Member Info for Cowichan

https://youtu.be/Ctkl9YYDYVY

31 minutes in the workers are nearly done stuffing the holes with Boom Boom sticks! Imagine, not a job for the faint hearted.

Rummaging thru Centamin's website & came across this 'Shareholders' page
https://www.centamin.com/responsibility/our-stakeholders/

Here's a snippet
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HOW WE ENGAGE
Regulatory announcements and press releases on material performance, including quarterly operational and sustainability reporting and biannual financial reporting
Regular market presentations, investor conferences and open market dialogue
AGM and one-on-one meetings
Annual Report and Sustainability Report
Engagement with proxy advisory groups and shareholder stewardship teams**

ISSUES RAISED*
Emissions
Diversity and equal opportunity
OHS
Anti-corruption
Training and education

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So, if those are the key issues Centamin management 'hears' when shareholders contact them thru email and social media we have a big problem.

Which shareholders are actually concerned & raising any of those issues* ( perhaps apart from emissions? )

Also, it mentions Centamin 'engaging with proxy advisory groups and shareholder stewardship teams'** What the hell are those? Do they exist and how does one join?

Correct me if I'm wrong but MOST Centamin shareholders are interested in & have been vocal about:
1) share price appreciation
2) share price appreciation
3) share price appreciation

That (jokingly) doesn't exactly cover all the bases but most concerns stem from whether or not we are making money - and that stems from issues like:
1) is management sufficiently focused on growing the business
2) has management done a good job ensuring uninterrupted and/or non declining production
3) is the dividend policy in line with allowing sufficient funds for exploration/acquisition
4) has enough been done to address single country risk (esp considering its been an item of concern for over a decade)
5) if the current BOD haven't delivered on 1 thru 4 isn't it time to refresh the BOD?

Bottom Line:
Centamin's shareholder responsibility 'list' woefully misrepresents the issues shareholders (and I would have to include the big ones) actual concerns - time to change it and talk about what really interests shareholders - not the ESG fluff every publicly traded company should and must be doing as a matter of a normally functioning, 21st century business

Tibbs - in regards to gold/silver ever-tightening physical supply

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https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-full-year-2021/jewellery

"Indian gold jewellery demand almost doubled y-o-y in 2021, surging past pre-pandemic levels to reach a six-year high of 611t. Record quarterly demand of 265t in Q4 set the seal on this remarkable annual performance.

With the easing of lockdown restrictions from June onwards and continued successful roll out of the vaccination program, India’s economy recovered in H2 2021. This boosted consumer sentiment – particularly in urban India – as reflected in an increase in the Reserve Bank of India’s Consumer Confidence Index, which rose to 62.3 in November 2021."

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Long may it continue!

Summary: The UK stock market is becoming a global backwater as US and Chinese markets forge ahead.

The UK is not alone in falling behind. All European bourses are more or less moribund, relatively speaking.

Daily volumes so far in 2021 have averaged:
$554bn in the US
$174bn in China
$47bn in Europe
and the London Stock Exchange just $6.1bn

But there are also homegrown reasons for the UK’s market decline. None is more peculiar (or farcical) than the role of income funds, the UK fund management sector’s signature dish.

These funds are a uniquely UK phenomenon. They prioritise dividends over any other kind of return from a company and therefore by definition penalise growth.

There is no comparable fund management sector anywhere in the world. According to the Investment Association, of the £744bn of equity funds that comply with its criteria, some 29 per cent are in UK income or related UK all-company strategies.

British income fund managers believe they have a mission to protect the incomes of pensioners (an honourable objective), but this leads them to insist on companies paying out the lion’s share of their income rather than investing it back in the business.
This is a form of financial decadence, discouraging capital investment and stifling growth and productivity.

https://www.ft.com/content/847b0335-7835-4b4f-9dc6-39ba944baadc

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My Thoughts:
Could pressure from Centamin's largest shareholders be the reason its BOD have prioritized super-sized dividends over growth, exploration and expansion? And over share buybacks during those times we've been excessively cheap?

Could pressure like this also be the reason for bad open pit management - delaying waste clearing expenses that would disrupt the larger-than-life dividend policy?

Chart here:
https://twitter.com/DuncanLamont2/status/1486979500634165248

Story here:
on.ft.com/3KQDXre

Summary:
An ex-hedge fund analyst has a conspiratorial theory why equities do better after the market closes

American bourses officially open between 9.30am and 4pm in New York, yet weirdly most of the gains actually accrue in the sparser, more informal after-market trading that happens on various electronic exchanges, according to a study by the New York Federal Reserve. Early morning returns, on the other hand, tend to be negative. The phenomenon has long puzzled many analysts.

