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What I am saying is that shareholders who have no apparent knowledge of the work previous management in particular Sami did to build Centamin into a significant gold mining company should not continuously make ill-informed statements disparaging their work - I like many others profited hugely from their work & I will remain ever grateful to them for their stellar efforts.
Current management have relied on the capital reserves accumulated by the previous management which you repeatedly malign & despite severely eroding those reserves over a 3 year period what have they accomplished? What information have the current management provided us to justify the necessity for a massive waste movement project when the initial problem encountered was a simple wall slippage? Waste movement is a necessary part of gold mining but to do it on such a large scale sacrificing production and driving up costs is inefficient unless there exist extreme circumstances which require a program of such magnitude - I have seen no evidence of such circumstances.
If you continue to unreasonably criticise previous management I will continue to pour scorn on your baseless assertions - they made mistakes but those mistakes pale into insignificance when compared to their accomplishments - I benefited from those accomplishments & accordingly feel bound to defend them against odious maligners :)
So let's get up to date...
106.55p +1.10p
Despite the Gold price losing all the sparkle just now after being $8 up earlier on, at least the share price is continuing the bounce, around the best of the day
I do think we need to get a wriggle ON, so to speak
Fabulous to look back, but when you do so continuously, it gets boring...
Lets not be boring, lets be ... predictive
good night from the penal colony in the south
the Gnome
Spot on Geo,
Spoonington remembers when Sami could kick a few stones around in an area end then decide if if were commercially viable to mine there!
We shareholders have been told to look forward for well over a decade and yet here we are kicked back 5 years with a over $400m clean up bill because the "Chancers" running Sukari were cutting corners for their short term gain!
Hi Mizolgit, Spoonington,
I fully understand that Sami worked hard towards getting the concession, but lets be honest it wasn't just because he wanted to help create a mine for he sake of it and I am well aware that Sami and his family are very much a major shareholders and that own a vast number of his shareswhich were acquired at virtually no cost in comparison when there was'nt actually any mine, just the dream that a commercially viable mine would be built IF enough outside funding (us shareholders) could be persuaded to invest as the Egyptian government didn't have the necessary funding or the mining expertise !
I also had it explained to me from am official comapny source that the reason the company was listed in London was the need to attract essential investment from (Johny-Come-Lately's} to develop Sukari and to move the project forward!
The Sukari LHDR had been run on limits until it self destructed in 2018 without any contingency plan and when asked why it was explained that underground mining wasn't usually carried out in Egypt so it wasn't taken that seriously and there wasn't the local expertise, so it had to be brought in!
It was also explained by a Centamin official source that the El Raghy family were very keen to establish a generous share dividend policy as a priority after the CAPEX was recovered, now why would that be I wonder?
So we "Johnny Come Lately;s" are certainly in no debt to Sami and his family, on the contrary it is they they have very well because because of our investments!
spooington it would be helpful to see your rationale or any evidence or information to your comments which in the main just seem to be unjustifiable general vitriol
106.30p +0.85p
You do it your way, never mind your "bear" thinking.
It works for me short term naturally those lovely CHARTS.
You are relying on News, but everyone can read the news just like you.
Gold $1,886.85 +7.35
If charts work for you that's great. For me, they record the past in forensic detail which is worse than useless when I'm trying to figure out what's happening next year in Sukari and Doropo.
Spoonington,
What you are saying is the only people/funds and Sami and family are the only
people who can comment on Cey as yous were the people who were in at the beginning and the rest of this board have no right to comment negative or positive, good luck with that. Apart from yourself how many people do you think there are on this board that were in from the beginning and can comment without fear or favour? Johnny-come-lately's not welcome, unless positive.
European markets headed for gains ahead of the opening bell on Tuesday as investors looked ahead to the data releases on industrial production in Germany and house prices in Britain. The positive sentiment appeared to be driven by the report on Eurozone's investor confidence, that pointed to a moderate recovery for the fourth consecutive month.
The French international banking group, Paribas, posted a €50.42 billion full-year revenue, while market participants anticipated the fourth quarter financial report by the British energy company, BP.
Frankfurt's DAX rose 0.26%. The Euro Stoxx 50 gained 0.30% London's FTSE 100 climbed 0.08%. The CAC 40 edged up 0.36%.
The euro was up 0.09% against the dollar, to sell at $1.07398 at 7:59 am CET. The pound sterling traded 0.11% higher versus the greenback, changing hands to $1.20374 a minute later.
Baha Breaking News (BBN) / AB
You Johnny-come-lately shareholders contributed nothing to the capital of Centamin, you bought shares on market & took your risk, your capital went to other share traders as the company was in the position that it did not need further capital thanks to the work of previous management in particular Sami’s tireless efforts.
Try to keep at least some scrap of reality in your constant efforts to besmirch the accomplishments of the people who transformed CEY from a piece of desert into a multi-billion dollar gold miner!
105.45p +1p
The Last Pattern: BULLISH HARAMI
"A bullish harami is a candlestick chart indicator suggesting that a bearish trend may be coming to end.
Some investors may look at a bullish harami as a good sign that they should enter a long position on an asset."
Chart with points ... https://uk.advfn.com/p.php?pid=chartscreenshot&u=PGaHtvNyoob4uRg%2BtFGOtWQeUEvp52zEDDTkpaxNjr0%3D
Mr t.
