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Yes dazah we do care
.We used our funds and purchased our shares expecting to be treated fairly.... Are you saying we shouldn't bother if we feel something is possibly wrong?....your chirping strengthens our resolve.
Pushme . .The possible fact that ordinary shareholders may have been taken advantage of is of concern . Many chairman pursue short term profit is ok but high grading (if done) without ordinary shareholders being told is not ok. .Good Mine Planning is essential and is used to ensure the smooth running of the mine. .No we don't need more court cases. We are curious . (Someone is responsible,) Should we be afraid and not discuss.
Centamin is run by professionals and experts and I think the company should have been / must be more open and be more explaitiven so as to allay any future discord or thoughts of possible wrongdoing.
Tibbs, I will support you in your inquiries.
I cannot believe that all of a sudden there were no higher grade stopes available to augment the lower grades found in the opencast.( ie bad mine planning ) The mine does seem to have been high graded.
djryan You are absolutely wrong. The chairman of any public company is the guardian of ALL the shareholders The "high grading" the mine to enhance the share price before HIS private sale of shares is completely illegal.
I have previously( + 2 years ago) stated that there seemed to be a lack of grade control when gold production target was not achieved. ( Mine planning). The shareholders (owners of the company) expect the board and the management to be expert and above board
Tibbs,Rebees , you are being heckled. Quoted by djryan at 13:51" Yes it does seem the outgoing chairman plundered the best grades quickly to boost his holdings, boost the dividend as well as enhance the the SP". This would be an illegal action by the chairman under the Public Companies Act. Aslo, as the chairman sold the majority of his shares soon after and then announced his retirement, this could also be construed as insider trading as the public shareholders were not told by the company about the "excessive" mining of high grade u/g ore. ie the chairman boosted the SP to sell his shares at a higher than normal price. The lack of good governance and transparency is my concern.
.Tibbs well done ! . I think your letter to Cey was precise and to the point (regarding most shareholders present thoughts), Sukari is being jointly run by Cey and EMRA
.I feel that Sukari's management is now being seriously influenced by the EMRA and that the Cey managers / directors for some reason are too SCARED to oppose what ERMA says . (both mining wise and legally wise). (and won't admit it). .This could explain a lot of our unanswered questions.
workover , what was ment in my last post is that Centamin are in a half share of Sukari Mine with the Egyptian government ,and I feel the Cey board are unable / unwilling to force / arbitrate outstanding disagreements (1 Mining area and 2 Diesel subsidy) Any settlement will cause the share price to rise and the shareholders would benefit.
atb
.What us Shareholders don't seem to realise ,is that the Egyptian Government ( now they have profit share ) practically run and control Sukari Mine .The statement by Centamin that (due to unfavorable agreement conditions ), they are not interested in being involved in any new Egyptian mining leases / concessions.
Because of these two facts they ( the Government ) are not in the least interested in doing anything to increase the value of Centamin,s share price. Why should they ? They don't own any. They are doing very well and prefer the status quo.
.At the moment our own Cey Board needs to grow some . They seem afraid of rocking the boat.and also seem to prefer the same status quo . They are ok, they are salaried. Centamin's logo is or was - Maximum Shareholder Returns . atb
Tibbs as I see it the Egyptian government practically owns Sukari and Centamin will within reason will do as they are told I,m sure the Gov,t are happy with the situation as is. If the area ownership is ruled on, would the diesel issue not then raise its head ???
With all initial costs being recovered by Centamin (ie profit sharing) the fact of cheaper diesel originally offered by the government can be fought for, as it would lower production costs, the mine would show a higher profit and the share holders would reap a higher dividend at the Gov,ts expense.
HI Rebess Cey board know their rights to suit but they are afraid to rock the boat too much, knowing what can happen in Africa (ie Tanzania) An international court ruling would really see the sp soaring.
