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A bit of speculation from myself.
Tells all , speculation
thanks for the honest reply bobliz35
I will admit it is simply industry whispers and a bit of speculation on my part as to Mr Horgan serving two masters - what isn't speculative however is the inability or unwillingness (take your pick) for Centamin to be forthcoming with exploration results that its shareholders have bankrolled
Besides the absent step-out drilling and 3Dseismic survey results at Sukari we've also been denied an explanation as to what became of the Konkera/Batie West resource in Burkina Faso.
In the July 2022 corporate presentation Batie is there and the next presentation its deleted.
https://www.centamin.com/media/2844/cey-investor-presentation_190722_final.pdf
https://www.centamin.com/media/2858/cey-investor-presentation_150922_final.pdf
My contention is that these sorts of things aren't simply honest omissions or even incompetency. Remember it was under Horgan's management that a million ounces were deducted from the Sukari open pit resource only to be added back and proclaimed 'discovered ounces' a couple quarters later. That's complete self-serving manipulation of data - dishonesty cut and dry.
But back to Batie West - incompetency doesn't begin to account for a several million ounce gold deposit just disappearing without so much as a word from Mr Horgan as to what happened - i.e. why they couldn't strike a joint venture deal or firesale it at any price
IMO this level of secrecy and denialism is to me the height of mismanagement and duplicity if not criminal negligence - what do they think fiduciary duty means - to sh*t on shareholders capital?
Of course I too hold other investments inside and outside the resource space - but only Centamin has displayed this level of consistent corporate ineptitude as to warrant scathing criticisms ad nauseum. What keeps me invested is the virgin mineral potential Egypt holds. Will it be Centamin that's around to deliver? I honestly don't know.
Hi Cowichan
Your posts are and have been of interest as to their veracity and technical exactitude and an incite into the Gold mining industry of which I have little or no knowledge,
i have held Centamin since it was a map on the wall and held when it went below 30p . Sadly did not cash in at £2.20+ but eye off the ball at that time due to shorting Banks on the other side of the Book . However the question is what I have posed here before . Why would Horgan wish to court any subservice acquisition by Barrick or other Tier one . He is not driven by financial gain (wealthy in his own right and rejected pressure to take his Aussie venture public believing less than its value) Pardey et al ( non execs hang your head in shame) Centamin is a minor part of my portfolio but I am becoming increasingly interested in acquiring at the dips (refer3ence recent divi reinvestment).
Please continue to advise this board , I for one take your posts very seriously .
Kindest regards Bob
Hi Cowichan
Your posts are and have been of interest as to their veracity and technical exactitude and an incite into the Gold mining industry of which I have little or no knowledge,
That is only the first area to be surveyed - most of the Eastern desert to follow
See these 2 LinkedIn Posts:
3D Consulting-Geo GmbH and researchers from the region are delighted to announce the initiation and execution of our pilot project across the Arabian-Nubian Shield (ANS).
https://www.linkedin.com/posts/web3dmt_egypt-saudiarabia-geophysics-activity-6983788924661866496-2YCl
Early in the morning or late in the evening, both are pleasant to setup MT sites in such hot weather in the Eastern desert of Egypt.
Thanks to the team of the NRIAG- National Research Institiute of Astronomy and Geophysics in Egypt who are supporting us in this pilot project
https://www.linkedin.com/posts/dr-naser-meqbel-b1267385_early-in-the-morning-or-late-in-the-evening-activity-6986746421299310592-tVH6
The process is called 'long periods magnetotellurics method (LMT)'
Wikipedia says:
MT is used for various base metals (e.g. nickel) and precious metals exploration, as well as for kimberlite mapping.
INCO's 1991 proof-of-concept study in Sudbury, Ontario, Canada sensed a 1750-meter-deep nickel deposit. Falconbridge followed with a feasibility study in 1996 that accurately located two Ni-Cu mineralized zones at about 800 m and 1350 m depth. Since then, both major and junior mining companies are increasingly using MT and audio-magnetotellurics (AMT) for both brownfields (near known deposits) and greenfields (uncharted land) exploration. Significant MT mapping work has been done on areas of the Canadian Shield.
