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No gold withdrawn from Comex yesterday. 32,000 ounces received as a deposit. Interesting to see how things now play out.
Hi Tibbs
So you still want to close down the open pit?
Say goodbye to 325,000oz, they're not exactly processing sawdust.
I just don't get your argument.
Hi 3bear, appreciate your post is well meaning, however and not wishing to appear rude you do a better job than the Centamin PR team!
This Q1 2024 is reason for some very serious concern when considering the much lower grade mined, both from the open pit and underground.
For the open pit Martin & Ross put a brave face on it and claimed it was a “reclassification” of waste as ore.
It seems as if they cannot properly distinguish between ore and waste resulting in much more waste being sent for processing!
For the underground grades any explanation is missing?
So assuming they sent 3,395,000 tonnes to the stockpile at a grade of 0.36 g/t AU should they ever get around to treating this it will generate precious little cash flow!
The management seem to be are playing games with capex classification and to call deferred stripping “growth” capex is ridiculous!
Waste stripping is part of normal mining operation to achieve the planned LOM production and the reason why they (mis)qualify it is to avoid having to include it in the calculation of AISC cost metric.
AISC is a nonsense metric easily to manipulate.
Just classify capex as “growth” and it drops out!
This is why so many companies with fantastically low AISC are unable to generate free cash flow.
Why not calculate the revenue from the mined grade taking into account a low recovery.
Then calculate the mining cost for one tonne ore and all those tonnes of waste, processing cost, G&A and capital investments to keep going.
From this exercise It will become apparent that it generates very little to no cash flow!
Why not put these points to Centamin, if they respond their answer should be interesting.
If anyone is guilty of putting out the same old tripe likely it's the Martin & Ross act at the last Q1 2024 presentation when they served old tripe in lieu of decent grade ore from the open pit!
Use the data points Paul- I've posted them a lot :-).
Good luck.
I'd love to help out but I don't "trade" very often as I am not very good at it and I probably need to be more careful with my money than you do.
I wish I'd had enough spare cash to buy 4000 shares this morning when I posted and they were 121.7.
A few things I'm good at
Leaving and order to buy------this means the share price will hover just over the price I've left the order in for a couple of days.
Losing patience and buying anyway---as soon as I do that it will trigger a 2p drop in the price.
Selling after making a small profit-----this will trigger a 2p rise almost immediately.
I wonder if i could sneak up on it and just buy or sell a few shares to confuse it???
You buying must be the reason, pretty impressive how you move markets, now will you sell some so the price rises, all the very best
Thank you Cowichan, I wonder what the final invoice for these services from ZH&P will be for representing Centamin for over 12 years against fictitious accusations.
Surely Centamin should be awarded a refund of legal costs and compensation for the company and its shareholders?
Centamin plummets on Egypt court ruling 12th Oct 2012
An administrative court in Egypt has annulled Centamin's mining licence, with the company denying the court has the jurisdiction to do so
https://www.investorschronicle.co.uk/2012/10/31/tips-and-ideas/share-tips/tips-of-the-week/centamin-plummets-on-egypt-court-ruling-Y4wbthuULCZrH1ay6Vj9TK/article.html
No end in sight for Centamin legal fight over gold mine in Egypt
Cecilia Jamasmie | August 14, 2014
https://www.mining.com/no-end-in-sight-for-centamin-legal-fight-over-gold-mine-in-egypt-56904/
Centamin recovers ground after launching appeal against Egyptian court ruling
This article is more than 11 years old
Gold miner says it has documents showing ministerial approval, which were not among papers presented at court
Nick Fletcher
Mon 5 Nov 2012 15.33 GMT
Centamin has recovered some of the ground which it lost last week on reports an Egyptian court had ruled its rights to operate the Sukari gold mine were invalid.
The reports wiped around 40% off its share price, but the company has eased some of the concerns, and they have bounced back 16.25p to 76.75p, a 27% increase which makes it the biggest riser in the FTSE 250
https://www.theguardian.com/business/marketforceslive/2012/nov/05/centamin-court-egypt-gold-mine
Thank you Cowichan, I wonder how much ZH&
24th April 2024
The technical picture still points to further price gains for the precious metal, according to OANDA Senior Market Analyst Kelvin Wong.
