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Tibbs as I see it the Egyptian government practically owns Sukari and Centamin will within reason will do as they are told I,m sure the Gov,t are happy with the situation as is. If the area ownership is ruled on, would the diesel issue not then raise its head ???
With all initial costs being recovered by Centamin (ie profit sharing) the fact of cheaper diesel originally offered by the government can be fought for, as it would lower production costs, the mine would show a higher profit and the share holders would reap a higher dividend at the Gov,ts expense.
If you happen to be a billionaire who has won the presidency of the most powerful nation in the world while spending less than a quarter of your opponent then you are welcome to insinuate that Trump is an idiot. If you are not - I would suggest you keep your opinions to your self
No significant moves in CEY until we see 2019 guidance IMV worth picking up shares on the cheap any time this dips below 90
looks like the Republicans are going to hold the house and the Senate Probably means another leg up for the dollar and as a consequence another leg down for gold
We could be on course towards a triple-bottom forming either side of October if things carry on as they are. - Some news on shipments/profits would be useful just now.
They could have gone to the International court and had this settled by now (7 years) I would have thought?
Bearing in mind that the original agreement is enshrined in law anyway
What's your view on this
Thank you Bardill for your professional take on things. - Much appreciated.
HI Rebess Cey board know their rights to suit but they are afraid to rock the boat too much, knowing what can happen in Africa (ie Tanzania) An international court ruling would really see the sp soaring.
I think Cey board have learnt their lesson . Haven't they just appointed a hands on / on site African experienced mine manager / mining manager ? If so then I think all should go well for the future. New mines in other countries will help but infrastructure is extremely expensive. If gold price stays up I think we shareholders will all be worth much more next year,
Quite so bardill, I couldn't remember who had made those points, thank you for letting me know.
Now you have mentioned it I remember you making the points you expressed your concerns regarding ore grades and the management board behaviour towards investors.
That an impressive background/experience. - What's your take on Centamin going forward and do you have a view on the court-case and the apparent lack of enthusiasm in prosecuting their case. - cheers
Gold miner Centamin (LSE: CEY) is a FTSE 250 stock that’s trading on an attractive earnings rating. It also offers a prospective dividend yield of 4.7%, rising to 5.5% next year. Meanwhile, smaller-cap miner Gem Diamonds (LSE: GEMD), which released a strong Q3 trading update today, is on an even cheaper earnings rating but with only a small dividend pencilled in for next year. If I had £2,000 to invest today, would I plump for just one of these stocks or divide my investment between the two?
Gold plus cash
Centamin, whose assets are in Egypt, is a stock I think is well worth considering. I reckon it’s good to have some exposure to gold in a diversified portfolio, as it can provide a bit of stability in times of trouble.
ETFS Physical Gold, which simply tracks the price of gold, less a small annual management charge, is one stock I’d be happy to buy today. However, Centamin offers something you don’t get from the metal itself. Those valuable cash dividends I mentioned earlier. I think this reward more than offsets the business risk and a share price that tends to be more volatile than the gold price, due to miners being largely a geared play on the metal.
In addition to its appealing dividend yield, I reckon Centamin’s price-to-earnings (P/E) ratio and price-to-earnings growth (PEG) ratio, based on earnings projections for 2019, are attractive at a current share price of around 100p. With 25% earnings growth forecast for the year, the P/E is an undemanding 12.7 and the PEG is 0.5, which is well to the ‘good value’ side of the PEG ‘fair value’ marker of one. As such, I’d be happy to buy this stock today.
Hi Tibbs , if you go back a few months on this discussion board you will see it was I who stated that there were absolutely no excuses regarding the u/g long hole drill machine breaking down .Also if you go back +_ two years you will see I moaned then that lack of grade control caused a gold output shortage which caused the share price to drop at that time.
Lower gold price did play a part but with +_ 50 years experience Africa gold mining as owner and manager ,it is obvious to me that poor grade control or mine planning has played a bigger roll in the last gold shortfall and hence the fall in the share price. The timing of the announced lower gold output forecasts and their later corrections did not help at all .Those announcements were made with the Board,s blessings. Atb
By comparison to our peers we're well out of favour today - What can it be I wonder?
fair comments Bardill, I agree that Mr Pardey is not entirely to blame, as you say he is mining engineer although I think you must agree he should have known it wasn't at all wise to depend so heavily on one LHDR running at either
near or over limits without any credible back up or sufficient essential spare parts.
Also a you state they achieved what they did in 2016 by "High grading" but that can only be done for so long, as I should think that Mr Pardey would have realised and surely Josef would have been aware of this?
When Josef was making all those large sells I emailed Centamin PR and asked the reason why as shareholders were concerned that something was wrong, I received a reply that Josef could only sell his shares during certain periods and that he was doing so in order to be able to take more of a back seat in the future before moving onto other things?
Kees Dekkers 2015 report "Centamin managed to put a gloss on their results for another 18 months or so, mostly by mining less waste than planned and high-grading the open pit."
"Another major issue is outside management control: they are now having to share the net free cash flow with the Egyptian parastatal company"
As you say hindsight is a great thing, although even better is having all the information in advance in order to be prepared for future events!
Political accusations / discussions on a mining site will always cause critical repercussions. I think it's best left off.
