We chatted to IronRidge Resources' CEO Vincent Mascolo who explains why the company has become a lithium explorer. Watch the video 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 and have access to Premium Chat. 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.
Sorry GoldGnome , I hadn't realised that Centamin wouldn't be attending this conference in which case you won't be able to ask the questions I posted.
Still you could suggest to the Egyptian government reps that if they want to attract more mining companies then Law 32 needs ratifying.
you could also suggest that it may be a good idea to have representation present from Sukari Egypt's only producing gold mine to help answer questions from potential new investors.
You know it's the middle of winter in Toronto, eh? Don't forget to pack a toque and mukluks!
But if you are going to be at PDAC note that it's not Centamin presenting but the Government of Egypt's mining industry rep's.
I'd love to know if they have a timeline for the amendments to the mining law passing thru parliament.
An EMRA spokesman had suggested the amendments could be passed before the end of 2018 BUT here we are in March 2019!
Stay warm goldgnome! Cheers
Quite so I am aware and appreciate all the points you makre however Keith Neumeyer is an ex fund manager who is actively campaigning against the detrimental affects of the precious metals price manipulation that takes place in the markets.
He is proactive as CEO and has done a good job in helping to increase the fortunes of First Majestic and is I believe more than capable of helping to tackle some of the ongoing issues at Centamin.
I certainly don't think Keith Neumeyer would have buried his head in the sand for eight years whilst bogus court case against the validity of his company operating licence dragged on like our present management have1
Centamin could have gone to the international court they would have ruled on this by now (even if it took six years)
Good idea Mick-B, I shall investigate it.
Although if they are only going to respond or ansewr communications from certificate holding share holders then it should state that on the website investor relations page.
In any case as long as the enquirers full address and contact detail are given on any communication then the IR department should at least have the courtesy to give a response explaining why they are unable to provide the information asked for, that is after all common courtesy and good corporate practice.
Very fair comments on all points GoldGnome,
Especially the idea that if they fail to perform then their remuneration should be reduced on a pro rata basis.
You guys might want to consider your position in the light, that you can be wishing the shares lower, which might be to your disdavantage.
Any suggestion the remuneration refusal last year is cause of the poor performance is delusional. It does not follow that if they put in a bad performance they will get the remuneration recomdendations through again this year, and as I said I would certainly be voting all against it. If these guys cant perform, they should go and get a job elsewhere, which rewards non performance. They are all very well paid for the perfromance level they demonstrate. If not too well. I would like to see them take a pay cut equivalent tot he pay cut the shareholders have been forced to take, ...
Maybe a cheap way around nominee accounts is to buy say a small holding of 100 shares in certificate form
Added trading costs of around £20.....but cheap to get a voice
Just an idea
Most of the shares held by PI's are held in 'Nominee' therefore any e-mails sent cannot be tied-in to a specific shareholder. In fact, anybody can send an e-mail claiming to be a shareholder without the company being able to verify the fact. - It might account for their refusal to reply. - The 'Nominee' the 'Broker' is the one that should communicate complaints, whereupon they would have to respond. - So, a campaign communicating with our 'Brokers' might carry more weight and produce results.- As I hold share-certificates I am able to indicate my unique 'Shareholder reference number' (SRN) confirming that I am a registered shareholder. Impossible if you are a 'Nominee' I should imagine that if sufficient numbers campaign through their brokers there would have to be a response. - Just a thought.
I.ll second that Mick b.
First Majestic Silver Corp. is a mining company. The Company is focused on silver production in Mexico and it is pursuing the development of its existing mineral property assets. The Company operates through eight segments, six of which are located in Mexico; one retail market segment in Canada, and one metal trading segment in Europe. Its segments in Mexico are Santa Elena, La Encantada, La Parrilla, Del Toro, San Martin and La Guitarra. Its segment in Canada is Coins and Bullion Sales, and the segment in Europe is Silver Sales. The Company owns and operates approximately six producing silver mines: the La Encantada Silver Mine, La Parrilla Silver Mine, Del Toro Silver Mine, San Martin Silver Mine, La Guitarra Silver Mine and Santa Elena Silver Mine. The Company's subsidiaries include First Majestic Plata, S.A. de C.V., Minera El Pilon, S.A. de C.V., Minera La Encantada, S.A. de C.V., Majestic Services, S.A. de C.V., Santa Elena Oro y Plata, S.A. de C.V. and FMS Trading AG.
