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Hi Mr Bond,
Fair comments,
You have obviously also smelt the baloney!
Thankfully we have a very capable CEO running things now with a credible plan!
Perhaps I have.
Perhaps if you shared the experience that some of us have you would be less critical - just a thought :)
I am getting sick of reading rubbish on here.
So many self declared "Ametuer Experts".
Thinking themselves suitable for CEOs.
In your dreams maybe.
I have tried to explain to you that it is impractical & indeed impossible to formulate a mine plan without access to a huge volume of detailed information which is not available to the general public or even shareholders - you seem unable or unwilling to grasp this concept therefore I believe that our ongoing exchanges of barbs whilst amusing have become pointless & fruitless therefore I shall withdraw & defer to your superior knowledge :)
Well as you cant be bothered to come up with an alternative mine plan then allowing Martin Horgan to crack on with his would appear to be the best option!
The evidence for my opinions is the progress or specifically lack there-of in operational performance - if I wasn’t so lazy & complacent in my comfortable early retirement I would put my hand up for the job, I do not believe that I could do any worse!
A proper mine plan is what is required, it forms the back-bone of every successful miner and is a most beautiful & magnificent piece of work - you have not had the experience of working with one but before jumping down my throat with uninformed criticism first ask your mining professional friends about the value & necessity of one - you may well learn something :)
I don't regard my comments or opinions on what has happened at Sukari as flippant as they are based on past events, some which is why we are where we are now.
i don't recall ever claiming to have operational mining experience and neither have I ever disputed,or doubted Sami's professional abilities, or his credibility, or even his integrity because I never met the man, although I know that some other members that have actually met him on a professional basis hold him in high regard.
That said despite Sami's geological abilities and foresight he couldn't have built Sukari or achieved what he did without the trust and investment of share holders who are in fact part owners of the mine.
You make claims of having superior knowledge on mining matters which may or may not be the case, and you have expressed doubts about Martin Horgan's present operational strategy and the methods for getting Sukari back on track, although you offer little, in fact no evidence to support your claims, other than we must hope that one of these wonderful unnamed miners you have been fortunate enough to meet in the past will suddenly reappear and be able to tell Martin Horgan an his team where they are going wrong?
Is this an alternative plan that is likely to excite the market or inspire shareholder confidence, possibly these wonderful miners have long beards ,wear long flowing white robes and carry a long staff, (Oh no sorry that's Gandalf from Lord Of The Rings, although possibly he could sort out Sukari though with that magic staff?)
I very much doubt that you have ever met Andrew Maguire, neither Martin Horgan and so I fail to see how you can make such assumptions about them that may well be unjustifiable as you know so little about them.
Anyone can be whomever they want to claim to be on internet forms like this and sometimes a poster can leave and rejoin under a different identity,although often despite their name change their posting style and content betrays them.
I can't claim to be able to smell out gold, although I do suspect the presence of Baloney ?
I'm sure you understand what I mean?
Mrtibbles I suggest anyone who has hands on operational experience! If you had even an inkling of the information both in terms of volume & detail required to formulate a proper mine plan you would be less flippant! I have had the privilege in my life to meet some wonderful miners, the really good ones are tantamount to prescient, they can just look at a patch of ground & tell you where the resources are, where blanks are, where subsidence holes are, etc. unfortunately they are few & far between but that is what we need, if we can find one we will hit heights that none of us even hope for.
I was fortunate enough to meet Sami, if you had the same experience I guarantee you that your hero worship of the likes of Horgan & Maguire would fly out the window, that man knew how to kick rocks :)
Spoonington,
Although the location of Sukari resources were known about over twenty years ago and geological studies carried out the events of 2015 & 2018 when at the CEO Andrew Pardey's admission they had hit unexpected low grades must cast doubts as to the accuracy or relatability of those original geological surveys.
As recent events in the open pit have proven guidance was being boosted by high grading in the short term with scant regard for the long term consequences and the failure instigate responsible open pit waste management resulting in the open pit becoming dangerous and unmanageable.
