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Tibbs to be honest the people that count as far as I am concerned are the people who get up each morning and go to work at the mine or the exploration project.
If I ever needed to know what was going on it was of paramount importance to visit the site(s) and listen to what was happening currently and planned for the future from the Mine manager and his team.
Visits to head offices were also important but the majors would normally refer me to the site personnel or we would be more current than the guys in head office anyway.
As far as Centamin is concerned it is top heavy with non exec directors so suggest it is less important to visit head office as there won't be anyone there, so guys on site are the important drivers of the business.
Quite so Halfpenny, lots less Bull****e & lots more gold is whats needed !
Will we get it and when is what we want to know !
Hi Dasut,
You know the mining business inside out and what you say must make sense!
You will most likely be aware of this-
website https://www.centamin.com/about/our-leadership/board-of-directors/ where you can find information on appointment dates, skills and experience, and committee membership. You will note that there has been a significant refresh of the Board, with 7 of the 9 Board members having only been appointed in 2019 and 2020.
Also invite you to consult the Governance section of the 2021 Annual Report (starting at page 84) which provides an overview of how the Board works to deliver on Centamin’s strategy, including board structure, governance framework, effectiveness evaluation, activities carried out in 2021 and focus areas for 2022.
Information regarding past directors can be found in past annual reports on the website: https://www.centamin.com/investors/results-reports/ .
Can't say that anyone stands out as being exceptional or of must have status in any way??
Is this a case of more of the same?
Or am I wrong?
Any opinions welcome!
Main driver will be more ounces of gold mined..
'Creating opportunity for people through responsible mining' suggests necessary commitment to ESGs. As Mark Carney said, any company that doesn't commit to this will become extinct.
"Board of Directors" all I see is a Chairman a CEO and a CFO all of the others are Non Exec and the Chairman doesn't get involved in the day to day operations so wonder how the voting goes?
Non Exec are normally in an advisory position or for bouncing off ideas in their given area of expertise and the list of senior managers with the exception of a couple of individuals is pretty much a list of white collar after the fact types. Hardly a go getting team in support of the few.
I would like to see other senior operational managers in the business such as the General /Mining/Production Managers of Sukari listed among the leadership team.
Cowichan a throw away comment where you select just one sentence '"Creating opportunity for people through responsible mining" of the "Purpose, Values and Culture page which does link into Vision and Strategy.
Hear!hear! Cowichan!
Good points spoonington!
Cowichan take a look at the Geology Capital Markets Presentation last September as this answers what they are doing to a certain extent with results from drilling programmes in and around Sukari.
3Bear - I agree. In the current situation I say keep the cash and build the business - that's the best way to improve the SP.
Surely the best way to support the share price is to grow the business? Share buybacks are just another way of handing company cash to shareholders IMHO, it may give the SP a short term boost but ultimately I think the senior management are doing the right thing - ie investing in future production rather than shoring up the SP artificially?
Thanks for clarifying that Cowichan, a buy-back of that magnitude wouldn’t overly damage our reserves and may help the share price, it certainly wouldn’t hurt - if the directors don’t want to put their own money in they can at least tip in some more of ours :)
As for the latest motto it is just another example of idiots jumping on whatever the latest bandwagon is and forgetting what they are actually paid to do.
Could not agree more Cowichan. The board of Centamin looks
> relaxed and comfortable
> irrelevant
and is underperforming in its key duties to share holders
... lots of senior roles, and lots of professional experience, and member of the right professional societies and tea clubs, but rarely have been leaders and one would wonder how they define success...
I would like to see a large shake of the board and get in new people who are successful in areas of importance to the company.
just passing by
best
the gnome
Hi Spoonington,
Regarding a share repurchase — I too don't want to see Centamin's cash reserves depleted — but I think in Centamin's case just a little spending could go a long way. I would advocate an announcement to the market of management's intention to repurchase between 1 and 5 million shares a month for the next 12 months. It's prudent and hardly aggressive but it will serve to keep a floor under the share price and build momentum in the right direction.
