Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Cowichan I am not sure why you raise the question of a finders fee, where have you seen reference to such a fee?
I would also like to add that I don't see an alternative other than to employ a contractor to move the waste, unless that is Centamin do it themselves and invest up front in new equipment, people etc.
If it was a contract mining contract then like you I would be questioning why but this is what I call a muck shift project and I like the fact that it is a complimentary fleet of equipment that can be purchased at the end of the contract. Almost like buying on credit but getting work done at the same time, albeit a necessary evil that should have been prevented.
Proof of whether this has been a worthwhile economic project will be once the waste has gone and we are back into a far more flexible mine layout with multiple benches, hence the possible need to increase the fleet.
27 January 2022 - As one of our most valued customers, the Sukari Gold Mine site was incredibly busy during 2021, with the renewing of the rebuild contract and a new facility opening. There were also new machine deals and assemblies for two 6040BH Excavators, a 6020 Hydraulic Mining Shovel, five 785D Mining Trucks and two used 6040BH Excavators. New machine sales for underground saw the first R2900G Loader sold and delivered in December.
https://www.mantracgroup.com/en-eg/media/news/mantrac-egypt-eliminates-risks-at-sukari-gold-mine/
16 February 2021 - With some of the team already onsite, inspections of Sukari’s machines were carried out. They worked tirelessly to get the work done, working without regular leave to ensure we could deliver our promise on time.
The customer committed to purchasing suggested parts needed for the whole year with as well as extra parts in case of unplanned failures, while Mantrac’s ordering team raised stocks to ensure they would be delivered according to schedule.
Once the orders for the site’s needs were placed, the new customer plan was sent to the Alexandria workshop so they could prepare to receive the components from site to be repaired.
Following this, mandatory parts kits were ordered according to the planned dates for repairs to decrease components turnaround time in Alexandria. The team's forward-thinking made all the difference.
With extra parts ordered, Sukari requested extra support from Mantrac to handle the stock. With our team’s help, they were able to fully stock the warehouse, avoiding damage, lost time and lost money. And with all parts received on time, everything went to plan.
https://www.mantracgroup.com/en-eg/media/news/egyptian-product-support-team-go-for-gold/
------------------------------------>>>>>
Centamin's relationship with its equipment supplier was unnecessarily 'complicated' by the Capital Drilling waste moving contract.
Why the $250 million contract was deemed necessary is the focus of some concern.
I hope other shareholders will seek a reply to the questions I posted earlier - simply copy and paste to an email c/o Centamin's Investor Relations if you like
I really can't wait to hear back from Centamin and/or Capital either
A reminder for those who've not been following :
October 2, 2020 / Centamin plc announces that it has detected movement in a localised area of waste material in the Sukari open pit Stage 4 West wall and has decided to immediately defer open pit mining operations in this zone.
Measures to stabilize movement in the affected area have already been implemented. In addition, the Company has commenced a detailed geotechnical assessment, which is focused on developing a plan to mine the impacted area.
2 December 2020 / Centamin plc “With the focus on improving operational flexibility at Sukari, introducing contract-mining over the next few years for waste stripping in the open pit is cost and time effective. Following a rigorous tender process, Capital was determined to be the best suited to deliver what is needed.
------------------------------------->>>>
A 'detailed assessment' and 'rigorous tender process' was completed in less than two months.
A lightening quick decision that cost shareholders $ 250 million over 4 years at the drop of a hat.
Compare the Doropo project - depending on when you start the clock the assessment phase will have spanned 4 to 10 years for the same expenditure $250 million (give or take)
It's particularly interesting considering management's justification in switching from contractor underground mining to owner-operator earlier this year:
1) reduced costs (saving 20%/year in time)
2) greater efficiencies
3) faster progress
All of these can be applied to why management should have opted to move the Sukari waste via an owner operator method -
Capital would not have agreed to this deal with anything less than an IRR of 20% - thus a $50 million gratuity for their services (basically signing a few Mantrac Egypt lease papers)
Of particular interest to me is the issue of a Finder's Fee — who got it, how much, and why
Gnome thanks for the excellent research and certainly supports my thoughts that Doropo and hopefully ABC was worth the purchasing of Ampella and thoroughly agree with your comment that Batie could have been handled better.
Also supports the comment that 2 out of 3 isn't a bad return especially given how many failed exploration projects that occur.
Again great information. Thanks
Cowichan interesting questions and pretty sure I could answer a number of them based on "contracting" and which would pacify your interest but it will be far more interesting to hear the response from Martin and or Jamie if indeed you get a response.
I don't see however why you shouldn't get a response and I wouldn't be overly worried if there wasn't another contractor quotation because it wouldn't be difficult to know what was acceptable or otherwise.
