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Not that hazy.
Far from it.
It was certainly serious at the time,you are of course right about the Court Hearing.
I think it was the 'Administration-Court' that did that, not EMRA. - If memory serves, EMRA stood shoulder to shoulder with Centamin in opposing the court's decision. - However, my memory is a little hazy these days.
Certainbly suspended it .
The SP hit 20p.
Was sorted within a week.
Hi Mr Bond - Take your point, mind you, I'm not aware that EMRA ever took licence away from Centamin. - That's news to me.
EMRA can give licences and also take away as Centamin have found out before.
Many of us will remember that.
Takeover or not, if EMRA does not consider it in the benefit of Egypt, it would not happen.
Bristow being well informed, will know this.
Rebess with all due respect to you .the plant ,now paid for is EMRAs and as I said ,so really they have total control. Licences are a privelege if companies lose them ,as Spot said go to court
No one fool themslves into thinking different.
Hi spot - I believe the Sukari licence is owned 100% by Centamin. - So far as I know, the contractual arrangement with EMRA involving their 50% take of profits/free-cash-flow, does not create legal-impediment to Centamin's rights of disposal. - Not totally sure. - Because of the implications, no doubt EMRA would be included in negotiations as they were with the 'Endeavour' bid.
Don't forget who also owns sukari !
If Egypt doesn't want it, there's always the poison pill of Egypts legal system.
As a 'rule-of-thumb' neo, a 40% premium to closing-price at time of offer is usually a ball-park figure. - It's not an exact science.
Also, it would depend on how the offer is made-up.
If we are going down this rabbit hole of speculation what price would you offer as a takeover price? Match the previous one a few years ago? Less /more?
If there is to be a takeover, and with Centamin's history, Cowichan's suspicions are entirely understandable, it will be sooner rather than later in my view. - Presently, in it's distressed-state, Centamin is naked and vulnerable. like a wounded-animal. -To go in for the kill now would make sense in my view. - Always supposing of course they are being stalked. - I agree with Dasut, an organised 'Sting' would be pretty brazen stuff and as Cowichan has already flagged to the 'Mining-world', his thoughts on what he thinks is going on, it would take some explaining.
Cowichan, guys Bristow is the CEO of a very large company the largest gold mining company in the world and I very much doubt he even knows the names of the people involved in the job swaps, let alone organised a "sting" that would be so obvious. Would Barrick be interested in buying Centamin of course they would, is it a priority given the profit share structure I am not sure?
The time in my view to buy into Centamin or Centamin personnel would have been prior to venturing into Egypt to gain a structure and people with knowledge but as I have mentioned previously Barrick have considerable experience globally with personnel that have been there and done it and a tried and tested structure of developing new markets.
It wouldn't surprise me if Barrick take a run at Centamin but I would also look at other majors such as Newmont and Anglogold Ashanti both looking to grow their portfolios and Centamin's properties would fit nicely into their core profile ( I also know of several people who have joined Centamin over the years particularly from the latter company).
Do we know if Bristow visited Sukari when he visited Saudi as my contacts say nothing about such an event ever happening?
In my opinion Bristow will know everything he needs to know about Centamin and will have detailed dossiers on a number of acquisition opportunities. If I was Bristow I would be using my office talking to senior political/civil servant types to be sure of the political risks in the regions and gaining valuable contacts at high political levels rather than a visit to Sukari .
There has also been mention made of phase 4 west wall waste area and the lack of information it is worth listening to the Q&A after the 4th quarter presentation as Horgan explained that they have been mining the area from memory as early as third quarter last year.
Bristow is a narcissist who from his past record cares little about environmental issues and I certainly wouldn't want to invest in any company he was involve with irrelevant of how much profit it made
https://www.ft.com/content/11058120-72a4-3ae3-9cf6-d5c310c05200
https://www.telegraph.co.uk/business/2018/10/01/randgold-boss-criticised-african-big-game-hunting/
Mark Bristow, CEO of Randgold (GOLD) and soon-to-be head honcho of Randick (ABX), and his penchant for shooting large African animals until they are dead. Then proudly posing for the cameras with the dead animal afterwards (normally behind the carcass,
https://iknnews.com/on-how-the-real-media-picks-up-on-mark-bristows-dirty-hunting-habits/
The problems that Sukari is now suffering is entirely the fault of the failure to adopt sound mining practice by the previous management CEO Andrew Pardey also complicit in spoofing the market about high grading which appears to have been condoned by Josef El Raghy , Youseff El Raghy who were also active in spoofing the market that Sukari was capable of 560,000 -6000,000 ozs per annum.
