Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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A look at the lack of progress Centamin PLC's board of directors (BOD) has managed since the Denver Gold Forum Presentation of 2018.
- Doropo in Cote D'ivoire was listed as a 'Medium' term growth project. Turns out the BOD is no more confident today as to the project's viability. Only informal comments to date place production post 2025
- Cleopatra in Egypt was listed as a 'Near' term growth project. Still waiting to hear if Cleopatra will even be added to low grade open pit resources.
- Batie West in Burkina Faso wasn't listed as 'Near', 'Medium' or 'Long' term - even though at the time it was the most advanced, shovel-ready project. Why?
- Sukari regional exploration was listed as a 'Long Term' growth project. Turns out this might provide truckable ounces to the existing plant BEFORE all the other 'Near' or Medium' term projects are even approved.
This backwards planning and execution shouldn't occur with a functioning, competent board.
#mining #gold James Rutherford Martin Horgan Ross Jerrard Sally Eyre Mark Bankes Marna Cloete Catharine Farrow Hennie Faul Capital Limited Buchanan Barrick Gold Corporation Endeavour Mining Corporation Mining Weekly
https://www.linkedin.com/posts/don-lawson-98619370_doropo-project-centamin-activity-6869379913082826752-htcA
Denver Gold Forum slide presentation image here:
https://twitter.com/DonLawson_/status/1463615318341808129
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Apologies to those CEY investors wanting to turn the page on all this ancient history.
Don't get me wrong, I have great expectations for our new CEO - but I have very little faith in his old board of directors. But, miracles have been known to happen... especially around Xmas
Hi Cowichan
I agree whole-heartedly with your comments but I cannot understand why you (and many other posters on this forum) seem to exonerate Martin Horgan from any responsibility & treat him as some sort of "sacred cow".
He has been CEO for an ample period of time now & I am yet to see any significant results - a lot of talk & "engagement with stakeholders" but very little in terms of actually setting & accomplishing meaningful goals which is what will drive improvement in share price.
In my experience, when you take on a distressed work out role as Horgan did with CEY, whilst it has its difficulties, you are pretty much given carte blanche to implement programs to achieve the turnaround which, if you know what you are doing, makes the task relatively easy. As is reflected in the share price, the progress of the turnaround so far has been pretty lacklustre.
I am not saying he is doing a bad job (not when compared to previous incumbents) I just feel his performance to date has been ordinary at best thus raising my question as to why he is treated with such reverence by some members of the forum?
No matter the progress I shall maintain my CEY holdings as I believe it to be undervalued & it continues to provide a healthy yield. However, improved performance of the board including & most importantly the CEO is needed on all fronts if we long suffering shareholders are to have any hope of a share price recovery.
Spoon,
The problems inherited cannot be fixed in a day. Having said that the walk needs to follow the talk (been plenty of the latter, not much of the former), and 12 months is not a bad time to achieve some evidence of the walk.
He is an inclusive manager, which means things will take longer, whilst he on baords all on the new journey. .. and off boards those that cant make it.
But he is also expected to be a leader, who gets things done, at the pace the market needs. Pushes the boundaries ...
Key things to watch is Dec 1 report and the presentation. We should hear the talk but ALSO see very clear evidence of the walk
At the moment is walking like a cautious government employee
All honeymoons come to an end sometime ... and it is about that time i feel
best
the gnome
With you Cowichan
I would like to see some disruption on the more than comfortable board of underperformers. Nice to have gender balance and whatever balances you want, but better to have a company whose share price is flying...and we havent seen this with the incumbent comfortable board.
Lets get traction, rubber onto the road ...
Gin and T anyone,
best
the gnome