Centamin PLC Share Chat (CEY)

I wonder why they stopped though? - Weekly shipment news was the norm, after the profit-warning they ceased. - We in our paranoid state, not you pushme, suspected they had something to hide, we even speculated there would be further downgrade RNS news on it's way. - Guess what happened next? - And all because our suspicions were aroused over their silence.

Of course we would like more info but it is companies that give updates not pr departments who just publish them for companies, and traditionally Centamin has given quarterly preliminary results, and quarterly results like other miners, as more frequent would be noise. Some aim companies fire off RNS's all the time to try too influence the share price, for us longer term holders thus is not helpful. Centamin gave forward guidance last time saying we were returning to normal, there has been no runs saying anything abnormal has been happening, and we have to wait till mid Jan to see how much they have fulfilled it. Ever hopeful

Thank you Razors,i
Re if a person not known to CEY’s pr dept were to send a one line email asking for a market update
Totally agree Razor's but as far as I know very few have and like Cowichan they are still awaiting answers.
Depute some on here having very substantial investments in Centamin they seem to be taken for granted and treated like mushrooms.
Also bear in mind hat not all that post on forums are whom they claim to be and are working to an agenda. either for themselves or for an agency.

Should hit 115/120p next target...GLA

I hear your voice MrTibbles and totally agree with your drive to get some sort of reaction from Centamin’s pr dept.
If they had any regard for their shareholders private and institutional they would have made some sort of an “Update statement” regarding production and quality of the ore etc.
I do get the feeling by the couple of media articles I posted yesterday that Yousef Al Rajhi and family are concerned and currently active in the Egyptian gold mining industry. So I get at least reassurance that the company is being run decent integrity.
I think this being Dec 13th with Christmas imminent and a market update scheduled for January 15th that the chances of Centamin’s pr dept suddenly coming alive are slim...
I agree with you charge of relentlessly requesting for feedback and also believe if a person not known to CEY’s pr dept were to send a one line email asking for a market update that too might help tip the scales and result in something happening..

Anyway we are where we are... good luck.

Thank you Razors!

Well done & good news indeed!

However we must remember it is not just that the amount of ore despatched but also thr purity that is critical.

As we are all now aware Centamin had been high grading for over a couple of years to try and improve results until they hit the *Unexpected" (For share holders that is) low grades in the overground pit and the effects of which couldn't be compensated for by increased underground production due to the LHDR breaking down without the appropriate spares.

So what we need to know from the management or ideally the outgoing or incoming chairman now is.

1. Have the overground grades improved significantly?
2. Is the underground production fully restored to normal or previous levels?
3. When will the new and additional LHDR be commissioned and operational?
4. Will they continue to high grade and if so how long tan this carry on for and what are the long term implications for the mine?

Also Centamin stated that they wanted to improve investor relations by better communications, with them when will this happen?

...I see Siko has already posted this shipment.

Cairo airport receives 396 kg of gold from the sugar mine
Nurhan Khafajincher in the Echo of the Country on 14 - 11 - 2018
Cairo International Airport has received a shipment of raw gold from the sugar mine on a private plane from Marsi Alam in preparation for transporting it to Canada for purification and sale on the international stock exchanges.
According to a source at the airport, the shipment arrived on board a private plane coming from Marsi Alam weighing 396 kg of raw gold in 23 parcels. The cargo was unloaded in the presence of a representative of the stamp and weighing scales, to be transferred to Canada for clearance and sale on the international stock exchanges

https://www.masress.com/elbalad/3572464

Yes, just imagine the treasure troves (quite literally) awaiting rediscovery all across Egypt's back country with the right technology.

And exploiting these materials is so much preferential to those in ecologically sensitive areas (like the Amazon!) that I'm convinced there will be an international gold rush into Egypt should the politicians sort things out.

Fingers crossed.

Perhaps they could use this method to help find the workings https://www.theguardian.com/science/2018/feb/15/laser-scanning-reveals-lost-ancient-mexican-city-had-as-many-buildings-as-manhattan

A video & article about Aton's ‘lost mountain of gold’ in Egypt

Before Aton picked it up, Centamin (TSX: CEE; US-OTC: CELTF) owned Abu Marawat. It dropped the concession in the early 2000s after discovering its Sukari deposit.