If Centamin don't know their cost per tonne when working with a fleet of Caterpillar equipment then someone needs shooting not just firing.
As for fixing a buy price for the equipment at the end of the contract not sure that would work in favour of either party. I would prefer price ruling at the time of sale. There are a good number of unknowns at the start of the contract and would suggest there will be the need for a third party to assist with valuations.
Anyway enough of my thoughts as I say will be interesting to hear from those in the know.
Doropo, which was acquired through the Ampella takeover, is ranked as the 10 largest Gold discovery (5.4 m ozs) in a recent report by SandP
The recent gold price bull run — in which the London Bullion Market Association gold price increased from an average of $1,284 per ounce in May 2019 to $1,922/oz in September 2020 before slightly decreasing — allowed gold exploration budgets to increase from $4.31 billion in 2019 to $6.20 billion in 2021.
Increased exploration resulted in 16 new discoveries, along with five over the last few years.
Analysis of the gold production pipeline shows future supply growth, if any, will be relatively minor over the next decade, with even the most optimistic view showing gold production declining by 2028. Although there are several reasons for this, a contributing factor is a lack of quality assets available for development. While nearly half the discoveries included in our analysis are not yet in production, only 33 have over 10 Moz of gold in reserves and resources
— enough for a mine to produce over 200,000 ounces per year of gold over a significant mine life. But many of these assets have a long road to production, including feasibility studies and permitting, making them unlikely to have a near- or medium-term impact on the pipeline.
The industry needs to invest more in all levels of the pipeline — from grassroots exploration to locate more quality discoveries to approving funds for construction — to prevent severe supply reductions within the coming years.
CEY IN A GOOD POSITION WITH SUKARI WITH 10 YEARS MINE LIFE PLUS UPSIDE, PLUS DOROPO THE 10TH LARGEST DISCOVERY (5.4M OZS) PLUS ABC...
SO FOR THOSE IN DESPAIR ABOUT BATIE (I AM NOT SAYING IT HAS BEEN MANAGED WELL!) CEY HAVE NOT DONE TOO BAD THROUGH THE ACQUISITION OF AMPELLA. THERE ARE NUMEROUS COMPANIES WHICH RUN AROUND THE BACK PADDOCK HUFFING AND PUFFING, AND PRODUCE NOTHING OF COMMERCIAL VALUE, BUT DIRECTORS LINE THEIR POCKETS IN SALARIES AND PERKS IN THE MEANTIME.
LESS WE FORGET
Mr Parday will start on a $375,000 salary with 2.65 million zero exercise price options and 1 million options exercisable at $0.3476, expiring February 28, 2025. GOOD LUCK PREDICTIVE DISCOVERY, I HAVE MADE MY PREDICTION, SOLD MY SHARES AND LEFT THE ROOM.
The Gold Gnome
Hi Cowichan,
Thank you for your efforts on our behalf, when you see all the names of the BOD & NED'S |together like that it makes it petty obvious just how over bloated our Cey BOD is and it makes it all the more obvious just what a waste of space they are!
Major stocks across Europe rebounded ahead of Tuesday's session as investors looked toward the latest corporate earnings that were set to be published before the opening bell.
Multinational banks HSBC, UBS and Santander all released their earnings results earlier today, joined by Swiss pharma company Novartis. Meanwhile, the Ukraine crisis continued with no ceasefire on the horizon.
The DAX jumped 1.42% or 197 points at 8:11 am CET, while the FTSE 100 and the CAC 40 gained 1.22% each.
Both the euro and the pound traded slightly higher against the dollar to sell for 1.07233 and 1.27510, respectively.
Baha Breaking the News (BBN) / ND
Im not much of a gardener. Ive never had a garden before I moved here. Yes it is a slog sometimes but gradually bits gets better or easier. Im trying to work smarter now and put carboard down to suppress weeds . At first I was clearing a patch of earth and then planting something. As I've cleared more patches I have been able to start to rotate a bit. Im still no good at it but I've grown garlic and peas for my Niece ( Trouble being I had to grow, harvest , shell , blanche and freeze the peas and separate the garlic cloves, peel them and freeze them-----------so that wasnt a smart move :-) ) .
I did have some spuds and sprouts out of the garden with my Christmas dinner---------and the home made wine :D .
Hopefully i;ll get better at growing stuff and hopefully Martin Horgan will sort out Centamin and re install a bigger dividend and the share price will go up.
Though I wish the weather was good enough to plant some flowers. Still too darn cold!
-------------------------------------------------------->>>
Under the terms of the Capital Waste Contract, Capital is utilising mining equipment consistent with Sukari’s current fleet. Centamin has the contractual right to purchase the Capital mining equipment at the end of the Capital Waste Contract.