Spoonington you clearly don't understand Martin Horgan and his attitude towards takeovers the task in hand in turning around the company, or what is going taking place at Sukari which will become apparent as time progresses
Good work Cowichan, keep on at them.
I share your concerns regarding the pit wall problems, this is simply part of mining & should not take so long to resolve or at least see significant positive movements towards resolution. I keep seeing management & contractors saying they are ahead of schedule but this is not reflected in actual results unless their schedule is ludicrously pedestrian!
Either the current management is not up to the job or they are withholding significant information regarding the full nature of the problem (as you point out the information regarding the wall problems has been scant) or your Barrick theories have substance - no matter which choice we are not receiving the full truth.
Bristow is a top flight CEO, if he can pick up CEY cheap he will likely do so as, rightly so, he thinks of his shareholders benefit not CEY’s. I wish our CEO/BOD would do similar & hope your postings will encourage them to do so.
As another fellow minnow I thank you for your dogged representation of our interests :)
Spoon
Hi Cowichan,
As a share holder you are entitled to question the company and entitled to an appropriate response and I certainly agree that Mr Bristow has certainly not got to be where he is by playing fair with the share holders of any companies his parasitic Barrik decides to asset strip and suck the goodness out of.
I appreciate that any lack of response or brush off is frustrating, but never the less even if questions are being asked via social media and Linkedin it is still important to always use the official IR channels in communications to get everything officially acknowledged and recorded.
Its almost certain certain that some other share holders will have already made Alex and Buchanan aware of your Lnkedin posts
Tibbs
Fellow minnow
As I thought.
Keep it up.
MrBond I don't mind you asking - but I just think if you put half the effort in questioning the actions of Centamin's management & BOD as you do my (in your eyes) inconsequential posts we all might get the answers we seek.
And I think I explained myself already regarding why I don't bother emailing IR anymore - in years past it's taken forever to get a response and if/when I do get a response I don't get an applicable answer - just a very polite brush off. I realize it's partly because I/we are (as you say) minnows among sharks.
In regards to notifying large institutional investors like VanEck, etc - that I do thru emails & social media - sometimes I get plain vanilla responses, sometimes I get nothing and sometimes I begin dialogs that form new connections. I'll keep it up (and this chat board apprised) of anything noteworthy.
Finally the reason I suggest others send IR my LinkedIn post should be obvious - the more shareholders who engage and ask questions - the more pressure it puts on Centamin to respond.
Why others pass your linkin to Alex.
Why not you direct .
Or is it they are ignoring you. If so why not ask major investors to ask the same ,those sharks are far from stupid
Just curious. Fellow minnow.
Hope you dont mind me asking. ;-}
Tibbs,
As always very good advice re: getting clarification from Centamin directly so as to have an official record. That said I have no trust in the official methods as they've done little to address past concerns - perhaps somebody among our chat group will send Alex a link to the LinkedIn post I made yesterday outlining my concerns regarding so many Barrick/Centamin employee swaps in the last year?
If not I did tag all the Centamin executives on the LinkedIn post itself here:
https://www.linkedin.com/posts/don-lawson-98619370_centamin-plc-announces-sukari-operational-activity-6890419280710631424-14cq
And so far a good number of executives from Barrick & Centamin (among other companies) have read the post - Alex no doubt included.
As far as our latest swapped employee - Chris Le Cornu - being a young geologist and downplaying his departure - I do not understand why any Centamin shareholder who wants to protect his investment would fabricate excuses on behalf of the BOD/management. The now obvious pattern of employee swaps in such a short amount of time deserves to be addressed if only to reassure shareholders all is well.
One thing that could assuage some of my concerns is if Centamin released the original report(s) outlining the pit wall movement incident. All the specific details, the individual employee/contractors involved, the official geological engineering report and study outlining what steps were deemed necessary to rectify the issue - indeed if any action was deemed necessary. As we know small movements are detected in open pits regularly - not all of which result in remedial action. Not all of which result in changes to the steepness/angle of the pit walls. (As I remember reading subsequent to the Capital contract being issued - no changes were actually called for or implemented in the pitch of the walls of the area of concern, which is also curious)
Bottom line for me - once a Barrick offer is announced it's too late to raise concerns of orchestrated sabotage to Centamin's gold output & thus share price. That is why I am pointing these things out now - as they happen. I have held my shares for over twelve years and have no intention of letting the likes of Mr Bristow orchestrate yet another value destroying deal as he did for previous shareholders of Randgold.