You forget that Sami el Raghy is still a major sharehoder,by far the largest individual holder.
Who formed this company and brought in more people.
Sami was the Expert Geoligist and Businessman ,who negotiated with Government and recieved the concession aggrement, Egyptian /Australian ,I add, he stepped down from chairman not long ago.
The powerhouse . But not without influence even now.
What members of his family did or not , must have been a humilliation ,.
Even he must have been decieved , But it is all history ,and unlikely to happen again, it is the future ,not history that is important.
I prefer to look to the future.
Hi Bobliz,
You make some very good points, in truth if it were not for the outside (we shareholders) funding of the Sukari project well over $1 billion and the bringing in of foreign mining expertise then it would have never got underway to any commercially viable extent let alone this far, the Egyptian side would still be squabbling about it whilst the artisanal miners came in scratched about for the good bits ore and ran off with the swag!
As you rightly allude to maximising profit at minimal cost in as shorter time as possible to please their Egyptian partners was as we are now aware the priority and this was achieved by by risk taking, bad mining practice and intentionally glossing the unsavoury truths whilst paying an unsustainable dividend and unjustifiable directors bonuses!
We were in short taken for "Saps" for far too long, or until the crack in the wall exposed the truth and now Martin Horgan has to try and turn things around!
Tibbs
For any bounce or drop there's needs to be a reason and not a chart says so- the amount of times i hear "gap filled", "it's on the..." and so- gold can only go up or down so of course it's right from time to time - but it's events that create the moves, and these ever ya are reflected in the charts - trading on data points and markers gives the best chance- eg dump of the stella NFP Friday for example. I've said this so many times over the years- equally RNS cause moves- the rest eg endless speculation outside of this, twitter birds etc does **** all to the SP. Mining stocks are so linked to their commodities that sentiment also plays a big part
Hi Tibbs and Mr Bond fascinating discourse you have started on this board . May I put my jaundiced , inaccurate and naïve thought just to expand the really fascinating debate but if told to duck pout happy to do so.
Sukari was the first major exploitation of gold in Egypt formed in politically difficult and less than stable times. A J.V for want of better terminology with basically the Egyptian Government (whatever the Ministry it was officially linked with)
It was essential that Sukari performed and contributed to the Government coffers to avoid the nay Sayers who wished to stop or bring it into a full Nationalised regime. It was therefore Absolutely ESSENTIAL that the profitable demonstration of success and contribution to the Government as Partner was imperative to the Pardeys and Raghi's Joseph et al. If a few bob could also be made then so be it. To be frank the action by Pardey and the CEY board (including the joke non execs) was not of a higher moral driver but self preservation and exit with life changing cash. Just my biew chaps and have no wish to defend it or otherwise.
Present SP is only a reflection of short term traders who always latch onto a volatile share with good swings. Balance sheet, resources, sustainability reducing AISC , proven management, good divi and prospects are all I now trust in. Geo politics is the bummer but becomes a contra play for gold price.
Great board , keep the contrarian opinions coming guys whilst remaining respectful colleagues.
Kindest regards to all
Bob
I agree, lets hope that the bounce in POG and Centamin is is a bit more sustainable this time!
Fair enough, not really bothered by intraday movements.
Hi MrBond,
I am quite clear whom I hold to blame, Andrew Pardey, Youssef El Raghy and the BOD at that time,subsequent events are proof they were in varying degree negligent, complicit, inept and less then honest .
They had scant regard for upholding the best interests of shareholders in many respects treated them like mushrooms!
Clued,
I agree regarding the unexpected in life, however that doesn't seem the case here, Pardey was all too aware of the existence of what he claimed in 2018 to be unexpected grades over three years previously but instead of being honest chose to gloss over the impending ongoing problem and mislead shareholders and the market!"
mrtibbles, unfortunately in all aspects of Life we never know all the true facts. It's the nature of Humanity !!
106p +1.55p
Two days of overrun drops were the signal of bounce back this morning
Since is going places on reaching 106p already from the low of 103.65p very early this morning
3 days chart.... https://uk.advfn.com/p.php?pid=chartscreenshot&u=WfPYbsI2Vt4yxwRx8Sk4DcRCrpPzCKFUPC5iQUO866c=
Not so clear as that, Who do you blame the Broker or company .
Also are Goods on closer inspection , stock market buys.
Tied up in law for years ,the only winners the Barristers.
Read Estate Agents exclusions and conditions, Page upon pas=ge of small print.
Stock Market trading will be the same.
Incidently Insurance companies protecting them are unlikely to pay . The costs of such are down to the Plaintiff. Thats even if you manage to get the regulators to be interested.
Re Caveat Emptor,
There re however important exceptions such as -
If the seller obtains the consent of the buyer by fraud then caveat emptor will not apply.
Also if the seller conceals any material defects of the goods which are later discovered on closer examination then again the buyer will not be responsible.
In both cases, the seller will be the guilty party!
It is true a big buy by Martin Horgan would be nice to see, -----but regular buys of 20,000 + by the rest of them would show a bit of solidarity and may give a bit more confidence.
Quite so Geo1539,
The BOD, Pardey , Youssef were well aware that if we knew the truth we would have all bailed out, that's why the kept glossing over the cracks since 2015!