Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
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I am not sure how long it can hold daily RSI 78-80 kind of levels.
Hi Mr Henderson,
I have asked the accuser for the relevant evidence to substantiate these allegations.
Until then I have asked the LSE moderator to remove my initial post .
But in the meantime any information you might come across would be gratefully received
Tibbs
Hi Somnamma,
Yes I thought this may wake up some on here !
I too have held a senior position in local government procurement and what is being alleged here amounts to a purchasing manager offering commercial advantage to contractors for a price.
So I purposely didn't post the sources details because I am trying to obtain some more information, as to the Centamin whistleblowing hotline I see little point in that considering the way that the company cant even be bothered to answer share holders questions fully or even acknowledge them in some instances.
However I have contacted the person making these allegations for the evidence to substantiate thse allegations and if they are forthcoming then I shall contact the company and if need the appropriate UK regulators
Tibbs
I would retract my comment as this stuff is of use to long term holders who don't trade frequently.
Of course, it's up to those long term holders on who and what they believe based on the their view of the credibility of the source. As you now, I trade this one, and don't hold long time as way too high risk for me.
And yes, I do hold crypto, as I've stated for years for the reasons I've already posted.
GLA.
Tibbs, When I ask a question of Centamin I actually say can they have someone involved respond. Where do you think the IR department or the PR agency get the answers, hopefully from people who are actually involved and know what is going on?
As usual, all this detail company shenanigans or not does &&&& all to the SP- follow the data points- CPI later.
Sorry I don't understand I asked a couple of questions and got the answers that I was pretty much expecting.
One of the questions related to Cowichan's concerns relating to the licence expiring mid 2024.
It is a normal course of events that an exploration licence is followed by an application for a mining licence if the property is deemed as viable.
As far as I am concerned I am reassured that Doropo is moving in the right direction.
So what is it you want to hear?
Mrtibbles,
Can you post a source ?
Some well meant respectful words of caution Mr T, in my opinion this forum is not the place for discussion of unsubstantiated third hand hearsay "friend of a friend said" type allegations.
If the whistle blower him or herself is genuine then the appropriate action would be to report the allegations to the management of Centamin and applicable authorities. Discussion on this board without input of the whistleblower him or herself and / or without facts is just irresponsible sensationalist gossip.
Centamin like many other clients working in an international environment strive hard to maintain corporate ethics, as well as good and fair business practices.
They have established procedures and codes to conduct to prohibit and root out corruption including in the case of Centamin a Code of Ethics, https://www.centamin.com/media/2866/cey_code-of-conduct_20220714-002.pdf an Anti-Corruption and Bribery Policy https://www.centamin.com/media/1630/cey_anti-corruption-and-bribery-policy_2019.pdf and a Whistleblowing Hotline, where anyone can raise a concern in confidence and anonymously, 24 hours a day, 365 days a year.
Having spent many years working in procurement in an international contracting environment in my opinion there can be challenges, and yes rogue Procurement Managers can exist (thankfully few and far between in recent years) but that there are no "poor contractors", only those who participate in bribery and corruption and those that don't. Those that do so participate by choice.
Major European stocks traded higher in Tuesday's premarket session as the area prepares for the release of important economic reports.
Before the session, the German Statistics Office, Destatis, said that annual inflation was 2.5% in February, down from 2.9% in January and in line with analysts' expectations. Compared to December, the consumer price index increased by 0.4%.
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Baha Breaking News (BBN) / JG
Gold currently $2176.82
I cant see any shareholders condoning or tolerating this type of extortion by a member of Centamin management ,even if he is now an ex procurement manager, but that said if this has taken place to what extent has overcharging and over what time period as the costs could be considerable and can we be sure that this extortion isn't going on in other areas of the company
Obviously the more honest contractors have been put in a very awkward position but that said it is us shareholders who have paid the price and over what period. if its happening with one contactor then its very likely been happening with others?
if the complainant is willing to supply the relevant proof and would like some action taken that confidentiality is assured until the right time to expose this scam to the appropriate company management and the appropriate regulators/authorities, if these allegations can supported with the appropriate evidence then this is criminal activity of a very serious nature and I think the UK and Canadian regulators , not to mention the funds invested wouldn't be at ll impressed with this type of behaviour by a Ftse 250 company !
If this is true then it's very concerning that there are contractors out there who have had no choice but to pay what amounts to a bribe to get business or a commercial advantage from a purchasing manager at Centamin.
Possibly this is the result of having executives so far removed in Jersey from the operations themselves or possibly local custom and practice at the Eygptian operation?
From Linked In contact
A friend of mine went through a bad experience with Centamin
As he said the main reason is the ex procurement manger who's called Mohammed Kamal
He forced all the subcontractors to pay him a percentage of every single invoice
Conversely he gives them a high price for every job which cost the company a lot of money increase over the market prices through the Egyptian market
If you need more info with documents and the names of the companies involved in this disastrous corruption
Let me know to pass you his contacts details
actually he tried many times to expose this mad corruption but with no result yet!
