Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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Scorn was your suggestion,as for Troll, now you know how Mr Tibbles felt.
As for almost defending ,previous managementand I cannot see any point in that.
You fall well short.
Innnefficient is just that,even if they may have inherited the problem, they failed to rectify .
Horgan and his crew ,at least are moving waste, whether aeconomic and reasonable, without knowing the details,no one can reasonably judge.
Its so easy to troll and citicise others.
Wouldnt you agree Spoonington .
I would expect some sort of valid justification for your scorn, are you intellectually incapable of backing up your position with reasonable argument? Or are you just a trolling thicky?
Scorn ,flat earther.
:-)
I have been a Centamin investor since the year 2000 so have over 20 years following this company in detail.
Even in those early days when Centamin was just a hopeful diddy company listed on the ASX not producing any revenue these bonanza pockets were known about.
Horgan & co trying to claim credit for these discoveries whilst at the same time blaming previous management for all the woes is at best laughable!
Gold mining has it’s own peculiar risks, you cannot do enough infill drilling to get to an absolute certainty position on deposits as it is too expensive - you must take risk! At the same time, for simple economic/profitability metrics you should always target your high grade areas as the first to be mined.
This is what the previous management did, sure they overcooked the goose but my opinion is they did this with reasonable justification with the hope that they would hit some of the bonanza zones which would allow them to maintain production levels whilst also funding the orderly movement of waste build up. The allegations of some sort of high grading pump & dump strategy does not fit with what actually happened & belong on the flat earth theory forums.
The current management have engaged in an inefficient waste removal program using previous management as the scapegoat for what is, on the face of the information they have provided, a terrible abuse of shareholder capital management.
My theory is that Horgan is doing this as he does not suffer from the short term pain that we shareholders feel, however, once the inefficient waste movement program is complete, our production/profitability results will improve quickly & markedly. I bet a pound to a penny that at that point Horgan will have STI’s & LTI’s in place which will enrich him significantly at the expense of shareholders.
I am all for rewarding good management but rewarding them for intentional inefficiency irks me.
The above is just my opinion, if anyone feels that my theories also belong with the flat earthers please feel free to pour scorn upon me :)
:-)
I wonder ,not really ,who always gives you thumbs up .
Sharkawy & Sarhan Law Firm
The Egyptian Parliament approved a bill amending the Competition Law to introduce a merger control review regime for the first time in Egypt. The amendments will enter into force once published in the Official Gazette, expected within the coming weeks.
https://www.linkedin.com/posts/sharkawy-%26-sarhan_updated-competition-alert-activity-7006690375331405824-Yht6
The M&A hurdles are falling...
Egypt joins BRICS currency system.
Announced by the Government today.
Hence the need for more Gold Reserves for international trade.
Marsa Refinery makes sense.
If 3D helps more then Im all for it.
The area has had many years and tears ,from its drilling ,remembering the operator of a truck drilliing rig that dropped into a mined area , possibly 2000 years old.
Major European stock indexes struggled for direction ahead of the opening session on Thursday as a gloomy economic outlook weighed on the markets.
European Central Bank earlier warned that the inflation in the region is expected to move above the initial projections in the next year, while investors also worried about Federal Reserve's future steps that could push the United States economy into a recession.
The DAX and the CAC 40 were flat at 7:19 am CET. London's FTSE 100 was up by 0.07% at the same time.
The euro stood flat against the dollar, to change hands to $1.05095, while the pound sterling dropped 0.15% against the American currency, to sell at $1.21950 at 7:29 am CET.
Baha Breaking News (BBN) / AB
Mr Bond,
Dare I say, it was not only in a speech, they are real, they have reported these over the years. They are trying to determine the predictability and mine-ability.
best
the gnome
Horgan did mention Bananza Grades in a speach a while back. Possibly .
Lets not get carired away though
I would like to see some good 3d diagrams that show the geometrical relationship between the pit walls and bottom, and the high grade shoots. If the Mine Manager and CEO is worth there money, we could be in for pleasant surprises. There is a smart way to develop an underground mine...
