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I sincerely hope that Siko will continue his contribution to this thread. - Again, down the years, he has performed outstanding service to this forum, providing an on the ground, as it is happening, Egyptian perspective, in a way that no other can. - A beautiful writer and widely respected. - Reading Cowichan's post today, and not wanting to put words into Cowichans mouth, I would say that is an apology as well as an appeal to not abandon .
Well done to these Israelis for showing the care!
Across Israel, animal welfare organizations and veterinarians are coming together to assist animals in the south and Gaza periphery, many of which have been left without homes or families.'Animals have been showing up at my door left and right'
As enemy rockets rain down, Israelis provide shelter to displaced pets
The onslaught of terror that poured out of the Gaza Strip on Saturday and the subsequent war has upended large numbers of citizens around the country – and their furry friends
https://www.timesofisrael.com/as-enemy-rockets-rain-down-israelis-provide-shelter-to-displaced-pets/
With the human death toll now surpassing 4,200, we shudder at the thought of the innumerable animal lives claimed and the untold numbers of survivors left injured, starving, terrified and struggling to survive in the throes of war-torn chaos.
Abandoned as people flee for their lives, forgotten and suffering cats, dogs and donkeys are without food, shelter or love. We are helping to feed, treat and evacuate as many animals as we can, but this is a brutal war with no end in sight, and we URGENTLY need your support right away!
https://networkforanimals.org/appeal/israel-palestine-emergency-relief-october-2023/
Aid bound for Gaza doesn't include fuel, Jordan and Egypt say they won't take refugees!
https://www.youtube.com/watch?v=riKV5MHETlQ
At last, some aid going through:
https://www.bbc.co.uk/news/live/world-middle-east-67165505
Hi Siko. I hope you do pop on now and again. I'm sure you have other more important things on your mind. I hope you and you family are safe and well and have a good weekend.
No big issue, staff can hate while they work well and generate gold. Egypt is not the place where company would care about employees. If someone stops working, they will continue to hate but unemployed. Vacancy will not last long. What is the problem?
Person on this chat forum that is qualified to share a 1st hand opinion of the sentiment among Egyptians during this time of - what could be - regional war.
And to be fair - I will not comment or reply. I'll give the whole Egypt , Hamas , Israel conflict a w i d e birth for the next several weeks. It's worth it just to know you're not avoiding corresponding here just because of an idiot like me. Best regards, Don
Cowichan,
How many of your critics have actually written to Centamin, from speaking with Centamin IR relations in the past I am pretty sure, the number could be counted on the fingers of one hand!
Before criticising your efforts on their undeserving behalf's whilst in some instances claiming to be investors or expert traders their time would be better spent putting some effort into calling the company to account !
We have some very knowledgable former mining professionals as members and they must suspect that all isn't well and are likely as frustrated as many of us who want some straight answers and some measurable results rather then yet more polished boloney of good times coming some years down the track, sorry not good enough!
I have no doubt that Martin Horgan could sell fridges to Eskimos, but at present I just wish that he would deliver on Sukari before possibly wasting more time and money on Doropo!!
Tibbs
Hi autonomy,
Before investing in any company, not just Centamin it is prudent to say the least to do research from varied sources including forums like this one.
As a former shareholder Cowichan has gained some considerable knowledge about how the company operates , possibly more than many other investors, one that comes to mind is the present reluctance to answer any questions that might not adhere to the company slant on things!
As a long term shareholder that has been disappointed far too many times than delighted by a management that has proven itself to be less than truthful with the market and its investors I urge everyone with any investment in Centamin to follow Cowichans example and keep asking questions, it is after all investors right to get straight and honest answers rather than company slick PR baloney!
Lets face facts ,despite the slick presentations of Martin Horgan and the employment of FTI a much less knowledgable agency, although possibly more willing to be complicit with the present comapny policy of being very selective about what information is passed onto shareholders the market remains unconvinced!