Also of note on Linked in that Centamin is just now looking for a new procurement officer ( i would think to replace the above crook!) see here:
Sukari Gold Mines is seeking for the following positions:
📌Inventory Controller (3-5 years of experience / SAP User is a must)
📌Supply Chain Engineer (1-2 Years of Experience / SAP User is Preferred)
📌Procurement Officer (3-5 years of experience / SAP User is preferred)
📌Maintenance Planner (+5 years of experience, SAP User is preferred)
📌HSES Training Officer (3-5 years of experience)
📌Environmental Officer (3-5 years of experience)
**Females are actively encouraged to apply**
Any comments from Mr Henderson or Siko on these allegations would be gratefully received.
Absolutely agree Cowichan and Tornado,
Martin Horgan may have organised the waste clearance at Sukari, but then whoever was the CEO would have had to have done the same that is if they wished to make Sukari safe!
Batie West was a just a chaotic can kicking down the road chucking of many millions of dollars down the lavatory pan, money that could have been returned to shareholders and as yet it seems that Doropo will be yet another money pit venture!
Shareholders should ponder on why have Centamin's iR relations and FTI PR agency been told to field investors questions that may be awkward over to the paid for corporate analysts who are obviously going to dance to the tune of pied piper Horgan?
Martin Horgan's dumping of long standing and knowledgable Buchanon PR in favour of his mate Ben at FTI PR was likely because Buchanon were simply tot only more knowledgable of the Centamin operation and Eygptian situation, but more importantly more willing to answer shareholders questions honestly and in a timely manner.
From inside rumours it seems that Centamin investor relations are operating under a regime of corporate censorship and formerly helpful contractors who were willing to be helpful and answer questions on their aspects of expertise have been leaned on to put a zip in it!
Why have retail shareholders now been directed to one sided "Investor Meet" webinars rather than just ringing in on the day during the market webinar question and answers sessions, it's likely because any pertinent questions that are too deemed award to embarrassing to answer on the spot are simply be filtered out into the trash !
I wonder if Mr Henderson will possibly be willing to comment on any of this?
Cowichan,
If you can find a decent CEO let us all know. So many company CEOs are arrogant shyster used car salesperson types that I wonder if any integrity exists out there any more. I totally understand why people are giving up on equity investing. The low standard in politics and so many walks of life that the idea of someone resigning for incompetence is instead rewarded with promotion or a huge good bye bonus with generous pension plans attached. Tony
If that is indeed a reply authorized by Centamin management then:
1) if it's a go - it's a go
2) if it's a no - no time left to sell to a 3rd party
that means walking away- with many many millions of shareholder's $$ lost exploration expenses & gold reserves - just like Batie West
this is an unacceptable gamble with shareholder funds - proving yet again Horgan is unqualified, irresponsible and arrogant - unfit to be CEO
Tibbs, I would rather have someone on the ground floor of the business respond to my questions than people on the periphery of the business. The guy who I spoke to knows what is going on and what he is saying makes sense and fits with what I pretty much thought would be the response. Even the early move towards opening up the mine and preparing for the start up process follows what I have experienced previously.
Rebess yes approval can be denied if the numbers in the plan don't stack up when/if the Ministry of Mines personnel/advisors/consultants analyse the application.
Given the time and the number of studies that have been done I would suggest they will be confident especially if they are looking at the access roads, camp prior to approval.
Horgan put emphasis on getting the ESIA right - Doropo is next door to a national park and there is an indigenous population that would have to move from some parts of the site.
Rebess not without ,very good reasons which is unlikely , it would not send a very good signal to the mining sector in general ,would it?
Re approval: - Can approval be denied?
Thank you for asking Dasut
I have noticed over recent months that any enquiries are rarely answered by either Centamin Investor Relations or their new PR company fti, but instead seem to be delegated to corporate analysts to answer?
Good response received DASUT, thanks for asking them and posting your response- I will post my responses to questions also in the future and they tend to answer the questions.
Sorry I should have said my question related to Doropo and my question has been answered fully and with a little extra detail than just how the licence expiring is being handled.
I asked the question and got a reply that I was expecting as the current licence is valid for exploration and does expire mid 2024 .
The response from one of Centamin's corporate analysts is as follows:-
We have until the middle of 2024 to submit our application for a mining license, with an additional 90-day period taking us to late Q3. However, we intend to submit our mining license application (DFS + ESIA) by the middle of 2024.
We then envisage a 3-6 month approval process, pending approval, we will be in a position to go to the board and make a final investment decision.
We are also considering the potential to expedite the final construction timeline by completing some low cost early works (roads, equipment downpayments, construction camp etc.) ahead of license approval.
So all sounds positive.
I think the Q1 results in April need to show better than "Steady as she goes+" . Being on target or better for ounces mined so they are not playing catch up later in the year would help. An update on the waste removal contract end date and a bit of news on "Little Sukari" project would also help. The dividend needs to be upped a bit, which they should be able to do, given the price of gold in the last 6 months.
Martin Horgan has spent a great deal of money ,but as yet the share holders see little improvement in share price or the derisory dividend?
Is this year going to deliver or will the can of promises continue to be kicked down the road?