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I wonder how EMRA feel about all the remedial work and the cost of putting it right? - After all, they will have to stand half the cost.
Rebbess I would think by now EMRA like most genuine LT shareholders want everything put back on the right track for production increases and expansion in Egypt.
INMHO:
Hi Rebess,
Coincidentally I had also been thinking about the very same thing, possibly EMRA should have questioned if the Egyptian Police Academy curriculum included general mine management after the appointment of Yoursef El Raghy as Sukari General Manager and especially considering the Kees Dekker reports of 2015 & 2018 had expressed the now proven by subsequent events serious concerns over of the apparent failure by the Sukari management to have in place fit for purpose open & underground grade management.
Although I understand that EMRA do have representatives permanently on site which must surely raise some questions ?
How many of the previous BOD & NED'S are still in post despite not only failing to act with due diligence in overseeing Sukari operations, but in addition by signing off huge amounts of company funds to be as now is apparent wasted on pointless exploration and hole drilling on West African projects which have resulted in no benefit or return to share holders, although admittedly proven to be nice little earners for the drilling companies involved?
It seems now that the previous BOD & NED's who are responsible for allowing what should be by now be a world class beacon to mining excellence and instead to deteriorate into an a very expensive embarrassment would like to keep their heads down and hope everyone will forget!
Fair comments Mr Bond, I agree we all want the Sukari put back on track and since the changes to Egyptian mining law Martin Horgans strategy for expansion in Egypt in preference to what may now be more risky environments and under less familiar jurisdictions seems to make sense.
That said there are those that remain on the BOD & NED's who must bear considerable responsibility for the unnecessary pain the company and share holders are new feeling and they should resign or get pushed on their way.
I have every faith in Martin Horgan and I can understand his reluctance to get involved in raking up the past and also his preference get to work from a clean sheet with his chosen team, but in the meantime I really don't want the likes of Bristow to hijack the company for a pittance.
Mr Tibbles-
Bristow would like Cote De Ivore. IMO. So would others. At the right and fair price let it go-
Egypt Barrick would find themselves with problems.
Remember the option that was given to Sami many years ago, one option at a time,not total control of more and more concessions.
EMRA is mlitary, no matter what changes in Government the Militaries strengh is not diluted.
IMO.
Hi Mr Bond,
Very fair observations and comments, thank you.
In the meantime I think especially in today's world run by those in power on the basis of greed deceit,unfairness and lies, so much could/should have been learned from Ethos practiced by the native American tribes, they seemed to have the right values!
"It does not require many words to speak the truth!"
"I am tired of talk that comes to nothing!"
"Good words do not last long unless they amount to something!"
Chief Joseph, or Hin-mah-too-yah-lat-kekt, was the spearhead of Wallowa band of ‘Nez Perce’, a primitive Red Indian native tribe of America.
He led the revolt against the United States federal government, which forced them to leave their ancestral lands
Hi Mr Bond,
I have no doubt EMRA want Sukari put back on track, what a pity they didn't show a bit more interest in the past so it never came off the track on the previous occasions because those running it weren't doing things properly, it may have avoided the present major derailment!
Possibly the lesson to be learned is that former police captains and the army don't really have a thorough understanding of proper commercial gold mining methods?
When you think about it Mr T Erma/ Egypt itself should be wanting to get Centamin/ Sukari and the other parcels of land, up and running at a high capacity, as they are getting a big chunk of the profits.
We have not heard anything about the court case for a while. Have many years it that now? 9?
Maybe it has never been settled to deter any take over bids.
Quit agreePaul,
The court case has been in limbo whilst the SCC are still considering if they will ratify Law 32
They rejected LAW 32 if you recall and were then sent away and asked to reconsidered their decision.
That no doubt put the SCC's nose out of joint, so they most probably chucked the papers to the bottom of the pile, I doubt they will ever resurface in the next decade!
Shame because the court case was nearly over and them Law 32 gave the judiciary the chance to sit on the fence and not commit themselves!
What about the outstanding $30million fuel subsidy that is in dispute, that would be handy now, but its been going on for so long that it could have gone through the international court and been settled by now, but our BOD preferred to wait for the Egyptian courts, OK if you have a 100 years to waste I suppose!
It seems that the courts priorities are dealing with anyone who disagrees with Sisi, or that's what I was told.
https://uk.practicallaw.thomsonreuters.com/3-500-5425?transitionType=Default&contextData=(sc.Default)