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Hi Dasut,
You know the mining business inside out and what you say must make sense!
You will most likely be aware of this-
website https://www.centamin.com/about/our-leadership/board-of-directors/ where you can find information on appointment dates, skills and experience, and committee membership. You will note that there has been a significant refresh of the Board, with 7 of the 9 Board members having only been appointed in 2019 and 2020.
Also invite you to consult the Governance section of the 2021 Annual Report (starting at page 84) which provides an overview of how the Board works to deliver on Centamin’s strategy, including board structure, governance framework, effectiveness evaluation, activities carried out in 2021 and focus areas for 2022.
Information regarding past directors can be found in past annual reports on the website: https://www.centamin.com/investors/results-reports/ .
Can't say that anyone stands out as being exceptional or of must have status in any way??
Is this a case of more of the same?
Or am I wrong?
Any opinions welcome!
Main driver will be more ounces of gold mined..
'Creating opportunity for people through responsible mining' suggests necessary commitment to ESGs. As Mark Carney said, any company that doesn't commit to this will become extinct.
Thank you Dr Jamain, you have every right to express your opinion, so no offence taken on my part and no apology necessary,but never the less I appreciate your gesture ,very decent of you, what a pity that some of the worlds politicians can't behave in a similar fashion!
Tibbs
"Board of Directors" all I see is a Chairman a CEO and a CFO all of the others are Non Exec and the Chairman doesn't get involved in the day to day operations so wonder how the voting goes?
Non Exec are normally in an advisory position or for bouncing off ideas in their given area of expertise and the list of senior managers with the exception of a couple of individuals is pretty much a list of white collar after the fact types. Hardly a go getting team in support of the few.
I would like to see other senior operational managers in the business such as the General /Mining/Production Managers of Sukari listed among the leadership team.
Cowichan a throw away comment where you select just one sentence '"Creating opportunity for people through responsible mining" of the "Purpose, Values and Culture page which does link into Vision and Strategy.
MrT: I didn't mean to criticise you. Sorry if you thought did.
Hear!hear! Cowichan!
Good points spoonington!
My original post was made over the week end,when there isn't much to discuss solely about Centamin anyway .
By all means talk about Centamin,, what have you got to tell us then?
Have you ever taken the trouble to write to investor relations , I doubt it very few people that post and comment on these types of forums ever do.
Misinformation is everywhere online, and anyone can be vulnerable to it. On social media, you may have at one point shared an article that you believed to be true at the time, but that you later discovered actually contained falsehoods or outdated information.
While both misinformation and disinformation can deceive audiences, the distinction is that disinformation is intentionally, maliciously deceptive. Both forms often involve widespread dissemination, whether or not the person sharing is aware of the inaccuracies.
It's important for everyone to know how to spot mis- and disinformation online to avoid spreading falsehoods and to be critical consumers of online news, particularly through social media.
Why not put your challenges and questions on the Europe’s new Digital Services Act to the appropriate commission or regulator, bit more difficult now though that we no longer have any representation via an MEP thanks to a flawed Brexit vote gained due to mis & disinformation !
You stay in Plato's cave if you wish, good job that Martin Horgan doesn't subscribe to that theory or he would still be debating on if, how and when to dig Sukatri out from under a decade of crap so that they can start mining a decant grade of ore again!
Cowichan take a look at the Geology Capital Markets Presentation last September as this answers what they are doing to a certain extent with results from drilling programmes in and around Sukari.
3Bear - I agree. In the current situation I say keep the cash and build the business - that's the best way to improve the SP.
Mr T
I'm not sure the CEY board is the appropriate place for this debate so I'll be brief.
1) What is disinformation?
2) How do you define truth?
3) Who should make the rules? Who are the arbiters of 'truth'?
4) 'Big sanctions' are a big stick to enforce obedience to whatever is deemed to be 'true', 'factual', or whatever the self-appointed arbiters of orthodoxy want promoted.