Directors: Douglas Penrose (CHM) 70, Keith Neumeyer (CEO) 58, Raymond Polman (CFO) , Dustin Van Doorselaere (COO) , Martin Palacios (OTH) , Connie Lillico (SEC) , Marjorie Co (IND) 49, Robert McCallum (IND) 81, David Shaw (IND) 66,
No. of Employees: 4,154
Sorry typo should read "If they can't perform then they should ship out!
We need a CEO like Keith Neumeyer CEO of First Majestic Silver!
If they acn't produce results the they should ship out!
Not interesting in problems and endless excuses about why they can't deliver the guidance they claimed they could!
Investors shouldn't be expected to waste their time trying to troll through the endless pages of technical information that the management produce, this is just a smoke screen to confuse and try to keep investors quiet.
The manegment need to start delivering gold not excuses!
Nothing seems to have gone right since the remuneration rejection at last years AGM. - Are they putting 'the boot in'? - Is what's going on their way of getting their own back? - Fanciful I know, but it makes you think. :-)
Thank yo for your reply, it is appreciated, it has always been my intention to help other investors ovoid some of the pitfalls that I have encountered over my years of investing.
If you want any more information then please ask.
I have lot's more information on Centamin going back over the years and if it should be that my trust in the company and it's manegment has been misplaced then I am certainly not going to take it laying down.
I have contacts in the media that will be more than willing to help and I shall have no hesitation in making as many people and potential investors aware of why they should consider very carefully before committing to investing in Centamin.
I do hope that my suspicions of the what has been going on are proven to be groundless, but if not then I am am quite prepared to involve the regulators.
I do hope that other investors will back me up on this.
Please make other forums you may be members of aware of our dissatisfaction with the performance of the Centamin manegment and the appalling way retail investors are being treated..
Thank you so much for your VERY COMPREHENSIVE posted today, detailing the troubled history of Centamin
I understand just too well,we share holders really have been let down by a management team who claim to be professionals, unfolding events don't match up with the claims or impression given on the website.
The guidance that was once predicted now looks increasingly unattainable and the production management is appears shambolic, even verging on desperate as they seem to be making no real progress on coping or getting through the lower "Unexpected" grades.
Those who usually speak highly of the company are now angry and feel let down by the ongoing saga of the failure to deliver at Sukari.
I know some will say "Ah that is mining" true gold mining is not easy, but much of what we endure now would have been avoided if some of the management team had been more focussed on doing their jobs properly!
Although perhaps more importantly the management appear to have been keeping the true state of the Sukari grades quiet for some time by high grading and then claiming the low grades were unexpected!
True the company keeps stating it has a cash pile, but that won't last very long if they keep giving away to the big ETF funds in divi's whilst the grades at Sukari don't improve any time soon or they carry on spending millions drilling holes in other loacations that produce no real return.
The Centamin website promises much to visitors and gives he impression that the company is committed to good communications with it's investors and acting in their best interests.
My faith in the company has all but gone and I feel increasingly like I have visited a "Pyramid Scheme " selling website where those at the top get very rich and those further down get scraps or even lose their stake completely!
So I am waiting a while longer and then if there is no improvement in things I shall be seeking the advice of the appropriate market/financial regulator.
Let's cling on to that Rebess. (But sometime I feel like a trapped monkey. You know how they catch them: chain a coconut to a stake, make a very small hole in it and put some sweets inside. The monkey comes and slides his hand in and grabs the sweets in his clenched fist - and even when they're coming to get him he can't bring himself to let go....)
Hi casparoni - 'Something to cling on to'. - It's just my view, but the best chance of some sort of recovery I feel, price of gold apart, is at the very least to hit the top-end of Q1 forecast and come in at 115k oz. 116 or more would be even better, If we can achieve this, plus an increased outlook for Q2, the tide should turn. - Do you believe in miracles? :-)
Thank you - I thought it probably was. I'm looking for something to cling on to...anything up your sleeve?
