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Hi Spoonington,
In regards to treating our CEO different - it must be so. Mining is such a long lead-time adventure it wouldn't suit blaming any of our current situation on Mr Horgan. In fact, it is due to Mr Horgan that we are turning the page on past failures. Sure, we'd like to see instant ounces added and a new mine in West Africa but we'll need some patience.
Now the board of directors is a FAR different story. They were the ones to approve each and every short, medium and long term growth strategy and they are the ones to blame for not advancing one over another.
In my last post I could have gone back further and outlined more broken commitments but suffice it to say I'm doing everything I can think of to encourage a board refresh - or at the very least a new standard of accountability. Barring long term holders going back and digging up these failures who among Centamin's management will point out anything but accomplishments? Nobody.
Lastly, each of Centamin's board members were given the task of mitigating key risks to the business from their first day on the job - single country risk being chief among them.
They've been gifted a decade of exceptionally good cash generating operations at Sukari to find those solutions - so there is no excuse they haven't found one yet.
PS
I don't believe it's fair to Mr Horgan that he should be made to fabricate excuses for the board's legacy of poor performance regarding project generation and execution (especially Batie West)
The board should issue their own statement as to the failings of the past - perhaps with the Dec 8th reboot.
Fair comments Cowichan!
Hi Cowichan
Don’t get me wrong, I am not blaming Horgan for the position CEY got itself into however I do believe his progress in doing his job & rectifying the operational problems has been poor.
He has had over 18 months & we are yet to see anything concrete in relation to the mine engineering issues or development of other resources. Neither of these issues are long lead time issues, they were existing well known situations which required an action plan to be devised & implemented rather than a lot of talk and empty promises.
I am looking forward to the December update as I remain hopeful that we will finally receive a concrete action plan addressing all the current problems, I do not expect them to be solved overnight but I do expect I well thought out strategy to be put forward.
My opinion remains that the CEO must accept responsibility for poor performance as well as accepting the generous rewards when things goes well. Whilst I respect your opinion, mine is that Horgan’s honeymoon period is well & truly over & it is time we saw real progress instead of words.
Hopefully that will be demonstrated in the December presentation & I will accordingly cease my whinging :)
Good luck to all
Spoon
Hi Spoonlight,
Unfortunately and increasingly so many valuations of stocks are based on media hype and speculation rather than the true facts, certainly that is the case with many mining companies whose boards promise guidance based on "Pie in the sky" & "Baloney" forward looking estimates to excite the market analysts (many of whom have no mining experience) to get the punters to part with their cash to keep the pyramid scheme going for a bit longer
Mr T
without doubt about the media hype, but of course now its on steroids, with the social media! mixed with an inability to concentrate more than 8 seconds.
As Warren B and many other famous investors used to say if you dont understand the business dont invest, and ... do your own research. Well thats out of date, no time to do your own research, just follow the thumbs up and the crowd.
But we live in the times of social media madness, which drives the extraordinarily popular delusions and the growing insanity of Crowds:
RECOMENDATION: 1841 Extraordinary Popular Delusions and The Madness of Crowds: All Volumes - Complete and Unabridged Charles Mackay....as if it was written
best
the gnome
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!
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.
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.
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