Not tohard to show this in a good 3d fly through ...
best to you all
West Indies need some good bowlers and batters...Perhaps thats where Mr T is, putting the pads on and in the nets. Hope he reappears on the real pitch very soon!!!
cheers
the gnome
The refinery at Marsa Alam is probably so the gold stays in Egypt and bought by the Government at market price.
It boosts the foereign reserves and will be safer and cheaper, with so many changes and confications possible in the future why send to Canada.
Of course access to the deeper mine levels are going to be more rapid from the base of the open pit ,when it has reached it maximum level.
The waste clearance has made that more possible.
IMHO.
I am yet to hear and know of any Mine Manager who has preferenced moving waste as opposed to ore. There are generally and logically lots of KPI's aligned against this, not to mention an increasing AISC, reduced profitability and no bonus.
The shape of a pit is determined by decisions a Mine Manager made when the pit was being shaped. Mine Managers have been known to shape a pit to achieve their KPI's and throw problems further down the road, into the next Mine Managers lap. The common phrase is high grading.
As the pit gets deeper, it passes through the hands of many mine managers ...
The Manager at the mid or end of the pit life may have a hard job
Hope you get my thrust
the gnome.
Spoonington,
Like you I am frustrated that I don't have more facts and like you I understand strip ratios and waste to dump and ore to the processing area. Problem appears to be the open pit has been concentrated on a small area of the resource and now needs to be expanded to get to ore at depth which is to my mind, like opening up a new mine that doesn't have any free dig.
Initially they had to flatten a hill and from what I can see the hill determined the circumference of the pit following the structure rather than substantially expanding once hill was flattened.
I know this is a very basic description but I have been asked in the past to keep things simple.
The sooner the waste is moved the better for us all, because we will then hopefully start to understand what is going on from the context of a mine.
Platinium and silver up over 2% gold, +3/4 of a percent.
I feel the way the waste movement has been done has been extremely inefficient. Horgan has used the huge pot of cash built up by the previously much maligned management to pay for the movement and sacrificed short term production & profitability to the detriment of shareholders. The poor financial performance & erosion of our cash reserves also make us a potential takeover target for an opportunistic predator such as Barrick.
Unfortunately my opinion on the inefficiency of the waste stripping program is based on my knowledge of gold mining practices in general rather than detailed information as our current management team consistently fail to provide detailed operational information to shareholders - this also creates concern as to the existence of ulterior motives being hidden from shareholders - why withhold information when they can just blame previous management for any problems which they have done repeatedly.
I remain confident about CEY in general as I am confident about the quality & longevity of the Sukari resource, I simply do not like unnecessary short term share price suppression as it restricts my use of capital & I will be very annoyed if we do fall victim to a predator at a price I consider to be less than fair value.
If the current management team provided more timely & detailed information a lot of shareholder concerns would be removed.
Cowichan
I am not sure I understand why the incoming team would need to give Capital a sweetheart deal and OK Capital CEO is Peter Stokes ex Barminco ex mining contractor underground at Sukari. Jamie Boynton is still with Capital as Chairman, not sure how this relates to the award of the open pit waste contract.
What work was done prior to award of the waste removal and was it tendered a question that needs to be asked at the next phone in, especially if you have proof of impropriety. It is however easy to calculate cost per tonne especially given the knowledge gained moving material around the mine and there are very accurate software programmes that can verify/cross check the numbers. As I say if you have proof of impropriety and Centamin are paying over the odds for the waste material movement, it needs to be raised at the next phone in.
Like goldgnome all of the other wants plus many more including personnel structure would be due diligence that I would expect of a new team, especially given the short comings of previous management.
I was frustrated by the impact on the SP of the wall movement something that isn't unusual occurrence on a mine, especially as the year end bottom line wasn't seriously affected. Unfortunately it is the waste movement and it's impact on the strip ratio that is the issue and remains until this necessary evil ends. We need to know the exact timeline and an end date or more importantly a start date when back to mining not "muck shifting".
