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There was no RNS for this new Centamin Director appointment. It was done January 1, 2023
Total number of appointments 5
Company Name: CENTAMIN EGYPT INVESTMENTS 1 LIMITED (13472583)
CENTAMIN EGYPT INVESTMENTS 3 LIMITED (13474170)
CENTAMIN GROUP UK SERVICES LIMITED (12855548)
CENTAMIN EGYPT INVESTMENTS 2 LIMITED (13474165)
Received for filing in Electronic Format on the: 19/01/2023 XBVJ9DSI
Date of Appointment: 01/01/2023
Name: MR FRANCOIS JEAN DU PLESSIS
The company confirms that the person named has consented to act as a director.
https://find-and-update.company-information.service.gov.uk/officers/jkk2w0nlIo5Ynpr1k01V0IS0mVg/appointments
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Employment History
Independent Consultant
Jan 2020 - Present · 3 yrs 8
Since the start of 2020 Francois acts as an independent legal consultant specialised in rendering in-house legal and transaction management support services in the mining sector, with particular focus recently in emerging markets, Egyptian and Francophone African mining projects. Francois has a varied client base ranging from FTSE 250 listed mining companies to privately held investment vehicles and funds with interests in exploration, development and/or operating mining projects.
Chief Legal Counsel -Toro Gold Limited
Nov 2018 - Jan 2020 · 1 yr 3 mos
London, United Kingdom
Between 2009 and 2019, Toro Gold Limited was a privately held gold production, development and exploration holding company with a West African investment portfolio. Its flagship asset was the Mako Gold Project in Eastern Senegal that commenced gold production in January 2018. In addition, the Toro Gold group held a 2000 square kms exploration portfolio over the highly prospective Birminian terranes of the Ivory Coast, Guinea and Senegal. Toro Gold was acquired by Resolute Mining in July 2019 following which Francois resigned as Toro Gold's in-house counsel to return to freelance consulting.
https://www.linkedin.com/in/fran%C3%A7ois-du-plessis-404b8a135/
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Anyone still think Mr Horgan is upfront and forthcoming with all his actions?
In regards to Centamin's cash in the bank:
1 Centamin has entered into costly gold hedging (which Mr Horgan is loathe to call hedging) through the use of buying puts (the right to sell gold at a minimum price monthly) now extended out to 12 months. We have been told there are no plans to spend Centamin's cash in the bank until mid 2024 ( the estimated date to approve the Doropo mine) and perhaps not even then (because funding will likely be thru project specific means)
Then WHY bother spending those millions to hedge now ? Surely Centamin could could have doubled the dividend, instead of giving lucrative hedging business to their banker friends ?
+
1 Centamin secured a $150 million line of credit - and to do so is paying millions in additional fees for that privilege while yet undrawn. Again, without the need for cash as they supposedly have plenty of cash in the bank - why waste the millions on banker's fees? It too could be given to shareholders as dividends.
=
2 Absent Mr Horgan providing some logical reasoning, one can assume other factors are behind the above decisions, one possible being management is actually worried about their available cash
It would be good if the amounts owing to Centamin were indeed in the tens of thousands not millions. But if that were so , how does one explain the chart on page 10 here: https://www.centamin.com/media/2982/cey-1h23-results_presentation_final.pdf
It says "gold & silver sales debtor $34 million"
I take this to mean an outstanding 'accounts receivable' as it's listed as part of Centamin's liquidity - who is the debtor , other than the CBE ?
Thanks in advance for the replies.
And for the record - I'm not claiming to know any of the answers - I am asking the questions
I remember a time when none of us Centamin investors (former included) thought hedging or borrowing was never going to be part of the plan - but here we are immersed deep in both - what else, unexpected, will arise ?
Better to know in advance than be caught unaware. And yes, I agree with DASUT's warning a little bit of knowledge being dangerous - so let's not be stuck with only a little bit of knowledge. Whoever has the definitive numbers - please inform us all.
