if that development spend is unfocused and wasteful then it's obviously a kick in the head. Mr Horgan is about to start borrowing to fund further development of both the West African and Egyptian operations. I don't think he thinks he's got a spare dollar for buybacks is all?
Hi Cowichan,
Considering the recent disclosures and admissions you raise some very fair points of constructive criticism on which it I would be interesting to hear how other serious investors ,rather than short term traders feel.
That said possibly some the other members will take your post as a starting point to add any thoughts or opinions they may have
Who knows Martin Horgan and the BOD might get to see them and it would offer them an opportunity to demonstrate their commitment to their stated investor communication policy in practice by responding in some way.
At a time like this it a make make sense to reduce the number of shares in circulation and boost the share price, this would make the company more expensive for any hostile takeover or predator or to acquire rather at a knock down price whilst the Sukari clearance is taking place.
There has been quite enough drilling and then sitting on results in West Africa for the present and exploration drilling is already underway in Eygpt.
Had more money and resources been spent in the past on managing the Sukari operations properly then the Sukari output would have been nearer to the 500,000 oz with lower AISC and a share price of over £2 even with POG at these levels.
The investment situation in Eygpt has changed by offering new resource prospects that may be opened up and considering the already as yet non producing West African reserves then it makes no sense to start on other projects, this is where so many other miners seem to go wrong spending shed loads of investors money without actually returning much or anything at all to them apart from unfulfilled promises.
Get the engine room (Sukari)back up to speed as a the priority and the rest will follow.
Rummaging thru Centamin's website & came across this 'Shareholders' page
https://www.centamin.com/responsibility/our-stakeholders/
Here's a snippet
------------------->>>
HOW WE ENGAGE
Regulatory announcements and press releases on material performance, including quarterly operational and sustainability reporting and biannual financial reporting
Regular market presentations, investor conferences and open market dialogue
AGM and one-on-one meetings
Annual Report and Sustainability Report
Engagement with proxy advisory groups and shareholder stewardship teams**
ISSUES RAISED*
Emissions
Diversity and equal opportunity
OHS
Anti-corruption
Training and education
<<<------------
So, if those are the key issues Centamin management 'hears' when shareholders contact them thru email and social media we have a big problem.
Which shareholders are actually concerned & raising any of those issues* ( perhaps apart from emissions? )
Also, it mentions Centamin 'engaging with proxy advisory groups and shareholder stewardship teams'** What the hell are those? Do they exist and how does one join?
Correct me if I'm wrong but MOST Centamin shareholders are interested in & have been vocal about:
1) share price appreciation
2) share price appreciation
3) share price appreciation
That (jokingly) doesn't exactly cover all the bases but most concerns stem from whether or not we are making money - and that stems from issues like:
1) is management sufficiently focused on growing the business
2) has management done a good job ensuring uninterrupted and/or non declining production
3) is the dividend policy in line with allowing sufficient funds for exploration/acquisition
4) has enough been done to address single country risk (esp considering its been an item of concern for over a decade)
5) if the current BOD haven't delivered on 1 thru 4 isn't it time to refresh the BOD?
Bottom Line:
Centamin's shareholder responsibility 'list' woefully misrepresents the issues shareholders (and I would have to include the big ones) actual concerns - time to change it and talk about what really interests shareholders - not the ESG fluff every publicly traded company should and must be doing as a matter of a normally functioning, 21st century business
Share buybacks are just another way of returning cash to shareholders. I think Horgan wants to spend it all drilling. Which is a good thing right, investing in growing the business?
Hi Cowichan,
Fair comments, I don't like the holding and influence BlackRock has the world over it is an insidious, parasitical evil organization , BlackRock wanted Angela Merkel Former German chancellor out because she wouldn't tow their line and now they have their choice as German chancellor https://www.dw.com/en/who-is-friedrich-merz-the-new-head-of-germanys-cdu/a-56247517
https://www.handelsblatt.com/english/exclusive-exclusive-former-top-german-politician-to-join-blackrock-supervisory-board/23533144.html
BlackRock have heir tentacles in the present and former UK Tory governments
Can Chancellor George Osborne find a day a week in his busy schedule to work for BlackRock, the world’s largest fund manager. At £650,000 a year, or £13,000 a day, it sounds a more lucrative gig than editing the London Evening Standard on the other four weekdays. The former chancellor may also be given shares in the US firm, so we do not know if the salary is the starter or the main course.
