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European stock exchanges traded deep in the negative territory in premarket trade on Monday after governments across the continent took, announced or reportedly discussed steps to address another resurgence of the coronavirus pandemic. Over the weekend, the United Kingdom revealed that Foreign Secretary Liz Truss will replace David Frost as London's chief negotiator in talks with the European Union.
The DAX dropped by 1.92%, London's FTSE 100 was down 1.54%, while the CAC 40 fell by 2% at 7:32 am CET.
The euro was up 0.14% compared to the dollar at 7:36 am CET, trading for 1.12526. The British pound was 0.13% lower against the greenback, changing hands for 1.32180 at the same time.
Baha Breaking the News (BBN) / MS
Happy Monday y’al
My apologies Mr Bond you are quite correct I was looking at early days, I still say good luck to him - in my view Centamin is still worth & will eventually return to those levels.
Sami devoted a huge portion of his life establishing Centamin raising the capital, fighting various battles with the Egyptian government, setting up the mine, etc., he and in turn his family are fully entitled to the profits they made.
As for it being at the expense of shareholders, for me Centamin has been the second most profitable share investment I have ever made, I would suggest that you failed to take profits when the price was very high & are now crying over spilt milk & looking for someone to blame - this is a basic error in investing & you should chastise yourself not others!
Anyroad, if you are such a long term shareholder that you keep banging on about you are still at several times multiple on this share & have nothing to whine about.
Enjoy the lack of stamp duty, buy on lows, sell in highs, and trade this share. That's my approach and only pile in when the price has plummeted. At least there's gold in them there hills.
mrtibbles,
My advice to you, sir, is, "get over it and move on" with your obvious angst here. AIM and LSE regulators have shown scant interest over the years in conducting forensic examinations of management "best practice" or even the wrong side of the regulations. You need to figure out if your investment capital is going to grow in real terms from the here and now, not some historical irksome starting point when trouble a'mill was uncovered. Look forwards, not backwards.
Hi Bob& Liz,
Thank you for the advice, given the gravity of the circumstances the upper case seems most appropriate!
I have noted your advice an wonder now what is the best course of action for share holders?
Possibly in the first instance they should write to the CEO & or Chairman and ask for an explanation why the non executive directors have failed to discharge their duties and responsibilities as they should?
Also should the appropriate regulator be copied initially ?
Or should the regulator be asked to investigate in the first instance?
Also and this is no defense, the BOD in Jersey claim to have been unaware until the recent pit wall crack that they were unaware that the open pit waste wasn't being cleared as it should have been over several years .
From their statement it seems the were dependent on whatever Pardey & co wanted to tell them, hardly ideal for share holders, but excellent for those running the pyramid ramp up schemes at Sukari
So that said it's hardly likely that the executive directors would have raised any initial concerns, however now the fact's/failings at Sukari and their impact on share price and company profits are known and yet they appear to have done nothing, it certainly questions their worth and suitability for post.!
Possibly share holders should ask some of these questions during the next quarterly Webinar market update?
I won't go into detail on an open forum, but I know the new management just want to get on with the job in hand are keen not get involved in the blame game, that accepted it is annoying /frustrating to say the least that that the previous management have done very nicely indeed by misleading the share holders and it seems they will get away with it.
Spoonington,
You really need to do some research into what has been going on with Sukari over the past decade and it's pretty clear the El Raghy family have done exceptionally at the expense of the share holders.
You may care to check up how many mining companies appoint former police captains as general mangers of their gold mines.
Far too much family nepotism at Centamin!
Mr Bond is quite correct in his statement.
Spoonington take another look he sold many millions in the 170 s.
Josef sold his shares at around the 1.35 mark, a long way from the top.
The sale maybe does not look the best but maybe he wanted a change in life and wanted to cash out, completely understandable & his prerogative.
The repeated insinuations that he entered into high grade ramping & then sold out at the top is contrary to the facts & belongs on a conspiracy theory site.
https://www.linkedin.com/posts/don-lawson-98619370_burkinafaso-gold-mining-activity-6878085630694449152-s3zp
A graph is on the link.
Summary: Doropo is larger than most BUT with zero valuation. Why some mining analysts downplay the significance of Centamin's West Africa growth project(s) is suspect IMO
And there is the next episode .
Where thid come from?
Brilliant ,
Apparently the Konkera (Batie West) mining permit is a twenty (20) year permit - and was signed March 5 2015 #mining #BurkinaFaso #gold Centamin PLC
https://www.itie-bf.gov.bf/IMG/pdf/15-227_octroi_konkera_sa.pdf
https://www.linkedin.com/posts/don-lawson-98619370_15-227octroikonkerasapdf-activity-6878040343296798720-VtAR
After 10 years of this company ,it's surprising there are so many sane long termers left.
Or are there, possibly more than likely masochists .
And likely many passed on.
Bless em.
Still it'slike a Soap Opera ,compulsive.
What next ?
Hi Tibbs
What you say has a lot of merit. However can I add that the Executive Directors have the responsibility to profitably develop the Company but , and this the killer for me!!! The NON EXECUTIVE DIRECTORS ARE APPOINTED TO SAFEGUARD THE SHAREHOLDERS AND QUERY THE BOARD OF EXECS IF THEY FEEL THIS HASS NOT HAPPENIED!!! Their remuneration for minimal effort and work is well documented and HAVE FAILED IN THEIR PRIMARY OBLIGATION. The role of the Non Execs need to be examined in this context in my opinion although they will and or have swanned off to some other lucrative minimal effort company/companies. Apologies for the capitals but does mitigate somewhat my disdain for these leeches on the bosom of many Companies.