5) Paradigms of 'truth' evolve though open debate. Sometimes the change is revolutionary (Kuhn's paradigm shifts). The plasticity of truth should lead us to openness and humility - otherwise we're merely transfixed by whatever anthropogenic delusion is the fashion.
6) We're still in Plato's cave looking at shadows.
Surely the best way to support the share price is to grow the business? Share buybacks are just another way of handing company cash to shareholders IMHO, it may give the SP a short term boost but ultimately I think the senior management are doing the right thing - ie investing in future production rather than shoring up the SP artificially?
I am also in favour the free press and social media however it seems only right that whatever is posted is based on the truth and those making the post are able to justify it with the supporting facts.
You may both be interested to note that the free press has supported the new EU proposed regulation on on social media and even the UK advertising standards authority.
Now why don't you both be honest about why you dislike this proposal so much ?
Europe’s new Digital Services Act
Here’s what the law will do when it goes into effect:
• Detoxify the algorithm ? Online platforms like Facebook will have to take responsibility for the harms they cause to our societies, for example, for the way their systems help spread toxic content across the internet;
• Open the black box ? Allow independent auditors, researchers and civil society to scrutinise platforms’ actions and uncover their wrongdoings.
• Impose big sanctions ? Platforms will face fines up to 6% of their global income (yes we're talking billions of dollars here) if they don’t comply with the rules.
• A step closer to stopping surveillance advertising ? Ban the targeting of people with ads based on their political beliefs or gender, and end the exploitation of children’s data entirely.
Thanks for clarifying that Cowichan, a buy-back of that magnitude wouldn’t overly damage our reserves and may help the share price, it certainly wouldn’t hurt - if the directors don’t want to put their own money in they can at least tip in some more of ours :)
As for the latest motto it is just another example of idiots jumping on whatever the latest bandwagon is and forgetting what they are actually paid to do.
One of the prime outcomes of education (my humble 2 bobs worth) is to give the educated persons the power to be able to see through the mountains of misinformation or manure, and discern the truth and the relevant.
Sadly, the education system has failed many, which does lead to one of the lead assumptions in democracy, ... each person one and equal vote being flawed. So in the end and as we experience it, we have a flawed political system, which produces such natterers and nutters and similarly flawed individuals as we see around the world in democraticised nations...and we get the ludicrous shenanigans that thinly passes for "politics"...lets invade Ukraine, regime change in Libya, Iraq, Afghanistan etc etc...
Lets tune up the education system
Twitter being worth us$45b about sums it up for me ... what a lot of twats
best
the gnome
Sotolo,
Thanks for your kind remarks.
It really comes down to people using this silly term' disinformation' to try to snuff out information they cannot accept. It is the modern day equivalent of putting your fingers in your ears and refusing to listen. I like being challenged by alternative viewpoints, it helps inform me.
As for PMs I still think we have the preconditions necessary for a significant bull run. I don't know how long the Fed will be able to prop up the dollar for but it will not be forever, and when they slacken off PMs will sparkle again.
86p here now, let's hope that long-term support has provided us with the bottom.
Pros and cons. If you were in Russia would you dare criticise Putin using your real name?
Could not agree more Cowichan. The board of Centamin looks
> relaxed and comfortable
> irrelevant
and is underperforming in its key duties to share holders
... lots of senior roles, and lots of professional experience, and member of the right professional societies and tea clubs, but rarely have been leaders and one would wonder how they define success...
I would like to see a large shake of the board and get in new people who are successful in areas of importance to the company.
just passing by
best
the gnome
Hi Spoonington,
Regarding a share repurchase — I too don't want to see Centamin's cash reserves depleted — but I think in Centamin's case just a little spending could go a long way. I would advocate an announcement to the market of management's intention to repurchase between 1 and 5 million shares a month for the next 12 months. It's prudent and hardly aggressive but it will serve to keep a floor under the share price and build momentum in the right direction.