The present POG is near $2000 yet the Centamin share price is less than 85p but despite this the directors won't demonstrate faith in their own company policy by making some meaningful share purchases!
Cowichan may not hold shares at present, possibly he is wise not to do so, but that said I certainly do and should the company wish I can prove it, although I appreciate I could sell out and move on in my opinion that would be letting the company off the hook, so I shall retain my right as a shareholder to praise when appropriate, but also hold the company to account and at the present I suspect that we aren't being told the full facts and instead are being led up the garden path by very polished PR baloney!
Everyone must come to their own conclusions, but they also need to take off their rose coloured glasses and ask themselves just why the share price languishes at these levels,t here is likely a good reason!
I have given the company the link to this website and I am more than happy to enter into an honest and meaningful dialogue with them, possibly even getting some of Cowichans questions answered, they have my contact details.
Considering the failure of the Eygptian projects to yet deliver the promised results after over thee years of huge expenditure I am seriously considering contacting the financial press and the UK regulators to express my dissatisfaction with the way that shareholders are possibly not being given an honest appraisal of the full acts and tthat here is a risk that many millions of dollars may well be squander ed on yet another unfinished and commercially unviable project, that being Doropo!
Tibbs
Siko to himself (Please please please Siko, don't reply.. You promised in your last post that it would be the last they hear from you about this subject - and probably about anything else - and to keep the chat board for what it's for.. Woosah)...
Auto,
Same question for you, why are you still posting on Genel chat if you are no longer a shareholder? Actually don't answer - I really don't care where you post or why you post - afford me the same courtesy.
Or better yet, comment on the Doropo project - that is the subject of my post after all.
I can guarantee you this, if you are more curious to uncover if I'm some type of Centamin saboteur than determine the future prospects of Doropo - your investing acumen is incredibly low.
Cowichan
Why do you keep posting if you are no longer a shareholder.
Doropo PEA 2022 2nd version : Build $275 million; AISC $ 904 ; gold $1,450 ; AFTER tax NPV $234M ; IRR of 21%
Doropo PFS 2023 : Build $349 million ; AISC $1,017 ; gold $1,600 ; BEFORE tax NPV $330M ;IRR of 26%
Important Differences Between 2022 PEA & 2023 PFS are these added caveats:
1*) "Under the current Ivorian mining code, mining permits are subject to a 10% government free-carry ownership interest. However, for the purpose of the PFS project evaluation and disclosures included within this document, the cash flow model is reflected on a 100% project basis"
2**) "Centamin will continue to review their tax position regarding corporate income tax, withholding taxes and VAT to ensure that the DFS accurately reflects the most suitable and relevant taxation for the asset."
3***) "The evaluation method considers the Project has been evaluated on a 100% ownership basis, with no debt financing."
* 'free carried interest' means the interest derived from holding shares of which the holder enjoys all the rights of a shareholder but has no obligation to subscribe or contribute equity capital for the shares; i.e a 10% share in the net profits
** Cote D'Ivoire royalty rate on gold sales: 3-5% (sliding scale based on gold price) & corporate tax rate: 25%
*** any means of financing (debt, streaming, etc) will further reduce IRR
Conclusion:
a) Doropo will be more costly to build than estimates made in 2022 & 2023
b) why Centamin chose to fabricate a higher IRR of 26% in the 2023 PFS by raising the sell price of gold, deleting taxes & royalties, ignoring the Ivory Coast's 10% free carry interest and the biggest faux pas - the cost of debt financing or other (like royalty or streaming financing) is IMO cynical & deceptive marketing (not an idiot thing to do on the part of CEO Horgan, just plain evil to shareholders and the Market)
somebody persuade me I'm wrong in this assessment , preferably backed up with facts & figures
Such as laughable and idiot - those are not directed at an individual - just the ideas we all formulate about a company, situation or predicament
in fact I often call myself an idiot for a multitude of frivolous reasons , it's just a habit like swearing - apologies for any offence
my next post is a doozy , so nobody get the nails & cross , please
Thoroughly agree but certainly don't appreciate the words idiot and laughable when someone maybe isn't in total agreement with the views.
