Centamin PLC Share Price (CEY)

I am not sure that Wia is a big miss I think it is one to keep an eye on albeit currently I believe only on the Australian stock market.

Josef is from our experience a start up guy albeit this came about by default not sure it is what he intended and proven not to be a hands on long term development type when it comes to running a mine but what does a Chairman actually do when it comes to running a mine other than select a strong competent team to bring in results? Pardey is Non Executive Director heaven forbid, this does certainly bring into question someone's skills in recognising abilities.

It will be interesting to see who actually gets the job of running the company namely the CEO or the good old fashioned MD (if Pardey gets the nod then I run for the hills).

Currently a board of Accountants, Geologist and an Exploration guy.

I say this because from experience it isn't unusual for the Majors to use start up teams to get the resource up and running and then give way to Mine management development team to take it through it's plan.

Thank you Cowichan, This seems like some sharp practice by the government and the private companies in order to deny the Eygptian workforce fair contracts of employment and the appropriate wage for doing the job!

Just greed by those at the top who are never satisfied, but it should be put right!

Alt link

Published in the Egyptian media m ((cue Siko response to the contrary!))

May 7, 2024

Sayed Al-Abnoudi

Despite the tireless efforts made by Engineer Tarek El Molla, Minister of Petroleum and Mineral Resources, in confronting the challenges facing the sector, some officials in the ministry and companies are moving very slowly, which hinders finding solutions to any problems.

Many company heads also make efforts to solve the outstanding problems, but they encounter neglect from the minister’s assistants and assistants regarding administrative, structural, legal, and decision-making affairs.

In this context, we review five main issues that deserve urgent attention from the Ministry of Petroleum

Transforming the Mineral Resources Authority into an independent economic body, as the Mineral Resources Authority still suffers from bureaucratic entanglement, as it is linked to more than one ministry, which hinders the flexibility of its work and the independence of its decisions.

Despite President Abdel Fattah El-Sisi’s emphasis on the importance of transforming it into an economic body, this transformation has not yet occurred, which leads to continued restrictions that hinder the optimal exploitation of Egypt’s mineral resources. Transforming it into an independent body under the umbrella of the Ministry of Petroleum will give it the ability to make decisions.

Moreover, hundreds of workers in the EMRA are still receiving less than the minimum wage for many years. It is necessary to take this situation into account and address the Ministry of Finance to grant them their rights, and avoid the routine followed in the Ministry, as this can be achieved either by providing them with fixed contracts or increasing their salaries through the companies affiliated with the Authority and various projects

As thousands of workers have been working under the name “contractor labor” for many years, without enjoying job stability or social security, the sector must strive to legalize their conditions and provide them with fixed employment contracts, this step would spare the sector significant financial losses that would go to the intermediary contractor without any significant effort, ensuring the provision of millions of pounds that could be better invested in serving these workers.

(( That's a direct critique of Capital's 'wasteful $$' middleman status - a tad too late! - which made Capital's execs tens of millions at the expense of Centamin shareholders & quite frankly, at the expense of Egyptian 'contract' workers who missed out on benefits ))

Companies such as Centamin and Barrick are supposed to be at the forefront of the global forces investing in the Egyptian mining sector, but due to the delay in signing exploitation contracts, despite more than two years of negotiation, these companies are still unable to invest their capabilities in Egypt.

the complete article

https://www.linkedin.com/feed/update/urn:li:activi

Hi Cowichan,

Considering the chaotic and shambolic way that crucial operational equipment was run under Pardey & Youssef this seems to be a very prudent and essential course of action!

( Think back when the sole underground LHDR self destructed and Pardey had no contingency plan or any spare parts at hand!)

Should be interesting to see how Pardey runs the Wein Namibia money pit!