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Batie West Project, Burkina Faso - portfolio rationalization, exiting Burkina Faso due to internal hurdle rates and license tenure
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Above is a quote from Centamin's 2021 Annual Report - it's the first documentation that I've seen where Centamin admits? or refers to the license tenure expiring.
Wonder if this means there will be no asset sale/recoupment of costs at Batie West too?
If so another dereliction of duties by our BOD costing shareholders hundreds of millions in wasted expenses and forfeited gold resources
page 7 here
https://www.centamin.com/media/2529/cent-ar21-full-web-secure.pdf
https://www.linkedin.com/feed/update/urn:li:ugcPost:6916998179066363904?commentUrn=urn%3Ali%3Acomment%3A%28ugcPost%3A6916998179066363904%2C6917144103130464256%29
Cowichan it was a question that I asked but didn't get answered an exploitation licence at Batie expired last November and I asked what will be the impact on the value of the resource and also does this mean that the resource reverts back to the Government. As I say no response so I do reckon it is a piece of bad news waiting in the wings.
Hi DASUT,
Unfortunately I think you're right -
Reading further in the 2021 report I came across this
"a review of corporate options in respect of Batie West has been ongoing since mid-2021, albeit this has been somewhat frustrated by the recent changes in Burkina Faso's political environment" (page 12)
So the board has a perfect scapegoat in the recent political upheaval - but why they waited until the last moment to look into the matter indicates they are not first rate material.
Endeavour is operating in BF as if nothing has changed - as is a dozen other miners - why Centamin is incapable of acting until it's too late is beyond me - some of the board members really, really need too go away as they are dragging the company down into the dirt on many levels.
Have to agree with Dasut and with you Cowichan!
It seems that some of the Centamin BOD are out of their depth, dead wood, in fact if they were racing pigeons they would not be worth their corn and their necks would be wrung!
Mr T,
Great respect for all the regular posts.
Today reading the annual report Jerrard and Horgan are receiving massive bonuses!!
How is that justified ???
Reviewing older annual reports El Dogy and Pardey actually declined bonus payments yet today we read about huge bonus’s whilst the shareholders suffer.
Is this fare surely they and the board should show true commitment- wake up Rutherford, Eyre etc
Langford, the reduced profit was from the reduced ounces and higher costs after the mine wall collapse, which was not Horgan’s fault, I presume they have been working harder to overcome it. Despite this the totals in the finals (annual report not yet out) were down 10%, and do t seem inordinate for a company this size, “salaries, superannuation contributions, bonuses, LTIs, consulting and directors' fees paid to Directors during the year ended 31 December 2021 amounted to US$3,694,236 (31 December 2020: US$3,915,877); “ie around £2.7m?
Morning Langford,
What you flag is always a difficult one for a company in distress/ turnaround. You have to pay significant money/bonus/LTIP to get a class act in to do the turnaround but turnarounds take time so until it takes effect and shareholders benefit it is very frustrating for the shareholders.
My personal preferred model to align interests is greater use of LTIP with vesting based on the results of the turnaround however this can result in enormous payouts in case of success which can then also frustrate shareholders.
Best wishes,
Prof
Hi Langford,
In most respects although I agree it is an annoying/frustrating and indeed an unfair situation I have to agree in the main with the answer Prof has offered to your question.
That said though there is some deadwood/free loaders on the BOD who spent too much time watching seagulls out of the jersey window rather then watching what a mess was being created at Sukari!
Its hard to take in, especially when you consider that Sami El Raghy was making statements in the media that they had the best people at Sukari!
So was Sami unaware, didn't know what he was looking at, didn't look at all and believed what he wanted to hear from the Egyptian policeman in charge at the time, or was Sami complicit in the "Pyramid scheme , because like it or not that's what it was and why it narrowly avoided coming crashing down, and the reason why Centamin and us the share holders has to pay for the "Best" or most professionally capable people to sort out a bl**dy mess that should have never happened!
Just shows how much these so called mining analyst know who take part in the Webinars and then produce their notes, also despite visiting the Sukari operations how many of them ever questioned or mentioned any concerns over the way that the site was being operated, none!
Although never having visited Sukari and reliant on the information released the only analyst who ever raised concerns was Kees Dekker in 2015 & 2018 and Pardey tried to discredit those two reports!
Unfortunately in the past share holders good nature and trust was taken for granted and betrayed, not once but now it is apparent on a regular basis, each time the s*it was about to hit the fan Pardey/Josef/Youssef would manage to pull a rabbit out of the hat and calm things down, and all was well, until the next time, typical pyramid schema tactics!
So we have been shafted and we have the choice of either staying and hoping/trusting we won't be betrayed this time or selling out and possibly losing out if Martin Horgan is able to deliver on his stated aims, I hope he will, but it is one hell of a task sorting out a decade or so of crap and that's not just at Sukari!
Sotolo -->> you keep reminding people there was a mine wall collapse - there wasn't
in actual fact the company reported 'movement was detected' in the open pit - nothing more
Absolutely correct Cowichan,
I recall your past posting of what actually happens when a pit wall does collapse and it is most fortunate that the fault in the open pit wall structure was detected before any collapse might occur, thus saving life and limb, not to mention the company share price to a great extent!
The political climate in Burkina Faso and Mali is decreasing, sadly.
In BUrkina, the cowards are now attacking and killing defenseless women gathering water. Animals don't do this, so gives you some idea of what they are dealing with.
https://www.voanews.com/a/more-than-30-people-in-burkina-faso-killed-in-armed-attacks-/6485090.html#:~:text=Armed%20militants%20killed%20at%20least,the%20restive%20area%20above%2030.
Mali is appalling in the north
https://www.voanews.com/a/rights-groups-call-for-investigation-into-mali-killings/6517572.html
Although no company has lost tenements or had their assets stolen or taken from them, due to Coup d'états, in either country - there has been some reviews when the prevailing laws have not been adhered to by the previous regime.
Its an extremely sad situation in these countries, and one of the factors, less we forget, is the "liberation" of Libya.
the gnome