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Hi Swampmonster,
I'm with you, as a long term investor I was dreading Horgan dressing up this mornings update to please, at the best, current fickle and non credible analysts and short term market dippers.Credibiity needs to be built layer by layer and to my mind this steady as she goes approach is exactly the strategy to build confidence in the large Institutional holders.
To my inexperienced eye the middle achieved on previous guidance hints that there may be some cards being held up sleeves . Just my feeling .
Somewhere the more experienced members here forecast some figures of Capex against AISC reductions on energy costs going forward. Can someone point me in the right direction to review
those again. In view of the massive spike in world wide energy costs are Centamin ahead of the field in this direction. Are they reflected in any forecast AISC figures. Not lazy just deferring to better able minds on this one.
Regards to all
Happy bunny Bob
Hi Cowichan
A very succinct case for a Barrick endeavour to achieve CEY on the cheap. However although external forces apart Hogan is a wealthy man in his own right and unlike Pardey does not need a brown envelope to do the bidding of others. have a look at his C.V history to understand his rejection of pressure to float n a desire to succeed at Toro. My belief is that his driving force is to expand his ego and professional standing in turning round a downside company with mega upside potential. A hero in the making. With such a reputation and ego at stake does he wish to be remeberes as a pawn in Barricks portfolio. I think not. Perhaps wishful thinking but as long as Blackrock and the Institutions also have faith in the upside then he will have their continuing support and where the real power lies. Not with Barrick. The FED may run but they cannot hide against the inflation surge and when rates dont rise against the inflation bubble the explosion (having lived through inflation at 20+%) gets exponentially greater. Servicing Government debt when rates rise by say 2% will be crippling Where will the smart money go. Crypto, I dont think so, and Governments will be swift to own the source or tax the returns +++++ big time.
Just my personal thoughts and how I wish the majority does not transpire as the resulting recession and unemployment will be dire to a lot of ordinary working people.
Kindest regards to you and this wonderful board.
Bob
Thankyou Gold gnome for your insight on a non exec role. My non exec had a quarterly visit to every building site we had and conversed at length with the project Managers and sales staff Some 18+ different locations. I was puzzled as to how after 3months he would visit a site and know the Christian name of everybody he conversed with previously. I was later advised that he had a memo book and input after each visit the names and positions of everybody he had talked to and refreshed before each visit. Very subtle way to win peoples confidence and open up on how things really were.
It would be interesting to know when and at what time CEY non execs visited Sukari!!!!
Bob
Hi Halfpenny,
I agree that a non exec on other similar discipline boards can be an asset to the Company and as a past CEO with non execs on board know full well there expertise and guidance can be of immense value. However her status as a Geologist seems to have been used in posts as Chief Operations Officer and technical services. From that I would presume her hands on expertise in the mining field backed by a Geologist background would have made her eminently open to asess the field conditions at Sukari (if she ever went there )
However as I have said this is just my sad lack of knowledge in depth view.
Bob
Hi Tibbs
You have again hit the nail on the head.
Dr Farrows C.V herewith with acknowledgements to Aclara Resources
Dr. Catharine Farrow was first elected to the Board in April 2020. Dr. Farrow is a Professional Geoscientist
(APGO) with more than 25 years of mining industry experience. She currently serves as a Director of Franco-
Nevada, Centamin PLC, and is Chair of the Board of Exiro Minerals Corp. From 2012 to 2017, she
was Founding CEO, Director and Co-Founder of TMAC Resources Inc. Before TMAC, Dr. Farrow was Chief
Operating Officer of KGHM International (formerly Quadra FNX Mining Ltd.). Previously at Quadra FNX
and FNX Mining Company Inc., she held many senior roles in a wide range of disciplines including
operations, technical services, corporate development and exploration. She has been honoured as one
of the 100 Global Inspirational Women in Mining (2015 and 2018) and is a past recipient of the William
Harvey Gross Medal of the Geological Association of Canada (2000).
She was announced as Non Exec to Centamin Board in September 2019 and was in position when the share price was 225p in August 2020 and through the debacle that followed when the problems of the waste and Wall plunged the price to 106 on the 24th Nov 2020. Why oh why with her reputed technical mining knowledge could she not see what was happening. It was what she was paid to oversee.
I have sadly not got the technical expertise to ask the company why she is still in tenure but perhaps Cowichan and others here have that expertise.
Does anybody know her remuneration package for what in my personal opinion is an abject failure of a professional failing?
Bob.
Olderand wiser
The problem with doing nothing and moving on in your reply to Tibbles is exactly what will happen time and again . I agree Regulators seem to have the Companies and not shareholders (at least the PI'S ) interest foremost. But there is an old saying "if you dont study history you are destined to repeat it. I would add "and react to it" you are destined to repeat it.
