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You are right apart from the crap was overhanging the open pit and in danger of falling.
Which all those miners and Engineers either did not report or they were ignored.
Sad.
We have decided to launch a project to prepare for possibly issuing a digital euro. We will look at how a digital euro could be designed and distributed to everyone in the euro area, as well as the impact it would have...
https://twitter.com/ecb/status/1415273625385644036
ECB President Christine Lagarde. “Our work aims to ensure that in the digital age citizens and firms continue to have access to the safest form of money, central bank money”.
The investigation phase will last 24 months and aim to address key issues regarding design and distribution. A digital euro must be able to meet the needs of Europeans while at the same time helping to prevent illicit activities and avoiding any undesirable impact on financial stability and monetary policy.
------------------------>>>
My Thoughts:
A centrally controlled, big brother type surveillance of all monetary transactions is both a good and terrible idea. Theoretically it could prevent tax evasion and cut down on elicit activity but the criminals and wealthy sorts will always find a work around while the average joe has his/her life dissected and inspected down to the last penny.
https://www.ecb.europa.eu/press/pr/date/2021/html/ecb.pr210714~d99198ea23.en.html
Hi Chique,
As Mr Zambain said, for far too long!
What went wrong with Centamin "An Ongoing Saga & Pile of Pardey Pants!"
Had things gone as we had been told they would by Mr Pardey all would have been well, but things went wrong for which he made all sorts of excuses, which we, not being mining professionals were not in a position to query.
Indeed, when Kees Dekker the mining analyst raised concerns in 2016 on high grading even former mining professionals on here chose to take the word of Pardey that all was well, and set backs were to be expected in mining!
So, things progressed to plan as far as we were aware (apart from the (Egyptian legal cases. which remained in a state of comatose) until 2018 when Pardey & Youssef predicted 600,000 oz, three weeks later Oh no!, the mine hit the (Unexpected) low grades that Kees had predicted in 2016, if that were not enough the only LHDR, a vital piece of plant self-destructed and there wasn’t a fit for purpose contingency plan in place , or even any spare parts to mitigate production loss!
So, you guessed it instead of a record output we got an RNS guidance cut kick in the balls and a share price reduction of 50%!
But Pardey said lessons had been learnt, indeed former mining professionals once again put this professional ineptness down to being expected as all part and parcel of mining!
So yet again the shareholders held baited breath whilst the learnt lessons were put into practice whilst production improved and the share price climbed to £2.30!
It seemed that lessons had been learned, but unfortunately not, old Pardey had been high grading exactly as Kees had said in 2016 , if this were not bad enough there was insufficient water drainage around the open pit which caused a fracture in the pit wall, unfortunately this problem was made more difficult to deal with because of the amount of **** in the open pit that Pardey had failed to get cleared for many years, so you guessed it another RNS profit warning and a 50% share price cut kick in the balls for the trusting shareholders!
So, there you have it!
Martin Horgan has quite a task on his hands just sorting out operations in Egypt before he can really justify projects elsewhere, in my opinion of course!
Maybe some iis thinking acquisitions gonna cash draining, possibly leading to lower dividends.
SHG, although more exploration weighted, suffering the same, inexplicable, SP fade.
I am holding CEY since 2012. Getting a good dividend. it is zero debts company (only a few companies in the mine sector ) don't look at share price!.
Well, if you're right, and I suspect you are, there's going to be one hell of a short squeeze in the not too distant....
Like me…too long!
well done mrtibbles
How long have you held CEY?
I have emailed Centamin regarding the outstanding court case and the unresolved diesel case and made the suggestion the both need some resolution as a matter of urgency.
Unfortunately in the past when I have raised the issues on telephone Q&A sessions I got the standard answer of these things take time in the Egyptian legal system!
Time is one thing, but this state of self induced legal system comatose is quite another!
So then after eight years on the diesel fuel dispute time to go to the international court !
It is particularly interesting that UK listed miners are still down today given POG is up strongly. I feel like when the short capitulate this time, there will be a rather large leg up...but its all just noise in the short term
Mnuchin is now also calling out The Fed on inflation not being transitory.
