Kumbaya Or No More Cash? Centamin Might Not Have Any $ In The Bank23 Aug 2023 22:38
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
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