I think Cey board have learnt their lesson . Haven't they just appointed a hands on / on site African experienced mine manager / mining manager ? If so then I think all should go well for the future. New mines in other countries will help but infrastructure is extremely expensive. If gold price stays up I think we shareholders will all be worth much more next year,
Hi Tibbs , if you go back a few months on this discussion board you will see it was I who stated that there were absolutely no excuses regarding the u/g long hole drill machine breaking down .Also if you go back +_ two years you will see I moaned then that lack of grade control caused a gold output shortage which caused the share price to drop at that time.
Lower gold price did play a part but with +_ 50 years experience Africa gold mining as owner and manager ,it is obvious to me that poor grade control or mine planning has played a bigger roll in the last gold shortfall and hence the fall in the share price. The timing of the announced lower gold output forecasts and their later corrections did not help at all .Those announcements were made with the Board,s blessings. Atb
Political accusations / discussions on a mining site will always cause critical repercussions. I think it's best left off.
I don,t solely blame Mr Andrew Pardey ( mining engineer) for the recent $500 000 000 market cap loss. He is told by the Board of directors what he can say or do. His function is to advise the board and in Centamin,s case to present the quarterly and year end results. The board is run by the Company Chairman. Mr Joseph el Raghy who after selling many millions of shares at a very high price then announced his retirement within this year.
Observing the u/g mining grades over the last couple of years it is clearly obvious that the high u/g ore grade during 2016 caused a high gold output and with-it a higher year end profit and an extra ordinary high dividend declaration This caused the share price to rocket . Hindsight is easy but my opinion is that too much high grade ore was mined in too short a period. ie bad grade / mining policy. The future was gambled with. A lesson learned - --maybe !!!
I think the worst is behind us shareholders and I have faith in Centamin to increase output, profit and dividends in the near future ATB.
Thanks Tibbs, Sorry for the rant, we paid good money for our shares expecting management to preserve protect and to hopefully increase the share price. As you said there was complacency . (heads in sand) Management must do whatever in the nearest future to bring the share price back to where us shareholders can again justify our faith in them. Regards.
The strategic u/g stockpile I referred to the the other day was a" layman" term. In the mining world it is an high grade area underground (stope) that has been developed completely prepared, easily accessible, pre drilled and ready for blasting for extraction to the surface. This area will change location as the mine stoping progresses. It is allocated as "in case of". Another other point is Centamin is a public company with no debt and US$400 million in cash. A 40p drop in share value drops the company share equity value by � 400 million. . A tool that is so vital to secure continuous production should not have fallen into such disrepair as to break down and be unrepairable. Management must accept ( weather a contractor was involved or not ) that there was bad planning. These people in management are highly professional and highly paid. No excuses .
Hi Siko ,thanks for your reply and explanation regarding this diesel dispute .The same report (as mentioned before) reads that the total disputed value (2012 - 2017 ) is a staggering US$ 274 million . I don't know how this now works as profit split has come into being .Is it a seperate owing or what? As it could be a substantial asset, I think the company should explain the situation and its value in greater detail to its shareholders . Regards
Thanks for your effort tibbs . I realise that the mine is fairly isolated and machinery does break down. Hindsight is easy but I think there should have been a strategy to overcome such an event. ie a high grade stockpile readily available u/g or on surface. Most gold mines the world over use such strategic stockpiles to " sweeten " mill feed grade to try and achieve gold production call when a shortfall is looming. Also with great respect I beg to differ with siko on the diesel dispute. The company thinks there is a financial loss . The eoy report for 2017 states Consolidated Financial Statements/ Note 12 Prepayments / Diesel Fuel Oil Dispute " This has resulted in a net. ( charge ) . of US $41,9 million in profit and loss for the year" (2017) Regards.
You and I see the situation for what it is.You can represent me in your bid to get some response out of management / public shareholder relations. These shares are our retirement earners. I feel let down by their incompetence. There is also a lack of urgency to resolve / sue for extra costs on diesel (Renegation of original agreement) .Part of that money belongs to us shareholders. Regards