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Well as they say the fish rots from the head. I personally think it is a combinaiton of leadership at a MD or CEO level, which will then fire up/inspire and guide the managers. I have seen good managers flounder under medicore CEO's and MD's. The appointment of good CEO's and MD's comes from the board.
Arvi Parbo was one fothe great examples of leadership in the Mining Industry, and while he was the leader WMC did astounding things. When he left, the company went downhill and was eventually lunch for BHP (and there is another astonding set of "leaders" but thats for another day)....sigh
the gnome
I dont think the orebody and the machines are the problem perse.
But when you appoint a CEO whose main criteria seems to have been that he was around for along time on the site, knew the "system" and was a good loyal guy, into a leadership position, its a square peg into a round hole. Sound inspiring leadership in the mining industry is in short supply globally, so nonthing peculiar t CEY. You see rampant ego's, people promoted way beyond their competency, do gooders etc etc.
What I also hope tomorrow is a positive result from the PEA for Doropo Cote d'Ivoire as this should have been completed by 15th October. This study has input from some really experienced people/entities importantly although not limited to Lycopodium who will be making recommendations on plant(s) and hopefully siting(s) as Doropo covers quite a large area.
I also see input from a couple of mining contractors and also Ausdrill all of whom have considerable experience in West Africa.
Given the combination of both indicated and inferred resource of approx 3 million ounces this could be the saving of the SP if there is an announcement of a new mine with a go date estimate.
Am I clutching at straws maybe?
Since El,Raghy sold his mammoth amount of shares Cey has been like a headless chicken...
No driver, no excitement, no plan of accomplishment strategy going forward.
I wouldn’t say sell because the company could get a bid, but when I think of that I reflect El-Raghy didn’t think so when he abandoned ship.
I see nothing that would encourage me to have any faith in the company management or business plan for the future, that’s if they have one.
goldgnome I am not sure why we worry so much about the board because when we look at other Mining Companies the Gucci Directors have very little influence over production in the mines under their control.
I feel the guys on the ground are the ones that make the difference, problem with Centamin is that the current people who can maybe influence the production are relatively new and are cleaning up after some errors.
OK the board need to take the wrap but this doesn't sort out the issues.
Rebess like you I am not overly optimistic about what we are going to hear tomorrow as the production shortfall doesn't enable them to take full advantage of the GP, but at the same time it will mean I would hope there is still a good profit.
What worries me more is how are they going to get through what seems to be one step forward and a couple backwards and put achievable plans together to ensure the ounces are delivered to get to the very least the low end of the annual forecast.
They have the machines but can they be put to the best use given the strip ratio, space restrictions, underground voids etc.
Pardeys perfromance is shown in the share price of CEY, eratic, spikes but overall down trend. Need professional management and inspiring leadership.
the gnome.
mrtibbles,
Do you really think Pardey has bailed out ? Don't you think hes 'been' retired so to speak.
I hope so too Dealts, but after events since Q1 2018 and with Pardey now bailing out because he is out of his depth I fear that the we are most likely going to knocked down the ladder again tomorrow!
I really hope that Wednesdays update will be a better forecast that what most are expecting, I have kept faith for many years. ( I am still amazed I still have some left) Fingers crossed that gold prices keep strong and one day all the L.T.H. will be rewarded. Lets hope that one day we will have a pleasent surprise for a change instead of all the nasty ones that come up far too often.G.L.A.