Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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https://www.linkedin.com/posts/don-lawson-98619370_we-thank-hem-rock-marc-christian-kabore-activity-6862801682313580544-gc__
You might warn Mr Kabore that corruption is alive and well in the #BurkinaFaso mining sector. Look what happened to Centamin PLC's concessions surrounding their Batie deposit. Three unnamed Burkinabe received millions from Altair Resources after the confiscation of #Centamin's 1.4 million ounce gold resource along with hundreds of thousands of meters of drill samples. No compensation was given to Centamin who've employed & financially supported the local population for nearly a decade, spending tens of millions in exploration. And this month Centamin may also lose their Batie gold deposit without compensation as well
Barrick Gold Corporation Endeavour Mining Corporation James Rutherford Martin Horgan Ross Jerrard Sally Eyre Marna Cloete Catharine Farrow Mark Bankes Hennie Faul Ero Copper Corp Adventus Mining Corporation Ivanhoe Mines Franco-Nevada Corporation Eldorado Gold Corporation Exiro Minerals Corp Master Drilling Group Ltd
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Somebody has got to make Centamin's board of directors understand its shareholder base won't sit idle while time runs out on yet another multi-million ounce deposit we paid to develop
Cowichan ..can I ask you what your views are of the new Board ?
Hi Cowichan, one must ask the question if it were ever a wise choice to start drilling there in the first place?
But what real hope is there of any compensation for Centamin & share holders and who to take the case up with?
That is assuming Centamin has a sound legal case and the will to pursue it?
In contrast to its counterparts in Burkina Faso and Niger, Mali’s political class is doing the bare minimum to respond to the conflict. Though the government faces some domestic pressure to address insecurity, it may believe there is an unacceptable political cost to doing more.https://www.lse.co.uk/ShareChat.asp?ShareTicker=CEY&share=Centamin-PLC&thread=D6A39695-AA52-4575-9A39-D06DD32AB6F6&reply=true
2019 was a deeply concerning year for the Sahel. Attacks by extremist groups have increased five-fold in Mali, Niger and Burkina Faso since 2016, with the UN now describing the violence as “unprecedented”.
https://ti-defence.org/sahel-conflict-boko-haram-mali-niger-burkina-faso-defence-corruption/
Burkina Faso is trying to overcome a legacy of bad governance and corruption. Bribery and bureaucratic corruption are widespread, permeating all sectors of society and affecting the daily lives of Burkinabés.
https://knowledgehub.transparency.org/helpdesk/burkina-faso-overview-of-corruption-and-anti-corruption
Corruption in African countries is hindering economic, political and social development. It is a major barrier to economic growth, good governance and basic freedoms, such as freedom of speech or citizens’ right to hold governments to account.
https://www.transparency.org/en/news/citizens-speak-out-about-corruption-in-africa
Burkina Faso has made important progress in improving the business climate, including improving business registration, strengthening land property laws, and establishing commercial courts. Despite the progress made, Burkina Faso still only ranks as number 151 out of 183 countries on the World Bank’s Doing Business Index (2011).
https://um.dk/en/danida-en/strategies%20and%20priorities/country-policies/burkina-faso/key-challenges-opportunities-and-risks-in-burkina-faso/
The representative of Burkina Faso, providing context for how important support from the United Nations has been, welcomed its efforts to strengthen judicial institutions, promote good governance and increase access to justice in his country and others. Despite the security crisis Burkina Faso has been facing since 2015, its commitment to pursuing the rule of law has only grown stronger. He called for the United Nations to continue supporting the development of the rule of law, “a bellwether of sustainable development and peace”.
https://www.un.org/press/en/2020/gal3621.doc.htm
Good links mrtibbles… one of the many statistics there that sticks out is that they are 151 out of 183 countries to do business there.
