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Please also bear in mind that we are now in a closed period as far as releasing what might be regarded as market sensitive information prior to 08th Dec 2021
Thank you Mrtibbles, it’s interesting that various media sources are still carrying Dec 1st the next update date.
Hi Razor's, I understand they have all been informed of the date change so they should be aware.
I’ll email them a lot of expletives if I read any commentary in the press on 1st December that centamin fail to deliver promised update and the SP drops…
Steve I understand your annoiance, about time Buchanon strted earning their fee.
They are in charge of investor comunications and announcements or supposed to be.
I just hope Hogan and the BOD deliver some morecofidence to us all ,moralle is low.
Yep- it’s worse than talking to politicians! Why didn’t they simply say “the update will be no longer published on 1st Dec as communicated, but now communicated as a presentation on 8th Dec” - it’s really what simple instead of wasting everyone’s time speculating.
The response to Mr T was a joke- and didn’t answe the question
Yes mistakes like that do not inspire confidence.
I think Buchanon are a lazy bunch who don't care too much,or incompetent.
They are there to take pressure off the CEO ,at least supposed to.
He has to make sure he is fully focussed on progress, with I hope daily reports from Sukari.
Not to answer simple queries, that Buchanon should be able to answer.
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 .
Hi Candid,
In the past far too often future targets have proven to be unreliable to say the least for which the market has inflicted a terrible retribution on the share price.
Don't wish to go over old ground, but long term holders came to regard the forward estimate and of guidance by Andrew Pardey and Youssef El Raghy as "Pie in the sky and as dependable as a chocolate tea pot.
The same can be said regarding the past "Wish List" of future guidance and the possible worth of some mines in the West African portfolio.
I understand that it suits shorter term holders /especially day traders strategies to have a management who is prepared issue RNS statements and deliver webinars that amplify the normal,even the mediocre to the exceptional, so as to excite the share price to spike.
This type of sharp practice, or in some cases intentional deceit by some less scrupulous boards and their CEO's in far too many companies lead to instability in the markets and loss of trust.
it is apparent that some newer members on here have a growing impatience because they feel nothing is happening and its all taking too long.
It is also noticeable recently that that there are some members who out of spite or pent up frustration resort to making derogatory, even spiteful comments because they had hoped to be able to pop in on here a few times and pick up some snippets of market sensitive information in order to make a quick profit and move on elsewhere to do the same.
As some of us maybe aware its not feasible or probably not even allowed for the company to be delivering more regular updates until the the situation is properly assessed the facts are proven and it is the right time.
I am confident that before much longer it will become apparent just what Martin Horgan has achieved thus far and the new course the company will be taking in the future.
Hi Candid,
We had predictions of 560,000ozs & 600,000 ozs in the past, but those estimates were probably based on flawed or unreliable data and of course a desire o tell the market what they thought it wanted to hear!
Possibly lesser ounces achieved at a lower AISC is'nt a bad thing?
Hi Mr T. I will address your comments the other way around , because the most recent comment is easier to answer ( I think )
The previous targets of 560-600,000 ounces were met , certainly in 2020...so setting them didn't do any harm on those occasions
Sadly the relationship between production ounces and AISC will in the vast majority of cases be the opposite of what you are hoping , due to the high proportion of fixed costs , which remain regardless of production levels , so the greater the production volumes the lower AISC per ounce and vice versa .
Re future production targets , it's the setting of them that inspires confidence , because it gives an indication of future intent , or it does to me anyway , but you are right , we have spoken about this at length before, so let's things lie.
Mr T ..in my experience every individual forum has what I would describe as a ' pivotal ' poster..you are the one on this board . . you pay attention to, and post on virtually every thread and strive to be a force for good , keeping communications civil and respectful . That is to your credit , because when the pivotal poster has a destructive disposition , the board quickly descends into becoming a breeding ground for trolls.
I don't share your views and assumptions though , between short and long term investors ..to me it's a good thing, because it brings with it a diversity of views opinions and ideas.
As investors , we all have our own agendas which is natural , and no individual agenda should reign supreme over another . If I use myself as an example ...my investment strategy is and always has been a long term one...I buy into companies when I think they are undervalued and then divest when I think they are overvalued ..my strategy isn't short term at all, the only part of it which may be short term is the duration of holdings of individual shares within the portfolio.
I don't think there is anything illegal, immoral or in any anyway lacking in virtue about that.
My agenda is also driven by the fact that at my age and health , I don't have a long term in the way that you describe..I am guided by the need to accumulate as much wealth as I can in the time available to me , to pass on to my sons who are all laden with student debt.
I am mindful of course that there are some purists on this board who have bought and will possibly hold forever , for me that's an unwise strategy , but if it fits their agenda then so be it. I suppose what I am saying is that we all come with different agendas for different reasons and there is nothing wrong with that
Regarding your point about impatience, well you have hit the nail on the head with that .. patience has never been a virtue of mine, but that isn't always a bad thing .
Hi Candid,
I'm sure you realise that I'm not critical of your investment strategy because it is just that and it obviously suits your purpose and needs, nothing wrong with that.
In my opinion many short term traders are often just gamblers, although many of them can't be bothered to study the form of their chosen mount in any detail before placing their bet!
Your sons are indeed fortunate to have a father so committed to their future financial well being, the way parents and indeed grandparents support their children and grandchildren in so many ways is all too often forgotten by our politicians and the media when they refer the younger generation paying for the benefits enjoyed by the baby boomers!
That aside though past production of over 500,0000 ozs in some years has only been achieved by "High grading" and was only possible in the short term, as we are now aware!
In short, high-grading refers to the practice of mining selectively and targeting high-grade areas of a mine while leaving lower-grade ore untouched. In some cases, the lower-grade ore that is left behind by this practice cannot be mined economically anymore and therefore becomes waste.
https://dailynewsegypt.com/2015/06/07/sukari-gold-mine-production-to-increase-to-500000-oz-by-2017-chairman/
https://www.egypttoday.com/Article/3/39866/Sukari-gold-mine%E2%80%99s-reserves-rise-to-8M-ounces
Then LONDON, May 25 (Reuters) - Gold miner Centamin has made a drastic cut to its full-year production guidance and raised its cost expectations because of lower grade ore at its Sukari mine in Egypt.
https://www.reuters.com/article/centamin-outlook-idUKL5N1SW0YE
https://www.stockmarketwire.com/article/5985904/Centamin-cuts-production-guidance-for-2018.html
https://www.gold.org/about-gold/gold-supply/responsible-gold/all-in-costs
https://visiblealpha.com/kpi-guides/gold-silver-mining-kpis/
Year 2018 demonstrates just how unreliable past guidance forecasts have been even over a three week period!
Ore Grades and AISC
ttps://www.gold.org/about-gold/gold-supply/responsible-gold/all-in-costs
https://visiblealpha.com/kpi-guides/gold-silver-mining-kpis/