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Hi Tibbs
Totally agree your thoughts in support of Cowichans approach to the FACTS regarding Centamin previous management performance and his very succinct , and measured posts on this board. We are lucky to have such contribution to the analysis of our investment performance and is an excellent reminder to past and hopefully future performance.
Equally I agree that the big Institutional investors are in the game for gain but are we not all in the same mode. I think however that Blackrock et al must have been supportive of our rejection of Endeavour otherwise we would now be in Endeavours clutches make no mistake. Equally I follow the RNS and have done so for a number of years and cannot remember when Blackrock were less than 10% invested in Centamin. I am not invested in either Blackrock or Endeavour but even if I were or others here I would defend there right so to do although might question the validity of that investment with facts and not rhetoric
Here's hoping for a good but cautious statement by the Centamin Board for the future.
Bob
Hi Miz,
I know for certain that Cowichan has never or is ever likely to have invested in Endeavour!
Cowichan is a long term and loyal investor in Centamin who has always worked tirelessly to show the positive aspects of the company and increase the share value by encouraging the management to deliver on their past promises.
Cowichan deserves our gratitude.
Cowichan this is what comes from too much information at least they have learned and the 14th Jan Report keeps things to the point and more the Executive Summary rather than too many nuts and bolts to attract specific criticisms.
Agreed that they have had issues over the last couple of years and they have admitted their shortcomings BUT they have always generated a year end profit and hopefully they have learned that forecasts MUST be realistic and achievable and not fall into the naive trap of believing their success will continue at the same or improved level and growth is a given.
It is easy to criticise but it has to be constructive and as far as West Africa is concerned I am glad they didn't jump within the totally unrealistic 1/2 year "short term" and common sense meant they spend more time to carry through their due diligence to ensure the next major investment is made where the resource provides the best return and if this is Doropo rather than Batie West then so be it.
Rather than criticise I think we need to wait to see what the new team are telling us tomorrow.
I am beginning to question you and your negative mind. Canadian.
Did you lose much with Endeavour for instance,etc, etc,etc.
Notes from February 2017 Capital Markets Day Presentation:
What they said: Strategy - continued delivery of value-driven growth
What they did: three years later NO production growth - FAIL
What they said: Near & long-term growth potential in West Africa
What they did: three years later no production in West Africa. According to them 'near term' was deemed to be 1 to 2 years - FAIL
What they said: Centamin’s “explore to develop” strategy is focused on becoming a multi-asset gold producer maintaining a lowest quartile cost profile
What they did: three years later we are still a single asset producer. FAIL
What they said: Underground capacity for c.1.5Mtpa ore from existing Amun/Ptah declines
What they did: three years later still NOT utilizing FULL underground capacity from existing Amun/Ptah declines. FAIL
What they said: New exploration decline at Cleopatra provides potential for further reserve and production growth
What they did: three years later NO production growth from Cleopatra decline AND still refusing to comment on 'whether' or 'when' stoping ore drives will commence in Cleopatra decline. FAIL
What they said: Open pit fleet capacity in excess of current forecast 66Mtpa allows the potential to elevate head grade
What they did: head grade now LOWER. FAIL (management talked of adding high grade ore sources from satellite pits but this never materialized. That means three years of lost opportunity - three years of wasted time.
So what is my point? Our board of directors and senior management like to think they are doing a great job and for that they make sure they are richly compensated. Shareholders deserve to have management address the above failures and start delivering on these long standing plans.
Please forward to IR as you see fit.
https://www.centamin.com/~/media/Files/C/Centamin/documents/presentations/Centamin_CMD2017_FINAL_without%20movies_2.pdf