The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Cey at his lowest already now .. nothing can go wrong...
Bohoo goes down badly from 400.. good luck ...
Yes it did but I bought into BOO at 100
Thanks Mr Gnome,
interesting info!
what really make me angry is the when asked why the waste was'nt being cleared the IR gave the reason that the BOD were unaware of the situation.
As Mr Bond highlighted it certainly highlights just how many times ,if any that the BOD had visited Sukari, seems the were dependant upon what Parley reported back!
As for Youssef , just a lazy free loader in the job through nepotism!
Sure hasn't it fallen by 33% this month..
Thank you Mr Bond,
Interesting info for those of us who don't have such experience.
The best decision I made this month was moving the money from here to Boohoo.
The reason I posted last night.
On open pit and undergroun sites ,they work a three shift system over 24 hrs.
That needs a lot of logistics not only at shift changes but also break times .
Sometimes mobile canteens to save losing valuable production time.
Bear in mind also the workers accomododation is at least a mile away, so shift changes are likely bussed in and tired workers shipped out.
The cost of organiseation ,ie transport managers co-ordenation is important.
Probably far less tha Non Exec Directors expenses and far more productive.
These days a Cornish Pasty or Jam Buttie with cold tea as in the bad old days.
Eaten in situ is not acceptale,if you get my point.
Dont forget this also applies to Underground workers as well.
Now also with Capitos extra workers even more complicated.
For me memories of the past.
https://twitter.com/_capitallimited/status/1473551006931644417?s=21
European exchanges were higher in premarket trade on Wednesday ahead of the release of the latest GDP report for the United Kingdom, set to be released before stock markets open throughout the continent. Yesterday, Germany's top disease control and prevention agency said that the interval between original vaccination and a booster dose should be reduced from six to three months.
The DAX increased by 0.29%, London's FTSE 100 was up 0.13%, while the CAC 40 advanced 0.34% at 6:54 am CET.
The euro was down 0.11% compared to the dollar at 7:17 am CET, trading for 1.12704. The British pound was 0.18% lower against the greenback, changing hands for 1.32450 concurrently.
Baha Breaking the News (BBN) / MS
Happy pre Christmas hump y’al
says ALEX BRUMMER
By Alex Brummer for the Daily Mail
21 Dec 2021
There is much more to the Bank of England than setting interest rates. Deep in the bowels of Threadneedle Street sit the gold vaults.
Bullion has been partly displaced by bitcoin and crypto currencies as a store of value for speculators – but for sovereign governments it remains a key reserve asset.
Britain would hold a much stronger asset base now had Gordon Brown not chosen to sell most of Britain’s gold reserves more than two decades ago when the price was at its lowest.
Who owns the gold in the vaults is a closely guarded secret but the Bank is known to have in safe-keeping the reserves of as many as 30 emerging market and advanced nations.
Among those with particularly large piles are the ‘Stans’ – the Asian republics once part of the Soviet Union.
The Bank’s role as a custodian of gold means that over the years it has also held currency assets of foreign powers.
Somehow the Bank, with its rich global (better not mention colonial) history and the UK’s rule of law is seen as a good place to squirrel away assets.
The ruling by the Supreme Court that Venezuela’s disputed leader Nicolas Maduro, who led the oil-rich nation to rack and ruin, should be denied access to £1.4billion of gold stored by the Old Lady provides a rare glimpse into this little-known aspect of the Bank’s work.
When central banks and monetary authorities buy or sell gold, often the Bank simply moves gold bars from one national pile to another, or ships it to Switzerland.
Being a bullion depository is about as far away as you can get from electronic transfers embraced by fintech newcomers such as Wise and the blockchain.
It also occasionally thrusts the Bank of England into the diplomatic spotlight. Most famously, in 1980, the release of reserves held by the Bank on behalf of the Iranian authorities to the late Ayatollah Khomeini’s regime was the final piece in the puzzle which freed US hostages in Tehran.
Secret diplomacy is widely credited with helping secure Ronald Reagan’s victory over Jimmy Carter in the presidential election.
Financial settlements often hold the key to long-standing diplomatic disputes. Currently in the courts is a disputed debt of £400million allegedly owed by Britain to Tehran, dating back to the days of the Shah, for tanks never delivered.
It is seen as the key to the release of detained UK dual nationals such as Nazanin Zaghari-Ratcliffe.
Maybe it will be the next transfer.
https://www.dailymail.co.uk/money/comment/article-10333577/ALEX-BRUMMER-Secrets-Bank-Englands-vaults.html?ns_mchannel=rss&ns_campaign=1490&ito=1490
As Sukari is beccoming Town. Expanding rapidly maybe.
It is neccesary transport manager and more control over movements.
Securty screening and anti virus measures ;-). .
Very tempting don't you think.
Whats it pay. :-) .
Looking to come out of retirement MrBond? We could use some eyes on the ground in Egypt
What does it pay Don ?
No, seriously!
Title: Administration Officer / Travel Coordinator
Job Description
- Travel Requests (send the travel requests & follow flight bookings with travel coordinator).
- Travel requests & site visit approvals.
- Handle onsite & town busses timetable.
- Follow up safety rules to be applied within the department sections.
- Provides the supervisors of the dept. by the required data.
- Update and follow up the contract of limo provider and make sure all drivers and Vehicles are Licensed and same with SGM LV’S and drivers.
https://wuzzuf.net/jobs/p/dBpHoyktjazA-Administration-Officer-Travel-Coordinator-Sukari-Gold-Mines-Red-Sea-Egypt
----------------------------------->>>
And here I thought it was inflation driving up our AISC ;-)
An Inde NED Director in my view would
1. make themselves conversant with the all inhouse key geotechnical, reports as well as reports concerning ore reserves and resources, geomet and exploration
2. make themselves conversant with any expert external opinions on the above
3. note any key concerns and area of possible significant failure which would lead to major commercial impact, in their area of expertise and experience
4. travel to site, to address concerns, including review with key management to ascertain competence and management process and prowess, as well as state of play.