I posted a chart on Twitter** comparing Centamin's performance vs VanEck Gold Miners ETF over the last 5 years. It's completely unconscionable that our board is okay with the last five year's performance (or ten!) and the current share price. As shareholders we must demand more — more accountability, more performance, more professionalism.
https://twitter.com/DonLawson_/status/1526336514535194625 **
Heck, a good example of the board's faulty thinking is the latest motto that Centamin's has apparently adopted (see the corporate website) '"Creating opportunity for people through responsible mining" That is *******s. Centamin is not an NGO or a non-profit accepting donations. The Centamin board is supposed to work in the best interest of shareholders to produce gold, make a profit and grow the business. Creating opportunity for people is a nice result - not the purpose. So whoever is coming up with these ever changing company motto statements must go — and if they don't we're well and truly screwed.
Leadership should come from our CEO and in this regard Mr Horgan must 'educate' the board as to why the company exists. Being a co-founder in his previous life he knows the current board needs a good shaking up - and one that must start immediately. We couldn't do much better if his first order of business was a moderate and responsible share repurchase - followed by changing that damn conceited Londoner elite motto into 'creating shareholder value through responsible mining'
But as always I welcome alternate views, thoughts and input from my fellow shareholders
Shares on the major stock market indexes in Europe traded with gains in the premarket on Tuesday, as the investors awaited the unemployment data from the United Kingdom, as well as an employment change report for the euro area.
The DAX was up by 0.69% at 7:08 am CET, while the CAC 40 added 0.45% at the same time. The FTSE 100 concurrently rose by 0.29%.
The euro strengthened 0.08% versus the dollar, selling for 1.04422 at 7:10 am CET, while the pound increased by 0.19% compared to the greenback, changing hands at 1.23430 at the same time.
Baha Breaking the News (BBN) / BU
Hi Cowichan
I agree with nearly all of your points (including previous posts) but I would not like to see a share buyback entered into as yet despite the glaring opportunity to benefit shareholders.
The big pile of cash we have (which I remind all was accumulated by the previous oft maligned management) is the only thing that has enabled us to get through this ludicrously drawn out remedial process.
I tend to err on the cautious side, wait until we actually see the repeated promises of productivity improvements come to fruition before we spend our lovely cash buffer.
Horgan’s hints towards the raising of debt at this stage scares me, this has the potential to completely destroy the value of what is a magnificent in-ground asset.
I understand completely your desire to take advantage of what a lot of us see to be a chronically undervalued share price but feel that the erosion of our cash buffer that a buy-back would require creates too great a level of risk compared to the reward.
All the best & please keep fighting for those of us too lazy to take other than a passive approach :)
Spoon
What are up against , The panama papers worth a watch and read if you have time 99% of the worlds wealth is owned by !% of the population forget the norm anything can be manipulated the opposite to what you may researching. I don't believe everything I read but I have spent many hours in my rocking chair reading these papers and its extremely disturbing the wealthiest can manipulate more than any government . Don't take my word its all out there.
I agree with free speech but not in total anonymity...if you want to say a thing then you need to own it as you.
Dr Jamain, how heartening to read such a literate post, whether I agree with it or not, which is really its point. It is the dialectic of views on gold and Centamin, and the tolerance of these from most, that makes this board so useful unlike many. Will gold fall further after this brief respite, as seems most likely, or will the day finally come when Andrew MaGuire is proved right even if just by the laws of chance, and gold soars….? Will Centamin contol costs faster than gold falls and inflation rises, which seems unlikely, or will the optimists who look for a doubled share price be proved right? My only hope, against real interest rates now rising, is that sentiment is getting so bearish even here that at some point all the sellers will be out and gold turn up, but not yet imho. Thanks again Dr Jamain for your defence of a free press and the fourth estate, one of the vital pillars of liberty. We have always had ‘fake’ , and certainly highly partial and opinionated, news from the Northcliffe Press more than a century ago to the National Enquirer or the Daily Star, even the government in the war, but the more free press we have the more honest voices can shout against this unlike countries where voices are limited from Russia to China, and investors have a harder life.