This provides a number of synergies in respect of fleet maintenance during the contract term and provides flexibility for Sukari’s fleet replacement strategy and life of mine planning.
<<< -------------------------------------------------------
Dear Martin Horgan / Jamie Boyton
Questions re: #Sukari Open Pit Waste Moving Contract;
1) In addition to Capital Drilling's (Capital Limited) fleet , how many of Centamin PLC's own haul-trucks and/or excavators have been or are currently being used by Capital employees to transport 'Contract Specific Waste' from the east wall of the Sukari open pit?
2) Does Capital bear the cost & exclusively utilize its own employees to maintain its fleet (mechanics, refueling personnel, tire maintenance crew) or is that work and cost carried out by Centamin's own maintenance crews?
3) Has Capital ever paid a Centamin, Buchanan or any third party employee (past or present) a Finders' Fee or equivalent payment in connection with the awarding of the Sukari open pit waste movement contract?
4) Was Capital the sole bidder for the Sukari waste movement contract, and if not, which other companies submitted bids?
5) As Centamin retains the right to purchase Capital's equipment post contract — has a purchase price been pre-negotiated? What are the specific monetary valuations, terms and items of equipment under consideration?
These questions are material to shareholders of both companies - please address them publicly at your earliest convenience.
Sally Eyre Marna Cloete Catharine Farrow Ahmed Hamadi Tony Woolfe David Payne Stuart Thompson Jeffery Court Giles Everist Daniel Rottman Alex Davidson Michael Rawlinson Brian Rudd Bobby Morse Andre van Deventer Danie Pretorius Ryan Ferguson Oliver Back Mandy Kaiqi Li Simon Olsen Osler, Hoskin & Harcourt LLP Phillip Baruffi Ross King Jonathan Lee Doug Strong James Rutherford Ross Jerrard
https://www.linkedin.com/posts/don-lawson-98619370_cey-rnscontract-awardfinal011220pdf-activity-6924383621294284800-eqiI?
Paul, You summed it up perfectly, my wife is the gardener and the only time I get anything done right in the garden is when I follow her instructions to the letter, or better is for the expert to do the job. Hopefully this what Horgan is doing getting experts in important areas who can either do the work themselves and/or delegate to achieve the right results.
Time will tell.
Well done Paulmetcalfe,
The birds and other wildlife wont judge you on aesthetics, they will just appreciate that you care and come to your garden in increasing numbers, I luv the way that nature mixes all the different colours up and it still looks right!
Your foxgloves will pop up in other parts of your garden their s their seeds will get blown & spread around your garden !
Spoonington is right the Bees luv the lavender, I was unaware but Lucy Lapwing explained that there are over 200 different species of Bees, amazing, yesterday on a walk Karla & I came across an exhausted exhausted sitting in the middle of the footpath, so it didn't get stepped on we waited for a while and then the bee made its way over to some dandelions in sun on the verge , the bee climbed onto a dandelion and took some nectar, after a few minutes it flew off, we were delighted it had recovered, events like this really put life into perspective, all that bee wanted was to be a bee, amazing !
Amway I have taken up enough board time , but thank you both for posting about nature and hope to hear some more of your nature news next weekend!
https://www.bumblebeeconservation.org/bee-faqs/should-i-feed-bumblebees-sugar-water/
p.s. I haven't forgotten about Centamin, this was just a pleasant diversion!
And the definitive rendition of "Send in the clowns"?
https://www.youtube.com/watch?v=04E8Y8nDfRQ
enjoy, laugh, be happy
The rest is not worth it as an investment idea!
From Gallipoli ... thanks Winston!
best
the gnome
There are indeed lots of strange odors in this "unfortunate confrontation". There is a song about sending in the clowns, that somehow keeps playing in my mind
"Isn't it rich?
Are we a pair?
Me here at last on the ground
You in mid-air
Send in the clowns
Isn't it bliss?
Don't you approve?
One who keeps tearing around
One who can't move
Where are the clowns?
Send in the clowns
Just when I stopped
Opening doors
Finally knowing the one that I wanted was yours
Making my entrance again with my usual flair
Sure of my lines
No one is there
Don't you love a farce?
My fault, I fear
I thought that you'd want what I want
Sorry my dear
But where are the clowns?
Send in the clowns
Don't bother
They're here
Isn't it rich?
Isn't it queer?
Losing my timing this late
In my career
Where are the clowns?
There ought to be clowns
Well, maybe next year
https://music.youtube.com/watch?v=fOUrnUktTjU
"If the show isn't going well, let's send in the clowns"; in other words, "let's do the jokes."
The "unfortunate aspect" of the confrontation is it has gone past a joke, and it needs more than clowns.
best
the Gnome
Sorry Mr T for the typo's!