I don,t solely blame Mr Andrew Pardey ( mining engineer) for the recent $500 000 000 market cap loss. He is told by the Board of directors what he can say or do. His function is to advise the board and in Centamin,s case to present the quarterly and year end results. The board is run by the Company Chairman. Mr Joseph el Raghy who after selling many millions of shares at a very high price then announced his retirement within this year.
Observing the u/g mining grades over the last couple of years it is clearly obvious that the high u/g ore grade during 2016 caused a high gold output and with-it a higher year end profit and an extra ordinary high dividend declaration This caused the share price to rocket . Hindsight is easy but my opinion is that too much high grade ore was mined in too short a period. ie bad grade / mining policy. The future was gambled with. A lesson learned - --maybe !!!
I think the worst is behind us shareholders and I have faith in Centamin to increase output, profit and dividends in the near future ATB.
Because I'd be interested to hear how you are voting.... I'm not a shareholder but if I were I'd tell Barrick to go stuff it!
Barrick shareholders vote on Nov. 5 and Randgold investors on Nov. 7.
CEY performance is linked to POG, The US president is quite relevant to POG.
I agree with you Trump is very 'smart' here are some quote which illustrate that fact.
“It’s freezing and snowing in New York – we need global warming!”
“I’ve said if Ivanka weren’t my daughter, perhaps I’d be dating her.”
“I have never seen a thin person drinking Diet Coke.”
“I was down there, and I watched our police and our firemen, down on 7-Eleven, down at the World Trade Center, right after it came down”
“Why can’t we use nuclear weapons?”
Thank you Bryn85, but especially at week ends we discuss lot's of different issues most of which are all related to Centamin, the markets and gold in one way or another.
Our discussions may of course include dictatorial bullying world leaders who care more about profit than the future of our planet and the well being of it's inhabitants, again this is related to the POG.
I appreciate that you are entitled to your view of Trump and that your ethical views may not be the same as mine .
Thank you for your opinion though!
Cowichan - Behave yourself! - See what you've done! :-) :-) -
I told you he would be "seething" after langley's post
Tibbles this board is for discussing CEY performance not politics. Keep your opinions and your guardian inspired propaganda to yourself please. Trump is a much smarter guy than any of us and my personal opinion is that he will be remembered as the greatest president of the United States in living memory. On a more relevant topic looks like DXY could be in the process of a double top. If confirmed gold will break out.
Excellent post Cowichan and and very valid comments Rebess about the failings of the CEY senior management on recent issues sues such as mitigation of production risk or to be honest about the poorer grades which they were aware of in 2015, despite Andrew Pardey claiming he was unaware of them himself. perhaps the other board members kept them secret?
Big respect to the analyst who had the integrity and courage to point out the complete failure of the Goldcorp management
“I’m trying to think about the accountability on management, how shareholders are expected to understand this — the stock’s down 35 per cent,” said Peter Jacobs, an analyst with Stifel RMG Group. “And it’s almost as if it’s business as usual, just another failed gold mining stock.”
What a pity that some of Cey analysts weren't more frank about the situation and a few on here and the ADVFN were so blind to the managements apathy,complacency and lazinesses not to mention the lack openness about the true state of the ore grades that they didn't have the courage to make their view known to Mr Pardey and instead complimented him on a very professional presentation as half a billions pounds of company value went down the drain!
Also in my view that things like this happen in mining is not a valid excuse, the situation with the LHDR was avoidable and the lower grades were known about three years ago!
"He said that the Trump administration is committed to fighting dictators performing atrocities in neighbouring countries."
Trump is the world's worst dictator, he is incompetent as a diplomat an unfit for office, he stirs up racial hatred and is sexist he has connections with the Russian Mafia, he encourages gun ownership making making America less safe and his son's are African endangered wildlife slaughters https://www.theguardian.com/us-news/2017/nov/16/trump-sons-us-lifts-import-ban-african-elephant-trophies
He locks young children in cages https://www.theguardian.com/commentisfree/2018/jun/19/donald-trump-child-cruelty-american-pedigree
Trump dictates to the est of the world that they should not deal with Iran https://asia.nikkei.com/Politics/International-Relations/US-tells-world-to-halt-all-Iranian-oil-imports-by-November
Trump says says it's wrong for Iran to have nuclaer power whilst he want;s to increase American nuclear arms https://www.politico.com/story/2018/02/02/trump-plan-nuclear-weapons-386087
Trump scraps environmental protection that would benefit future generations because he is greedy and only cares about short term gain `
Trump is jealous of what Osama achieved and he can only respond by selfishly destroying anything that his predecessor achieved by imposing executive orders because he is incapable of rational reasoning or reasonable political debate where anyone else's view is considered apart from his own selfish opinion
Trump scraps protection for the world oceans and wildlife https://www.washingtonexaminer.com/policy/economy/trump-administration-set-to-scrap-much-of-obamas-labor-legacy-in-2019
Trump causes unrest and hatred in the The Middle East
Trump scraps affordable health care for the poor and many ordinary Americans
Trump rants and raves about the rest of the world taking advantage of the US whilst the FED and Wall Street control and manipulate the currencies and trading of virtually every other nation using market manipulation and the petro dollar.
Trump claims to be fighting dictators he should look in his bathroom mirror and consider what is looking back at him!
Centamin had a nasty hiccup this year. However in the 5 years I have held them Centamin has more or less doubled while Goldcorp is down 3 fold. Happily a near 6 fold dissimilarity if I have it right
It was the similarity that made me think to post. (Misery loves company and all that!) Cheers