I am happy that at long last someone has asked the question about the court case and as I mentioned previously it doesn't surprise me given the number of mining companies that are now exposed to Egyptian Law. It is in their interest to get rules and regulations and precedents sorted out.
Like you I believe there is more to the story about additional deposits in and around Sukari primarily because Horgan has actually said there is and rather than rely on historic data the new team in particularly the geology team I am sure will include in future updates.
Currently what I want to see is results from what is known, as from past experience it is ounces and the bottom line that impacts the SP.
If I wanted to invest in Barrick then I would do so but I have no interest in investing in Barrick or any of the majors and I have walked on many mines operated by majors and see no advantages over current Centamin management. Therefore if there is a takeover then I would cut and run because I see no incentive to stay.
As a Centamin shareholder I see Centamin as a hold because I feel it can only get better and I have to trust Horgan and his team and what I have heard and read they are on the right track.
Could be that they become very successful and the property does then encourage predators, hopefully by then the SP will be climbing above and beyond the £2 region.
Major stock indexes in Europe traded mixed during Wednesday's premarket session as investors anticipated the euro area gross domestic product (GDP) report.
The traders will also be keeping an eye on German industrial production, alongside the United Kingdom's house prices, to be released before the market open.
DAX declined 0.10% at 6:36 am CET. At the same time, CAC 40 added 0.32% at the same time, while FTSE 100 rose 0.61%.
The euro traded was flat against the dollar, selling for 1.04671 at 6:59 am CET, while the pound fell 0.07% against the greenback, to sell for 1.21299 simultaneously.
Baha Breaking News (BBN) / AY
Happy hump y’al
Thanks Cowichan
I think what you describe is just best practices for an incoming management team, replacing a team of ....
I would not hesitate to do this myself?
I would also NOT trust any calculation done by an graduate from an Egyptian University. They learn within a lecture theatre, very little pracical kowledge. Smart enough. Enthusiastic enough, but the education system lets them down, especially in geology as there has been no geology industry outside of petroleum .... which is not that similar to hard rock/ mining.
For those wanting a bit more insight into
1. Precious metals (1901)
https://upload.wikimedia.org/wikipedia/commons/b/b2/A_history_of_the_precious_metals%2C_from_the_earliest_times_to_the_present_%28IA_historyofpreciou00delmrich%29.pdf
2. The science and history of money (1885)
https://www.forumancientcoins.com/dannyjones/General%20Ancient%20Numismatic%20Books/Science%20of%20Money%20-%20del%20Mar.pdf
https://www.heritage-history.com/site/hclass/secret_societies/ebooks/pdf/delmar_ancient.pdf
3. Monetary systems (1901)
https://www.lust-for-life.org/Lust-For-Life/AHistoryOfMonetarySystems/AHistoryOfMonetarySystems.pdf
the gnome, deep in the paper ...
Please follow the linkages..the The dates 1885 and 1901....
DASUT
I do not want Barrick to be pulling the strings behind the scenes while Centamin shareholders are constantly told half-truths as to the state of affairs.
Let's look at a few facts:
- the untendered $250M waste moving contract was arranged as a sweetheart deal (w/kickback) thus Capital's CEO Mr Boyton was replaced by Mr Stokes (yes, it's true)
https://www.capdrill.com/news/capital-welcomes-new-ceo
- Somebody wanted all the historical Sukari samples relogged to verify authenticity - done
- Somebody wanted independent assess done on the pit ( talked to those who did it) - done
- Somebody wanted a ten year 500k production plan in place - done
It's my contention the alleged 'movement in the open pit wall' was overblown to allow for the Capital deal to be quickly approved, which collapsed Centamin's share price, which prevents Centamin's share price from appreciating for a good long while
And now the legal ducks are being lined up in Egypt (talked to somebody on LinkedIn about that too)
Bottom line - I do not want Barrick to buy Centamin at this artificially lowered price - whether by management's intention or not. And I would prefer Centamin to stay independent - as it is much more conducive to create value for shareholders as a growing mid-tier.
