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Thank you Cowichan, This seems like some sharp practice by the government and the private companies in order to deny the Eygptian workforce fair contracts of employment and the appropriate wage for doing the job!
Just greed by those at the top who are never satisfied, but it should be put right!
Alt link
Published in the Egyptian media m ((cue Siko response to the contrary!))
May 7, 2024
Sayed Al-Abnoudi
Despite the tireless efforts made by Engineer Tarek El Molla, Minister of Petroleum and Mineral Resources, in confronting the challenges facing the sector, some officials in the ministry and companies are moving very slowly, which hinders finding solutions to any problems.
Many company heads also make efforts to solve the outstanding problems, but they encounter neglect from the minister’s assistants and assistants regarding administrative, structural, legal, and decision-making affairs.
In this context, we review five main issues that deserve urgent attention from the Ministry of Petroleum
Transforming the Mineral Resources Authority into an independent economic body, as the Mineral Resources Authority still suffers from bureaucratic entanglement, as it is linked to more than one ministry, which hinders the flexibility of its work and the independence of its decisions.
Despite President Abdel Fattah El-Sisi’s emphasis on the importance of transforming it into an economic body, this transformation has not yet occurred, which leads to continued restrictions that hinder the optimal exploitation of Egypt’s mineral resources. Transforming it into an independent body under the umbrella of the Ministry of Petroleum will give it the ability to make decisions.
Moreover, hundreds of workers in the EMRA are still receiving less than the minimum wage for many years. It is necessary to take this situation into account and address the Ministry of Finance to grant them their rights, and avoid the routine followed in the Ministry, as this can be achieved either by providing them with fixed contracts or increasing their salaries through the companies affiliated with the Authority and various projects
As thousands of workers have been working under the name “contractor labor” for many years, without enjoying job stability or social security, the sector must strive to legalize their conditions and provide them with fixed employment contracts, this step would spare the sector significant financial losses that would go to the intermediary contractor without any significant effort, ensuring the provision of millions of pounds that could be better invested in serving these workers.
(( That's a direct critique of Capital's 'wasteful $$' middleman status - a tad too late! - which made Capital's execs tens of millions at the expense of Centamin shareholders & quite frankly, at the expense of Egyptian 'contract' workers who missed out on benefits ))
Companies such as Centamin and Barrick are supposed to be at the forefront of the global forces investing in the Egyptian mining sector, but due to the delay in signing exploitation contracts, despite more than two years of negotiation, these companies are still unable to invest their capabilities in Egypt.
the complete article
https://www.linkedin.com/feed/update/urn:li:activi
Hi Cowichan,
Considering the chaotic and shambolic way that crucial operational equipment was run under Pardey & Youssef this seems to be a very prudent and essential course of action!
( Think back when the sole underground LHDR self destructed and Pardey had no contingency plan or any spare parts at hand!)
Should be interesting to see how Pardey runs the Wein Namibia money pit!
Https://www.kitco.com/news/article/2024-05-06/central-banks-bought-16-tonnes-gold-march-sovereign-wealth-funds-are
While central banks aren’t as sensitive to the price of gold as consumers are, Artigas said that record high prices could impact purchases this year. However, he added that there are no indications that central banks’ appetites have been sated yet.
“When the only reserve currency is the dollar, that can sometimes create constraints for some trading partners. And when you have a foreign reserve, such as gold, that doesn't carry any counterparty risk, that can provide a sense of trust. Holding some gold can be very beneficial for these countries,” he said.
Major European stock markets traded positive in premarket on Tuesday as investors awaited fresh reports on German factory orders, house prices and trade balance. Additionally, the latest data on the British construction sector and Eurozone's retail sales will be released later in the day.
The DAX was flat at 8:00 am CET, and the FTSE 100 jumped 1.09%. Meanwhile, the CAC 40 lost 0.24% and the Euro Stoxx 50 added 0.26%.
The euro fell 0.11% against the dollar at 7:58 am CET, selling for $1.07576. A minute later, the pound lost 0.17% compared to the greenback, going for $1.25406.
Baha Breaking News (BBN) / JJ
Gold currently $2321.14
Good point Mr Gnome, Youssef was also on the CAPD registry, it's like a Mafia family, knowing what we know now I wouldn't trust any of this shower and potential investors would be well advised to stay from this potential lavatory of a "Pyramid" scheme!
