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MrBond46
You wonder why I stay with Centamin? I seriously doubt you spend more than a second thinking about me - and more to the point - less time than that thinking about your responses to my posts. If you don't approve of my criticism of Centamin's lack of disclosure I have to ask why?
As far as me contradicting myself in point one and point two - also please explain? Is it really that difficult to comprehend my request to have a maiden reserve published for Napelepera & Wadaradoo?
I endure all your rants about nothing - please allow a serious concern to be aired without constantly rushing to defend Centamin's BOD's or reminding me my complaining will accomplish nothing or telling me I should invest here or there.
Filter my posts from now on because your rush to censure any concerns I raise is getting old.
Seems to stuck in this trading range with no sight of a breakout, very frustrating
Bargains are sometimes not all they first appear, ask yourself do you trust Fres anymore than CEY or any other mining company?
If so then good luck with your decision!
If you are so enthusiastic buy END ,they are on LSE and Toronto from today. :-)
Problem being Sawiris , one minute suave ,next minute ruthless.
You going back years have been fiercely critical of CEY. Especially previos management, who in retrospect deserved it .
As you only post on CEY, I sometimes wonder why you have stayed so long.
From encouraging share buy backs to Batie West, you are unlikely to influence the BOD or many LTHs.
Your previous post in point.1
You want full disclosure of B/F.
Then seem to contradict yourself in point 2.
Complaining of publishing information.
Enjoy your CEY dividend tomorrow.
Good night, at least it is here ,with mozzis biting unfortunately.
Hi Cowichan,
I can understand your frustration and agree in the past the board haven't behaved as they should have done towards shareholders and I agree entirely the promised information/resource updates you have continued to ask for should have been forthcoming long before now.
But I'm afraid "Flogging a dead horse " comes to mind as far as getting the support you need to pursue this, even if all our board member's joined the cause many,many more and funding for legal costs would still be needed,even then the system is loaded against small investors and the majority will never stick together to present the case by following the correct procedures.
As you point out some mining company will develop those reserves, but I really don't think Centamin have the will, possibly not even the right attributes or abilities to do it based on past record, let's face it they haven't exactly shown great professional ability in running the Sukari operation properly otherwise it wouldn't have been in danger of disappearing under a pile of waste.
How many times did Pardey mislead even deceive share holders about the Sukari grades, guidance and operational issues, I've certainly lost count, so why should we be expected to believe in these other potential reserves, how many more years and how many more millions of dollars to chuck into another money pit of promises?
I have really lost any confidence in Centamins intention or ability to develop these West African reserves, better that another miner takes them on.
That is of course just my opinion and I respect yours as you are well aware.
Naguib Sawiris (La Mancha owns 35% of Altus) is making quick progress with his recently granted Egyptian concessions. Not a 'time waster' that man...
------>>>>
“We are delighted to welcome Amilha, David and Boubacar to the Altus team. The appointment of such high calibre individuals reflects our strong progress and growth trajectory, with numerous project and royalty activities underway across multiple jurisdictions..."
David Hall - Strategic Advisor (Egypt)
Mr Hall is an economic geologist with over 35 years of experience in the exploration and mining sector and has worked on and assessed exploration projects and mines in over 55 countries with both major mining companies and in establishing exploration & development companies. Mr Hall is the Chairman and co-founder of AIM and TSX-V listed Horizonte Minerals Plc and was the founder of Stratex International plc, an AIM listed company that discovered the Oksüt gold deposit, now in production with TSX listed Centerra Gold Inc. He has extensive experience in the Arabian Nubian Shield commencing in 1985 in Sudan and subsequently with Minex Minerals Egypt, when he was based in Cairo from 1986 to 1990. He has also reviewed projects in Yemen, Eritrea, Ethiopia and Saudi Arabia. Most recently he was CEO of Thani Stratex Resources Limited which defined a resource at the Anbat gold project in the Eastern Desert of Egypt.
https://www.altus-strategies.com/projects/wadi-dubur/
https://www.altus-strategies.com/projects/wadi-jundi/
https://www.altus-strategies.com/projects/bakriyah/
https://www.altus-strategies.com/projects/abu-diwan/
------------------------------->>>
My Thoughts:
Interestingly these projects are all classified as: Deal Partner: Available
suggesting Altus is wanting/willing to take on partners to develop these concessions.