( obviously the $34 million above doesn't match any of the CBE related footnotes - and as I understand it 'accounts receivable' aren't included in 'cash or cash equivalents' - so I'm at a loss to reconcile ANY of the amounts )
The bankers certainly do know - thus Centamin was forced to hedge their forward gold sales thru the purchase of puts - a condition of line of credit approval
analysts - love to hear how valuable you think they are
investors - they are pinning all hope on gold and goodwill towards Centamin management
independent auditor - I have submitted a formal complaint and await outcome
company's accountant - does as instructed
technically Centamin has put the amount in arrears in the reports as a footnote - the problem is allowing the total to balloon over the last 3 years - and that without flagging as a potential impairment going forward
Goldgnome
I find it startling that shareholders on this forum are
a) unaware the CBE owes such a huge amount to Centamin
b) unwilling to look at the data themselves - and ask Centamin if the amounts in their own H1 report is accurate
the big IF is literally a click away for anyone willing to see for themselves, I don't publish these figures, Centamin does
it's the last two sentences on the last page (page #38) here: https://www.centamin.com/media/2980/cey-rns_1h23-interims_final_250723_website.pdf
But by all means let's talk about US president Biden instead, somehow that's far more pressing an issue and more relevant to investing in Centamin
Goldgnome - I cannot disagree more
from 2022 annual report (report #1)
45 transactions have been entered into at the date of this report. At 31 December 2022 the amount receivable from Central Bank of Egypt is approximately US $23,681,000 (2021 : US $24,761,000 net payable)
from H1 interim report (report #2)
62 transactions have been entered into at the date of this report. At 30 June 2023 the net receivable owing from the Central Bank of Egypt is approximately US $ 16,062,000 (30 June 2022: US $ 42,922,000 net payable and 31 December 2022 US $23,681,000 receivable).
My Notes:
1) notice how the cumulative amount in arrears has grown in the first six months of 2023
2) notice how the amounts and dates have altered from report #1 to report #2
Something is not right. There is no reason the 2022 amounts should be split between June and December 2022. I have inquired to several entities in order to unscramble the mess that is the above gold purchase reporting by the Central Bank of Egypt via Centamin (including directly with PricewaterhouseCooper UK)
If the last report is an accurate account of how much the Central Bank of Egypt owes Centamin as of June 30, 2023 then it's a total of $82,665,000 million US dollars
And that doesn't include July or August 2023 'purchases' by the CBE
This means Centamin MAY NOT HAVE ANY cash on hand ( or approaching net zero cash )
Is this large arrears owing from the CBE the real reason Centamin has secured a $150 million line of credit ?
We know the banks forced Centamin to hedge to $1900 gold by purchasing monthly 'puts' - both actions of which cost Centamin shareholders millions in fees - but we don't know if the real reason is because Centamin is actually out of cash.
if anyone can get an answer out of Centamin as to how much the CBE owes them in total please post their reply on this forum for the benefit of all
I was under the impression bought and sold volumes (& values) of securities always match.
Certainly , is trading securities any different than trading apples? Imagine a farmer stand selling $ 500 worth of apples today , but somehow the customers ended up paying $800 . Was it some indication of apple demand outstripping supply ? Or maybe the tip jar?
Or conversely the farmer sold $800 worth of apples but the customers paid $500 . What happened? That's called pilfering - neither of which happens on a securities exchange.
But Centamin's management has decided not to blow the whistle, yet.
But you ask, what is a triggering event?
Triggering events are events or changes in circumstances that indicate that the fair value of an asset may be below its carrying amount. Typically, triggering events vary by asset class.
this from Centamin's H1 Report (unaudited)
" {Centamin's} Management has considered a number of factors when concluding on whether an impairment trigger existed as at 30 June 2023. Notwithstanding the fact that the carrying value of the Group's net assets exceeded its market capitalisation as at 30 June 2023, management noted that the fall in share price is consistent with an industry-wide trend, and that there have not been significant operational issues at Sukari in the period, and the Group remains on track to achieve its annual production guidance, with costs in line with forecasts. As such, management has concluded that there is not an impairment trigger relating to the Sukari CGU as at 30 June 2023"
https://www.centamin.com/media/2980/cey-rns_1h23-interims_final_250723_website.pdf
https://www.eidebailly.com/insights/articles/2020/5/asset-impairment-testing-triggering-events
Bottom Line:
Concerned Centamin shareholders - of significant shareholdings - ought to be asking:
1) How much does the Central Bank Of Egypt currently owe in arrears in TOTAL?
2) Why is this amount not considered at risk of non-payment?
3) Why does Centamin continue to grant credit to the CBE when in the first 6 months of 2023 the CBE added $16,062,000 US dollars to its unpaid tab?
Furthermore, from PWC (Centamin's auditor's own website)
"Market capitalisation below net asset value is an explicit trigger for an impairment test in the standard. If market capitalisation is lower than a VIU calculation, challenge of the appropriateness of the assumptions should be undertaken 4 ."
https://viewpoint.pwc.com/dt/uk/en/pwc/uk_in_briefs/PwC-UK-in-briefs/PwC-UK-in-briefs/impairment-of-nfa.html
Be aware - Mr Horgan & Ross Jerrard are treading on thin, thin ice.
Has set a hearing date for 2 September 2023 to consider:
"As per the provisions of Egyptian Civil Procedures Law, Centamin's subsidiary, PGM, has submitted an application to the SAC to resume the Appeal proceedings and request the SAC to reject the original case in its entirety in accordance with the provisions of Law 32"
AUGUST 19 2023
Polymetal shares on the London Stock Exchange dropped 80 per cent following the invasion. They have been suspended, and trading will not resume as the group plans to delist from the LSE by the end of August.