I posted a chart on Twitter** comparing Centamin's performance vs VanEck Gold Miners ETF over the last 5 years. It's completely unconscionable that our board is okay with the last five year's performance (or ten!) and the current share price. As shareholders we must demand more — more accountability, more performance, more professionalism.
https://twitter.com/DonLawson_/status/1526336514535194625 **
Heck, a good example of the board's faulty thinking is the latest motto that Centamin's has apparently adopted (see the corporate website) '"Creating opportunity for people through responsible mining" That is *******s. Centamin is not an NGO or a non-profit accepting donations. The Centamin board is supposed to work in the best interest of shareholders to produce gold, make a profit and grow the business. Creating opportunity for people is a nice result - not the purpose. So whoever is coming up with these ever changing company motto statements must go — and if they don't we're well and truly screwed.
Leadership should come from our CEO and in this regard Mr Horgan must 'educate' the board as to why the company exists. Being a co-founder in his previous life he knows the current board needs a good shaking up - and one that must start immediately. We couldn't do much better if his first order of business was a moderate and responsible share repurchase - followed by changing that damn conceited Londoner elite motto into 'creating shareholder value through responsible mining'
But as always I welcome alternate views, thoughts and input from my fellow shareholders
Hi Cowichan
I agree with nearly all of your points (including previous posts) but I would not like to see a share buyback entered into as yet despite the glaring opportunity to benefit shareholders.
The big pile of cash we have (which I remind all was accumulated by the previous oft maligned management) is the only thing that has enabled us to get through this ludicrously drawn out remedial process.
I tend to err on the cautious side, wait until we actually see the repeated promises of productivity improvements come to fruition before we spend our lovely cash buffer.
Horgan’s hints towards the raising of debt at this stage scares me, this has the potential to completely destroy the value of what is a magnificent in-ground asset.
I understand completely your desire to take advantage of what a lot of us see to be a chronically undervalued share price but feel that the erosion of our cash buffer that a buy-back would require creates too great a level of risk compared to the reward.
All the best & please keep fighting for those of us too lazy to take other than a passive approach :)
Spoon
Three Actions Centamin PLC Must Take To Regain Shareholder Trust
1) Release the 2018, 2019 & 2020 drill results (and resource estimates) for the Quartz Ridge & V Shear gold deposits adjacent #Sukari in Egypt. These 'mine-style gold mineralization' ore bodies (management's own language from 2019 Annual Results) are apparently 'hosted by a porphyry unit that has characteristics similar to the Sukari porphyry' So why is the board still hiding this information from shareholders?
2) Release the 2019/2020 Sukari step-out drilling results (see diagram below) which either confirm or refute management's assertion that the Sukari ore body is open along strike. #Centamin shareholders SHOULD NOT be the last to view this data. Centamin's share price has been systematically lowered through allowing the 'bad news' to flow (pit wall movement) and withholding potentially positive news - like the results of this 10,000 meter step-out drilling campaign. This information is material & management is woefully negligent for it being withheld.
3) Implement a share buyback program immediately. Year after year shareholders vote to authorize share repurchases and year after year the board refuses to implement. There are but two reasons the board consistently refuse:
a) the board doesn't believe in its ability to extract value
or
b) some 3rd party wants to keep the share price depressed
Given there are so few long-life tier-one assets like #Sukari a means to bolster the current share price must be found. That is unless it is the board's intention to allow a Barrick Gold Corporation, Newmont Corporation, Harmony Gold Mining Company Limited to make an offer at this artificially depressed value?
Thurlow Williams Brian Nguyen, P.Eng. Colin Thomson Davies Ward Phillips & Vineberg LLP Andrew Malim Simon Morris Bexultan Seisembayev Moaad Taufik Simon El Beze Nicholas Hambleton Varun Talwar Gareth Penny Richard Hatch Lilly Wilson Martin Page Iain Duncan VanEck Europe Standard Life UK RBC Capital Markets Scotiabank Capital Trust Martin Horgan Emilie Hodson Ross Jerrard
https://www.linkedin.com/posts/don-lawson-98619370_sukari-centamin-sukari-activity-6930974548267859968-MehL?
------------------------------------------>>>>
Note: Still no reply from Centamin's new Investor Relations person re: step-out drill results, etc. It should not be so impossible to get answers from a LSE listed company - perhaps Centamin doesn't merit a London listing?