But the fact that Centamin's management continues to keep details to themselves that would help the share price recover - like the deep Sukari extension drill out holes of 2020 , the excellent 3D seismic survey results (I talked to that company's employees as well) , the resource estimates of several satellite deposits around Sukari (that were available since 2020 - worked on by university grads from Egypt) leads me to believe there is more to the story.
Barrick CEO Mr Bristow has said on several occasions that he likes , quote 'to get in and buy a deposit before the owners (aka shareholders) know what they've got'
That's exactly the position Centamin shareholders find themselves today
Cowichan are you as a long term share holder suggesting there should/will be a merger with Barrick? CentaBarrick?
Are you saying Centamin are looking at venturing into Saudi Arabia or are you saying Centamin are following by employing women to work on the mine?
If the latter then I can assure you there have been women employed by Pharoah Gold from the very start of the mine.
European stock markets traded mostly lower in Tuesday's pre-market session as investors await a fresh batch of economic data. Reports on German factory orders and the construction in UK are released today.
In other news, inflation continues to make headlines, as today European Central Bank chief economist Philip Lane said that while the bank has done "a lot" in the fight against inflation, "further increases will be needed."
The DAX lost 0.15% at 8:04 am CET, while the CAC 40 fell 0.51%, and the FTSE 100 rose 0.12%.
The euro and the pound were flat against the dollar at 8:05 am CET, selling for $1.04841 and $1.21747, respectively.
Baha Breaking News (BBN) / JG
Gold currently $1770.33 + .16%
Note Marsa Alam is 30km from Centamin's Sukari mine
December 4, 2022
The Egyptian Minister of Petroleum and Mineral Resources Tarek al-Mulla announced that work is underway to implement the first accredited gold refinery in Egypt in the Marsa Alam area in the Eastern Desert, in order to maximize the added value of gold resources.
This will thereby help finalize the value chain for gold production by maximizing the local content.
This came in a Wednesday statement during his participation in the eighth consultative meeting of Arab ministers of mining and mineral resources in Riyadh, the capital of the Kingdom of Saudi Arabia.
https://egyptindependent.com/egypt-implements-1st-certified-gold-refinery-in-marsa-alam-minister/
--------------------------------------->>>>
Note: Barrick has a 50/50 partnership with Maaden gold/copper mine in Jabal Sayid Saudi Arabia. Thus Marsa Alam would be a handy refinery for both Centamin and Barrick — or CentaBarrick
https://www.barrick.com/English/operations/jabal-sayid/default.aspx
Also note Centamin's recent push to hire women. (see today's tweet)
Coincidentally this women in mining/ESG push happened earlier this year for Barrick's Saudi Arabia operations:
Jan 13, 2022
Canada-based Barrick has recently employed six women in the Jabal Sayid Mine.
Barrick Gold, a global mining company, is aiming to forge a strong relationship with Saudi-based Ma’aden, its CEO Mark Bristow said in a press briefing.
While Barrick is mainly interested in gold and copper, Bristow added any other metals they will find in the Kingdom will be transferred to Ma’aden.
“Our commitment is to build a strong partnership with Ma’aden in our endeavor to develop world-class business in Saudi Arabia,” Bristow said.
In what he termed as a “critical milestone,” the Canada-based mining firm has recently employed six women in the Jabal Sayid Mine – a rural mine. Three of those women were from the local community and one was an engineer.
He also said production at that site rose by 50 percent while costs declined to increase efficiency.
He added the Arabian Shield – located in the western part of the Kingdom at the Red Sea Coast – is a very large, “effectively unexplored” area for potential mining.
“Saudi Arabia has amazing data, but no one’s really processed it. That’s why it’s attractive for us because the path to new opportunities is much shorter in this terrain and it would be a much more mature terrain geologically,” the South African businessman explained.
On the other side of the Red Sea, the Nubian Shield offers similar opportunities. He described Egypt’s Sukari gold mine as a “tier-one” asset and one of the largest gold deposits in the world.
https://www.arabnews.com/node/2003771/business-economy
----------------------------------->>>>
It appears Centamin's CEO is busy pursuing Barrick's master plan -