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Razors ...I wasn't invested around the time of the Endeavour bid so I don't know what lengths they went to , to thwart the takeover. It isn't unusual though for boards of companies to do everything in their power to prevent a takeover...the cynical view is the creation of two boards , cut down to one board ..guess who keeps their jobs . I did read that Endeavour pulled out because they weren't getting the cooperation they needed from the Centamin Board to complete their due diligence review .
Regarding Mr H, it seems there is a wide consensus regarding his expertise ..maybe I am being too hasty to judge and expect results ..
Fair points Cowichan ..thanks ..
Hi Candid,
I don't read anything ominous into the announcement. Shalateen has been around forever - digging around and giving jobs to freshly graduated Egyptian geologists - more researcher than developer until now. Egypt has state-owned/run businesses in every aspect of the economy so to me this a natural extension. That said, I think it's common knowledge these state run entities are notoriously bad at turning a profit. Will their gold miner be any different? Depends perhaps if they partner with the likes of Barrick/Centamin or indeed go it completely alone. Time will tell. Bottom line: I really don't think this has anything to do with nationalizing gold mining - look to the long standing Egyptian oil and gas sector as evidence.
1st. When Endeavour made an offer for Centamin (prior to MH’s arrival) a massive effort to protect the value of Centamin kicked into action. Was it Andrew Pardey behind the drive or the El-Raghy family.
I’ve been dealing in the stock market for at least twenty years and I’ve never experienced anything like the rns’s Centamin released during the Endeavour bid time.
At one time I considered deleting my rns alert.
I don’t know who it was but somebody worked hard to thwart the Endeavour takeover attempt.
2nd. Who made it their business to employ Martin Horgan as ceo. Seems a dumb question but I find it interesting that someone of Horgan’s caliber just happened to apply for the job.
I admittedly don’t have enough evidence of his success in the job but I also don’t see any wrong doing since he arrived. The company did tweet on October 27th that they had begun surface drilling at Sukari for the first time in several years. Maybe MH is trying to find a positive headline or is genuinely searching for gold elsewhere on the 10k meter plot.
Either way I’d be happy to hear a positive report of any discrimination, one that the market could not ignore being good.
Cowichan ...could this be interpreted as the Egyptian government's attempts to mine it's own precious metals rather than allowing " foreigners " the majority of the spoils ?
First general assembly meeting of IKAT gold mines
Minister of petroleum and mineral resources tarek al-mulla chaired the first general assembly meeting of IKAT gold mines company, which is responsible for the development of the commercial disclosure achieved by purely egyptian efforts.
Al-mulla announced the launch of an ambitious plan to start early production of gold commercial detection in the IKAT region of the eastern desert of egypt in the coming period in light of the high probability of the extraction rate of gold discovery, where the average concentration of gold is 1.5 grams per ton.
The disclosure achieved in the region of IKAT is promising, and promises positive results that increase egypt's gold production, with a reserve estimated at a minimum of more than one million ounces of gold, and a total investment exceeding the billion dollar barrier, and is the product of pure egyptian investment in gold exploration and exploitation through the egyptian company Shalateen, which is witnessing a successful partnership and fruitful cooperation between a number of sectors of the country, thus making it the third company in egypt to extract gold and minerals accompanying, al-sukkari gold mines company and hamsh misr gold mines company are currently working.
Al mulla added that the launch of the first meeting of the company is one of the fruits of the program of the ministry of petroleum and mineral resources to develop and modernize the mining sector to increase its contribution to the national product, and directed to take all necessary measures to establish facilities and infrastructure with high efficiency and to abide by all possible controls and requirements to achieve security and safety for operations, facilities and workers, under the clear vision to be the new company with its system and the results of its work and exploit the accumulated national expertise and commitment to the mineral wealth authority and partners and cooperation building with state entities and developing the community surrounding the concession area to establish a successful model in the field of mining.
During the meeting, dr. mohammed al-assar, president of IKAT, presented the procedures that have been carried out since the announcement of the disclosure and so far from continuous drilling work to increase reserves and establish facilities and infrastructure of extraction facilities, equipment and factory and pave the necessary methods for production, pointing out that the adoption of the company's work system and its launch will give a strong boost to the new company in the way of achieving its objectives.
https://m.facebook.com/story.php?story_fbid=202114248770221&id=100069149411340
---------------------->>>
My Thoughts:
While having a State run company is nothing new for Egypt - it will be interesting to see how aggressively they pursue other areas to explore. Lots of questions come to mind like how competitive will they be at attracting/ret
I have read all of your posts with interest, which have illuminated the different stances people have for the current CEO
I have commented previously that it's right he be given the opportunity to turn things around , but it's natural also, that the honey moon period will have to end at some point .