It gets weirder. Research by Bruce Knuteson, a former quantitative analyst at the hedge fund DE Shaw, indicates that “overnight drift” and “intraday reversal” also happens in international markets, from Japan to Norway. Knuteson also has a far more controversial, conspiratorial interpretation of the pattern than other researchers who have probed it over the years. He reckons that it is caused by systematic market manipulation on a Herculean scale by some quantitative hedge funds.

Here is how Knuteson thinks it works. “Quant” funds that use algorithmic or systemic strategies take advantage of the bigger impact that trades can have when markets are closed and liquidity is thinner. They aggressively buy shares they already own, driving their price higher.

Then, as markets open and trading conditions improve, they can gradually ditch the purchases without undoing all of their earlier impact. By the end of the day, Knuteson says they should be left with a slightly higher-valued portfolio. Systematically doing this, day-in-day-out, would produce the pattern of overnight gains and gentle intraday declines, he argues.

Given his DE Shaw background, Knuteson’s theory is certainly more intriguing than the usual conspiracy theories that clog up the internet.

This article touches on several interesting issues regarding the influence of institutional investors - the first is an actual quote from then Newcrest's chairman in response to amendments made to the Corporations Act that gave [institutional] shareholders a bigger say in remuneration.

1 ) “At the time I thought it was just a pest, getting in the way. If you really want to disrupt management’s attention, do something like that and everybody has to concentrate on unproductive activity for about six months, so I thought it was a pretty stupid thing for the institutions to do,”

The second reveals how a big shareholder knew the specifics of a merger proposal while ordinary shareholders are kept in the dark. Funny executives will chat about it after the fact as if it wasn't a breach of non disclosure/insider information rules at the time.

2) At least one of Newcrest’s biggest shareholders – a multinational institutional investment giant – caught wind of the proposal and made clear to some at Newcrest that it would not support any merger with Goldcorp in the belief that Newcrest was being undervalued.

The last is self explanatory...

3) [Chairman] Hay and [CEO] Biswas also inherited a market disclosure scandal over allegations that the Newcrest team had in 2013 engaged in selective briefing for sections of the investment community about plans to halt loss-making mines.

The whole article is here: https://www.afr.com/companies/mining/how-newcrest-was-almost-drawn-into-a-us20b-megamerger-20220117-p59or1

And on that note - I really hope the results from Centamin's recently completed 10,000 meter drill campaign on the satellite prospects beyond Sukari are not 'briefed' to a prospective buyer before the market (aka ordinary shareholders like us!)

Been poking around Sukari recently... just coincidence of course.

Henry Onslow - Exploration Manager, Egypt - Barrick Gold
Exploration | Discovery | Strategy
https://www.linkedin.com/in/henry-onslow-08b8633a/detail/recent-activity/

map posted here:

https://twitter.com/DonLawson_/status/1486395555710308357

As we already knew Shalateen has Centamin hemmed in from the south.

Some of the (obscure) companies on the map include:
Hammash Misr, Aton ,Thani Dubai, SMW Gold, AKH Gold, B2Gold, Barrick, Ebdaa, Lotus, Medaf, NorthAfrica Mining, Nubian, Red Sea Resources, Shalateen

Also, Mizolgit - you posted:
"Some keyboard warriors think differentnly ,its their right, but some allegations are downright supposition and libelous."

I take that as a compliment coming from you. Go ahead and defend the BOD as you see fit - but to label my 'warrior' posts as libelous - well that's rich. I suppose you're a lawyer too? Working for Centamin on your spare time? Go ahead and condone the board's actions (or inactions) that got us in the situation we apparently now face re: stripping $350 million worth of waste. Just leave the insults and cheap digs to somebody better adept with the pen.

Oh and while your at it - grow a pair and identify yourself (like I have) rather than hide behind anonymity via 'Mizolgit' and show us all you have nothing to hide when you're busy defending the board and attacking me

And one of them https://perseusmining.com/

"Perseus Mining is focused on discovering, acquiring and developing a portfolio of good quality gold producing assets in West Africa."

I spotted a line out of the quarterly report Perseus published yesterday:

– Assessment of inorganic growth opportunities continue to generate encouraging results.

https://wcsecure.weblink.com.au/pdf/PRU/02478516.pdf

Inorganic being code for asset purchase. Of course this is terrible timing for Centamin with the Burkina coup and all. Isn't it just our luck...

It's great reading all the posts today - everyone sees things a little different but still very respectful - raising valid counterpoints just as it should be. Still, a little diversion never hurt...

https://twitter.com/middleeast/status/1485140154545278977

MrBond I don't mind you asking - but I just think if you put half the effort in questioning the actions of Centamin's management & BOD as you do my (in your eyes) inconsequential posts we all might get the answers we seek.

And I think I explained myself already regarding why I don't bother emailing IR anymore - in years past it's taken forever to get a response and if/when I do get a response I don't get an applicable answer - just a very polite brush off. I realize it's partly because I/we are (as you say) minnows among sharks.

