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I hardly think that Josef had inside information last year when he sold shares that the LHDR was going to break down in Q2 2018 without sufficient spares or back up.
Although along with the rest of the Centamin board he should have been more active in mitigating the risk to production by better oversight of Barminco.
So whilst he may have to accept some blame regarding the lost production in Q2 at the Sukari operation he appears to be a man of great integrity.in other respects.
Like most other share holders I am not at all pleased about this his blip (balls up) but I am confident that production will now continue to improve and hopefully soon exceed expectations.
So lets see what is announced at the next Monday 9th July.
How is one post explaining why ETF'S may be on borrowed time ramping?
It is information that is relevant to Centamin share holders and the POG .
If ETF trading in paper is curtailed that can only be good for the gold price and for Centamin share holders,
What a shame if all this trading in paper is brought to an end, oh dear what will the those that spoof the markets do if they have to back up their trades with real bullion?
Anything in this?
Page 3 of June 5th Presentation
Map of Africa, Countires shaded in of: showing Egypt, Cote de Ivoire, Burkino Faso and LIBYA (?)
Wonder if this is of any significance?
As for kines mr T I think you have rampt enough, regards , sleep well.
If this share / company does not perform after this apparent blip. Then Joseph should be in the firing line for trading with inside information.
This is real.
I have no apologies for this.
Platinum Cuts 5% Bounce from 'Tocom Dump' as GLD Gold ETF Shrinks Again
ETF's are on borrowed time anyway!
Soon they won't be able to compete.due to the inescapable counterparty risk as well as a cost to hold and no chance of taking delivery.
Kinesis provides the inverse!.
The ETF business model will be broken by Kinesis.!
Mining by artisans in Burkina Faso has been banned by authorities in an attempt to protect lives and environment.
Small-scale mining is popular in the West Africa nation but unregulated mining has also led to deaths. Mining sites have in the past collapsed especially during raining seasons with several miners buried underground.
The ban will be in place for next four months. It should prevent more deaths, according to officials.
Bullish positioning is now at levels last seen at the end of 2015 when gold briefly dipped below $1,050 after the market went into a net short position for only the second time since 2006, when government first started to collect the data.
Ross Norman of Sharps Pixley, London's top bullion broker, in a blog post writes that with speculators surrendering their long positions "the market is now at least clear for a rally":
the US dollar has provided headwinds this year, but it has been that overhang of stale spec longs that for me has weighed on sentiment in the market.
The reduction in net longs has been the equivalent sale of 700 tonnes of gold that the market has absorbed during 2018.
Thank you Tibbs for having the industry to plead our case! Shareholders are in your debt. If management took these issues more seriously perhaps there would be multiple plants pumping out the gold at Sukari. Goodness knows they have delayed exploration on the greater site far too long!
With more than 30 years’ experience in the local market, we are also the go-to firm for Dispute Resolution, Intellectual Property and IT & Communications. Our Egypt lawyers have deep knowledge of the local legal, business, social and cultural environment, and work closely with colleagues across all of our offices to help clients navigate the intricacies of Egypt’s regulatory environment and achieve their global objectives.
This firm should have walked this case by now?
Good Afternoon Alex,
I understand that Centamin employ Baker McKenzie legal team in Cairo to act on behalf of Centamin in the court case which remains in limbo after six years, I appreciate that share holders have been told that legal proceedings can be lengthy in Egypt, rather an understatement I fear!
Especially so considering the number of years(over half a decade) this case consisting of lies and innuendo made by a now convicted criminal has been kicked down the road by various members of the judiciary, most probably because none of them wanted to stick their head above the parapet and make a judgment for fear it may come back to haunt them.
So is it not time it not time for some effort on the part of the Centamin legal team to make a plea for some common sense and fairness to be brought into the proceedings especially in view of what the Centamin partnership with EMRA is contributing to the Egyptian economy and its people.
Exceeding 500k oz has been confirmed by Mr. Youssef El-Raghy in this media report on Monday 26th Dec 2016
Mr. Youssef El-Raghy:
-We aimed to achieve 470k oz this year, but the company is finishing 2016 with production in excess of 500k oz.
-Centamin is the only international company working in Egypt. The company is willing to expand its investment in Egypt and acquire new areas if the mining law changed. The company will not take part in any new auctions under the current mining law.
-The company has so far paid $47 million as advance profits. There is a scheduled meeting soon with EMRA for the final settlement of the accounts.
In the mean time, EMRA delayed the auctions till Q1 2017, The announced reason was “To obtain the necessary permissions”.