Presumably they've all filled their boots with physical so now the brakes can come off - let's see ...
50 MDA. 1837.10
200MDA 1837.00
Now let's go!!!
Expect us to respond in the next hour or so the dealers on the other side of the pond know what business Centamin are in, even if London and Europe we are slow! Fingers crossed the precious metals keeps steaming ahead and we will go up fast.
I have suspected for a while, I think hedge funds are long gold or long equities and short gold miners to hedge, could be wrong
Hi Instant,
Yes prudent indeed considering the $22 million involved , then of course there is the 20% unresolved court case share price discount.
It's quite an eye opener the way share holders are worry about predicting the direction of the market over the bext few days, candlesticks, moving averages and all the other pintless ways of preciting the markets diection
And CEY still 103p
Something's not right here.
$1,826 and still rising - I think Blackrock have called it.
There is on reliable way to predict the market unless you are privileged enough to be a member of the upper circle who have control of the market manipulation land government fiscal policy levers!
What hope is there for the future when our government is so corrupt !
Fair comment Red!
Paul - You are very perceptive. :-)
It would be prudent to push the issue while the iron us hot IMHO.
Egyptian authorities want progression from CEY, so get them to seek friends in the Egyptian courts who an expedite a simple fuel duty resolution.
Good business is often conducted using mutually beneficial timeframes.
The outstanding diesel subsidy dispute appears in danger of vanishing in the mists of time of the Egyptian legal system unless shareholders, especially recent ones are made aware of it from time to time!
I understand that Centamin would have preferred to leave this to their legal team to deal with in the Egyptian courts, but that said the courts always seem to have more pressing issues to deal with or simply prefer to kick the legal can down the road for another few years!
Centamin and indeed its shareholders have been more than patient and more than reasonable and its time that this issue was dealt with.
The disputed amount $22 million or so would be rather handy now to cover the cost of open pit clearance and other expenses,
I asked Andrew Pardey about this on several occasions and his reply (When I could get an answer that is) was "These things take in the Egyptian courts!".
As a very patient Centamin shareholder of over decade I am well aware that certain things do indeed take time in the Egyptian court system, especially so it seems if the case is anything to do with Centamin, this invariably leads to yet another adjournment of the case after which then judge involved seeks refuge behind some sort of legal parapet (SCC & Law 32) and keeps their head down in the hope that they may never have to commit themselves to any verdict at all!
However, after enduring eight years or so of the “Mad hatters tea party" antics of the Egyptian legal industry (system)is it not time to take the issue seriously?
By now the international court could have dealt with the issue twice over, so why not refer the case to the international court for a decision?
It must surely be preferable to the present state of Egyptian legal system comatose and at least a decision would be reached possibly even in favour of Centamin!
Some light reading while we wait.
https://moneyweek.com/investments/commodities/gold/603559/gold-price-pounds-sterling-disappointing-year
The best I can do is buy gold and Centamin when I think they are cheap. They are cheap now, but can get cheaper (I suppose). I have enough Centamin, but will reinvest all those dividends. I wouldn't mind some more gold and to get some silver, though.
Sylvania Platinum could be on the cards as well, at some stage.
CPI inflation is 2.5%.
I think Jim Royle would have something to say about that.
MrTibbles,I wholeheartedly concur with your post, directly preceding this one; I , normally invested in mining companies with much lower MC than CEY, have yet to experience a surge in SP instigated by RNSs announcing acquisition/s of new licence/s. They are invariably perceived as good in the long term, yet funding requirements weigh on the present appetite for investment. If they do, however, Lead to $22M US, in contra charges, credit notes, or whatever it might be called, in lieu of fuel duty overpaid, then we could experience a bounce The current trend, being untouched by the recent strength in POG, however, is not encouraging Although we have no RNS released yet on the matter, I'm sure the terms of the new licences are widely anticipated by the market and CEY is pricing itself accordingly.IE