During my career, that period was 12 months , because that is when the year on year comparisons that take place , are now being made on your ' watch '
Mr H will have a golden 4th quarter comparison between this year and the 4th quarter of 2020 because in the 4th quarter of 2020 there was less than 70,000 ounces of gold produced ...production in the current (4th quarter ) should be around 100-110,000 ounces , which will throw up a 50 % year on year increase ..I am expecting a large uptick in the share price upon the release of this news in early January .
Once the 2022 year gets underway though , the year on year comparisons will both relate to his tenure and the honeymoon will be over
I fully understand your position on this Mr T but I am with Spoonington on this one .. just how long does Mr H need to get production levels back to where they were , and what is his timescales for future growth beyond that ?
Yes, I know they are difficult questions to answer , but those kinds of difficult questions were the ones I used to get asked when I was a new FD ..and I raised them at every internal board meeting until accountable commitments were made and jointly owned .
I am asking for no more of Mr H
Notwithstanding the difficulties involved in setting future targets where gold mining is involved..the opposite of that i.e. not setting any targets is the road to nowhere .
We all know what the targets are for the next 3 years .., the year 3 target is still less than 500,000 ounces , I was a little dismayed to discover that the 500,000 ounces minimum annual targets in the future are to be abandoned in favour of a new ' value' ounces target .
Can anyone advise me what ' value ' ounces are and how they differ to the old physical ounce metrics ?
I have put this question to the Centamin board along with the question regarding what their targeted production levels are, for the 3 years following the current 3 year reset plan
Let's see if the question is raised at the upcoming presentation ..it wasn't included in the last one .
I think you have done the right thing Steve ..the big money has already been made with Bitcoin now imo
People who got on the Crypto bandwagon in mid April are yet to get any return .
For me , it's all about timing now ...in and out stealth moves during peaks and troughs...if you are lucky enough to call them correctly .
Death of the youngest President of an Africa Country:
An autopsy on the supposed remains of Burkina Faso's iconic ex-president Thomas Sankara, who was killed in a 1987 coup, showed he was 'riddled with bullets", a lawyer said Tuesday. At least eight people have allegedly been charged with his murder. Otherwise his death was originally recorded as being due to natural causes (gulp)
"In terms of the (gunshot) wounds, what was found in relation to Thomas Sankara's body is really mind-boggling. You could say he was purely and simply riddled with bullets," Ambroise Farama, a lawyer for his family, said. It is obvious a French lawyer said. Natural cuases!
One can see how views differ
the gnome
https://www.aljazeera.com/news/2021/10/7/burkina-ex-leader-compaore-to-snub-trial-on-sankara-assassination
and the french wonder why they are hated in west africa....
the gnome
One of the fringe benefits about living in the intellectual (central banks) world is that you dont have to worry about reality? The real world is just too tough/complex, so we make it simple, then derive even simpler models, then make predictions, and then become amazed when the predictions from the simple models don't predict reality... Really?
We introduce definitions, assumptions and verbage. Core inflation and Non Core inflation.
And where is the inflation that hits your pocket ? ...> in both core and non core? So the point of the distinction is what?
The annual rate of inflation in the United States hit 6.2% in October 2021, the highest in more than three decades, as measured by the Consumer Price Index (CPI)
Brisk demand for goods, disrupted supply chains, temporary shortages and a rebound in travel have pushed 12-month inflation to its highest readings in decades. Core inflation, which excludes volatile food and energy prices, rose 4.1% in October from a year earlier, according to the Fed’s preferred gauge. WHAT WAS THAT ABOUT A 2 % PER YEAR TARGET? AND THE SOUTH AFRICA VARIANT AND ALL OF THE OTHER VARIANTS YET TO EMERGE ARE COMING AND WHAT EFFECT DOES THE MODELLING SHOW FOR THESE "UNSEEN DEVELOPMENTS", ... AS PREDICTED BY THE LAWS OF REALITY. VIRUSES MUTATE- CONTINUALLY?
If you cannot engineer inflation down, then at leat you can redefine it, and talk it down...