Sawiris certainly understands the mining business is about taking on a certain amount of risk, those who are invested in Centamin and are satisfied with the pace of our BOD's development (or should I say lack of development) may want to consider the price of doing nothing can sometimes be more costly than embracing risk. This will become apparent as more companies take risks in Egypt.
The ASGM sector is a driving force for rural economic development in Burkina Faso. It employs over 700,000 miners across more than 243 legal mine sites and at least 200 informal, not-yet legal sites, with roughly 2 million people providing supportive services. Burkinabe miners have an annual income of around $2,500 USD, which amounts to roughly 135 grams of gold per miner per year. These miners are working just above a subsistence level of existence, but also earning substantially more than other agrarian alternatives.
ASGM is known for its informal nature. This directly impedes it from accessing formal markets and better prices because the gold produced struggles to meet international regulations, and rarely moves through traceable supply chains. Mercury use is one part of the challenge. According to Burkina Faso’s National Action Plan the Burkinabe ASM sector uses 35 tonnes of mercury per year
---------------------->>
My Thoughts: Better to encourage companies like Barrick, Endeavour and Centamin to get involved with modern mining practices than allow unrestrained growth to destroy the environment. The mercury released alone is a slow motion catastrophe
http://www.mercuryconvention.org/Portals/11/documents/NAP/PAN_EMAPE_Burkina-Faso_April2020_FR.pdf
https://europeanpartnership-responsibleminerals.eu/news/view/ddf7e309-b6e3-473e-987d-818084793b2e/project-peek-burkina-faso-scalable-trade-in-artisanal-gold
Gnome - you can attribute the initial discovery of Konkera to whomever you like - the local artisanals certainly were the first to dig & find gold - my point is Centamin has failed in:
1) keeping shareholders informed as to exactly what the issues to be sorted are in developing Konkera. The fact that you have to speculate is proof they are not doing their job. MrBond et al can apparently think of many reasons shareholders should be kept in the dark about development decisions but that's not the typical rationale of a competent investor. Why Centamin needs a resident chat board apologetic is certainly telling.
2) publishing a maiden resource for the large deposits surrounding Konkera i.e. Napelepera, Wadaradoo, etc. This failure is particularly appalling - especially as it is in the best interest of shareholders to attract the highest bidder for assets should they be jettisoned.
https://twitter.com/DonLawson_/status/1399797235747942401
One last thought - it never ceases to amaze me there are souls on this chat board who will gladly believe and repeat what amounts to conspiracy theories regarding the suppression of our share price by secret agents and/or devious market practices yet are unwilling to pursue questioning the BOD's withholding of key data on concessions we have paid for exploring as shareholders.
For dividend reinvestment tomorrow
Thank you Mr Bond,
I really can't see the point in any of them now, whilst money and time has been spent on what might be in other areas of West Africa when what we do have the Sukari hasn't been managed properly and as a result is now in limp mode with Centamin's share price half of what it was around 12 months ago.
The situation in Eygpt and mining law for new concessions and the attitude towards investment from foriegn companies has changed dramatically from what it was when these other satellite exploration projects were started, opportunities that are easier to exploit in a known and more stable jurisdiction must weaken very considerably the Centamin business case for expanding into these other potentially unstable and unfamiliar Wests African regions.
So time to sell them to others or just cut the losses,mothball or dump them is most probably the best option.
But whatever getting Sukari firing on all cylinders should be the overriding priority in my opinion!
Mr T, with a life of mine of just 8 years, I would question this project.
AISC could go either way depending on Oil prices , war and many unseen problems.
So I would agree.
Much better look at other prospects first.
I can understand management staying quiet for more than one reason.
Especially if they plan off loading it.
If they get a licence, it could be very long and drawn out ,getting to a decent profitable production.
I am sure many will disagree, we all have our own views.
Disagreement is healthy, the right choice is difficult ,without management analysis.
You can be sure the BOD has been through the risks and benefits.
Mr Gnome, thank you for the benefit of your experience in these specialist exploration matters.
Forgive my limited understanding of these very specialised mining matters.
As a share holder in Centamin I must ask why on earth spend (or waste) so much money on what appears to be an a project with no return?
Why waste any more time and money on a project that is likely to be fraught with ongoing problems?
Sub contract the work out if a sizeable return is likely in a reasonable time scale, but not another 10 years!
