We chatted to IronRidge Resources' CEO Vincent Mascolo who explains why the company has become a lithium explorer. Watch the video here.
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Rebess Haha I know you love an RNS.
However, in this case I don't think that changes to senior management below Board level require an RNS.
But you'd think that after CEO Pardey stated publicly yesterday that there is a new Sukari General Manager that the new appointed Manager's name would at least be posted on their website. But alas no.
The biggest exposure I feel is in the single-mine operation. - The significance of the slightest problem/set-back gets amplified/exaggerated out of all proportion, and as Tibbs says, makes for a juicy target for shorters to exploit. - Of course this situation can't be changed overnight so we must hope that West Africa comes into play ASAP or there are plans afoot for some other means of expansion as yet to be made known.
Hi Marmot - If he had been removed an RNS would have had to be issued. - I think.
Thank you ton-fra -cen,
i am convinced that It was the failure of the LHDR that really amplified the effects of the poor grades on production output.
Serious failings by whoever was the director/manager in charge of production at Sukari which resulted in a loss of half a billion pounds on the market cap of the company.
But not enough share holders have made their views known and I am afraid people like me are not taken seriously,
As Rebess has often pointed out there so many shares on the market it makes Centamin very vulnerable to attack by the shorters..
But the management worry about that, they have decided that a share back is not in the best interests, although I disagree entirely due to past experience.
I offered the company some ideas on how to help the turnaround, such as a contact at an organisation who wanted an exclusive deal to buy all the Sukari ore at better prices than they get at present,, but no reply or even an acknowledgement .
I appropriate that I am only a retail investor of a decade and that in the scale of things although my holding is very considerable it is nothing compared to the big funds so why should I expect to be taken seriously?
The general manager's responsibility for the LHDR crisis seems to have been accepted judging by Pardey's comment in the conference call yesterday when he said that Sukari has a new General Manager. But no name was given.
Confusingly however, the Centamin PLC website still has listed under senior management :
Youssef El-Raghy, General Manager - Egyptian Operations since Jan 2010
Is he still in post, moved or out ???
i have no quarrel with you or others, most on here give good views and appreciate well written posts we are all investors trying to make a bit of money , GLA
I agree with mrtribbles; LHDR is a part of the PRODUCTION MACHINE. How can one accept the theory that cost of production would go up . It wouldn't have costed CEY but the CONTRACTIOR. They must be having many LHDR in operation and surely they should have adequate spares in their main stores, particularly if such a machine on the CRITICAL PATH. CEY's site meetings - daily/weekly- would have pinpointed the ensuing problem. Drill rigs do not fail without indications, and would have been easily identifiable. General Manager/ Operation Manager has to take the TOTAL responsibility and the BOARD should deal with appropriately. Vigilant supervision of the contractor's performance is one of the PRIME responsibilities of such positions , particularly for an equipment on the critical path.
Just listened to John Humphrey's interview with Mark Carney the Governor of the BoE. - In the event that Brexit proves troublesome, especially a Hard Brexit, our banks have been prepared to cope with the worst outcome. - So the message is: - Don't worry, put your trust in the 'Banks' - So, we can all sleep easy. :-)
Quite agree, spot on, etiquette and tolerance in all matters on this board,
Just a figure of speech old-lad, nothing personal meant to anyone. 'In my soul there is a country, far beyond the stars'. - There's a lovely old-song 'Stardust', written and sung by Hoagy Carmichael and recorded by Frank Sinatra, 'Nat King Cole and others. - It starts:
And now the purple dusk of twilight time
Steals across the meadows of my heart.
It's the final verse that always gets me though.
And I am once again with you
When our love was new
And each kiss an inspiration
But that was long ago and now my consolation
Is in the stardust of a song.
Beautiful, don't you think. - Ah well, that was long ago. - Hope the vomiting gets better. Take care and good luck.
BTW. - Cowichan is spot-on.
wow busterhogdog - there is a little thing we like to use called etiquette on this chat board, please use it. and if that doesn't work for you there is another word called tolerance. and if that doesn't work maybe you should thank the heavenly dust gods you live in a nation that protects your right to free speech and allow others the same privilege
hi,rebess god doesn,t exist i don,t know why you thank him or it or what it has to do with gold or centamin .
not everyone believes in your god so please don,t share your comments on it . you believe in something thats invisible false made up . this world is created by the sun and is space dust like everything else in the comos . no god here or anywhere just load of ****e made up ! please don,t use words of bible not everyone shares your views and makes me feel like vomiting !