TIP. REAL WORLD, REAL ASSETS, VERY SOON .... GOLD IS NOT A BAD PLACE TO BE FOR ME .
all from the southern colonies
the gold gnome
PS. So much is sacrificed in the name of trying to manage volatility (think derivative industry)
Interesting appointment to VP Fed, make me wonder what happens when inflation goes up significantly and interest rates dont ...
"President Biden’s decision to nominate Lael Brainard to become Federal Reserve vice chairwoman elevates a veteran policy maker and economist who has been a strong ally of Chairman Jerome Powell on the central bank’s boldest policy decisions during the pandemic.
Ms. Brainard was a key adviser to Mr. Powell as the Fed scaled up emergency-lending backstops last year, and she provided influential intellectual support for his effort last year to revamp the Fed’s policy-setting framework. Under the new framework, the Fed set aside its practice of raising rates to pre-empt inflationary pressures and pledged to keep interest rates low to foster a faster and broader labor-market recovery."
Might need some additionall real world support, rather than the intellectual stuff?
Tip? Get into real assets quick
the gnome
People may or may not be whomever they so choose on internet forums such as this so assumptions may,or may not be right.
However I also want to see results, but that said surely such a huge and potentially hazardous operation must be expected to take time and according to the information available open pit clearance work is ahead of schedule?
I appreciate that some newer share holders are possibly frustrated and feel the need to let off steam as it were, although I don't recall ever claiming to be a mining professional, but I am fortunate to be able to call on other's who are and they seem to think that things are being now being done in the correct manner at Sukari which I find most reassuring
Martin Horgan has a proven track record and is highly respected in the gold mining industry, from your comments it seems that you know either very little or nothing about him.
If you are as experienced in mining as you claim then perhaps you would like to enlighten us less experienced of how you would have tackled the problems at Sukari and in what time frame you would have completed the work?
You will have the opportunity on 08th Dec 2021 during the Q&A session of the webinar to put your questions to Martin Horgan regarding your frustration regarding the time the remedial open pit work has taken.
Or if you prefer there is an invitation on the Centamin for investors to submit their questions prior to the next webinar and you can be assured that all investors questions and suggestions are read and are taken seriously, although as you are most likely aware we are in closed period now until after the 08th Dec 2021
i appreciate that you don't care to learn anything about the man who is now the CEO of the company you have invested in, although if you knew a little about him then it may help you to understand his methods of working and his strategy for the future.
As you may be aware there are several long term holders on here who are former mining professionals and one of them has extensive working knowledge of the actual Sukari site, so I am sure that he would be able to understand your alternative operational strategy to restore the site to full production.
Despite many of us not being fortunate enough to posses your claimed experience or understanding of the mining industry and likely not understand all the technicalities of your proposals, we are keen to learn and no doubt all share holders would be delighted if you were able to come up with a more efficient, possibly faster way to restore, or indeed improve the future Sukari production output.
Whatever its always good to be able to learn from other members knowledge and experience on all manner of subjects posted on this forum.
Hi Mrtibbles
Your arrogance indicates a lack of knowledge of mining engineering. I have ample direct personal experience and am fully aware that these things are not fixed overnight but we are not talking about overnight we are talking close to 2 years during which in my opinion the progress made in rectifying the issues has been poor.
I care not a jot for Horgan’s intent nor your opinion of him, I want to see actual results - as a shareholder whose money is used to pay his generous remuneration package I consider I have a right to expect this.
You may have a different opinion to me & I do not object to this but please refrain from directing sanctimonious jibes towards me concerning matters of which you clearly have little experience or knowledge as my response will be of similar ilk.
The catch word is stewardship, I believe, perhaps Elon is aware of the concept?
There was a time when Apple took a strong stance on mineral sourcing stewardship, but thats a tad inconvenient. It seems to have died (conveniently), and morphed into environmental stewardship, recycling what has been mined, water stewardship, and energy stewardship of sorts. Full responsibility will come, and by all.
https://www.apple.com/au/environment/
The LBMA has a gold stewardship program..up to v9 now ... so moving forward
https://cdn.lbma.org.uk/downloads/responsible-sourcing/Responsible-Gold-Draft-Document-V9-Draft-Consultation.pdf
, which is great in some ways, especially if you in the gold business in Dubai.