In regards to notifying large institutional investors like VanEck, etc - that I do thru emails & social media - sometimes I get plain vanilla responses, sometimes I get nothing and sometimes I begin dialogs that form new connections. I'll keep it up (and this chat board apprised) of anything noteworthy.

Finally the reason I suggest others send IR my LinkedIn post should be obvious - the more shareholders who engage and ask questions - the more pressure it puts on Centamin to respond.

Tibbs,

As always very good advice re: getting clarification from Centamin directly so as to have an official record. That said I have no trust in the official methods as they've done little to address past concerns - perhaps somebody among our chat group will send Alex a link to the LinkedIn post I made yesterday outlining my concerns regarding so many Barrick/Centamin employee swaps in the last year?

If not I did tag all the Centamin executives on the LinkedIn post itself here:
https://www.linkedin.com/posts/don-lawson-98619370_centamin-plc-announces-sukari-operational-activity-6890419280710631424-14cq

And so far a good number of executives from Barrick & Centamin (among other companies) have read the post - Alex no doubt included.

As far as our latest swapped employee - Chris Le Cornu - being a young geologist and downplaying his departure - I do not understand why any Centamin shareholder who wants to protect his investment would fabricate excuses on behalf of the BOD/management. The now obvious pattern of employee swaps in such a short amount of time deserves to be addressed if only to reassure shareholders all is well.

One thing that could assuage some of my concerns is if Centamin released the original report(s) outlining the pit wall movement incident. All the specific details, the individual employee/contractors involved, the official geological engineering report and study outlining what steps were deemed necessary to rectify the issue - indeed if any action was deemed necessary. As we know small movements are detected in open pits regularly - not all of which result in remedial action. Not all of which result in changes to the steepness/angle of the pit walls. (As I remember reading subsequent to the Capital contract being issued - no changes were actually called for or implemented in the pitch of the walls of the area of concern, which is also curious)

Bottom line for me - once a Barrick offer is announced it's too late to raise concerns of orchestrated sabotage to Centamin's gold output & thus share price. That is why I am pointing these things out now - as they happen. I have held my shares for over twelve years and have no intention of letting the likes of Mr Bristow orchestrate yet another value destroying deal as he did for previous shareholders of Randgold.

Long time Centamin exploration geologist who worked at Batie West, Doropo & Sukari JUST leaves (a few days ago) for a position with Barrick (geological modelling)

I will count this as the FIFTH official Barrick/Centamin swap hire in the last twelve months.

Employee Details:
Chris Le Cornu
Title: Senior Geologist
Dates Employed August 2014 - January 2022

A senior member of the team leading the Doropo project through pre-Feasibility studies. Also involved in the re-modelling of the +14 Moz Au Sukari gold mine in Egypt.

Location: Côte d’Ivoire
Mapping, logging, modelling and drill hole planning. Greenfield exploration to resource definition on the Doropo (>5 Moz) and ABC (>2 Moz) gold projects.

Proficient with Leapfrog Geo, Micromine, ioGAS and Datamine Discover.

Title: Exploration Geologist - Burkina Faso
LocationBurkina Faso

Mapping, logging, modelling and drill hole planning. Greenfield exploration to resource definition on the Batie West (3.2 Moz) gold project.

https://www.linkedin.com/in/chris-le-cornu-7b080b54/?miniProfileUrn=urn%3Ali%3Afs_miniProfile%3AACoAAAuCrrQBYGE4AxsgMrbZB5MOUwdVrVdCQ3w

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My Thoughts:

It's beyond coincidence that this many key and long term employees should role swap between Barrick & Centamin. Chris being the most boots-on-the-ground & intimately knowledgeable of Centamin's drill data/ geology to date.

Note Chris's key role in the remodeling of the Sukari deposit just released in last month's update. This is pivotal info IMO

Obviously Centamin's management/Mr Horgan is aware of all this Barrick shenanigans - he/they are not required to apprise shareholders of the non-executive hires/fires BUT it is very important info when ascertaining IF indeed there is a bid coming from Barrick -
and to what extent this was a drive-the-share-price down set-up i.e. the 'detected' pit wall movement , the sudden no-we-didn't-have-a-clue MASSIVE waste material project , the Capital Drilling contract , etc.

I ask again - Centamin management - how long has this Barrick courtship been going on and what is the board's intention? Are we for sale? At what price? And to who's benefit? Certainly not long term shareholders!

Given the potential of Sukari, the underground, the vast new Egyptian concessions, Doropo and so on we ought not be for sale until the value of these new assets are determined - which may be several multiples of the current market cap. Anything less is not in Centamin shareholders best interest no matter what Barrick says about scale and opportunity within its own portfolio.