“We started off at Abu Marawat and followed up on what had gone before and then shifted our focus to an area called Hamama,” company president and CEO Mark Campbell explains in a telephone interview with The Northern Miner from Cairo. “The conventional wisdom was there was a classic VMS at Hamama, but that we’ve demonstrated is not the case. It’s a sort of VMS epithermal hybrid.”

“The Bedouin had always talked about this lost mountain of gold, this legendary mountain of gold, but nobody knew where it was,” Campbell says. “We did some satellite imagery and found these old ancient trails. Because its desert, because it’s barren rock and its very dry nothing really erodes.”

The company followed the trails to a mountain 3 km south of Eradiya and 18 km west of Hamama West.
Campbell continues, “We went up there and that’s when everybody went ‘wow.’ The place is honeycombed with ancient workings, some that go down 80 metres below ground. We found old clay lamps with wicks still in them, old ropes, stone tools and it was obvious that we were the first people up there in 1600 years.”

The company called the area Rodruin. It built a 4.5 km road up the side of the mountain that in some places slopes up to 70 degrees. It also built several drill pads that it used for its first phase drill program.

https://www.youtube.com/watch?v=yZ1aYmnc4ns

https://www.northernminer.com/news/aton-drills-gold-mineralization-at-rodruin/1003802567/

https://www.masress.com/en/dailynews/682905

The current law allows two companies to work in the same mine, with each extracting a different kind of metal. However, Hanafi said this was a major hurdle that caused problems for investors.
He said that the fact that the state enters into joint ventures with companies in projects allows for the Central Auditing Agency to interfere in the activities of the mine, affecting management efficiency.
Hanafi supported the suggestion that investors should pay high fees to the state after the recovery of their investment, but he said that investments were not injected in one batch, making it very difficult to prove their size.
Another solution was that investors should pay 30 per cent of their profits to the Ministry of Finance, as other mines do around the globe.
Sami Al-Rajhi, the founder of Centamin Corporation, said that any mining project was based on long years of accumulated experience in different parts of the world. Some ideas were the secrets of the profession, which was why other countries give investors the right to the land chosen.
In Egypt, it could take a month before the notification of acceptance, opening the door to corruption, Al-Rajhi lamented.
He said that in other countries there was no limit to the areas that investors could obtain, and there were no limitations on the period in which mining could take place as long as the investors fulfilled their legal obligations.
Kamal believes the whole sector needs an upgrade and not just the law. He said that since the Geological Survey Authority had become affiliated to the Mineral Resources Authority its role as a research and technical body that works on drawing up maps and outlining Egyptian metal and mineral wealth had diminished, leading to information scarcity regarding the mining potential of the country.
He suggested that the GSA be reinstated as an independent research body and encouraged the establishment of value-added industries around extracted minerals.
There should be an integrated master plan for the mining industries for 20 years, Kamal added, with this allowing Egypt's mineral needs to be estimated and whether they needed to be produced locally or procured from abroad.
For example, he said, instead of exporting crude phosphates at prices ranging from $80 to $120 per ton, Egypt could purify and wash them, adding 25 per cent to the price.
Kamal said there should be a vision to develop the sector and to complete geological studies and modern maps of Egypt's metallurgical and mineral wealth. The Egyptian deserts should be studied geo-physically and geo-chemically, he said, and the results of such studies fed into databases and made available to investors.