World Gold Council has some guidelines ///
https://www.gold.org/about-gold/gold-supply/responsible-gold
the gnome
thanks Mr T
Its not as if the US hasnt been told about the shorticominngs of their foreign policy..several times, in several languages ...
but they keep repeating the same set of actions, thinking there will be a different result ....
https://www.amazon.com/Dismantling-Empire-Americas-American-Project/dp/0805093036
best
the gnome
Exactly Cowichan
Its a highly leverage investment of not much, to attend a networking function puts aface to a name to a company, and breaks down barriers ... does suggest arrogance, or aloofness of some sort, and that is a sign of short sightedness, naievity or stupidity, or combinations of the lot.
the gnome
Why should CEY bother with clubs.
It's media rubbish.
Thanks for all the companies who have attended the Mining Monthly Club meeting sponsored by MSA-GPG, looking forward for a bigger Mining Club members in the future.
https://www.linkedin.com/posts/mostafa-talaat-1b436425_egypt-investinegypt-exploration-activity-6870067732604321792-2kaJ
MSA-GPG was delighted to host the Monthly Mining Club event November 2021 at Crimson in Zamalek, Cairo, Egypt.
We would like to thank (Barrick, La mancha, AKH Gold, Lotus Gold Corp, Aton Mining, ANKH Resources, EDG, GEODRILL, ALS, Oxford Business Group, Vermeer, PAS, United Experience.) for their participation.
The Egypt Mining Club is a
Social networking event gathering lots of Egypt’s mining active companies and considered an excellent source for sharing new perspectives and ideas and discussing the latest mining trends in Egypt.
#egypt #investinegypt #exploration #goldexploration #mining #egyptmining #goldpyramidgroup #themsagroup #MSA-GPG
https://www.linkedin.com/posts/gold-pyramid-group_egypt-investinegypt-exploration-activity-6870067295348113408-UwsQ
------------------------------------->>>>
My Thoughts:
No mention of Centamin in attendance. WTF? Are we not the first and only commercial gold miners in the freaking country? Do we not have the lion's share of concessions? Perhaps it is just fluff but fluff is sometimes what it takes to secure info and connections. And besides, it's not like Centamin's focus has been anywhere but Egypt.
Maybe some of us should attend as shareholders in management's absence? Schmooze along side billionaire Sawiris. Who's in - I'll book the tickets!
The first core from our phase II diamond drilling program at Rodruin is in the core shed!!
Here, one of our experienced geologists is teaching one of our new graduate geologists how to log geotechnical data.
#mining #exploration #gold #egypt
https://www.linkedin.com/posts/aton-resources-inc%2E_mining-exploration-gold-activity-6870015871088111616-3pTz
Hi Viking,
I've not yet discovered who SW Mining is (i.e. private, public, government) but I wouldn't expect results for at least a couple months. And if it's the Egyptian government then maybe never.
Hi MrGnome, the US has never bothered really try to understand why the Twin Towers were attacked in the first place, or that it could possibly be in any way due to long standing frustrations directly related to American foreign policy and manipulation of the worlds markets other nations economies.
No instead the US behaved in its usual manner of a military invasion of another country and told lies to its allies to get them involved, as usual the US campaign was a waste of lives and money for all concerned until the lunatic Trump decided to pull out and leave the messes of fleeing migrants for its allies UK & Europe to deal with.
Hi Spoon ,
I feel pretty certain that some of the former mining industry mining professionals and long share holders might well enlighten you as to the complexity of the challenge the open pit at Sukari presented, there was no quick fix.
At least now we have a CEO who is intent on doing the job properly!
Quite so Mr Gnome the crowd don't have time for research of the full facts on anything!
The names Tesla, Renault and Volvo mean nothing to Pierre*. He has never heard of an electric car. But as he heads out to work each morning in the bustling, dusty town of Fungurume, in the Democratic Republic of Congo’s southern mining belt, he is the first link in a supply chain that is fuelling the electric vehicle revolution and its promise of a decarbonised future.
Congolese workers describe a system of abuse, precarious employment and paltry wages – all to power the green vehicle revolution
https://www.theguardian.com/global-development/2021/nov/08/cobalt-drc-miners-toil-for-30p-an-hour-to-fuel-electric-cars
https://www.theguardian.com/global-development/2021/nov/08/cobalt-drc-miners-toil-for-30p-an-hour-to-fuel-electric-cars
https://unctad.org/news/developing-countries-pay-environmental-cost-electric-car-batteries
https://www.amnesty.org/en/latest/news/2017/09/the-dark-side-of-electric-cars-exploitative-labor-practices/