If Sukari was running as it should, the outstanding issues were settled amicably and the outstanding details on the potential new concessions were all sorted then I might understand the justification in some of this other exploration, as it is I can see little justification in carrying on with any more of this pointless but expensive hole drilling!!
There is a lot of sells ,,100 200 300 going through, I wonder if someone is trying to keep the SP down.Nothing would surprise me ,at this point in time.
Thank you Astro,
What the June 28 date does represent is the bigger picture and that is the BIS would have set the ball rolling for Europe, with the line in the sand being sufficient for ramifications for the LBMA to throw in the towel!
Once the NSFR is implemented there is no turning back for London and its 95% unallocated shady paper trading games should come to an end towards the end of 2021.
So despite the LBMA's protests for spacial treatment because it is so essential to the worlds precious metals markets and a blagged exemption from Basel 3 compliance until Jan 2022 due to Covid, (now pointless because Europe will be complying on time)the LBMA is being relegated to it's rightful place down to the bottom of the lavatory pan and into the sewer!
Another fine mess for Boris post Brexit!
https://www.investing.com/analysis/gold-shift-of-power-from-west-to-east-200585010
Mr T
the exploration was compromised, which can oftne be the case, when you are a junior and the brokers and analysts are barking (mad?) at you. having to manage an influx of 5-7 RC drill rigs, plus auger rigs, plus geochem sampling crews in locality which might be 1 or 2 bus stops from the end o the world is a tough thing to do. Personal experience.
best
the gnome
Hi Mr Gnome,
From you explanation it seems that the exploration was an a bit of a poorly run half baked effort that cost rather a lot and has delivered very little to date ?
Or have I misunderstood?
Hi RedSparrow,
I have a friend who retired 5 years ago rom running his own dental practice of 35years, the final straw was because he felt that successive governments were now denying patients so many procedures on the NHS and forcing them to go private despite them having paid their NI contributions.
The NHS and the steady increase of patient charge bands started in the nineties and has carried on until as you point out there are now limited choices of treatment on the NHS.
I broke a tooth just after the start of the pandemic and after around 8 months managed to get an NHS appointment for some emergency treatment (band 2 £65 ), my new dentist who is excellent gave me the choices and his recommendation was a gold crown because the tooth above was already gold, or the NHS (band3 £282) chrome gold coloured crown which would be less inert, more sensitive to temperature changes and last around 50% less time.
So I went for the gold crown which including the initial Band 2 NHS X Ray and tooth prep came to £685.
https://www.nhs.uk/nhs-services/dentists/dental-costs/how-much-will-i-pay-for-nhs-dental-treatment/
Unfortunately the way that the successive government have systematically cut what Dentistry costs are covered by the NHS and indeed other things such as opticians charges and prescription charges gets very little if any media coverage, although the many of the general public will complain to their dentist , (who is actually on their side) but never put their complaint in writing to their MP
How often are dentistry costs featured in any political manifesto, yet increasing what the NHS patient pays has been yet another very effective stealth tax used by successive governments.
If this were not bad enough the government is now cutting the range of routine procedure that that are available on the NHS and increasing waiting times for what is available and blaming the pandemic rather than than admitting that their failed policies and ineptness are to blame!
Thanks Cowichan...I happened to meet Caigen Wang of Tietto in Cape Town a few years ago just before the TIE IPO and invested at that time. The BOD has been strengthened since then with the arrival of Paul Kitto and the newsflow for the rest of 2021 will be interesting. Also invested here and looking for a decent return by the middle of 2022.
Yes, Mr Tibbles, it's going to take a lot more than pot banging to save the NHS. The government has run out of other people's money, and the retirement age has been increased, dentistry is nearly all private (although I do have an NHS dentist but treatment is limited) and NI contributions are still required.
Which way with gold and Centamin this week? I feel the time is near.
The sun's o'ercast with blood: fair day, adieu!
Which is the side that I must go withal?
I am with both: each army hath a hand;
And in their rage, I having hold of both,
They whirl asunder and dismember me.
King John
William Shakespeare
(A play, not poem, but my Monday contribution.)
I'll bet the air pollution in Cornwall rose while G7 was ongoing.
;-).
Good morning RazorsEdge, and all.
Lets hope for a good week, fingers crossed.
Major European stock markets posted gains on Monday following the 47th G7 summit during which member states agreed to reduce gas emissions to zero by the middle of the century. At the same time, the G7 condemned Russia's and China's human rights and trade policies.