5. major areas of concern would be in effect one of the Inde Directors "KPI watch", an the inde director can insist on being informed at each board meeting about issues related to "KPI watch".
CEY has unfortunate form in the board level especially in the area of NED
https://www.glasslewis.com/musical-chairs-centamin-director-voted-off-board-reappointed-immediately/
The board sets the RISK CULTURE, and determines appetite and assessment of principle risks
There are various committee's and you can see the make up and responsibilities of the committees in the annual report
You can also see on p139 the NED gets GBP65,000 per annum, and an additional GBP10,000 per annum for being a Senior.
https://www.centamin.com/media/2384/centamin-plc-annual-report-2020-web-ready-secured.pdf
The Annual Report is a good read on risk mangement. But great to have process,and lovely narratives, but you mnst make them work 24/7 in a mine.
Geotech failure ranks in with Ore reserve/resource, Exploration and Tailings Dam failures in the geo area,
Many NED’s take on so many NED positions, that they cannot perform their function to any professional standard
Some NED's in companies seem to be there for the tea and biscuits, the photo shoot, and networking.
have a Merry Xmas all, and wishing you a Happy, Healthy, and Lucky New Year
and may the New Year be a great one for Gold! and CEY !!! (the English Cricket team looks like they need more than luck?)
I must add ,times have changed dramatically.
Capitol with a large investment and vast experience are going to protect their Contract and inversion of a large amount of machinery.
So now their is more vigelence.
Never mind her not visiting.
How many of the Board and how often have they visted, both in the past and even now.
It would seem Yousef either through ignorance or blindness was no different. And he was local manger and ,in name, still is.
But that was in the past, I just hope things have changed for the better.
I am pretty sure under this regime it has.
Fair comments halfpenny,
As you rightly point out is the slippage/wall cracks, lack of waste clearance something a geologist would pick up on, although from Dr Farrows CV it does seem as though her qualifications and expertise may be more extensive to encompass other area's of mining technique, i don't honestly know, so its over to our more qualified experienced member share holders to advise?
hi Bobliz
Thank you for your thoughts on this, I hope Cowichan, Dasut or indeed any other of our fellow share holders with the relevant technical expertise will forward their opinion and advice regarding if this is something that a non exec with her experience should have picked up on after her appointment in 2019?
As Dr Farrows appointment was prior to the start of the pandemic there is no reason why she shouldn't have been able to visit Sukari where the failure to clear waste would have been pretty obvious to someone with her professional expertise?
I shall also be seeking the opinion of a well respected and experienced mining analyst on this.
Once we have the information then we can decide if it is worth raising the matter with Centamin via the official channels.
Might be good question to ask on the next Webinar telephone Q&A session?
Cant see the point of appointing non exec mining experts that miss something so blatantly obvious ,especially when there were two independent mining analysts reports of 2015 & 2018 highlighting concerns over the way Sukari was being run (high grading), this should have at least have raised some suspicions that that all was'nt well and encouraged her to carry out some inspection of on site operations
Hi Halfpenny,
I agree that a non exec on other similar discipline boards can be an asset to the Company and as a past CEO with non execs on board know full well there expertise and guidance can be of immense value. However her status as a Geologist seems to have been used in posts as Chief Operations Officer and technical services. From that I would presume her hands on expertise in the mining field backed by a Geologist background would have made her eminently open to asess the field conditions at Sukari (if she ever went there )
However as I have said this is just my sad lack of knowledge in depth view.
Bob
I doubt it's up to a geologist to predict slippage of the mine wall due to what wasn't done, however it is being put right so it's behind us, past tense. However the more boards our own executives have access to the more deals which could happen in the future.
Hi Tibbs
You have again hit the nail on the head.
Dr Farrows C.V herewith with acknowledgements to Aclara Resources
Dr. Catharine Farrow was first elected to the Board in April 2020. Dr. Farrow is a Professional Geoscientist
(APGO) with more than 25 years of mining industry experience. She currently serves as a Director of Franco-
Nevada, Centamin PLC, and is Chair of the Board of Exiro Minerals Corp. From 2012 to 2017, she
was Founding CEO, Director and Co-Founder of TMAC Resources Inc. Before TMAC, Dr. Farrow was Chief
Operating Officer of KGHM International (formerly Quadra FNX Mining Ltd.). Previously at Quadra FNX
and FNX Mining Company Inc., she held many senior roles in a wide range of disciplines including
operations, technical services, corporate development and exploration. She has been honoured as one
of the 100 Global Inspirational Women in Mining (2015 and 2018) and is a past recipient of the William
Harvey Gross Medal of the Geological Association of Canada (2000).
She was announced as Non Exec to Centamin Board in September 2019 and was in position when the share price was 225p in August 2020 and through the debacle that followed when the problems of the waste and Wall plunged the price to 106 on the 24th Nov 2020. Why oh why with her reputed technical mining knowledge could she not see what was happening. It was what she was paid to oversee.
I have sadly not got the technical expertise to ask the company why she is still in tenure but perhaps Cowichan and others here have that expertise.
Does anybody know her remuneration package for what in my personal opinion is an abject failure of a professional failing?
Bob.
Hey Siko- we all make our own judgements- been a poor year for PMs alas- all the best.
Nice to hear from you Siko, nice to know you are still reading and taking so much interest,as long term holders go we know how to take punishment and knock backs, I wish you all a very safe Christmas.