Wong points out that the Gold/Copper ratio has stayed above support since late November and has remained within a major ascending channel in place since Oct. 15, 2021. “Therefore, the current configuration of the ratio suggests that there is still a relatively higher demand for gold as a hedging asset for stagflation risk.”
https://www.kitco.com/news/article/2024-04-24/sharp-daily-declines-dont-spell-end-golds-bull-run-oandas-kelvin-wong
Of course, you haven’t lost anything unless you sell. There’s a good chance late summer Centamin will surpass this high and also depends what POG does.
I’m sorry you bought at £1.27 Paul, fingers crossed for you. My feeling is gold is heading back to around £2100, so a slow drop for Centamin. But y’know, no matter how you paint it, it’s all guesswork in the end.
I see we are currently down 4p to 121.7? Is there any particular reason for that-------other than me buying some at 127 last week?
Major European stock indexes traded with losses in the premarket on Thursday as the earnings season continued to heat up, with Deutsche Bank, BNP Paribas, Nestle, and Sanofi all reporting their quarterly results. In data, the traders will be looking at German consumer confidence.
The DAX slid 0.21% at 8:00 am CET. Concurrently, the Euro Stoxx 50 lost 0.19%, the CAC 40 declined 0.07%, and the FTSE 100 decreased 0.15%.
The euro added 0.11% against the dollar at 7:59 am CET, going for 1.07125. At the same time, the pound edged up 0.06% against the greenback, changing hands for 1.24726.
Baha Breaking News (BBN) / AY
Gold currently $2319.00
Looks like over 7 tonnes left Comex for delivery yesterday. 241,000 ounces of gold.
Zaki Hashem, Attorneys at Law
ZH&P brings Victory to Centamin!
We are proud to announce that our over decade long representation of Centamin in the dispute over Sokari gold mine concession led to a verdict by the Egyptian Supreme administrative court in favor of Centamin.
Our firm has been representing Centamin over the past 12+ years in the lawsuit filed by a third party challenging the validity of the exploitation license issued to Centamin under the Sukari Concession Agreement – considered as the largest gold mine project in Egypt.
Initially, our late Senior Partner Youssef Abou Zeid had laid the groundwork and created the roadmap for the lawsuit while our Partner Hossam El Habashi capably carried out the actual management of the file. The matter was also overseen by Mohamed Kamal, our Partner and Head of the Arbitration Department.
We congratulate Centamin and our team for this landmark victory.
https://www.linkedin.com/posts/zaki-hashem-attorneys-at-law_zhp-brings-victory-to-centamin-we-are-activity-7137774411666866177--zng
https://www.linkedin.com/in/sara-abdel-gabbar-60b65013/
------------------------------------>>>>
...In With The New
The Word Is
The ongoing $100 million dispute hasn't been officially filed as litigation yet, and may never, if Centamin capitulates to Egypt's demands. It is unclear if EMRA is completely on board with the possible lawsuit, albeit EMRA is playing both sides to secure additional $$$ for Egypt
Read the first line and should have known same old tripe from Cowchain, heyho.
A balanced & honest analysis - much appreciated considering the vitriol from some who should remain nameless but won't ( MrBond/Mizolgit/Steve-0) who are all the same account w/ fake personalities
the factors that led to my decision to sell Centamin ( yes I missed the rise of gold & subsequent spike in Centamin's share price ) are thus
1) CEO Horgan is a serial fibber , he's been called out many times for a host of irregularities including ; misappropriation of funds ; dereliction of fiduciary duty ; manipulation of data ; omissions of serious ongoing concerns ; the list goes on - whether Horgan does it to fool institutional accounts , enrich friends at Capital, maintain kickbacks , it's all going to catch up with him soon
2) Horgan had no proven strategy to grow or diversify - depending on gold to rise perpetually is not a strategy - it's just masking his deficiencies
3) the smart money had been selling for quite some time -
4) the EMRA is in an accounting dispute with Sukari operations - how that gets resolved may only be monetarily , but still it's enough to hamstring the company
5) the executive terms of the new Egyptian concessions have yet to be finalized - there doesn't seem to be a will to do so, as it's become a bargaining chip to hold over Centamin's head to squeeze more $$$ from the company over point #4
just because Centamin doesn't want to admit the EMRA has a legal case against them (in their professional opinion) doesn't mean the EMRA won't make the situation difficult until they get what they want, and what they want is more $$$
that is why the dispute isn't directly spelled out in the latest annual report, which it ought to be
It is Tibbs it is, but for every 1oz coming from underground the open pit produces almost 3oz.