I heard Josef speaking at a Jersey AGM in 2014 where seemed very confident that the court case would be over in 2015, unfortunately the Egyptian Judiciary don't seem to have been of the same opinion.
Josef comes across as a likeable chap, always helpful if your a stockbroker in the business of selling stocks to potential investors and having the advantages of being a member of the right Egyptian family who just so happens to hold a a large stake in a gold mine can't do any harm.
Recent events and narrowly avoided potentially catastrophic disasters must cast doubt's over the reason for appointment and the professional capabilities of the Youssef El Raghy Sukari general manager and also and the integrity of the previous CEO who it seems less than truthful with share holders.
So it seems understandable and very prudent of Martin Horgan to instigate an up-to-date Sukari geological resource study using the latest technology. carried out by a known team to deliver more accurate or dependable results.
It makes sense that Martin Horgan needs all the very best qualified and suitably experienced professionals at executive level level to support him, although I remain confident in him as CEO.
So whom do you suggest ?
Hi 600LT
I hope you are right about the December update & I indeed share your optimism that the news will be good.
However I do find it a bit rich giving Horgan & the current management team the credit for the increased resource/reserves which we hope will be disclosed.
I have held an investment in Centamin for over 20 years & was introduced to the company through Josef El-Raghy who in those days worked as a stock-broker here in Perth and had a good friend of mine as a client (I am most pleased to have got that introduction as it has proved to be most profitable).
I can assure you that the resources contained in the Sukari deposit have been known about for a very long time, long before Horgan joined the company so crediting him with their discovery is a bit much. Just because the drilling required to make a JORC compliant resource announcement (we hope) has been completed on his watch does not mean he found them.
I maintain my view that the progress Horgan has made in remedying the operational problems at Sukari so far has been pedestrian and may be due to his background/experience being more focussed on the finance side rather than the operational side of gold mining. I am not saying we need a new CEO but I firmly believe that he needs much stronger support at the executive level in the engineering & geological areas - someone who will pull apart the current mine plan, revise it appropriately and implement the revisions.
It is all well and good to have resources & reserves but if we don't have someone who really knows how to get it out of the ground in the most efficient manner we will found ourselves somewhat hamstrung.
Just my opinion & I am certainly looking forward to 8 December.
Hi 600LT,
Nails on the head, nails on the head!
I agree Razor...that was a very well thought out contribution , with necessary caveats included
As Steve J says , most of the contributions surrounding the LOM review have been positive; yours takes it to a different level .
Here's hoping you are right ..
*promoted/ prompted
Wow 600LT, you’re good, very good. The truth is I have a massive investment in Centamin and the management are although impressive through their efforts at putting Sukari back on track are poor at keeping their private investors informed. The company shouldn’t have to be promoted, either through here or Twitter for positive feedback.
I’m grateful to whoever sent you along with your very polished thoughts, be it god or Centamin but as I say we shouldn’t be so miss informed m.
600LT, the envy of any petrol head, I hope you have it on the road and not sorned.
Thank you for your post.
Quietly adding. If it went down to 93p, I would be doing a whole hog and going super overweight on Centamin.
I don't know about you guys, but having carefully watched and then re watched all video presentations from Centamin during the tenure of Martin Horgan and his refreshed team, I conclude that these guys are having an absolute ball carefully transforming the outlook for Centamin.
The cost saving program is clearly being over delivered on and more and more realistic lasting savings continue to be identified. The newly granted licences within the Nubian Shield in Egypt offer very real potential multi year excitement,as the prospect of modern mining exploration techniques are applied to millennia old artisanal mines in close proximity to Sukari. The Ivory Coast prospects are nearing the stage for potential positive real world feasibility confirmations.
But the real short term kicker I think is about to be revealed, is that on the 8th December we will be advised that very significant additional reserves at Sukari, above and beyond even their original expectations, have been found and confirmed and that they will be able to reveal a much longer and richer life for our core asset at Sukari than was previously identified.
This is of course not investment advice and is my own opinion. But I urge any of you who are sufficiently interested to spend a few hours to closely listen to those presentations and read the body language of the management team and see if you draw the same conclusions as me.