Mr Bond,
Fair comments!
Before anyone casts any superstitions or doubts as to your integrity or intentions you have been a long time valued and respected forum contributor for many years whom certainly to the best of my knowledge and indeed from those relevant contacts that I have without doubt has no relationship with Centamin other than being a share holder.
So I do hope that this clarifies to any doubters that you are indeed just a decent chap!
Best
Mr Tibbs
And no I have no relationship with Centamin ,Barrick or PR teams.
web/s/11086991
issuu.com/gallery/docs/direction/jersey/2020/2021web/s/11086991
Sorry if dosnt work ,still not got back my original onsreen keyboard.
It is clear Christopher Le Cornu is a young man.
Exploration Geologist who samples new prospects ,collecting samples in order to use a 3D modeling tool .
He is looking for more experience,as he states himself.
Sound very ambitious, good luck to him.
Not that much work history,so if his work for Centamin was done ,then he would want to move on.
As Barrick have far more sites than Centamin ,to move back there is normal/
He is looking for more experience.
Hope that helps.
Hi Cowichan,
Why not write att Martin Horgan and the board via Investor Relation's and ask for some clarification, denial or at least the company view on this iand if a agreed staff exchange policy is operational n order to reassure investors?
If merger/disposal or whatever talks are in progress than of course financial regulations may well prohibit disclosure in the public domain but never the less your enquiry will have to be acknowledged and on record, also you may at least get some answers to part of your query?
Long time Centamin exploration geologist who worked at Batie West, Doropo & Sukari JUST leaves (a few days ago) for a position with Barrick (geological modelling)
I will count this as the FIFTH official Barrick/Centamin swap hire in the last twelve months.
Employee Details:
Chris Le Cornu
Title: Senior Geologist
Dates Employed August 2014 - January 2022
A senior member of the team leading the Doropo project through pre-Feasibility studies. Also involved in the re-modelling of the +14 Moz Au Sukari gold mine in Egypt.
Location: Côte d’Ivoire
Mapping, logging, modelling and drill hole planning. Greenfield exploration to resource definition on the Doropo (>5 Moz) and ABC (>2 Moz) gold projects.
Proficient with Leapfrog Geo, Micromine, ioGAS and Datamine Discover.
Title: Exploration Geologist - Burkina Faso
LocationBurkina Faso
Mapping, logging, modelling and drill hole planning. Greenfield exploration to resource definition on the Batie West (3.2 Moz) gold project.
https://www.linkedin.com/in/chris-le-cornu-7b080b54/?miniProfileUrn=urn%3Ali%3Afs_miniProfile%3AACoAAAuCrrQBYGE4AxsgMrbZB5MOUwdVrVdCQ3w
-------------------------------------->>>
My Thoughts:
It's beyond coincidence that this many key and long term employees should role swap between Barrick & Centamin. Chris being the most boots-on-the-ground & intimately knowledgeable of Centamin's drill data/ geology to date.
Note Chris's key role in the remodeling of the Sukari deposit just released in last month's update. This is pivotal info IMO
Obviously Centamin's management/Mr Horgan is aware of all this Barrick shenanigans - he/they are not required to apprise shareholders of the non-executive hires/fires BUT it is very important info when ascertaining IF indeed there is a bid coming from Barrick -
and to what extent this was a drive-the-share-price down set-up i.e. the 'detected' pit wall movement , the sudden no-we-didn't-have-a-clue MASSIVE waste material project , the Capital Drilling contract , etc.
I ask again - Centamin management - how long has this Barrick courtship been going on and what is the board's intention? Are we for sale? At what price? And to who's benefit? Certainly not long term shareholders!
Given the potential of Sukari, the underground, the vast new Egyptian concessions, Doropo and so on we ought not be for sale until the value of these new assets are determined - which may be several multiples of the current market cap. Anything less is not in Centamin shareholders best interest no matter what Barrick says about scale and opportunity within its own portfolio.