Tantalum $ .4 Billion
Tungsten $ 2.1 Billion
Niobium $ 4.3 Billion
Tin $ 5.8 Billion
Copper $ 116.4 Billion
Gold $156 Billion
Steel $ 969.7 Billion

A chart showing price(s) vs volume here:

https://www.linkedin.com/posts/don-lawson-98619370_copper-gold-tsx-activity-6890373298190999552-8nnE

Also, an interesting talk by Canada-Africa Chamber of Business re: critical metals, economics of mining, developing African sources of ore, etc. here:

https://youtu.be/DSGtakOWQJQ

Have a good weekend all!

Mogul Gold Refinery project update;

EH Mining Chairman and CEO has decided to transfer Mogul Gold Refinery project to one of these countries ( Singapore - Switzerland - UAE - Russia ) Rather than Alexandria , Egypt.

The project supposed to be the first Gold refinery in Egypt and North Africa and the largest globally, The Project supposed to include gold refinery and minerals smelting plant -automated assay lab(Robotic)-electronic waste recycle and Mines waste processing plant.

5 factories in one complex . It is a game changer project and based on that we have decided the above decision .

EH Mining will have only one project in Egypt, MOL Application it is online platform for mining industry ( the project under construction ) ,

Gold mines project ( 50 gold mine ) will be also out side Egypt in 34 country allover the world ( the project on progressing ).

We will update you when we start the gold refinery complex construction in the most suitable country for our project.

https://twitter.com/eh_mining/status/1484251786307321870
https://www.ehmining.com/

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Wonder if the consortium grew tired of waiting for Egypt/EMRA to get its act together.

Topic:
Decarbonizing Energy, ESG and Climate Goals for African Mines

Tuesday, February 22, 2022 12:40 AM to 1:20 AM
Cobus Loots · Pan African Resources
Eric Zurrin · Shanta Gold
*Martin Horgan · Centamin
Pierre Herben · Anglo American Group

https://africa.energyandmines.com/speakers-2/

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Yep.

Hi 3bear,
You're ignoring the fact that the share price has already been hammered - and for the reasons I outlined previously. Would it be lower otherwise? I challenge anyone to lay out a scenario which is worse short of shutting down production altogether. But of course that would hardly make for an attractive takeover target. Balance is needed. A stellar ore body that has seen neglect and mismanagement. That is the tell-tale image Barrick needs to swoop in and be the hero, value 'creator' , etc. IMO

LONDON, Jan. 12, 2022 /CNW/

Asked to identify the top trends in the M&A market in 2022, responding CEOs said that they expect :
- an increase in hostile and competitive bidding (72%)
- private equity to be a major acquirer (70%)
- an increase in cross-sector (68%)
- and cross-border (65%) dealmaking
- as well as more megadeals (56%)

As the world enters a new phase in the global COVID-19 pandemic, the majority of CEOs are ready to accelerate plans for investment and mergers and acquisitions (M&A) in their pursuit for growth. These findings come from the inaugural EY 2022 CEO Outlook Survey, which recorded the views of more than 2,000 CEOs across the globe on their prospects, challenges and opportunities.

https://www.newswire.ca/news-releases/over-half-of-ceos-to-step-up-investment-and-m-amp-a-in-2022-but-headwinds-remain-878818743.html

Jan 7 , 2022
#DPG MINES AND CAREERS
"In recent years, the mining industry in particular has contributed to improving the resilience of our country in the face of the various crises it has experienced." So my government is committed to increasing its share in GDP by 20% on average per year for the period 2021-2025 We are also aware that this cannot be done without greater efficiency in securing mining sites. Regarding the plowing, my government will work to frame and modernize the artisan exploitation of gold in order to preserve the environment, protect the health of the population, and to be able to better control the income generated by the small ones xploitation. "
Lassina ZERBO
https://www.facebook.com/energieminescarrieresbf/?ref=page_internal
https://twitter.com/sinazerbo?lang=en
(He's the newly appointed PM - with great credentials )

Also, Razor - I miss those gold shipment posts too!

Egypt intends to establish its first gold refinery with costs reaching $100 million as a part of its strategy to develop its mining sector, Minister of Petroleum and Mineral Resources Tarek El Molla told Al-Sharq on the sidelines of the Future Minerals Forum held in Saudi Arabia.

The minister declared that this project has not been started yet, but they are structuring the company which will be responsible for this refinery. This refinery will serve the region as a whole.

El Molla clarified that the sector’s development projects will be funded by the government, private sector, and international development organizations. He added that Egypt is producing around 15 tons of gold annually from Sukari Gold mine and still has great potentials in the Red Sea and South Egypt.

https://www.linkedin.com/posts/egypt-oil-%26-gas_egypt-to-establish-its-first-gold-refinery-activity-6888508548419067904-zae-

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Egypt must be very confident a large number of African/MENA mining companies will utilize their refinery to spend that much to build it.