(I heard from some who was in a meeting with the petroleum minister yesterday that the petroleum minister stated that he was aware that the current mining law was deterring investors and he was going to try to get it changed).
Opinion on the above from our old legal friend Sinnerthesaint
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
So why haven't the Centamin legal team in Cairo been a bit more proactive on this?
Alfakharany was arrested while getting paid the first instalment of the bribery (1,25 millions).
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.
however long it takes?
I wonder how long , 6 years passed already, so it may be a further decade or more perhaps past the life expectancy of Sukari the way things are going!
Annoying is not the term I would use , I think absolutely ridiculous is more appropriate especially considering that the court has already stated that their is no evidence of any wrong doing by Centamin and this
Mon 07/09/2015 11:26
One of the analysts in London has picked up on the development in Cairo – GMP Securities issued the following this morning:
Centamin – CEY LN – thorn removed with arrest of main opponent to Sukari
• As operations continue their smooth progress and the company moves towards 500k oz for 2015, enabling the company to recently raise its dividend to a healthy ~3.7%, the story looks in good health.
• But one issue which has continued to hold back the company over recent years has been the blight of the court cases it has faced in Egypt, spear-headed by one particular individual (Hamdy Fakharany). So it is especially comforting to see management’s long-stated view (that this individual was only out for personal gain and they would not bow to his demands) corroborated by the fact that he has been arrested after being caught attempting to bribe a company facing a similar legal situation to CEY.
• He had sought payment from CEY in order for their court troubles to “disappear” which the company had consistently ignored – and that tactic looks like it will now pay off. Clearly it won’t be overnight progress, but as we have long-stated, the court cases facing the company have not been brought by the State, but rather an individual with an agenda. Now that this individual is likely removed, the company is in a solid position to continue unimpeded its strong operational progress.
• Remains my top pick of the growing, established lower cost producers and with a healthy dividend yield on top, it screens extremely well versus all peers.
Opinion: No Opinion
628kg arrived Monday night at Cairo Airport from Al-Sukary.
Sorry for not posting this last night as I was waiting to check whether this shipment gets counted in Q4 or Q1.
Apparently any production up to the 5th of any month gets counted with the production of the month before, so anything up to the 5th Jan gets counted with Dec production figures (i.e Q4), and also according to this, the shipment on 3rd Oct 2017 belongs to Q3, so Q4 shipments so far:
That gives around 159k oz (based on 86% purity), and total for the year 548k oz.
I had a good chat with someone and all sounded very good: achieving target this year, higher production figures next year, 100% confidence in winning the court case regardless of how long it takes which is annoying, the recent long-term agreement with Centamin to buy gold from the international market is being received very well by everyone in Egypt and is making the government look good, so the government is happy with Centamin, Centamin pays for the gold Egypt needs in US dollars and Egypt pays Centamin in Egyptian pounds which would increase Egypt's gold reserve, which has not happened for a long time, without affecting Egypt's US dollar reserve.
I always like to post with links to the source and don't normally like to post "I heard so and so, and was told so and so), but I don't think I said anything new really..
Mr Youssef El-Raghy:
-Production until the end of August reached 325K oz.
-Expecting to achieve 544K oz by the end of the year.
-According to the geological survey, in 2018 the production is expected to increase by more than 10% to reach 600K oz.
It works to minus 46kg for the quarter, which if they are back to speed is not to bad.
Tibbs ..I have taken the media kg figures converted to toz and then multiplied by .86. So I presume we are talking the same method.
The product which comes out of Sukari is usually 90% purity.
The ounces or kilos we are counting bears no resemblance to what is being produced at Sukari. this is audited by both Centamin and the Egyptian government.
There is some silver in there as well.
What is shipped is Dore and not pure-gold - At best we can only expect 90% conversion depending on ore grade..
The Russians are getting with the script. https://www.rt.com/business/431610-yuan-gold-russia-reserves/. Atb
"..(COT) reports indicate unprecedented changes in concentration and category positioning pointing to JPMorgan buying back massive numbers of short gold contracts disproportionate to anything previously seen. "
It would be logical to include the july shipment as it was june production and was also weekend from the mine thank you for your effort..
Gold is on the rise at the moment,mainly due to more buyers!
Hello Tibbs, Thanks for the links. I actually agree with a lot of what you say. I think our main area of disagreement is over the impact of the EU in the UK. Obviously the EU offers great benefits. Unfortunately failure to mange their big cornerstone of free movement cost them UK membership. I'm all for immigration but it really needs to be manged hence our population problem. In an ideal world it would work beautifully! All the best ZM