At his peak, Osborne held as many as nine jobs at once. It is not clear how many of these positions he will give up in total ahead of his move!
https://citywire.com/wealth-manager/news/george-osborne-quits-blackrock-role-for-manda-boutique/a1458845?section=wealth-manager
Robey Warshaw was founded in 2013 by a trio of leading investment bankers, who made their names at Morgan Stanley and UBS.
Also the E Raghys were keen to establish and enthusiastic supporters of the present dividend policy.
You see government's don't really run the world it's those that run the funds,the banks, big business and those who manipulte the markets who control things, and they don't want change despite what went on at the recent climate conferences, Big Money wants the little people to keep propping up the corrupt and unfit for purpose monetary system!
The Yank's big funds and businesses don't want the gas pipeline between Russia and Europe it doesn't fit in with their plan to keep us all subservient to the American way!
So you may well be on the right track!
Tibbs - in regards to gold/silver ever-tightening physical supply
--------------------->>
https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-full-year-2021/jewellery
"Indian gold jewellery demand almost doubled y-o-y in 2021, surging past pre-pandemic levels to reach a six-year high of 611t. Record quarterly demand of 265t in Q4 set the seal on this remarkable annual performance.
With the easing of lockdown restrictions from June onwards and continued successful roll out of the vaccination program, India’s economy recovered in H2 2021. This boosted consumer sentiment – particularly in urban India – as reflected in an increase in the Reserve Bank of India’s Consumer Confidence Index, which rose to 62.3 in November 2021."
<<<----------------
Long may it continue!
Summary: The UK stock market is becoming a global backwater as US and Chinese markets forge ahead.
The UK is not alone in falling behind. All European bourses are more or less moribund, relatively speaking.
Daily volumes so far in 2021 have averaged:
$554bn in the US
$174bn in China
$47bn in Europe
and the London Stock Exchange just $6.1bn
But there are also homegrown reasons for the UK’s market decline. None is more peculiar (or farcical) than the role of income funds, the UK fund management sector’s signature dish.
These funds are a uniquely UK phenomenon. They prioritise dividends over any other kind of return from a company and therefore by definition penalise growth.
There is no comparable fund management sector anywhere in the world. According to the Investment Association, of the £744bn of equity funds that comply with its criteria, some 29 per cent are in UK income or related UK all-company strategies.
British income fund managers believe they have a mission to protect the incomes of pensioners (an honourable objective), but this leads them to insist on companies paying out the lion’s share of their income rather than investing it back in the business.
This is a form of financial decadence, discouraging capital investment and stifling growth and productivity.
https://www.ft.com/content/847b0335-7835-4b4f-9dc6-39ba944baadc
-------------------->>>
My Thoughts:
Could pressure from Centamin's largest shareholders be the reason its BOD have prioritized super-sized dividends over growth, exploration and expansion? And over share buybacks during those times we've been excessively cheap?
Could pressure like this also be the reason for bad open pit management - delaying waste clearing expenses that would disrupt the larger-than-life dividend policy?
Before some criticise, please remember this was recorded on Tuesday 25th Jan 2022 so prior to FED statement, however the presentation does explain why POG is being hammered prior to ETF options settlement day on 31st Jan 2022!
28 Jan 2022
The two main reasons behind the current bullish shift in gold and silver and elaborates further on the fragile ETF flywheel, with gold set to rally.
The precious metals expert continues to monitor the influence of Basel III on the markets and explains the mechanisms behind futures market backwardation in response to ever-tightening physical supply.
00:00 Start
02:00 January 2022 Summarised
09:00 Andrew’s thoughts on COMEX and BIS OpEx expiry
12:50 Is Basel III still a positive influence?
15:35 Silver opportunities - almost too good to be true!
23:45 Andrew elaborates on ETFs
29:30 Bank of America’s naked short silver futures position
https://www.youtube.com/watch?v=t2JDNKaddMk&list=PLE1y8hGSqr8ar1gKUdfqFDK5ygLIlrdmz&index=1
The opinions expressed in this video of Andrew Maguire and any guest.