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Oh look - we are now approaching TWENTY former Barrick employees working at Sukari.
The latest hired just a few days ago:
https://www.linkedin.com/in/jacobus-richard-thorne-70378666/
UG Mobile Fleet Maintenance Planner
Centamin PLC · Full-time
Apr 2022 - Present
Al Jizah, Egypt
Past experience
Senior UG Fleet Maintenance Planner
Barrick Gold Corporation
Dec 2017 to Apr 2020
Mr Horgan has said he's rather flattered so many high quality former Barrick employees are choosing to join the Centamin team.
My concern is how long there will continue to be a 'Centamin' team.
On that theme ( and to further Tibbs comment on the line-of-credit holdup until August ) I hope our money man Mr Jerrard's is not so busy with some due-diligence/NDA project that his time schedule is in disarray...
Probably better Barrick put us out of our misery...if our bod fell in a barrel of dicks they'd come out sucking their thumb
Why has everyone not considered ,if there is any takeover,the logical one is already the largest stakeholder..
their other miner is not far away already, they would make an offer if they wished.
That would be dangerouse to refuse.
Horses heads in Horgans ,BOD and El Raghys bed .
:-)
Hi Rebess & Mizolgit,
I have to concur with you both, a pub contact whom I have known for a number of years a senior director in a services and supplies company whom has clients all over the region I usually see about once or twice a month, he has always been of the opinion there will never be a takeover by another company because EMRA already has the controlling interest,also he has always been of the opinion that EMRA couldn't care a jot about the court case because as far as they are concerned there is no court case!
He also said that it was a pity that they didn't have some of the new appointments at Sukarui five or six years ago because under the previous lot the staff were just left to do whatever they thought best and the only time any interest was shown in the site staff and the contractors was when there was a balls up or it was getting near to quarterly results time and then it was a case of fudging things to get the numbers up!
Seems now that Pardey & the El Raghy's were just "Bull****ters!", although the Jersey BOD obviously just carried on watching Seagulls and taking their handsome remuneration packages!
Hi Cowichhan,
Well after the mess that has been allowed to develop at Sukari and the dire state of things on site then it makes sense to have some staff who know what they are doing, can't really blame these professionals if they are offered a better package and there is no doubt they are needed.
Hi Cowichan,
I think it's pretty obvious what ever Centamin team there was they weren't that good at whatever they were doing. possibly not their fault if the senior managers were too busy covering their own ars(e's to show any interest in the staff then things soon go downhill, certainly did at Sukari!
Regarding your 3 posts Mr T. I know you are a long time investor/ sufferer here, and i've been here over a decade myself EEK! But your contacts never seem to flag up concerns before things happen??? Im talking about the "pub contact" and "the man on the train", not Kees Decker and his findings . It is good to know what has gone on, but even better to know about it while it is going on!
Im hoping that Martin Horgan is sorting out the various problems he has inherited. I would assume he is savvy enough to have had a good idea what was going on before he took job.
Lets hope all the bad news is out of the way and things will get better soon. Im not getting any younger.
Miz, Interesting but I don't see EMRA throwing money at Sukari when they get a 50% share of the profits with no investment necessary. Experience tells me when Government nationalise going concerns in particular risky ventures like mines they crash and burn primarily because it is thought to be a license to print money and money means greed.
We know how easy it is to get things wrong even with so called professionals running the show.
Shalateen not sure who they are OK understand what they are but who are they is more important?
Cowichan, Something that I find interesting is how strong the new team is becoming and yes there are a number of Barrick guys coming on board. I quite like that albeit maybe presupposing too much but Ivory Coast as you know well is French speaking and synergies and flexibility makes sense to me as the business develops and grows.
There are few French speaking countries around the world like Canada producing mining professionals.
Presupposing the new appointees speak French but if they do then hats off to the HR Department or am I being too optimistic?
Hi DASUT,
The numerous Barrick hires of the past 24 months now work at Sukari in Egypt.
I agree that we shouldn't be surprised or put-off when Centamin attracts global talent - it's just the number of hires and the key positions they've filled at Sukari that gives me pause.
As I've said before a strategic combination of companies - given the right partner - might be sensible - but Barrick acquiring Sukari and all of Centamin's Egyptian concessions at this point would be a huge loss for long term shareholders. The value creation that one or two Sukari sized discoveries would bring is what shareholders have been waiting over a decade to see - not an underhanded Barrick acquisition at 10cents on the dollar of future valuation.
paulmetcalf
It's easy to criticise or be sarcastic of any information offered, with that in mind I shall certainly a disclaimer on any future post
But any information in the past I have posted has been offered in good faith and its for you and the others to decide whether or not to take any notice, I would have been delighted to have been able to warn everyone about the crack in the wall, most Centamin investors I know were of the opinion that the share price would fall back to around £1.60, Martin Horgan would issue a statement and the rectification would take a year or so to get things back up to speed.
However at that time the man on the train did say the word was that although a quicker fix may be possible it may not be the best or most reliable option for the long term, so it was a case of have to wait and see what the new man went for, that said no advice one way or the other was offered, or whether to stay in or get out, not that there ever was in the past, so I made the decision to stay, wrongly it would seem at present!
The man on the train was a useful source of confirmation on certain issue such a when the court case started up and there were all sorts of rumors concerning the legality of the 160 sq km and other operational/contractual issues , so no he weren't right all the time about all issues ,but then who is and any source of information are dependent on the accuracy of the information given to them and that like anything else can be subject to change.
Actually Kees Dekker flagged up concerns in 2015 prior to and almost correct to the month of 2018 when Andrew Pardey issued the next RNS of hitting unexpected low grades, etc , etc .