Some non -execs are excellent but I haven't looked into the CV of Centamin non execs as yet Did any have the in depth technical technical knowledge of the mining industry and specifically open pit mining. I would think not. Thought of the day, put Cowichan forward as a Centamin noni - exec. Get my shareholder vote.
Merry compliments of the season to all here whatever the amazing and diverse but mannerly views you have.
BobLiz
Hi Tibbs
What you say has a lot of merit. However can I add that the Executive Directors have the responsibility to profitably develop the Company but , and this the killer for me!!! The NON EXECUTIVE DIRECTORS ARE APPOINTED TO SAFEGUARD THE SHAREHOLDERS AND QUERY THE BOARD OF EXECS IF THEY FEEL THIS HASS NOT HAPPENIED!!! Their remuneration for minimal effort and work is well documented and HAVE FAILED IN THEIR PRIMARY OBLIGATION. The role of the Non Execs need to be examined in this context in my opinion although they will and or have swanned off to some other lucrative minimal effort company/companies. Apologies for the capitals but does mitigate somewhat my disdain for these leeches on the bosom of many Companies.
Bob
Hi Guys
Apologies , How bl....y smug was my post after re-reading it . I know how sad many on here are re recent SP movements but I really wished to give some upside thoughts which came across a bit skewed. Hold on better times are coming.
Very kindest regards
Bob
Hi Razor,
Commiserations on your 10% but view it in the context of 6% plus inflation at this time.
I am not sure my meandering thoughts should be adressed in reply to you but always follow your posts so here we go.
Firstly I have the luxury of being in Centamin from its outset on AIM and a plan on the wall and accumulated divis as a percentage of initial investment satisfactory.
I get either depressed or amused by some posters on here and long may the latter continue to keep me in a jocular mood.
Comex!!!! How many decriers, vilifiers on here know or have educated themselves as to the governance bodies of this entity . From their comments , not many. I laughed my duck off at predictions of 1900 as I had just taken an option at 1878 as there was no way the Fed ( who manipulate the Chicago mercantile Exchange (see governing body as above )were going to see this happen. As it turns out I set my out at 1819 so missed a few points but happy.
In 2007 I sat and thought the markets were going to hell in a basket so liquidated all my holdings into gold. The present situation as I see it (and 51% correct= happiness and 49%= misery)
America has a defunct President presiding over massive inflation (although at the risk of encouraging Tibbs Boris is not now far behind in my view but be careful Tibbs as to what you wish for)which the Fed is throttled as to interest rate rises to counter and the inflation genie is already out of the bottle in any event.
Rising territorial aggression from China and Putins Russia London cabbies talking about how good their few bitcoin holdings are going. and predicting $100,000.
Hogan's announcements on the 1st and the 8th are only of interest to me if its steady as she goes. External events will trigger all that we wish for if patient enough .
Regards to all here
Bob
Mr Bond
Love your succinct analysis of the present scenario , however you have not researched sufficiently to determine the major players in the Comex debacle. i I did some research some time ago as to the elements as to determining the Comex price syndrome and was astonished as to the manipulators of what is supposedly an open market availability. You might find the Fed has a massive input into Comex but what do I know . Kind regards
Bob
Hi Tbbs ,good to see you are holding fast to your opinions and long may the freedom to voice them be open to you in this democracy, unlike a lot of Countries in this world.
However a few points of mine.
The Brexit referendum . First a democratic vote implies 3 options for all .
1) To vote in the affirmative
2) To vote in the negative.
3) AND MOST IMPORTANTLY THE RIGHT NOT TO VOTE AT ALL.
Next point. The European Union is the most undemocratic form of governance in the Western world. The Commission which rules the Union is an unelected body which cannot be removed by the European populace . Agreed the Union has a Parliament but the reins of power are held within the commission and have recently taken hold of the reins as to distribution of EU funds.
It is of no matter whether you like or dislike Trump but the American voter had its say at the ballot box. A similar situation will arise over Boris Johnson's tenure in a few years time and I would refer you to point number 3 above.
The very kindest regards and thanks for your massive contribution to this board.
Bob
Hi Tibbs
How I wish I had your certainty on what the BBC has to offer . Also the parlous situation that capitalism has had on the working man's life prospects. Almost makes you wish to emigrate to North Korea , Beijing . Venezuela , or Beijing.
But of course their population troubles are entirely due to the fed , global banks , market philosophy and oppression from fraudulent market forces. Oh dear
The very kindest regards (sincerely meant)
Bob
Cowichan,
Rather late and following a rather good Pinot Noir. Apologies.
What evaluation of AISC would be attributed to extracting value from this stock pile. in your professional opinion.