Interestingly under the LinkedIn comments the lead surveyor Dr Naser Meqbel says: 'Definitely conducting seismic (and any other geophysical method) in our study area will add value to the interpretation later.'
So that 3D seismic survey Centamin conducted back in 2019 - which shareholders have yet to be given access to - is of value, after all.
Also of interest, Lotus Gold exploration manager asks if this survey data will be made public, to which Dr Meqbel replies 'Once the data/results get published, sure we can make them public. However, we need to follow the data-sharing policy of the countries where we are measuring.
That's more than we can say for Centamin.
I ask again - why hasn't Mr Horgan shared key exploration data with Centamin shareholders, namely:
1) the results from both the recent airborne & older seismic surveys covering greater Sukari
2) the deep step-out drill results at Sukari (which would either confirm or call in to question the extensions of the Sukari deposit to the north/south) that drilling was done in 2020
If it comes to light this data was kept hush-hush for the benefit of a third party (like Barrick) in order to suppress Centamin's share price we'll know for certain Mr Horgan isn't the upfront and honest CEO we all hoped he was - but by then it will be much too late
https://youtu.be/VHlKRBA9CGw
If you have 15 minutes give this a watch. re: Fed policy fallout from former Federal Reserve and White House economist @Claudia_Sahm
Fingers crossed for a good update. I think we are long overdue a good one.
Major European markets traded flat to lower in premarket trading on Monday as fears of a recession continued to affect sentiment. Last week, the International Monetary Fund (IMF) lowered its growth forecast for next year, warning that "it will feel like a recession" even in regions where growth remains positive. Meanwhile, the German Economy Ministry noted the country is expected to enter a recession from the third quarter of 2022.
The FTSE 100 lost 0.10% at 7:30 am CET, the DAX and the CAC 40 traded flat.
The euro gained 0.24% against the dollar to sell for 0.97446 at 7:32 am CET and the pound climbed 0.69% compared to the greenback to go for 1.12571 at the same time.
Baha Breaking News (BBN) / NP
Happy Monday y’al
Thanks Cowichan
He has spoken before against MandA, as ths practice in the gold industry has been anything but growth, when measured properly.
But I was led to believe the organic pipeline was more than enough for Centamin.
But also, things do change. The gold sentiment has changed to negative (certainly not mine, and perhaps the CEO's?) In fact it is a great time to buy really well managed and positioned gold stocks, is my position. So I am on my own little MandA for gold stocks..LOL There are some very cheap quality gold stocks.
So perhaps the CEO's new statements reflect somewhat my own attitude to gold stocks, its a good time to do a bit of buying.
Yes, he had a lot to clean up and out, due to the Pardey debacle, and he is nearly there now.
So if he does his homework well, and picks the rights assets to acquire, then CEY cold do very well, and accelerate growth.
Thanks again, enjoy ythe freedom of the weekend. Still far too many in the world who cannot.
the Gnome
I suspect
A few months after Yamana Gold published its inaugural 10 year production forecast the buyout from Gold Fields was made public. Both sets of shareholders still need to vote - I believe its scheduled for next month.
It interests me that Centamin has mirrored the proposal - publishing our own 10 year outlook, reinventoried and cleared a sh*t load of waste. Are we looking for a buyer too?
It's not what shareholders have been told so I hope Mr Horgan rearticulates his vision for production growth next week - be it organic, acquisition or something new altogether
For those interested in learning more about that proposed Yamana / Gold Fields tie up they made a joint website:
https://www.newgoldmajor.com/
In preparation for any Centamin news of note coming out next week I had a perfunctory look over the company website and found this gem of a section named 'brand guidelines' (hopefully an intern put it together, not a full salaried employee)
https://www.centamin.com/media/2321/centamin_brand-guidelines-v05.pdf
besides an artful array of blabber over pantone colors and taboos regarding Centamin logo placements there was this reminder:
Clear strategy
Centamin’s core strategy remains
focused and consistent: deliver organic
growth by optimising the performance of
our existing operation, while progressing
an active pipeline of future growth
prospects through the discovery and
development of ore bodies that meet
our operational and cost objectives.