Zelenski has asked to meet Putin, fgor the second time, the UN GenSec is visiting Putin before Zelenski and Austra has said they dont want Ukraine in the EU... It is not looking good for Zelenski... plus he was outted in the Pandora Papers.. Why has an actor got an offshore account? Proshenko was outted in the Panama Papoers.. but he was/is a businessman/oligarch...Does a Ukrainian actor earn that much money?? Something a bit stinky? Strangely there were no US citizens outted in Pandora and only a couple of innocent US bystanders in the Panama Papers??
Major stock indexes in Europe traded lower in the premarket session on Monday ahead of the data reports expected for release today.
Emmanuel Macron won the presidential elections in France with 58.6% of the vote, securing his office for a second term. Also, investors closely monitored developments in Ukraine, with Turkey offering to help in peace talks between Moscow and Kiev, while Ukrainian President Volodymyr Zelensky intended to ask the United States for more heavy weapons during their diplomatic visit to the country.
The DAX declined by 1.51% at 7:52 am CET. London's FTSE 100 and the CAC 40 decreased by 1.21% and 1.18% respectively at the same time.
The euro was 0.23% higher against the dollar, selling at 0.92817 at 7:54 am CET. Also, the pound was 0.31% higher against the dollar, selling at 0.78140 a minute later.
Baha Breaking the News (BBN) / AB
Put some lavender in, it looks good, smells nice & the bees love it and in turn move on to your fruit trees :)
Fingers crossed everyone's green fingers turn to gold fingers in the not too distant future..
Ah Mr T ---I forgot to mention there is a bit down the garden that Im hoping will get better for the bees. I've got foxgloves growing near 2 dwarf plum trees near the house, and have tried to get some down the garden as well. I've sown wild flower seeds down there and today some cornflower seeds as well.
Im rubbish at it , but i was pleased to graft the bramley onto the dwarf root stock.
I took cuttings off the black currant bushes so hopefully enough of them will take to pass on as well as planting some more down the garden. Ive managed to grow apricot, plum and peach trees from stone but they wont produce fruit yet--buy maybe in a few years?
Right thats the weekend done, lets hope for better things for Centamin this week and future weeks.
https://www.ft.com/content/64db3dcf-23ff-4f69-9a4c-d684675b596b
Sorry left the wrong link below, this is the right one!
Birdsong Lessons with Lucy Lapwing - Learning British Birdsong
https://www.youtube.com/watch?v=DruNGZN4X44
Hi Paulmetcalfe,
There is always something that we think needs doing, but unfortunately the way that people are bombarded and pressurised by all he marketing hype in the media and on all their supposedly can't do without smartphone "Apps" its al too easy to lose sight of what is really important and what really doesn't matter a jot!
It sounds as though you have life's priorities right and that have already achieved a great deal, the grafting of those apple trees for your relatives is a really lovely thing to do because they will not only be appreciated by your relatives for many years to come but also be enjoyed and of great benefit to all the other garden wildlife,birds and insects on which life itself depends.
My wife and I never use chemicals on our garden and its all the better for it.
We no longer cut the front lawn and leave it to grow wild, the bees and butterflies really like al the wild flowers that spring up on it and a number of our neighbors have now decided to give their front lawns over to the wild flowers and bees!
I always listen to Radio 3 Sunday breakfast with Martin Handley which each week features sounds the earth.
https://www.bbc.co.uk/programmes/m0016jvc
Birdsong Lessons with Lucy Lapwing - Learning British Birdsong
https://www.lse.co.uk/ShareChat.asp?ShareTicker=CEY&share=Centamin-PLC&thread=24A3A31A-083B-4CFB-898C-DD4AFB7F8784&reply=true
Natural gardening tips!
https://thisismygarden.com/2020/05/stop-slugs/
p.s, For those who intend to stay in this stock for now the best,or only option as far as Sukari goes is to trust in Martin Horgan's present strategy .
So leave to him sort things out whilst you sort out your garden!
Keep Well!
Tibbs
Some new faces on this BB, augers well for the future perhaps?
Dasut, sometimes I go out in the garden and do bits and I can be out there 2 1/2 hours and not seem to have gotten anything done, but it is all stuff that needs doing, from painting the fence, weeding, getting compost out of the Dalek , reclaiming ground that had a lot of limestone put in years ago and even planting seeds :-) .
Im not very good at it but things are getting better. I've managed to graft a few apple trees onto dwarf rootstock for relatives, take cuttings of Rosemary, grow chives and thyme. I've even managed to grow some veggies :-)
I've pickled onions and shallots and made plum and blackcurrant and plum jam.
I hope Martin Horgan is better at his job than I am in the garden and will grow production , dividends and share price in the near future.