You could be right…maybe they shouldn’t have drilled there in the first place, but given that they did , they can either attempt to salvage some value from it or take a pragmatic approach and walk away . Only they can decide on that
On a more positive note , Sukari is a crown jewel of an asset , and Doropo sounds very promising ?
HI Mike,
Considering how long things have taken in the Egyptian courts which is by comparison a much more stable country I would hate to hazard a guess of how long a legal challenge to the behavior of Burkina Faso politicians might take and how much it might cost, also assuming there is a court to take it on and the verdict was in Centamin's favour there is no guarantee that any compensation would ever be paid.
Sometimes although it sticks in the craw it's best not to throw more good money after bad.
I agree mrtibbles. It is what it is..
Cowichan is right though. This is still a strategic asset of Centamin, and we have spent $36 million exploring and developing it to its current potential .
Calculations show that it has a Net Present value (NPV) of $282 million at consensus gold prices. This is a considerable sum ..
It must NOT be surrendered for free, without putting up any fight , otherwise what would be to stop them from grabbing our other assets .
We must get something back in return, whether this be by monetary compensation, or by the granting of additional exploration licences.
As Gnome says , let's see what happens .
The CEO\BOD have made the right move,
Get rid, walk away. I's history by a previous CEO an incompetent liar.
Why renew a licence for an asset with many flaws.
You win some you lose.
Forget it.
If it has so many flaws , why does another party want it?
It doesn't matter which CEO was involved , it has a commercial value , to them at least ..
Don't give it up ..not without a fight at least. It doesn't have to be a legal matter , it could be behind closed doors acts of diplomacy. None of us really know the situation that exists. If I did, I night agree with you , but there is also a point of principle here.
I would like to know what the Egyptian Government's view is of this ..after all , they have a 50 % stake .
Who wants it?
"None of us really knows
the situation that exist's".
The current CEO/BOD do unless you are considering them incompetent.
EMRA have nothing to do with Centamin outside Egypt.
I hear you Mr B and there is merit in what you say ..
Sorry I didn't express myself properly with regard to another party... The message I wanted to convey was ..
" Why would another party want it ? ..because there is an NPV of £282 million available (at consensus gold prices, ) with much preparatory work already done .. that is why another party would be interested .
There is a distinction to be made between Centamin not wanting to allocate it's scarce resources on an asset capable of delivering an NPV of £282 million , when it can allocate them more productively elsewhere ..to them voluntarily handing that asset back for nil value .. That was my point
I recognise and accept that you see things differently , but I am with Cowichan on this one.
Not very convicing.
You fail to answer questions and have not done much homework, naughty child ,:-)
Are you a Troll?
I have come accoustomed to paid Trolls in the past.
You seem to talk for our Canadian friend and agree , you from your start pretend to know so much .
End of conversation.
Good night all.
Mmm...degenerating into personal remarks again . That's very disappointing .
For the record I didn't even know who Cowichan was, until Mr T politely informed me.
I respect your knowledge Mr B but I find your behaviour a tad petulant when challenged. Sadly every chat board has someone like you on it ..good idea to go to bed.. when you get up tomorrow , I suggest you put your big boy underpants on , and please , no more conspiracy theories...
I did not name another . Nor have I been personal
I think you Petulant , and now aggressive.
It is for you to calm down.
What qustions have you asked ?
It is you that cannot accept question, and make statements lile EMRA own 50% of Centamin.
Take a look a yor previous poxrs..
You go to bed .
I do as I see fit.
If your final sentence is read by others it will seem strange.
What conspiricy theory was that ?
You are the one not likeing questions.
But at least you have been entertaining.
Not much on TV here .
Mr Bond ...
I was not suggesting that EMRA own 50 % of Centamin ..only that they share 50 % of the profits , and that they would be taking a 50 % hit on the $ 36 million already spent on the Batie West project .
Actually , on this point you are right. .they won't ..any hit will be borne solely by Centamin, as the expenditure is not related to Sukari , (which comes under the ring fenced profit share concession agreement).