Meanwhile, multiple reports over the weekend claimed the British government will delay fully lifting coronavirus-related restrictions in England by up to one month. The tensions between London and Brussels regarding the Northern Ireland Protocol continued, with Prime Minister Boris Johnson warning his government could suspend the deal if the European Union continues to apply it "in this way."
The DAX rose 0.10% at 8:01 am CET, while the FTSE 100 climbed 0.25%. The CAC 40 advanced 0.26%. Both the euro and the pound stood slightly in the red against the dollar to sell for 1.21044 and 1.41125, respectively.
Breaking the News / ND
Thanks Cowichan
I would beg to differ. If one looks at the time lines of Ampella and the Batie discovery you will see
1. Batie was in fact detected before Paul Kitto joined Ampella by regional targeting off the country wide aeromagnetics, local geological knowledge provided by Dr Morour Francois Ouedrago who happened to have done his PhD in the area in 1987 during which he noted the structural controls and wide spread alteration associated with the gold occurrences that were detected originally by artisinal miners and then mined by the French in a small (think wheel barrows) way (1950's?), then follow up stream sediment sampling by Ampella pre-Kitto. Ampella had got ground in the area (2007) as one can see by their prospectus, but they could only get what was available at time of listing..it took a year or so) Paul got the prospect drilling going that led to the Konkera discovery, but without knowing the broader crustal scale target existed, where etc, the drills could have gone anywhere.
2. The fact that Batie mineralisation is refractory, appears not to be known long after a lot of money and time was spent by Ampella, and then even more by CEY. Note it was known by CEY when they bought it, but they did not regard it as a first order issue? (it maybe solvable with a new approach, new technology which can often be the way with such metallurgical issues, but soemtimes these can take decades!)
Begs the question why did it take so long to know this. To answer somewhat broadly, there is common industry practise to try and measure the total gold grade in a sample. Today we have new technology which does this more convincingly than previously..see link below
https://www.csiro.au/en/work-with-us/industries/mining-resources/sensing/photonassay-xray-gold-detection
However the new technology still has the old thinking embedded. It is not the total gold, it is the total extractable gold that a mining company makes money out of.
So what should have been done at lets say a JORC resource of 1 m ozs, is that a through GeoMet study should have been done...
The shortcoming can be addressed further down the track (far from ideal), if one has good quality geological logging, backed by such measurements as made by a portable XRF, so that a mineral zonation can be confidently established within the resource volume. The problem here is how to get consistent high quality geological observations in a rushed drill out in Africa. Common failure point...and on the story goes.
So I would not be so despairing of CEY bringing the Batie mineralisaiton into Mining.
Yes they did not cover themselves in glory in their exploration efforts (needed more exacting site based QA/QC is what I have heard through the bougainvillea's).
Issues
1. Met related, robust geomet model, recovery and process
2. Possibly strip ratio?
3. energy costs
4. Competitive ROI reurn on capital meeting corporate objectives.
Love to have a new updated JORC reso
If anyone is interested in what became of Ampella's top management after their West Africa deposits were purchased by Centamin in 2014... they're well on their way to actually building a mine in Cote D'Ivoire via Tietto minerals https://www.tietto.com/
How is it possible that the same CEO has made a brand new discovery in 2015, drilled it to a multi million ounce resource and permitted it through to the production stage while during the same timeframe Centamin's management has done NOTHING with Batie West except pay a yearly million dollar exploitation license fee, which by-the-way expires at the end of this year??
Thus my twitter post highlighting a mining company who actually lives the 'G' in ESG by providing clear and transparent communication with shareholders as to the state of their production pipeline. A graphic timeline to build Tietto's Cote D'Ivoire mine can be seen here: https://twitter.com/DonLawson_/status/1403387462169219077
In regards to keeping shareholders fully informed and also getting things done on the ground I think Paul Kitto puts Centamin's leadership to shame. Paul's CV
Paul has been Exploration Manager, West Africa for Newcrest Mining Ltd since 2015, and prior to that was CEO of Ampella Mining Ltd from 2008 until 2014 when Ampella was acquired by Centamin PLC. Paul led Ampella in discovering and growing the 3.25 million oz Konkera resource at the Batie West Project in Burkina Faso.
https://www.tietto.com/projects/abujar-cote-divoire/