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We are pleased to announce the appointment of Mr. Josef El-Raghy as Executive Chairman of Wia Gold Limited, effective April 18, 2024.
With a proven track record in the industry, Josef previously served as Chairman and CEO of Centamin plc, leading the company's journey from junior explorer to a globally substantial gold miner with a market capitalization exceeding $4 billion. Under his leadership, Centamin successfully developed the world-class Sukari Gold Mine in Egypt, generating substantial returns for shareholders.
We also extend our gratitude to Mr. Steven Michael for his service as a Non-Executive Director, as he steps down in order to allow Wia to maintain its streamlined Board size. Mr Andrew Pardey and Mr Mark Arnesen remain on the Wia Board as Non-Executive Directors.
https://wiagold.com.au/
Naturally, Pardey & El-Raghy both granted millions & millions of no cost shares.
Thanks Cowichan
I would rather invest in the Easter Bunny. Delivery is excellent ....
Power couple LOL
the Gold Gnome
Currently Managing Director at Predictive Discovery, Andrew has over 30 years’ experience in exploration, project development and operations. He recently served as CEO of Centamin Plc (2015-19) and has held senior positions in Africa and Australia as part of Guinor Gold Corporation and Ashanti Goldfields, now AngloGold Ashanti.
Hi Cowichan, I was told that Josef had stepped down from Centamin to take a back seat, possibly he got bored?
Also doesn't seem to give any detail as to why Andrew Pardey left Centamin ?
Think I will give Wia a big miss!
You missed the other member..CAPITAL DRILLING...sitting pretty on the regustry...it the same ol, same ol ....
what handsome take to Joseph ...he is set and good to go LOL
Good point Mr Gnome, Youssef was also on the CAPD registry, it's like a Mafia family, knowing what we know now I wouldn't trust any of this shower and potential investors would be well advised to stay from this potential lavatory of a "Pyramid" scheme!
I am not sure that Wia is a big miss I think it is one to keep an eye on albeit currently I believe only on the Australian stock market.
Josef is from our experience a start up guy albeit this came about by default not sure it is what he intended and proven not to be a hands on long term development type when it comes to running a mine but what does a Chairman actually do when it comes to running a mine other than select a strong competent team to bring in results? Pardey is Non Executive Director heaven forbid, this does certainly bring into question someone's skills in recognising abilities.
It will be interesting to see who actually gets the job of running the company namely the CEO or the good old fashioned MD (if Pardey gets the nod then I run for the hills).
Currently a board of Accountants, Geologist and an Exploration guy.
I say this because from experience it isn't unusual for the Majors to use start up teams to get the resource up and running and then give way to Mine management development team to take it through it's plan.
There is a history in Western Australia, Josef El-Raghy is non-executive chairman of AIC MInes. https://www.aicmines.com.au/board-of-directors/
What a shower!
Before investing into any of these what may be regarded as "Pyramid" schemes people should consider who is it who is putting all the money in and really taking all the financial risk ,certainly not this bunch of board room seat hoppers who participate in a few board room meetings in various supposed potential profitable gold mines, most of which will just be investors money pits
Yet these all non exec board room seat hoppers who put up sweet FA and hold no responsibility for any incompetence in anything else other than parting gullible and trusting investors from their money are the parasites who receive the non exec retainer fees freebie shares and expenses.
What happens when these Pyramid schemes collapse and retail investors lose a packet the same old BOD excuses will be churned out "Oh well mining is a risky business , "The grades didn't stick up, "How were we to know" and then after spouting all this crap they will ride away with their saddle bags full to take up the tops seats on the next gold mine pyramid scheme due to their supposed professional expertise and experience!
This is buying old mines (same ol , same ol), dressing them up...and so on....
Hi Dasut,
Centamin investors past experience is proof enough that Josef never was any expert in gold mining, although he is a privileged El Raghy sibling who was awarded millions of free shares for nothing and can hardly claim to be any expert appointing the right people to run a mine properly considering how many years he was prepared to have another family member who was unqualified in mining,greedy and incompetent, although agreed a former Eygptian police captain as Sukari general manager and also to have permitted Andrew Pardey to continue for so long with his continued incompetence and money wasting projects in his over promoted roll!
It's very easy to claim to have invested in Centamin when you have been given millions of shares on a plate for doing very little!
Agreed MrGnome,
It's all about parting gullible and trusting investors from their money so the buggers on the top table can keep the sham going for a while whilst filling their boots before bailing out!