Sorry to be a pain.
Bob
Cowichan
Following my errant and large thumb early post.
There are few on here I follow with conviction but you are one However we are not all blessed with your understanding of mining procedures et al I am loathe to interpret your exacting figures but are you saying that (I am probably totally misrepresenting your analysis that the reserve stockpile held by CEY represents 1,880,000 at average return at .46/t Au equivalent to 828,000 Oz's of gold.
More importantly to an area I am quite functional in is whether this is shown in the reserves or impacts on the balance sheet. I cannot find it in the accounts or in the reserves. Any views contrary on this board or to add.
Bob
Hi Tibbs
Bobs head above the parapet again. Each year we have the same complaint about the Major Banks and I really do feel sorry for those who use their SIPP and brokerage service because they probably hold and have been inveigled into this via their current account provision.
Why do Barclays et al hold your divi for up to a week. Simples. The dollars go to their FX desk and at some point they will scalp off the exchange market when converting to sterling!!!!!!
Perhaps a small percentage point but when dealing in billions substantial on the P&L
Equally they will sell your dollars to retail or wholesale consumers at a negative true rate eg holiday currency and again profits in the pot. Probably several times over during the course of a week. True conversion rate to them say 1.38 and sold to the market at 1.34 or less.
I hold with Charles Stanley and have had the divi in my account at 8.30 on due pay date. Many good brokers offer the same facility with the opportunity to set a market order at your preconceived max or minimum.
Equally how many times have we said research the LSE trading platform (boring I know) but you will understand NMS , after market trading, Uncrossing trades, Broker to broker transactions etc and not take face value as cast in stone. Here comes the difficult bit. You ask your broker to buy 1000 shares in Centamin. He puts it into the book on the SELL side. This is an offer to the market to you to sell to him at that price A percentage less than the buy side which means an entry there is his willingness to sell to you at that price.
My take on Bitcoin. You cant see it you cant smell it and you cant spend it. There are major speculators in the bit coin market holding billions and when they have sucked in enough little guys by price holding a few at 40,000 or 50,00 will use AI to sell and leaving the small guy with his pants down holding nothing but a dream and a web wallet worth less than a decent leather wallet on the local market stall. Hope I'm wrong but Ponzi keeps hammering at my little grey cells.
As to Centamin, thousands of oz's gold in the ground, in my opinion much more than currently acknowledged although I listen very attentively to others more knowledgeable than I Have studied hard on Hogan's history and C.V. i believe he is motivated unlike his predecessors not by material gain (he has no need )but by far more driving ambition of ego and peer acclaim. Totally confident in his driving force to make Centamin a major in the gold mining sector.
I think enough has been said about Basel 3 , government debt, inflation and money printing (fashionably called quantative easing)
Oh well back in my hutch
Bob
Hi Cowichan
Thankyou for all your insightful insight into this board and your professional industry comments. I look at basically recycled open source from others but value your contribution above all others.
Thanks for a breath of fresh air and a sensible conclusion on this issue.
The UK may well lead the world on suppression of green house gasses but it is an irrelevancy of minor relevance on a global scale against the major contributors , China , Russia , India and the good old USA.
I will take this more seriously going forward positively when Greta from Sweden stands in Beijing or Red Square or Mumbai preaching her propaganda as to what is needed. Isn't going to happen is it? Ever!!! So why should we have a situation where the lights will go out when renewables cannot cope with demand here when China is opening up fossil fuel power stations on an enormous programme. Russia is pumping gas and oil to a dependant EU and Mumbai is negotiating the most
massive oil and gas deals with off shore providers in the Indian Ocean collective. to be real the populous decide governments and not one can stand in the way of heating , cooling or electricity grid continuance. Very sad that this may be.
Bob
Hi George
From memory directly in putting into the LSE trading platform.
You purchased £9000 odd pounds in CEY. lets say at 95.35. through your broker. From memory but I dont think the rules have changed that much your broker has 5 minutes to register that purchase in the LSE trading platform (the book) If it was larger then NMS normal Market Share then he could put it into the book(the LSE trading platform ) later and after trading closed at 4.30PM However during your trade at 95.35 the ticker price jumped to say 96 .5 the when it got entered it would show as a sell. Unless you have level2 access or the facility to trade the other side of the book then only believe the broker note you must have received regarding your purchase. It always saddens me to see these queries crop up as the LSE has some good advice . Manipulation of the book is quite regular as well as putting a buy order in at say 100p and then retracting it is quite common and skews the bid ask scenario. and can convert sells to buy and vice versa.
Not sure this helps but at the price you invested in CEY hopefully you will see a handsome return in the long run.
Kind regards
Bob