This only adds weight though against the ' do nothing ' option . The interim accounts stated that they had established a development team to look at potential partners or a buyer. The results of this review have not been published..so we are in the dark as to what the outcome of that review is
My question to you was a simple one ...do you want to walk away from a $ 287 million positive NPV project empty handed ?
Yes or No ?
To put this into perspective ..this amount is the equivalent of approaching 3 years worth of CEY annual profits ..
Let me repeat myself . Yes or No ....a simple question. Just requires a one word answer .
Conspiracy theories relate to me being a paid troll . FFS!!
I agree with Cowichan on the strategic spent $36 million exploring and developing it to its current potential and the estimated Net Present value (NPV) of $282 million at consensus gold prices is a very considerable sum and should/will I hope be taken very seriously by the present management.
Also negotiation if at all possible to recoup some/all of this would be preferable to a legal challenge.
Fair comments Mr Bond, it would be ideal if we could get all/something back, although developing the mine to have it snatched by some militant group or corrupt regime so to lose even more doesn't sound an appealing or sensible option.
Assuming there is a willingness then what could be negotiated with whom and with what assurances?
Why should I answer a hyperthetic question.
The CEO/BOD will act with far more knowlege than others.
They have to answer to Shareholders big and small ,that is their job.
I agree with you Mr Bond they should .
Regarding the mechanics of how this might take place in practice , in a country which is 1053rd out of 1085 most difficult countries to do business with ( I think Mr T reported) ..well a route might be as follows
Yes , working in a country such as this, obviously has its hazards , but it also presents opportunities ..
Influence can be bought ..some people refer to it as behind closed doors acts of diplomacy
if they can't secure that influence , or achieve the same outcome in an alternative way, then they shouldn't be operating out there .
Warm words of comfort are cheap ..as shareholders we want results , how they achieve that is down to them .
They are paid big bucks..they need to earn it .
Hi Candid,
To be fair to Mr Bond and explain to you over the years especially when the share price is shall I say rather depressed and especially during times of attempted hostile take over's or ridiculously low broker ratings this forum has suffered from new members popping up who are suspect in their intentions , i.e.working to an agenda to discredit Cenatmin and unnerve any waiving share holders.
I fully appreciate that your trading method is not geared towards long term investment, but to buy in to a stock when the fundamentals suggest it is undervalued when the available data and market conditions suggest the strong likely hood of a sharp rise to your decided exit level.
This is possibly why you may be regarded with some suspicion by some long term holders and can only suggest to try be more sympathetic or understanding of their investment strategy.
Mr Bond is a long term holder who has always been supportive of fellow forum members and fellow share holders and is held in high regard by the majority, in short a very decent chap!
Fair comment's Candid,
I once worked under a factory production superintendent (Lou)and sometimes on our Monday mornings reviews of the previous weeks output Lou would question certain operatives worth,( Lou kept racing pigeons)
In short if a racing pigeon isn't worth it's corn you give it another chance, if it does'nt improve you wring it's neck!
I think Lou's philosophy should apply to company directors!
Also politicians!
Thanks Mr T for explaining the background situation .., it's just that I don't like my integrity being questioned, but I agree that it's time to move on .
I must add that your tact and diplomacy skills in handling this situation have been second to none..maybe you are the one that Centamin needs to handle the high level discussions that need to take place to resolve the Batie West situation !
Best
Candid .
Hi Candid,
Always glad to be able to help in some way if I am able to, unfortunately on the net you can never quite be sure if whom you are communicating with is whom they claim to be, although after so many years of holding Centamin and being a forum member I have a good idea of the genuine forum members and have also gained some friends too who I am fortunate to be in touch with by other methods.
Believe it or not Martin Horgan is well aware of retail share holders frustrations and really does value and consider their opinions far more than they may realise at present.
Tibbs
Yes I agree, and your comments about Mr Horgan are acknowledged and stored
Candid