Unfortunately, but understandingly I suppose I chose to believe what a senior director was telling the share holders in preference the opinion of an independent, but highly experienced analyst, I made the wrong choice as did others, but Kees was spot on, although that said how many mining analyst get it right all the time, certainly not most of those giving opinions on Centamin it seems, how many of them when the share price was £2.30 were predicting £2,90 were aware of the state of the Sukari open pit until the wall cracked, so they all got it wrong, with the exception of Kees!
The friend from my local isn't offering advice, he is just repeating hearsay of what goes around the the market he deals in, but that said he isn't alone in his opinion on EMRA.
The man on the train said to me a long time ago that neither EMRA or the Egyptian government had ever put a single bean into Sukari and they never would, but they would take their cut and some, seems Dasut hit the nails on the head there in his reply to Cowichan!
There is lots that I could post on here, which some are already aware of, however I take the point its best not to post some information in an open forum in case things don't materialise as envisaged
*Please note This post does not offer or constitute any investment advice.
Mr T------I was not being sarcastic intentionally. I know you have been here a long time and post often. I dont agree with you posting up political stuff even If I agree with your views. Also putting up stuff from 2014 / 16 etc when it could appear to be new information, can cloud things as well.
I know people cannot be right all the time and often the top share "tipsters " have a less than 50% success rate, which is what you would expect by chance. I think "the man on the train" has a similar success rate? I have previously posted that him, Siko or anybody can only report what they have heard and if the source is dodgy then the information probably is too. I rememer Siko posting that he had been told "Good times are coming. Good times are coming" . I consider Siko to be an honest and honourable man and hope him and his family are well.
Regarding "the man on the train" and "the man in the pub" -----------How well in the know are they if they say these things afterwards? With a little help and research , I could report last weeks lottery numbers, who won the Fa cup in a given year, or a grand national winner. Im sure you will get my point without taking offence.
Probably similar to yourself and others on here, I am hoping tha Martin Horgan sorts things out and that are a few decent sized gold finds at Sukari (in the short term) and other places in the longer term.
Dont worry about putting any disclaimers :-)
Cowichan I fully appreciate that the Barrick guys are working at Sukari and also appreciate they aren't all Canadian and pretty sure not all of the Canadians are French Canadians. If however there are a few who are then this will be of help when they develop Doropo and ABC because inhouse expertise is better than external hires which takes time to get organised . Filling expatriate jobs in Egypt with nationals will be a priority and pretty much I would suggest a necessity under the employment rules and regulations in Egypt.
Just saying that it provides some flexibility and like you I am not interested in a Barrick takeover far from it as if I had wanted to invest in Barrick I would have done it a long time back I have after all visited many of their mines.
Likewise any other major such as Newmont and I have visited both companies head offices in Toronto and Denver also many other majors they don't interest me as far too corporate for my liking.
Hi Paul,
Oh I take your point,
You might be surprised to know just the circles that the man on the train moves in and the chap I meet in the pub has always been of the same opinion about EMRA, but the posts by Rebess & Miz reminded me.
Siko is a very decent chap to say the least and you would be very surprised if you knew the identity of the the person who told Siko that the good times were coming because they were certainly in the right place to know, I certainly believed it,but there you go things change.
As to politics well like it or not they are relevant to everything in life and the difficulties the UK is now forced to endure in is because the ill informed,ignorant and inward thinkers chose to believe the lies spouted by Boris and Farage .
I see nothing wrong in posting information on past issues that are still ongoing regarding Centamin in 2014 because new investors need to understand the ongoing long term effects and repercussions that many of these ongoing and unresolved issues still have on Centamin.
I always state that they are a re-post and give the original date of posting,if people can't be bothered to read relevant history about the company they think they are going to make a quick profit out of then they possibly shouldn't be investing in it.
All us long term investors have been let down by people whom we thought had professional integrity but they didn't!
Some of us are frustrated and annoyed at having a lying toerag of a prime minister with cabinet of greedy self serving stinkers with the morals and attitudes of the 18th century running our country whilst Putin carries out Nazi acts of aggression on the innocent decent people of Ukraine which doesn't make any decent person feel any better!
But rest assured there will be no more information offered to me in good faith or even just hearsay from other parties on here , that is the safest option given the circumstances.
Mr T------I actually agree with a lot of your political views, I just dont think here is the place to air them. Boris/Farage/ Brexit /Inflation. However (bit political here myself). I will not vote for Labour because I know people who were ripped off by the Pathfinder scheme-------------compulsory purchases of terraced housing in quite a few areas. I hold Prescott in near the same contempt as Mrs T herself!!!!!!!
I am not questioning your integrity at all. Just how much use some of the information is and how accurate. Forgive me for teasing you a little. But I can tell you when the first man will land on the moon :-)
I cannot remember if Siko actually mentioned who said that to him , but I appreciated Siko's input on here and he struck/ strikes me as a decent man.
Regarding posting old information-------you have to remember we are getting old. The attention span of people is so short now. If you watch even a factual program on the telly now, they recap after the adverts. That is how short peoples attention span is..
You strike me as being old enough to remember Spitting Image in the 80s? Do you remember the John Cole puppet talking about calling people a liar in Parliament? He was giving other terms which translated as something like "liar" or "spotty faced liar" .
Dont let things get you down Mr T. It will soon be the Jubilee. Boris will be in his element, with his Chinese made Union jack bowler hat and flag, waving it all about and having sandwiches and a drink. Whatever you might think about him, he likes a party ;-)
Hopefully Mr T, one day in the not too distant future, you and I will be wearing the golden flip flops. "Peace and long life".