Bob
Hi Cowichan,
As a share holder you are entitled to call the management to account, even more so when your concerns are ignored, as has happened all too often in past!
That said, I think many of us long term share holders have also been blind cheerleaders because we tend assume that the directors of the company possess integrity, respect the trust the company shareholders place in them and so act in their share holders best interests!
Had the previous management behaved as it should have done in regard to your questions then you would have no need to have to resort to social media!
Thank you for all you do!
HI Mr Bond,
Absolutely correct, also you may recall when I questioned Josef's share sales the reason offered was that this was all part of Josef stepping down from being chairman as he was going to take was that Josef was now going to take muck more of a back seat now!
But then Youssef was Sukari general manager and he sold his free bonus share's supposedly for property development, what sort of commitment does that show, none at all!
I was also told in the past that the El Raghy family were great supporters of the dividend policy , understandable when considering how many shares the family held.
The El Raghy brothers and Pardey were running Sikari like a pyramid scheme (high grading) and they betrayed the share holders trust, but then Josef was a former stock brokers and Youssef was a former Egyptian police captain!
I record quetions being asked of them as to Joseph selling many shares.
The answer was he has many more in the company, a poor response.
It did not stop him, until ha liquidated the majority.
Now from what I can see he sold the lot at the top.
Very poor PR.
There I have no confidence. Too many conflicting obligations and info from all.
Thank you Rebess, of course I see your point.
After previous ,lies/subterfuge , understandable.
But at this point with the previous faults being rectified ,one has to have some confidence in the current Senior Management.
Patience has been worn thin, but now a little more is needed.
Horgan and BOD ,though costly, did maintain the promise of divided, many would have not.
Thank you for your reply.
Hi Mr Bond,
I agree, it took a narrowly averted catastrophic pit wall disaster to expose the cracks in the glossing over the true facts that Josef,Youssef and Pardey had been party to sice 2015.
I question Pardey in 2018 on a telephone Q&A session about the high grading that had been flagged up by Kees Deker in 2015 & 2018 , Pardey denied all knowledge of the reports and he agreed that I should forward them to him and that he would reply to me.
After I sent the reports to him he ignored all further correspondence from me.
As a matter of interest when the first 2015 report was published Pardey claimed to Seeking Alpa Kees Dekker had used the wrong data , subsequently Pardey entered into dialogue with Kees and agreed to send the correct data, despite several requests from Kees to Pardey for the correct data all communications ceased.
As share holders we quite understandably assumed that Pardey had integrity, he was the senior director on the job and that he would have been telling the truth, possibly the Jersey board assumed the same, or just chose to for whatever reason!
Unfortunately we are now well aware who was telling the truth!
Just after the RNS on the pit wall I was told that until this occurrence the Jersey BOD were unaware of the complete failure to clear waste in the open pit for several years.
So proof of your point about the board being so far away.
But then if you recall there were several brokers analysts site visits over the years from 2015 on and to my knowledge not one of the analysts ever raised any concerns over waste clearance,, so just how much do these brokers analysts really know about mining?
Good morning Mr Bond
Apologies for delay in responding.
My concern would only be linked with the coincidence that Centamin assets were being transferred to a company with links to Centamin's own CEO. - In such circumstances, not unreasonable for eyebrows to be raised, don't you think?
Good morning ,and thank you for your courteous answer.
My only concern is how many Senior ,___competent ___managers are "Hands On",on site.
Jersey is remote.
The past problems were in part caused IMO partly by remote reorting.
I hope in retrospect this has been resolved.
I trust now this has been resolved.
Enjoy the weekend all.
Rebess - I haven't followed Resolute (who picked up Mako mine from Toro) closely but it looks like they've had a complete overhaul of management with CEO, COO , secretary and some directors all jumping ship recently. So I doubt there would be any funny business happening in regards to our West Africa assets.
As a side note I think Resolute's management change was in response to the recent poor performance of the Mako/Toro acquisition - that mine's AISC has gone through the roof as production fell precipitously - in hindsight it was fortuitous that Mr Horgan and team sold the mine in 2019 (good luck or what?)
MrBond - I'll be the first to admit I've been harsh in my criticism of Centamin - to be fair though I think I've been a rather blind cheerleader for the better part of a decade
Bottom line I do think Centamin' prospects are bright - there is vast potential in Egypt as well as West Africa - I just want to try and hold the BOD to account in terms of setting goals and delivering in a reasonable time frame
Have a good weekend all!
Rebess would you be concerned,and why, reasons dear lady.
Glad to hear your boost of confidence.
Moralle here has been dropping to levels that are ridiculous .
I began to think deliberatly induced by outside agencies.
About time we all look at the reality , lifes too short.
Next weeks trading will be much reduced by christmas .
Then a New Year, which would seem cannot be worse than this year.
I still live in hope for the future.
All the best.
Hi Cowichan
Would you be concerned if it turns out that Toro are in the running to to takeover Centamins Burkino assets?