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Well I suppose the West African diversification came about because at that time the T&C of mining concessions in Egypt were unfavorable, obviously that has now changed whilst the threat from Islamic extremism has increased in West Africa.
Hi Dasut,
Thank you for your reply and explanation, I really can't understand why they, Josef, Youssef and Pardey were allowed by the board to carry on making such exaggerated forward guidance estimates , very irresponsible to say the least.
Just after the near pit wall collapse I asked Buchanan about the production cut being in part due to being unable to access other unaffected areas of the open pit and was this a result of the accumulation waste from years of high grading and how could this have come about, I was told the board simply didn't realist that there hadn't been any waste clearance in the open pit for several years ?
I understand exactly where you are coming from when running factory shop floor production line , a garage workshop, civil engineering contacts it is essential to schedule in regular clean ups and waste removal , yet the board sat on their hands in Jersey contemplating the weather and their bonuses blissfully unaware that the Sukari open pit was in danger of becoming so full of waste that it would become unworkable!
Tibbs I don't believe West Africa to be a bad investment as the resource at Doropo and ABC look to be very promising and would suggest relatively low cost operations (providing they don't rush it) with an established mining sector. What is a pain is that Batie has been put into the too difficult basket a decision made by the current management. In my opinion better to bite the bullet and walk away rather than trying to make it fit, because the latter could end up being an expensive decision.
Tibbs Sukari original mine plan was designed to achieve 500,000 ounces per annum and this was achieved so as far as I could see job done. Then it all went wrong basically seriously poor marketing. Promising more than achievable without taking shortcuts and doing what has now led to getting stuck in the corner with no way out other than to go back to the start and open up other areas. I liken it to cleaning the floor and starting at the door rather than the far wall. The problem now is that they have a major expense having to employ a contractor to break down the walls so that they can commence work again. The issue is that the contractor costs go straight to the bottom line as waste generates no revenue. What this will do if it hasn't already is free up the Centamin fleet to concentrate on ore and flexibility will then allow them to mine several faces maybe of different grades and control grades rather than all or nothing, which has been the case over the last few years. So I am looking at the future as there is nothing that can be done about the past other than moan.
sorry typo below ecourse should read resource!
Hi Dasut,
I am very grateful for your generosity and patience in sharing your professional knowledge over the years over the years I have been invested in Centamin, however through your past professional experience you will have formed some good idea of what should have been achieved thus far at Sukari .
I sense from your statement that the mess created by the poor practice of previous management was understated and the rectification works needed has been severely underestimated, possibly even purposely for whatever reasons
Sukari may have had the potential to become a world class mine had it been managed in the right manner by the right people, although as we are now painfully aware Josef ,Youssef and Andrew Pardey were condoning high grading whilst denying concerns about poorer grades to give the impression that the 560- 600,000 0z per annum was sustainable , that said this seems to have never been questioned by the BOD until a near catastrophic disaster forced their hands.
Sammi El Raghy may have discovered and promoted the recourse, what a great pity it wasn't operated in a more professional, capable and possibly even more honest manner by his siblings and appointed management.
Centamin is in a mess, will it recover is still open to debate, West Africa seems to have been little more than a poorly thought through and shambolic diversion exercise over several years that has achieved little more than huge expense for no return.
I have great faith in Martin Horgan and his team, but that said they cant perform miracles and it seems Sukari may have become a basket case unless things improve dramatically or Centamin becomes part of a much bigger concern.
Tibbs I would also have loved more sooner but an expensive major contract for waste removal tells me that the problems were and are still very large.
Cowichan , certainly very hard to justify the worth of the present BOD, but has'nt it always been that way, possibly too much family nepotism as well, although lazy orincompetent board members seems to be the norm in many other mining companies, they get the bonuses and free shares, the share holders get the scraps and shafted when it suits!
Hoped for better sooner!
Well they did spend shed loads on drilling and exploration in West Africa, although to what ends and for what purpose exactly seems rather fuddled now to say the least!
Agree the board are a waste of time thats ehy they did nothing about Africa for a number of years
Also agrre that costs are high just when we thought 2022 was going to be a little better but that is not down to them oil,steel,labour,shippping has all gone up due to many reasons
Like i said earlier build 2 mines in 8 yrs no way
https://twitter.com/DonLawson_/status/1468612007427330051
Centamin's board of directors need to go. This 'transformation' is a farce. AISC for 2022 is ridiculously high to be a 'goal'. Why no word of divesting Batie West? Why no thought of fast tracking Doropo? Zero accountability. The board lives in a dream world of ineptitude. Retire!
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I appreciate some will think my response is unfair and/or harsh.
Suffice it to say when you've seen the same BODs come out with 'reboots' year after year after year and entitle the presentation labelling 2021 as transformational you better deliver some transformational news. So the waste removal you contracted out is coming along, is it? Well done! Exceptional! Except the estimated AISC for 2022 is obscenely high - and we are supposed to applaud this as an aspirational goal? Total BS. The board of directors is beyond redemption in my book - every single one.