You missed the other member..CAPITAL DRILLING...sitting pretty on the regustry...it the same ol, same ol ....
what handsome take to Joseph ...he is set and good to go LOL
Currently Managing Director at Predictive Discovery, Andrew has over 30 years’ experience in exploration, project development and operations. He recently served as CEO of Centamin Plc (2015-19) and has held senior positions in Africa and Australia as part of Guinor Gold Corporation and Ashanti Goldfields, now AngloGold Ashanti.
Hi Cowichan, I was told that Josef had stepped down from Centamin to take a back seat, possibly he got bored?
Also doesn't seem to give any detail as to why Andrew Pardey left Centamin ?
Think I will give Wia a big miss!
Surely FTSE is closed today???!!
Thanks Cowichan
I would rather invest in the Easter Bunny. Delivery is excellent ....
Power couple LOL
the Gold Gnome
Most major stock indexes in Europe traded higher during Monday's premarket hours as investors awaited several economic reports. On the agenda today are composite PMI reports for Germany and the Eurozone, alongside the latter's producer prices.
In the business sector, BioNTech SE will release its financial results for the first quarter of fiscal year 2024 after the opening.
Frankfurt's DAX traded flat. The CAC 40 lost 0.14%. London's FTSE 100 jumped 0.22% while the Euro Stoxx climbed 0.15%.
The euro and the pound were flat compared to the dollar, selling at 1.07625 and 1.25480, respectively.
Baha Breaking News (BBN) / RR
Happy Monday y’al
Gold currently $2313.56
We are pleased to announce the appointment of Mr. Josef El-Raghy as Executive Chairman of Wia Gold Limited, effective April 18, 2024.
With a proven track record in the industry, Josef previously served as Chairman and CEO of Centamin plc, leading the company's journey from junior explorer to a globally substantial gold miner with a market capitalization exceeding $4 billion. Under his leadership, Centamin successfully developed the world-class Sukari Gold Mine in Egypt, generating substantial returns for shareholders.
We also extend our gratitude to Mr. Steven Michael for his service as a Non-Executive Director, as he steps down in order to allow Wia to maintain its streamlined Board size. Mr Andrew Pardey and Mr Mark Arnesen remain on the Wia Board as Non-Executive Directors.
https://wiagold.com.au/
Naturally, Pardey & El-Raghy both granted millions & millions of no cost shares.
May 3,2024
We are pleased to announce that, after a successful trial, Centamin has signed an agreement to adopt VoltVision’s ViViD Power Monitoring Platform at their Sukari Gold Mine in Egypt.
VoltVision will digitise Sukari’s entire power network, without the need for equipment replacement or major shutdowns. The project will include Sukari’s underground operations, process plant and power generation units, comprised of their newly installed 36MW solar park and 50MW heavy-fuel operated power generators.
More specifically VoltVision will:
・Enable the engineering teams to accurately monitor and analyse their power in real time
・Supply high resolution data to the Power Management System improving its ability to manage the relationship between Solar PV vs HFO
・Automate a data driven, real time, reporting capability for engineering, finance and ESG teams at site and HQ.
https://www.linkedin.com/posts/voltvision_netzero-decarbonisation-sustainablemining-activity-7192112745553494016-f1xy
----------------------------------->>>>
Endeavour utilized VoltVision last year for all its mines
A couple important monitoring features:
- fault prediction on larger motors
- improvement in power outage recovery time
- increase in protection equipment effectiveness
These issues will become increasingly important as the switch to Egypt's grid power will introduce new threats to continuity of power (& thus equipment safety)
Yes Prof I agree.