Sorry I meant to say they re all reposts!
Sorry ,that was a repost just to illustrate to our new people how long this ridiculous situation has been going on
mrtibbles - I'm a little confused (as usual) was Afakharany arrested last night or are you reposting previous info?
On 30 October 2012, the Administrative Court in Egypt handed down a judgment in relation to a claim brought by, amongst others, an independent member of a previous parliament, in which he argued for the nullification of the agreement that confers on the group rights
to operate in Egypt. This agreement, the Concession Agreement, was entered into between the Arab Republic of Egypt, the Egyptian Mineral Resources Authority and Centamin’s wholly-owned subsidiary Pharaoh Gold Mines, and was approved by the People’s Assembly as Law 222 of 1994.
In summary that judgment states that, although the Concession Agreement itself remains valid and in force, insufficient evidence had been submitted to Court in order to demonstrate that the 160km2 exploitation lease between PGM and EMRA had received approval from the relevant Minister as required by the terms of the Concession Agreement. Accordingly, the Court found that the exploitation lease in respect of the area of 160km2 was not valid although it stated that there was in existence such a lease in respect of an area of 3km2.
Centamin, however, is in possession of the executed original lease documentation which clearly shows that the 160km2 exploitation lease was approved by the Minister of Petroleum and Mineral Resources. It appears that an executed original document was not supplied to the Court in the first instance.
Upon notification of the judgment the group took various steps to protect its ability to continue to operate the mine at Sukari. These included lodging a formal appeal before the Supreme Administrative Court on 26 November 2012. In addition, in conjunction with the formal appeal the group applied to the Supreme Administrative Court to suspend the initial decision until such time as the court was able to consider and rule on the merits of the appeal. On 20 March 2013 the Court upheld this application thus suspending the initial decision and providing assurance that normal operations would be able to continue whilst the appeal process was under way.
EMRA lodged its own appeal in relation to this matter on 27 November 2012; the day after the Company’s appeal was lodged, supporting the group’s view in this matter. Furthermore, in late December 2012, the Minister of Petroleum lodged a supporting appeal and shortly thereafter publicly indicated that, in his view, the terms of the Concession Agreement were fair and that the exploitation lease was valid.
The Minister of Petroleum also expressed support for the investment and expertise that Centamin brings to the country. The Company believes this demonstrates the government’s commitment to the group’s investment at Sukari and the government’s desire to stimulate further investment in the Egyptian mining industry.
The Supreme Administrative Court has stayed the Concession Agreement appeal until the Supreme Constitutional Court has
Public Funds Investigators at the Interior Ministry confirmed that they have arrested Hamdy Alfakharany tonight and they have started questioning him.
He is accused of requesting 5 million Egyptian pounds as a bribery to withdraw a court case he had filed earlier to recover the land of the Nile Cotton company.
The interior ministry technical department managed to record - audio and video - Alfakharany while requesting the bribery. All telephone calls between Alfakharany and the relevant parties were recorded.
Alfakharany was arrested while getting paid the first instalment of the bribery (1,25 millions).
Investigations also showed that Alfakharany committed fraud with the papers of Madinaty case.
(Will keep you updated with any developments)
Opinion on the above from my legal friend Sinner
This is potentially very interesting. I remember enquiring what it would mean if AlFakharany were convicted in his earlier (political) case. One of the answers someone then gave me was that it wouldn't affect the CEY/EMRA case because it was unrelated and didn't have something to question his integrity (as an example he wasn't getting convicted for fraud). Now this (with evidence) is exactly THAT. His integrity is on the line... and (morally but efficient in court cases) him accusing someone else of the same (before he has spent his own sentence - i.e. reformed). Morally (perhaps less efficient in court but much more efficient politically) would be hypocrisy.
It potentially affects the CEY court-case in many ways.
1. The possible outcome itself.
2. The continuation of the appeal
3. The possibility of AlFakharany dropping the case
4. The Interior ministry looking into injunctions
5. The length of time for the case to go on
6. The little 'public' support he enjoyed will probably vanish quickly