Yes aisc is up partly because of lower ounces mined, but also all miners are reporting increased aisc with sharp rise in cost of oil etc. In my opinion all the fall in Centamin, from 160 before production warning in May, can be attributed to reducing price of gold and increasing costs, other miners have fallen further particularly higher cost ones. I agree with Dasult that our management has done well for us, particularly navigating the difficult politics, and the broken machine from which the price fall from this has recovered apart from tumbling gold which has taken it back down further. That is why I stick with cey even a gold falls.
Thank you Dasut,
But in the scale of things what is the cost of a spare LHDR or even a more comprehensive supply of spares when compared to what the company has lost in maket value due to the failure of some member of ,management to mitigate risk?
True a very slick presentation mainly for show today today, but we shall have to wait and see if what was said can be relied upon or will there be another emergency RNS around the corner?
I am afraid that I non longer have the faith in the company I once did.
Isn't the AISC rise largely due to the lower ozs shipped? Once CEY get back to the more frequent airport runs as in the past then the AISC will naturally fall.
So why is everyone getting upset about the AISC, it's merely a function of less gold shipped. Or have I lost the plot again (blames the heat, you know..).
Sotolo I agree rise in AISC is a major worry but this will always be an issue when fixed costs are high and there is a blip in production. Emphasised when you need to move the same or more tonnage for less returns due to lower grades.
Tibbs I understand that you are frustrated as am I but I didn't say only people who understand mining should invest I said it is obvious that we have too many investors who don't understand the ups and downs of mining.
It is I agree disappointing that the Long Hole Drill Rig failed at the wrong time and maybe they didn't have the right parts on site. Unfortunately it is impossible to hold all parts, believe me when I say been there and suffered from mechanical downtime and we were supposed to be the experts. Standby machines boy would I have loved that attitude when trying to flog machines, doubling sales is a dream. It really is a balancing act as to how much extra costs that you can carry in parts and standby equipment as these have a direct impact on cost of production.
I am sure the Rock Doctors (Geo's)were aware of the transitional ore but were the Mining Engineers aware that the grades underground would drop off at the same time and the LHDR would fail also at the same time? No slap on the back but not sure what the answer is as they can't stop mining they have to push through the issues and advise shareholders that there is going to be a shortfall. Credit where credit is due they pushed through it and gave us black numbers.
I was expecting a shellacking today, well, there you have it, we didn't get it, thank God for small mercies. - Deliver us from evil. :-).
My mistake, More like £500,000,000,, staggering isn't it and yet some are slapping the management on the back for giving us reward of 2 cent's divi apology!
We shouldn't be in this situation, I am no mining expert but whoever was in charge of production at Sukari should have been.
But what is the point of making a fuss, when some share holders roll on there back for a bit of divi and a slick presentation.
I disagree entirely with the board over a share buy back,it makes sense at these levels, but there you go!
In the meantime the POG is falling and the AISC are on the rise!
Everyone is on the same side of the boat.,unfortunately in the rigged synthetic world of the Comex that is exactly what is needed to commence a contra short squeeze rally that has nothing to do with real gold demand!
Still nobody wants real gold or do they, we shall have to wait and see?
Hi Cowichan - Hope springs eternal as they say. - I hope you are right.
Hi Mr Tibbs - £500,000? - typo I think. - More like £500,000,000, a half of a billion, wiped of the value of the company and our shareholdings. :-)
A possible reason/contributing factor that management talked about yet didn't approve a share buy back could be they plan to use the money sooner rather than later in Burkina Faso - at least that's my hope !
Good point Rebess,
Would EMRA agree to that if there was any doubt about the existing concession ?
Good point Rebess,
Would EMRA agree to that if there was any doubt about the existing concession ?
so happy with the results considering that there has been £500.000 knocked off the value of the company and AISC has increased
Hopefully some of you got answers to your outstanding questions to IR.
Still the divi is maintained and who knows there might be a decision on Law 32 in 2019, but bear in mind that the legal process in Egypt can be lengthy, not so long now and it will be a decade for the court case!
Now including greenfield exploration costs - The only greenfield exploration that I can think of in relation to Sukari is the new exploration taking place beyond the 3KM limits and into the grater area that was the subject of the court case. They have been reporting activity here for some time. - Emra must have agreed to the new accounting policy since it will reflect in the accounting used for profit -share Or, am I on the wrong tac here?