https://www.masress.com/en/ahramonline/319795

Kamal said that this system was not used in the rest of the world and that the fundamentals of the mining industry differed from those of the petroleum sector.
In the mining sector, initial investments cannot necessarily be recouped by operating companies, especially if the minerals and ores discovered cannot be economically extracted and exploited.
Mining projects need expertise to explore soil formations bearing metals. Millions could need to be injected to find out if there was a project in a certain area or not, Al-Rajhi said.
He said that PGM's initial expenditures had amounted to $80 million to determine if there was sufficient gold in the Sukkari mine to justify further mining.
Kamal said companies should be allowed to acquire the rights to land without first obtaining exploration licences. They should be able to pay royalties on its use of the land regardless of the metals and minerals discovered.
They should also pay taxes on the quantity of metals or minerals produced regardless of the prices at which their produce is sold.
The royalties and taxes should be spelled out in the executive regulations of the law and not in the law itself so they could be adjusted easily, Kamal said.
A change in the law would take time, whereas executive regulations can be modified more easily by the cabinet.
Mohamed Hanafi, head of the Metallurgical Industries Chamber at the Egyptian Federation of Industries, said that the Mineral Resources Authority should be a technical authority and not one that shares the ownership of companies and profits with investors.
The authority's main responsibilities should be to provide investors with metallurgical maps, follow up on the way mines are exploited and managed, and ensure that minerals are not being over extracted or depleted.

Egypt: Meeting the demands of the mining sector
Ghada Raafat
Published in Ahram Online on 09 - 12 - 2018

The government took steps to amend Egypt's 2014 mining law some weeks ago by sending an amended version of the law to parliament for approval in answer to calls that had long been made by investors in the sector.
The legislative measures are being taken to adopt amendments aimed at increasing mining revenues and achieving a balance between the state and investors, Tarek Al-Molla, minister of petroleum and mineral resources, said during an industry conference in November.
The mining law of 2014, which replaced an earlier 1956 law, has failed to attract investment into the sector as the government had intended, Centamin Egypt manager Youssef Al-Rajhi told Al-Ahram Weekly.
The company's subsidiary Pharos Gold Mines (PGM) has the right to explore, develop, mine and export gold at the Sukkari gold mine in Egypt.
The 2014 law was based on making money, not encouraging investors, Al-Rajhi added.
Former minister of petroleum and mineral resources Osama Kamal told the Weekly that the ministry had been wrong to treat mining companies like petroleum companies.
Since the 1980s, the state has been implementing an oil-and-gas-style production-sharing agreement in the mining sector under which mining companies enter into joint ventures with the state....

Correct link!

https://moneyweek.com/499249/how-much-gold-does-china-have-a-lot-more-than-you-think/

Chinese gold holdings will cause a big move up in gold imo:

hTTps://moneyweek.com/499249/how-much-gold-does-china-have-a-lot-more-than-you-think/

The 48 letters required to trigger a vote of no confidence has now been reached and it looks like there will be a vote of no confidence tonight at Westminster. Look out for fireworks.

Sorry typo below, should read 'That is assuming there are no more unexpected surprises waiting to jump out of the boardroom cupboard that we share holders haven't been made aware of!!

I wonder if the Centamin management are aware of these changes and how they affect the company in the future?
May compensate for the reduced guidance by pushing up the POG?
That is assuming there are no more expected surprises waiting to jump out of the boardroom cupboard that we share holders haven't been made aware of!

Hi daz - Good question, I think it might mean High Of Day when referring to the SP. - Not sure though.

Flogging a dead-horse perhaps with those who are already experts and anti AM, nevertheless here goes.

The Basel Committee on Banking Standards (BCBS) scrapped the old Basel II framework and put in place a plan that will be fully realized by all SIFIs by 2019. This new system is already in place in Canada, as confirmed by Canada’s top financial regulator, the Office of the Superintendant of Financial Institutions (OSFI). Under the previous rules, gold was rated as aTier 3 asset (there are now only two Tiers), and had a 50% Risk WeightingAssessment (RWA). This meant that an institution that held gold reserves on its balance sheet could only apply half of its market value towards its solvency requirements. Under Basel III, monetary gold now qualifies as a Tier 1 asset, and is 100% valued for the purposes of banking viability. Another point to consider is that SIFIs are now required to quadruple their reserves when compared to the previous minimum requirements before the banking crisis. Essentially, monetary gold is now considered risk free. This significant development remains relatively unknown – for now.

Source: http://bmg-group.com/gold-re-monetization-is-closer-than-many-realize/

What does HOD mean????

...whoops that’s should have read $1248.56 not $1259.56

Looks like $1259.56 will be along a little later...

Dog to the park!

Currently + 34% $4.25 $1249.56

Gold it would seem is in recovery