What I don't have is the Open pit AISC v Underground AISC but any way you cook it, the pit is central to the business.
Hi 3bear ,
Thank you for your opinion on this, I was always led to believe that the underground operation is crucial to the viability of the whole Sukari operation.
Tibbs
Tibbs to put your mind at rest:
Of the 450,000 ounces produced last year 325,000 came from the open pit.
Almost 75% of total production.
So, far from being a basket case that needs to be binned, the pit is the beating heart of the business.
The underground at 125000oz last year is a very tasty bonus.
Fair comments Spot, it all sounds hopeful,if only the same could be said about the poor ore grades, I wonder does Martin Horgan have a cunning plan to deal with these ?
https://www.youtube.com/watch?v=AsXKS8Nyu8Q
https://www.youtube.com/watch?v=ACnqI1l4I9s
https://www.youtube.com/watch?v=Gp5St7hORyw
Good to hear Sotolo & Paul's thoughts, I hope the new management turn out to be deserving of your trust you both deserve not to be let down again!
Josef and Andrew Pardey were less than honest in the past, the latter on several occasions to me and even though I initially had great hopes in the abilities of Martin Horgan they are now waning to say the least, as one of his managers said "Martin could sell fridges to Eskimos!"
Martin's presentation format seems to be an initial fanfare about the Sukari H & S record that last quarter,(although that said a high standard of H & S should be taken for granted in any responsible company) after which he enthusiastically announces the last quarters possibly average performance whilst glossing over the misses and the abysmally low the grades in the Sukari open pit which are really not worth the effort and expense to mine and now the underground "Bonanza" grades seem to have been a mirage and the remaining grades don't seem to be anything special!
I remain as yet to be convinced about this"Reset" and it seems so do the institutional investors, so its seems any success ( or hope) is very much dependant upon a strong POG!
I have to agree with you Paul, we do always seem to be waiting for the next update for good news.
For the last year or so the good news is that there's no more bad news.
The eternal optimist in me keeps telling me were very close this year.
Hopefully all the black swans have been dealt with.
All maintenance out of the way now.
Open pit optimised for balanced mining.
Solar completed and connection to grid due later this year.
Underground mining now owned and operated by centamin.
Light weight truck body's.
The list goes on and on so we only need the gold price to hold and we should see the return of a very decent dividend and a share price to match.
I think Mr T has been here for a long time and has probably trebled his money or at least made a good profit. If that is the case and he is no longer happy with things, then he could sell up here and put his money elsewhere. We don't usually know what is going on, only what we are told, which in the past turned out to be lies. ( We know the historic promises and the high grading etc) . So it is the usual 50/50 . We could be getting told the truth or we could be getting told lies.
I think several people on here have pointed out about the open pit. I think Dasut spoke about it a couple of months back?
Several people have mentioned with the current POG that we should be making a good profit this year. Apart from a bit of a blip in November, POG has been above $2000 for the last 6 months, and $2100 or above for the last month or so.
i think that things seem to be moving the right way regarding waste clearance, solar etc and that should help reduce AISC which we are told are still going to be on target.
I cannot remember when Cowichan sold up but I've got a feeling was when the shares were around 105? (maybe higher, maybe lower) but we are up fair bit since then, so I wonder if he would have preferred to stay in a little longer?
It does feel like we are always waiting for the next Update/ next Q . I'm always scared to sell out before one (Like STEVE does) in case we get some really good news, but i cannot remember when we got a decent rise on an RNS??
Hopefully the next Q should be a good one and move upwards from there.