Tibbs I don't disagree it is however about the resource not a Chairman and Non Executive Director, success will be the grunts on the ground.
Thank you Dasut, but also about a appointing the suitability qualified personnel who will implement the most suitable mining methodology to exploit and develop the reserve.
Tibbs I agree but Josef didn't do badly in the early years and from zero he got the mine up and running, problem was he didn't see the incompetence of so called professionals who replaced his original very experienced and highly professional team and people I had dealt with over many years on different mines.
As for uncle Youssef he was never involved as a hands on General Manager they had Mine Managers doing the hands on day to day stuff. He was well connected political senior manager a position you will see in all developing businesses in developing countries. Josef didn't speak Arabic he is a born and bread Aussie and he needed someone to understand the local politics that he could trust. Even his dad Sami lived most of his successful career in Australia and wasn't therefore as well connected, bearing in mind mining was in it's infancy back in the early 2000's. Like it or hate it unfortunately it is the way of the world and things like expatriate employment quotas mean taking some difficult employment decisions.
Hindsight is wonderful but take a look at the gold price in the late 1990's early 2000's when Sami and Josef were trying to get investment for the then Pharoah Gold. It is easy to criticize but as I say credit where credit is due getting a resource up and running isn't easy and this is where Josef has the skills (Not Mining skills).
hi dasut,
nostalgia has it's it place.
point taken unfortunately josef was like so may brokers,very good at selling the product and encouraging people to invest but of his lack of understanding the shop floor fundamentals of the business he was unable to challenged the professional capabilities of new appointments made to replace the likes of trevor schultz for example.
https://www.glasslewis.com/musical-chairs-centamin-director-voted-off-board-reappointed-immediately/
https://*********************/newsfeed/article/retirement-of-non-executive-director-762146
whilst i also accept ,although i cannot agree with entirely that it seems to be custom and practice in order to do business in these types of countries the company needs too have on the payroll a mediator based on their popularity with the ruling ''mob" if youssef wasn't capable of fulfilling the role of sukari general manager fully then he should have been given a more appropriate or fitting title,by not doing so is not being entirely honest with shareholders or the market.
Tibbs, You need to have worked in a developing country in a position involved in hiring to understand the needs and how extremely difficult it is to juggle the skill level requirements within strict expatriate quotas. Job titles are difficult to write and sometimes these jobs may only be filled by Nationals not imported expatriates, but if the senior role is filled by a National then can maybe open up a couple of vital expatriate positions working for that National.
I am not defending what has happened over the last few years but at the same time Centamin wouldn't exist had it not been for a number of years of very hard work by Sami, Josef and a few others in the early years.
It isn't just nostalgia it is hard facts and often the horses for courses go off track or are led astray or can't stay the course.
Not sure why you mentioned the Trevor Schultz blip but Trevor left because it was time to retire, Harry Michael died young and very suddenly and Josef never intended to be an active hands on CEO he always knew his limitations hence role as Chairman. Unfortunately as I thoroughly agree he didn't see the incompetence of a couple of so called hands on experienced individuals, there was for a short time a reluctant accountant as acting CEO what a nonsense. Thankfully the ship is hopefully now back on course and this next 6 months or so will prove some good employment decisions were made.
Thank you Dasut, I mentioned Trevor Schultz as an example of someone who had the relevant qualifications and experience, those that followed him didn't seem to be of the same calibre!
As to Youssef's job title well it seems to have been just about inappropriate as it could possibly get and whoever came up with it didn't have much idea as it was misleading and inappropriate, for instance shareholders understandably would assume the Sukari general manger would be appropriately qualified and experienced, this seems to be the case in the majority of other mining companies I am informed, but Sukari had an ex police captain and I doubt that running a gold mining is on the Eygptian police academy curriculum!
Whilst I don't agree with the way far too many companies are willing to go along with the greasing of palms or cajoling the all too often corrupt, incompetent and greedy governments in many African developing countries, I can begrudgingly understand the rationale behind appointing Youssef into a senior role.
But that said, assuming there was someone managing the Sukari operation behind the scenes then should they should have had he appropriate title as it seems now that Youssef's role was more being an acceptable face who was fluent in the language and competent in the Egyptian way of doing things and so able to rub along with the ruling officialdom.
Possibly more appropriate title for Youssef could have been something like "Regional Business and Governmental Relations Manager", this sounds appropriately quite grand enough to impress the various officialdom he would expectorated to rub along with.
So lets hope that now at long last things have really changed for the better and that the progress being made now is far less erratic than in the past and importantly sustainable!