But then he has an excellent accountant to avoid taxation , named Ross Gerrard, he is still there for good reason, unlike Al Capone ,who went to jail for tax evasion. :-)
Hi Tibbs,
It is a fair few years since I have had share options vest but from memory there was a significant tax liability due. I had the choice whether to sell the appropriate number of shares to meet the tax liability or to pay the tax from my own cash and keep all the shares. In my company at the time execs tended to do what Horgan has done and sell shares. Not doing that can, depending on the number of shares and the strike price vs current valuation, can mean having to find a lot of free cash which even quite wealthy people, may not have in liquid form. Hope that helps, Prof
Thanks Softrock,
You are correct, thank you for reminding me, that was part of the the explanation I received in the past regarding the reasons for the share sales by senior management, so assuming that is again the case nothing sinister, just covering their tax liabilities!
https://www.gannons.co.uk/insights/avoiding-tax-problems-with-employee-share-schemes/
https://www.litrg.org.uk/savings-property/capital-gains-tax/selling-shares-and-other-assets
The RNS itself says the sale of shares is to cover a tax liability arising from the grant of shares.
Hi Rebess, I recall asking the question about those at the top (Josef & Youssef)selling shares but I shall have to check back and see if I can find the answer, I seem to recall it went something like that insiders at BOD level can only dispose of any awarded (Free) shares in certain windows of the year.
Although we all know now why Josef was filling his saddle bags!
Looks like Horgan is getting his skin 'OUT' of the game. - It is not an encouraging sign. - I read somewhere where the shares might have been sold to cover tax-liabilities linked to the freebies. - Not sure. - Welcome others take here.- Especially an Accountant's take.
Cowichan, In my experience Centamin PR have regarded you as a thorn in their side for several years now because you ask far too many awkward, but in reality reasonable and quite justifiable questions.
I agree that anonymous account postings like these on social media are suspicious to say the least and these declaring 500,000 at Sukari do little to inform on the reality of the AISC or the inherent abysmal grades of the open pit!
Let's face if the two top members of the Centamin are so confident that the present share price is so undervalued and they really have confidence in their present strategy and the potential of Centamin going forward then they would demonstrate by putting a reasonable amount of skin in the game and buying more shares and not selling them that after all have been given t them on a plate for no more then doing what they are paid to do!
I was told that Sukari was chosen over other potentially higher grade reserves mainly because of its closer location to a water supply!
Martin and Ross obviously don't need to sell and if they were to buy half a million share each now past experience of companies has demonstrated that they could have likely made a good profit on a rising share price, so why didn't they buy?
Want Your CEO To Really Perform? Get Their Skin In The Game…
Highlights
‘Skin in the game’ is not just a good motivator; it is a good market signaling mechanism.
Our research shows that companies where CEOs have large stock option holdings historically outperform their index.
There has been no end to headlines focused on CEO compensation, along with the scrutiny that goes hand-in-hand with the topic. Ever-increasing executive compensation over the past four decades – aided by consultants, compensation committees, the CEOs themselves, and the backdrop of an extended bull market (1982-1999) – has meant widespread acceptance of the link between CEO pay and performance.
Still, consider this – what if there was no link between jaw-dropping CEO pay and performance? Research suggests there isn’t.
A recent report from the Quantamental Research Team at S&P Global Market Intelligence has found that executive pay itself is not a firm indicator for future stock performance, and instead, market players should look at the behavior of CEOs and activity pertaining to their stock option holdings.
‘Skin in the game’, if you will, is not just a good motivator; it is a good market signaling mechanism.
https://www.spglobal.com/marketintelligence/en/news-insights/blog/want-your-ceo-to-really-perform-get-their-skin-in-the-game-
Anonymous accounts pop up with p*rn click bait link to article - Mr Horgan is this you ?
https://twitter.com/amurzozo60449/status/1785689080140828888
https://twitter.com/LynchEwald95826/status/1785593446813585441
when the CEO can't wait for his free shares to vet to sell
when the CEO fudges numbers to make targets
when the CEO couldn't be bothered to hold a bit longer for the dividend
time for a new CEO who actually believes the shares are undervalued by the market
and has a plan to turn the perception around
or maybe CEO Horgan knows the shares are fair to overvalued considering undisclosed risk
Worth a read,as you all know about Kitco Gold latest news.
"Spot Gold prices holding below 2300$ as April ISM services sector PMI falls to 49.4 ".
Spot Gold now at 2301$ well we see what a new week brings but many have Monday break.
Looking at other articles there is a hope from September US interest rates fall,which of course means more Gold buyers.
It is what it is, a commercial / financial transaction. Horgan is showing what he thinks of Centamin's potentail.
If it was good / better than other returns he wouldn't be selling.