The LSE shareholders will have either to sell their shares or open an account at AIX and transfer them to Kazakhstan, said Nesis.
“We made every effort to keep the LSE listing. But it required the active participation of financial services providers, primarily registrars, who declined to co-operate due to sanction-related risks,”
Polymetal does not believe that Moscow will seize its assets, as it did with Danone and Carlsberg, where their Russian operations were nationalised.
https://www.ft.com/content/5a8ed4a7-2bad-4948-a56b-355c61a93a8b
I'm convinced the lot of you might have a total of $1000 or $2000 invested in Centamin
Otherwise you would actually care about the company's lost revenue and prospects - instead of laugh it off as if wasn't important
I happen to know others who have millions invested with Centamin - and they are indeed interested , and show it by the respect and common courtesy you lack
Tornadotony
"Centamin is now value at the top end of fire price range for all the plant* and assets* and permits that it owns"
Does Centamin own these items*? Doesn't it transfer ownership to the EMRA once the capex deductions have been made/recouped? Centamin retains the right to utilize them (by concession law), obviously - but not an asset available for sale or calculated as such
Sotolo , Tibbs & others for seeking a peaceful resolution to the conflict I seem to attract.
Dear SteveJones & MrBond,
This 'narcissistic, attention seeking idiot-' has recently been working for Centamin shareholders (like you, apparently) getting answers from the EMRA, the Egyptian media, the FCA & in particular Centamin's 2022 Annual Report auditor Mr Jonathan Lambert of PricewaterhouseCoopers - you can also contact him here:
https://www.linkedin.com/in/jonathan-lambert-12046a4/
I am seeking to find out just how much the Central Bank of Egypt owes Centamin for past gold sales & how long back they started skipping payments. And how much is owing for the current year 2023 as the CBE has materially ramped up gold purchases in the last 8 months.
I submitted a formal complaint on PwC's whistleblower service here : https://secure.ethicspoint.eu/domain/media/en/gui/105406/follow.html
and am awaiting further correspondence back. The problem I see is that Mr Lambert of PwC has a professional duty to identify & formally point out key risks and ongoing matters to Centamin's operations (see page 152 of the 2022 Annual Report) and the CBE in arrears for gold supplied to the tune of $50 -$100 million US is a doozy. Why was it not flagged? Why hasn't Centamin's BOD & CEO spoke of it?
And SteveO - MrBond ,
Did you forget this anonymous 'bot' has a LinkedIn profile (which a bot cannot achieve) and posts about Centamin - getting real world responses from Centamin employees and mining industry professionals ? BTW you too (two!) can respond in any manner - polite or irate (if you have courage enough to insult without anonymity) I'll be awaiting your valuable input in the real world below
https://www.linkedin.com/posts/don-lawson-98619370_egypts-gold-reserves-rise-by-24-percent-activity-7097677235167363072-dSXM
https://www.linkedin.com/posts/don-lawson-98619370_centamin-activity-7095098820740452353-k3jf
https://www.linkedin.com/posts/don-lawson-98619370_hey-centamin-plc-martin-horgan-according-activity-7094755610981777408-XqDL
China Evergrande seeks Chapter 15 protection in Manhattan bankruptcy court
The company sought protection under Chapter 15 of the U.S. bankruptcy code, which shields non-U.S. companies that are undergoing restructurings from creditors that hope to file lawsuits or tie up assets in the United States.
Evergrande recently had $330 billion of liabilities. A late 2021 default triggered a string of defaults at other builders, resulting in thousands of unfinished homes across China.
Last month, Evergrande posted a combined $81 billion loss for 2021 and 2022, prompting investor worries about the viability of a debt restructuring plan it proposed in March.
Since the sector's debt crisis unfolded in mid-2021, companies accounting for 40% of Chinese home sales have defaulted.
https://www.reuters.com/legal/china-evergrande-files-chapter-15-bankruptcy-us-court-filing-2023-08-17/
I remember youth like you in high school
they were always ready and willing to bully, shame & discredit others
relentless , they had no pity - moreover they had no manners and no sense of common decency - was it was a choice they made or a reflection of their low upbringing ?
so then it is ironic you pair would bring up the term pity - remember well your mocking for someday , unfortunately - it will return to you tenfold
FOR IMMEDIATE RELEASE
16 AUGUST 2023
"MSALABS currently has a laboratory in Marsa Alam, Egypt under construction;"
https://www.capdrill.com/media/home/Capital-Limited-Interim-Results-combined-FINAL-SIGNED.pdf
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Mr Horgan must be elated that his bestie Jamie Boyton saw Capital Drilling's H1 2023 revenue & EBITDA rise 12% and 10% respectively over H1 2022 - Inflation? Pshaw, Centamin agreed to cover all of it and then some for 4 years...