If anyone from Centamin is still reading this web chat please clarify if Centamin's 'clear strategy' has recently changed - because the two mining publication articles from earlier this week depicted our CEO talking seriously about M&A opportunities which is the polar opposite of organic growth. In other words Centamin's current growth strategy is as clear as mud...
A interesting artice by phisicalgold .com Is it best to buy old or new sovereign.
Worth a read, if you are tempted.
Goodweekend all.
It is important to Centamin management in running the company and its important in how you also run a country. Tonight, we have a UK Prime Minister who had good targets in mind but executed appalling methodology. I just hope we see good targets achieved and delivered by good methodology by the Centamin CEO and all his team next week.
The Royal Mint has made £1.2bn in sales of precious metals as investors turn to gold amid turbulent financial markets.
Subscription only:
https://www.thetimes.co.uk/article/royal-mint-shines-after-investors-gold-rush-mpsg85gbv
Yep- and same in all countries (although the majority control is centralised here for example).
This is why I mentioned fear of recession adds a key element now into the FEDs hawkish stance.
Exchanges in Europe were firmly in the green territory in premarket trade after positive sentiment spilled over from the United States stock markets. Traders on the continent will be looking at French inflation and euro area trade balance figures later in the day.
The DAX increased by 1.88%, London's FTSE 100 rose by 0.95% and the CAC 40 advanced by 1.73% at 7:00 am CET.
The euro was 0.10% higher against the dollar at 7:13 am CET, trading at 0.97846. The British pound was flat compared to the American currency, going for 1.13244 at the same time.
Baha Breaking News (BBN) / MS
Happy Friday y’al..
Enjoy your weekend.
Look like our shorter is really going for it.
The prices and numbers are of interest.
No doubt Marshal Wace.
https://www.bea.gov/system/files/stgdppi2q22-a2021_0.png
Damage being done is uneven. It divides USA politically and socially.
I agree ,or possibly a large rise in Gold by the end of the year due to Basel 3.
MrBond46 and the Cey SP is doing the same up after good news and then falls back following the GP so at the end of the day the news needs to be remarkable, and the GP needs to be climbing if we are to see any significant increase in the SP come 3rd Qtr. results.
I am still worried about the cost impact of the strip ratio caused by the large waste removal contract, the sooner we are back to straight forward mining and not muck shifting a large backlog of waste we may have a chance of a climbing SP.
Pound against Euro ,doing well ,at the moment.
I got 1.15 changing to Euros earlier.
Opemed well up ,then as usual US opened and back it went with CPI figures announced.
Now climbing back like its spring loaded.
Markets once again very edgy.
For those that need to know more ,read Kitco News.
The pound is tanking, the pound is crashing, the market are crashing, the markets are tanking.... and so on for the last 2 weeks (tomorrow) since the "mini budget" crap...
The reality now- the day before the mini budget the pound is where is ~where it is now and the FTSE 100 is now ~where it was before the "mini budget"
So in terms of balance, where was the media announcements was the pound is rocketing, the markets are rocketing, the markets are rocketing...
And why is no one hammering the BofE for not raising rates sooner, where it clear to see, and not warning people of this on it's way like every other country on the planet? Useless waste of space, they have one job, and fail.
Just saying...
The whole point of reshoring was partly reducing costs in the supply chain and the FED are now slamming this sector with high interest rates and a near impossibility to export to other markets. Unless they have really sophisticated analysis, they will undo all the reshoring effort and of course that will reduce job numbers what the FED wants. It, however, rapidly reduces growth and taxation income from the host Government unless they go back to tariffs. The FED is in a hopeless trap whatever they do the results are bad as they created the original problem to start with and did not adjust it to on-going fiscal policy at that time. (The relevance of all this is that it hits gold and so hits centamin until the whole thing blows up and the FED cannot stay on their hawkish path. Basically, when USA economy has gone through the windscreen or jumped off a skyscraper). Tony
The deeper the detail the more irrelevant it becomes.
Like I said, and keep on saying... each month CPI rules, top and drop and markets bounce and opposite causes opposite. FED bets now would normally be more tightening eg over the .75 then .5/.25... so hawkish. However, the fly in the ointment this time for the FED is as the months pass with high inflation, recession risk increases so this adds a key component. Time will tell...