Physical gold price will rise from the Cartels ashes in 2024
The synthetic disconnect between the speculators and the COMEX and delving into the behind-the-scenes moves affecting gold prices.
The precious metals expert takes listeners through the current bullish market behaviour and what’s driving it as we approach the end of 2023, harkening back to his start of the year predictions about the impact of Basel III NSFR compliance.
https://tinyurl.com/yc7u6vac
Well said Rebess and Sotolo!
Agree Sotolo - As indeed your posts are most enlightening with your number-crunching assessments that are so relevant. - Especially when exchange-rates and inflation are taken into consideration. Factors that are so often overlooked.
Re The Group has not entered into any forward gold or fuel hedging contracts.?
Centamin has purchased put options for 240,000 ounces of gold at a strike price of $1,900 – 4 per cent below the going rate, but the gold price should be supported over the medium term due to the likelihood of US dollar weakness. The shares continue to trade below book value once cash is factored into the equation.
https://www.investorschronicle.co.uk/news/2023/07/26/centamin-earnings-up-despite-a-capital-intensive-phase/
Rebess., I would concur. We don’t have to agree with each other. In fact it is positively helpful to read views from all sides some of which we will disagree with, but focus the mind. We live in a sad period when many only want to read or hear views like their own. So please all keep posting, including Siko, but do try to keep it civil, this is not the school yard that many would like to return to, though certainly not me. So thanks all, have a great weekend, and let’s hope we head north next week.
Not taking sides, but love him or hate him - Cowichan does support his comments with facts and figures and reasoned argument. - Those who seek to counter should do the same. - IMO
I would add that down the years he has been a prolific poster and provider of interpreted information relevant to Centamin and most useful to all here.
3bear of course the build stage will be difficult because outgoings will be obvious but what is the alternative (look forward to hearing from our members)?
Centamin is a mining company and there is no cheap way of being successful in extracting minerals but we need to be thankful that the end product is gold. The risks are far greater when mining the likes of nickel, copper, manganese, rutile, bauxite,coal etc.
Paul, Definitive study (mid2024) is this when decision will be made?? Who knows the way forward like any business plan that any company puts together is gaining the confidence of the backers, be they the board using internal funds or outside finance organisations.
My view for what it is worth is that Centamin are being over conservative and plans should already be in place to go mining at Doropo in some form. From what I have read about the metallurgy is that they could open up the mine and at the same time start laying down leach pads to accrue revenue, whilst plant is being built.
There again I am an old f..rt who is looking in from the outside.
Filled post after hate filled post on LinkedIn these days.
If I was their boss they wouldn't have spare time to post this during work hours. But sadly , this included Centamin group managers and every level of employment at Sukari.
Ahmad Mohammad likes this
Muhammad Ahmed Eid, ISEE®, PMP®
• 2nd •
Drilling and Blasting Manager, ISEE Membership
6h •
Connect with Muhammad Ahmed Eid, ISEE®, PMP®
America must immediately stop meddling in and corrupting peace among nations and international communities.
Everyone knows that Israel is not a state; Israel is a corruption hotspot, planted by America to corrupt, destroy, and steal the resources of the Middle East.
continues...
Tibbs why don't you think Doropo is a goer?
To me it looks a straight forward 150/200,000 ounce per annum ore body, OK nothing fantastic but a healthy addition.
Horgan has a pretty good record operating in West Africa which suggests he and his team are well connected.
Coup's occur in Africa it is all part of "development" as is corruption all taught and gleaned from outside influences, certainly not invented in Africa.
Yes agreed it don't come cheap but if investors don't understand that mining is capital intensive and risky then why invest in such ventures?
When was the last time you purched any shares in this company can you remember ? You proudly told us you were out.
:-)