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Cairo, March 15, 2022
Last week Harmony Gold's CEO Peter Steenkamp and exploration lead/principal geologist Dylan Jeffriess visited Egypt to meet with the EMRA and in their words:
"the company expressed its aspiration to invest in the mineral wealth sector in Egypt"
Pictures and details here: http://emra.gov.eg/UI/Lang1/TDIDataShow.aspx?ID=8375
My Thoughts:
Clearly more than one gold major is kicking Centamin's tires - now is not the time for our BOD to allow the share price to linger at such low valuations - Mr Horgan, please represent long term shareholder interests in this urgent matter
Tibbs I trust you are well and unfortunately I agree that it is still too early for there to be any positive revelations BUT it won't stop me asking a couple of questions.
Hi Cowichan, if they aren't prepared to buy at this price then that speaks for itself , things are worse than claimed, they have no faith in their new company strategy or they have some other agenda!
Fairly positive it will be the latter mrtibbles, i try to stay positive on cey as I've had my core holding for around 10 years and have traded other bits along the way, but must admit to becoming slowly disillusioned with the jam tomorrow rhetoric....and as you say regards the dividend that cut has cut my yield from 15% to less than 10% which is very noteworthy
Dear Bonker,
You may feel differently about the divi which is your prerogative, however your derogatory comments or snipe towards some other share holders that do not share your opinion are rude, inappropriate and totally uncalled for.
The cutting of the dividend is yet another example of the managements lack of their commitment to share holders and their lack of confidence in their ability to deliver on yet more promises.
Believe it or not the dividend cut will not be well received amongst some institutional investors who may well look elsewhere unless there is very soon some clear demonstration of achieving measurable financial value creation, as yet that isn't evident hence the falling share price!
So lets see tomorrow will it be a slick well rehearsed spiel promising much some time when, or will it be a well thought out and considered presentation that delivers clear and definite datum points of when Sukari will start to deliver respectable guidance at a respectable AISC.
Also and perhaps most importantly of all are the BOD and the CEO going to invest some meaningful sums of their own cash into their new strategy so that they also reap some of the rewards they are claiming that we share holders should expect, or will they be content to continue to take their ring fenced remunerations irrelevant of their success or failure!to deliver on their promises!
Started buying back in today at 86.7 after selling at 103. This thing is so predictable.
Sotolo -
Do you equate Centamin management not buying as proof some further bad news is imminent? And if so do you have any reason(s) to think thus?
Tornado the shares look forward and costs are likely to be rising further so now needs higher gold price than you suggest
Good on you Halfpenny, however as the shares get cheaper and cheaper, perhaps we should follow the board none of whom have bought recently big time, I presume as they know the news is bad and the price falling, so we should wait till they buy which will be when they think good value, ie not yet….
Cwntamin won't do it as they can't afford to
Endeavour - $138million worth repurchased in FY-2021
Kinross - $100million worth repurchased in FY-2021
Also - Alamos, SSR, Anglo American, South32, the list goes on and on
And just announced for 2022
Barrick - proposed $1.0 billion
Agnico Eagle - proposed $500 million
Teck - proposed $100 million
These repurchases are on top of dividends -
So why hasn't Centamin repurchased shares yet?
Alternatively, why hasn't the BOD/CEO stated the current share price does not represent Centamin's true value?
Legit question(s) to submit for tomorrow's investor presentation
For those Centamin shareholders topping up at these levels - why? What bargain do you see that Centamin's BOD does not? Are you saying Centamin is undervalued and that the market in general has got its valuation wrong?
Added
I couldn't give AF about the divi and neither could 99% of the money - different for the boiled sweets brigade perhaps :)
It's all about Q3+ IMO ...
gold price peaked at 2072 on the 8th march 10 trading days ago ..... stop complaining and sell if you feel aggrieved.
Sotolo, yes costs have probably gone up $24M and added revenue has gone up $52 on a yearly average. It still works out $14M higher a year so the share should be around the 93p mark at $1915 gold.
Hi Dasut
I dare say some of us probably have a good stab at writing ta transcript of the questions that will be asked and the answers given, I would like to be proven wrong but I doubt there will be any revelations tomorrow (due to market regulations !)or dipping into pockets with the resultant rise in share price.
The BOD, Pardey & The El Raghy brothers run the company into near ruinations to serve their own best interests and now they have gone to ground whilst it seems that the next part of of the play is acted out by a well rehearsed salesman @ £2.5 million plus extras p.a..
An outstanding unresolved court case of over decade cost a 20% share price discount!
An unresolved diesel subsidy dispute of over decade worth $30 million!
A write down of $27 million for discarded Wet African assets ?
A $260 million bill for clearing up and making the Sukari works safe and fit for purpose?
A 50 % reduction in share price and dividend?
A market that as no faith n the Centamin management as a result of their past failure to carry out their responsibilities with the appropriate due diligence and a senior Sukari management that have proven to be professionally inept and less than truthful.
Well you have to be some salesman to sell this, so Martin has his work cut out, or is there another agenda yet to become apparent?
There has not been a 10 per cent drop in the gold price in the last 10 days. There has been announcement that the dividend is likely to be 45 per cent lower going forward.
so the decline the last ten days was as a result of a decision taken four days ago ... wow some people on the market are weird... nothing to do with the 10% drop in gold then huh ...LOL
I`m talking about around 20 per cent drop in the share price we`ve seen in the last ten days.
Yes but our costs have risen more than gold since it was sub 1790, plus our ounces are down, so our share price is not tied to the price of gold but the profit we can make. If gold rises but our profit falls then so does the share
The share price continues to decline in the face of the decision to cut the dividend. There is nothing new that Hogan can say tomorrow to reverse that unless he decides to put his hand in his own deep pockets but knowing him he won`t do that.
Thanks for your response. Hoping for a share price lift away from this low.
Asleep You can read a transcript of the presentations and Q&A's after the event on the Centamin website which is what I will have to do as unfortunately I have an appointment at 2pm tomorrow afternoon.
87p is "special" for sure but just might get a sniff of 83s IMO - let's hope so.
The only time the book value was less in the past 3 years was in April 2019 and at the December 14th low.