Firering Strategic Minerals: From explorer to producer. Watch the video here.
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Perhaps new blood needs introducing to re-energise the company.
Something is missing in the management structure.
I have been here (only) since the west wall fiasco/indaba.
CEY was to become an important core of investment.
Have changed my ideas since a temporary 134p reset.
The aura has gone for the moment.
Should W Africa be abandoned to concentrate effort?
re: West Africa vs a 'safer' location like Egypt
Asking if Centamin should abandon Burkina Faso / Cote D"ivoire is a little like asking if Tesla should abandon electrification — in the sense that gold miners need gold.
- Risk is inevitable
- Development takes dedication (read patience)
Only today I spotted that Centamin was granted two more exploration permits in Cote D'Ivoire and guess when the requests were originally submitted... January 2017
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On Wednesday June 16, 2021, a Council of Ministers was held from 11:00 a.m. to 1:30 p.m.
The Council adopted five (5) decrees:
• a decree granting a valid exploration permit for gold to the company "Centamin Côte d'Ivoire SARL, abbreviated CENTAMIN CI" in the departments of Touba and Koro;
http://www.gouv.ci/_conseil-ministre-details.php?recordID=425
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Centamin is waiting for more a bunch more permits to be granted in Cote D'Ivoire & Burkina Faso (and Egypt!) Taking your name out of the hat isn't the way to grow or to be blunt - even survive
I am not suggesting that.
If they turn out good prospects, go ahead ,but it may be several years.
But LTH on here are very patient in general.
I know you weren't suggesting that MrBond
I was actually responding to Viable's last post where he was pondering if Centamin should abandon West Africa to focus efforts on Sukari
A healthy skepticism of West Africa aside I think the immediate frustration stems from the drop in gold. Bring back $1900 and we'll all be much more content!
As I said earlier it will take time.
A lot of paper to disappear, it will be done gradually.
London have 6 months more time than the rest.
If Basel works at all.
Stay well.
My judgement is clouded by 32 years of sweat across Africa. After all the setbacks I would not have the bottle to contest the hazards of Burkina Faso/Cote d'Ivoire. For starters I'd need a small army of armed militias to patrol perimeters in order to keep artisanal miners away. Everything would need protection from break-ins.
I therefore have a jaundiced view. Hence my preference to pursue potential in the Eastern Desert.
Lot of money to be made in those countries. In regard to the Artisinals, the best thing is to give them gainful employment and respect, where they get a wage every day...we used to pay them to explore (actually still do in Mali!)...because thats how most of the gold deposits in West Africa (of not Africa) have been found. Its not by the expat fly in fly out with their degrees and exorbitant fees...feet on the ground with pans and now plus metal detectors.
Hi Viable,
Thank you for you thoughts on BF and very Interesting to hear of your past mining experiences, nothing can compare with experience gained from actual "Coalface" or "Shop floor", some analysts are sadly lacking in actual on the job experience, something Kees Dekker has a great deal of in comparison.
You will need to excuse my lack of knowledge on this matter, but I refer to your comments "keep artisanal miners away. Everything would need protection from break-ins."
I understand that these "Artisanal miners" have to work in very dangerous conditions with mo concern for personal safety, or health and safety compliance, let alone environmental responsibility. some are even virtually slaves under the control of local mafia!
So would it not be possible ,certainly preferable to work with the BF government to help bring some proper regulation and control to this mining sector, rather than just turning a blind eye to or accepting the illegal mining by instead providing proper jobs to these artisanal miners and utilising their gained mining aptitude and local knowledge?
Obviously proper security for the site is still going to be essential anyway as in all responsibly run mining operations in any country.
https://www.engineeringnews.co.za/article/rio-suspends-operations-at-richards-bay-2021-06-30
re: last night's comments - I know Richard's Bay is very distant to CEY ops. And those Zulus (I've worked alongside them) are generally stable. But this is the problem with Africa . . . it's dangerous. W African states are unstable. Priority = protect your staff. It ain't easy.
@ 11:00 - Mr T. As a side issue but on topic . . .
My largest Au stake is with SHG, and I know (or knew) Kenya and Tanz pretty well. Eric Zurrin and Luke Leslie have taken the step of paying for training of ~75 personnel at KK Security. And that is even before they scrape any dirt around Kakamega (Bushiangala/Isulu). In a couple of years' time it is reasonably certain an open pit mine will be constructed along the lines of NLGM north-west of Mbeya.
In effect no one can march in to Burkino Faso/Cote d'Ivoire without all precautions in place.
Hi Viable,
I can understand some share holders the enthusiasm for Centamin to develop its West African assets, however what appears very tempting on coloured presentation slides and in reports, just to good too miss may come at price that is far too high to pay in many respects!
It is pretty obvious that the majority of these alleged gold reserves are located in countries where the governments are incapable or unwilling to establish even the very basic fundamentals of law and order in place of the state of anarchy that prevails!.
Indeed the murdering of the senior management of foreign companies trying run legitimate operations cannot be taken lightly by any responsible company or its share holders,as such at present any commercial reason to develop operations in these countries must fall far short of the Centamin criteria.
Also since the dire state of the Sukari operation have become painfully apparent brought about in the main by the professional failings of Andrew Pardey and the appointment of a totally unfit for post and professionally inept general mine manager then surely the priority must be for Martin Horgan concentrate on getting Sukari Centamin's only gold producing mine out of limp mode and back up to full and sustainable production.
With the recent changes in Egyptian mining law what previously seemed good business sense to try and establish other mines in other West African countries seems no longer valid, so does in not make business sense just concentrate on Egyptian operations and future opportunities for now, possibly even for the long term and sell off most of these other West African assets.
It's easy for analyst to throw their toys out the pram because Centamin is being cautious. but how many of them would like to risk being murdered in some dusty West African state, gold is certainly not worth that price!
Spot on Tibbs
Put your own house in order first and foremast and get the income rolling in and then turn to other options
I agree entirely, at this time.
I am committed to a very large building extension at the moment. I may have sell my Centamin shares in the next six months . Think that gold is money and fiat money is paper. I think that efficient gold miners should be profitable. I had hoped that Centamin was an efficient company. I hope I can keep may Centamin until they are profitable !
I hope I can keep my Centamin shares until they are profitable .
Might be a little early for the big rise with a six month time frame
That said it would be good to see £1.30/1.50 as such a low price is always a worry with possible predators and £2.00 plus 2023