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MINISTERS COUNCIL MINUTES FOR WEDNESDAY, NOVEMBER 3, 2021
C. MINISTRY OF ENERGY, MINES AND QUARRIES
The Council adopted two (02) decrees. ** / ++
The first decree appoints Mrs. Aminata OUEDRAOGO / SEMDE, Mle 54 661 J, Inspector of the Treasury, Administrator representing the State, under the Ministry of Economy, Finance and Development to the Board of Directors of the mining company KONKERA SA (note: this is Centamin's local company name**), for a first term of three (03) years.
The second decree appoints Mr. Salif OUEDRAOGO, Mle 56,702 G, Administrator of financial services, Administrator representing the State, under the Ministry of Economy, Finance and Development to the Board of Directors of the mining company RIVERSTONE KARMA SA (note: this is Endeavour Mining's local company name++) for a first term of three (03) years.
https://www.gouvernement.gov.bf/informations/actualites/details?tx_news_pi1%5Baction%5D=detail&tx_news_pi1%5Bcontroller%5D=News&tx_news_pi1%5Bnews%5D=664&cHash=eac01bf272c89e3dfe83b96c06a83f21
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My Thoughts:
Remember - The above decree is only a week old...
So to summarize for those who are unfamiliar - Konkera is the Batie West project in Burkina Faso that Centamin decided they weren't going to develop alone - due to lower than required rate of return. Thus they were going to find another company to develop it or divest it - although the time they have left to do so is fast running out.
The fact that the Ministry of Mines has just appointed a representative to Konkera's Board of Director's (to represent the state's 10% free carry interest) is significant - meaning talks must have concluded successfully regarding the 1) disposal or 2) joint development of the Batie West/Konkera deposit.
However, the significance of the second decree issued on the same day/same meeting may indicate some type of deal has been struck between Centamin and Endeavour regarding Batie West. I don't know HOW I feel about that possibility yet.
Regardless, I've posted a picture of the mining decree & map showing the current state of Konkera's mining permit here:
https://twitter.com/DonLawson_/status/1458953135217545224
Other thoughts welcome!
Thank you Cowichan for your relentless effort to protect and improve Centamin’s clarity, focus and share price.
Totally indebted to you. Cheers.
Thanks- what is the likely impact on the SP on this outcome, and rationale?
Thanks as ever Cowichan, viz your reference to Endeavour interesting to see it go from strength to strength up over 50% since the bid while we of course are down, so presumably if the bid has happened we’d be about 25% better off with growing rather than shrinking profit and lower overall cost. time Mr Horgan, having rejected that bid, to catch up.
If they have sold Batie West we know what they will spend the money on in finding 3 million ounces of gold eslewhere to add to reserves.
Martin Hogans appointment was after ENDs attempted takeover.
He was not chosen till April 20. END had already given up. January 2020.
Sorry Mr B remove ‘rejected the bid’ from the sentence, but the rest stands, Endeavour has outperformed us by over 50% In the 2 years since the bid, with great latest results and W African success, and time for Mr H, hopefully having got most of the bad news out and underplayed expectation, to start catching up a bit I hope!
OK no problem, ;-).
Those figure would not stand true apart fro the failure to correctly remove waste and make sure the overall mine safety regulations were being followed by Pardey.
And where did he end up?
In a subsiduary of END.
That more than smelled of deliberate.
But lets be kind and call it incompetence by himself snd collegues most who also left CEY.
IMHO.
Depends on the interpretation of 'Outperformed" and differentiating fact from fiction (spin) even cutting corners (waste clearance) to excite the market in the short term.
Why was Endeavour so desperate to squire Centamin, might it be the £300 million cash pile, superior reserves and an established profitable mine and further opportunities n Eygpt?
Endeavour has a very different and possibly in many ways less prudent business model and method of operation than Centamin.
You make your choice and pay your money.
From what I know of him I have every confidence in Martin Horgan!
I was as dismayed,angry and critical, possibly more so than some others concerning past events,
however the the market along with those with ulterior agenda's have already inflicted a very severe retribution on Centamin for past errors or less prudent operational decisions , with that in mind is it really in share holders best interests to lend credence to those who may not want the share price to recover, or Centamin achieve its full potential in the future?
With those facts in mind and specially since the appointment of Martin Horgan and his team I do believe more than ever that share holders comment and concerns are taken seriously, as one good friend and long term holder remarked tome they certainly seem to "Be playing a straight-bat! " especially with regards to plans going forward and shareholder's long-term interests and the decisions made in respect of BF and the Sukari Life of Asset Review in early December.
As share holders we need to consider that there will always be perspectives in circulation which are simply wrong or inaccurate which then become misinformation and may result in erosion of the markets confidence in the stock possibly leading to less panicked trading or investment decisions decisions.
As share holders it's right and sensible to ask questions so as to remain comfortable and remain confident in our chosen stock and the creati of the Centamin investment forum has demonstrated it IS committed to providing a regular platform for communications with all investors
Mr Tibbles is the forum you mention an official Centamin forum?
Sorry posted below before finished!
Should read -
the creation of the Centamin investment forum has demonstrated it is committed to providing a regular platform for communications with all investors and so possibly we share holders will see something on Batie West, or any of the other projects when there is something of any significance to report?.
Hi Mr Bond, yes see blow,
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Thanks Mr Tibbles.
Not what I expected but now easier access.