Member Info for DASUT

Sotolo I had to pop back in again to look at the 3rd quarter results and they are actually even better than I thought they would be. Strip ratio down, grades up in the open pit and feed grade also up so personally I don't see why results for 4th quarter should be equally good if not better as they won't have the additional cost of moving the 6 million tonnes of waste that Capital moved in the 3rd quarter. So strip ratio should improve and cash costs will reduce.

Looks to me as though Sukari is back to being a mining operation not a refurb project.

So why sell out so cheaply? I didn't listen to or phone in to the web presentation Q&A at 8.30 this morning. Can't believe that there wasn't a question regarding the Anglo Ashanti bid, did anyone call in?

Tibbs 50% profit share was always the case since investment costs recovered so no change there, I haven't checked but I bet Sukari AISC is lower than the majority of AngloGold Ashanti's current operations.

As for the BOD selling out I thoroughly agree it doesn't hang well and don't write off the vote not going in favour especially with AngloGold Ashanti share price suffering the way it is at the moment.

What a total nonsense the GP being hit because of US finding 250 thousand jobs in a country that has a population of almost 350 million.

Can't blame Horgan and his team for the cost of clear up as it was always known that strip ratio at Sukari was above 5:1 closer to 6:1 so to be mining at closer to 3:1 prior to the instability of the west wall was the red rag that prompted the suspicions of the new team and I feel sure that wheels were already in motion for a clear up prior to the west wall issue.

GLA

Tibbs, Things have changed since January mainly GP and average grade change due to very low grade now classified as ore so strip ratios gone down.

Dynamic and changing times so need to roll with the punches. I have always said that grades are low even when 1.5 and back in the early 2000's it would have been marginal with GP in the region of $1000 or less and doubtful would have justified a CIL Plant and the dump leach would have been the way to go.

Then GP started climbing and low grades became viable and even mining tailings of old mines became viable.

Currently Sukari even at low grades is making money because they are more efficient and the GP is basically a licence to print money.

Currently the cost of recovery underground given the lack of volume wouldn't survive as a stand alone business emphasis on the word "Currently"and why stop mining the open pit when it makes a profit "Currently"?

AngloGold Ashanti are a canny organisation with considerable experience and when Pharoah Gold/Sukari started it was likened to Geita in Northern Tanzania and several people joined from Ashanti and Geita in strategic positions namely Trevor Schultz and a little later Harry Michael who started with Ashanti at the Iduapriem Mine in Ghana and prior to Sukari he was GM at Geita.

So the mining cycle continues to go around.

Paul, Not sure what question you are looking for help with. I see a lot of Tibbs comments but believe original question was why has Barclays jumped in with a sizeable wad of money. Wish I could answer this as banks play a totally different game to me and my simplistic views of investment.

Barclays do however have considerable knowledge when it comes to mining investment, not sure but think Horgan worked for them back in his history.

Tibbs 325,000 ounces at $2500 plus isn't to be sniffed at and not sure what the 450,000 ounces you refer to sold at but $1,800 would get you something similar in revenue.

Current open Pit grades don't cost more due to lower grades, actually cost less because if the very low grades weren't dumped on the leach pads to earn a few bob, would be dumped on the waste dump to earn zero. Also leach pads normally dictate a down gradient travel rather than uphill travel, so adds to the cost reduction.

Sorry for the intrusion as an interloper without any shares but a friend on this forum told me my name had been mentioned.

GLA

This will be my final post as have decided that my share dealing days are over as I am now of the age that investing finishes and spending is now the thing to do so booked a family holiday, help daughter sort out the roof of her house and wait for other instructions from the better half.

Good luck to all of you especially those of you who continue to hold.

Wife just said never say never because you never know there might be something in the world of gold mining that might tempt me out of investment retirement.

I enjoyed the ride and my return was more than good.

The share price can still rise because as I see it there is no acceptance of the offer and since the initial rise after the takeover announcement the SP has pretty much followed the GP.

Paul, All I can say is that I am surprised that there hasn't been interest from another of the Majors given the extent of the Centamin resources and prospective ground but maybe still early days.

I don't think the 3rd quarter numbers will make much difference given that Horgan has already advised the trend and results of the first two months of the 3rd qtr.

So ladies and gents tomorrow could be an interesting day with an interest drop in the US predicted, what do we reckon will happen to the GP if a 0.25% reduction? Any bets on a 0.50% reduction and the impact on GP.

Tomorrow will likely influence my sell or hold decision.

Cowichan, Please can you explain the substance of the rumour. Thanks

Cowichan, If Barrick came in with an unsolicited aggressive bid over AngloGold Ashanti the only shares as I understand it pledged to AG & A are those of the BOD and if Barrick win the game neither AG&A or the BOD have a claim against each other so the pledge would be voided.

Thoroughly agree that it is bizarre but if one of the bigger boys feel there is a deal to be had I am sure the likes of VanEck and Blackrock wouldn't say no to a better return.

As I said I could well be naively hopeful.

Sotolo,

As you might be aware I was late getting the news of the offer and am surprised that the rumours weren't picked up before an offer as I would suggest that there have been some lengthy discussions and meetings before an announcement of an offer being made.

I am not someone who invests in large organisations and like to grow with a company through AIM so it is doubtful that I will accept the offer and will likely sell my shares in Centamin.

Yes there does seem to be a bit of a turn around since the AngloGold Ashanti losses last year but from my quick scan the AISC doesn't look to be dropping and their profits are basically because of the strength of the GP.

Personally think the offer is a good deal for AngloGold Ashanti given the extent of the portfolio on offer and wouldn't be at all surprised to see another of the top ten mining houses entering the game especially after Horgan presented the numbers for July and August letting us and all interested parties know the current trend is now very good.

Gut feel says there is a way to go yet and Horgan and his team are saying we are open for a merger or acquisition and we are tracking in the right direction and open to offers around the £2 billion mark.

Maybe naively hopeful but I have been involved in many very large negotiations and as I say my gut instinct is that there is still a hand to be played.,

Cowichan I am not voting yes and don't think it is necessarily a done deal.

As you might be aware I was late getting the news of the offer and am surprised that the rumours weren't picked up before an offer as I would suggest that there have been some lengthy discussions and meetings before an announcement of an offer being made.

I am not someone who invests in large organisations and like to grow with a company through AIM so it is doubtful that I will accept the offer and will likely sell my shares in Centamin.

Yes there does seem to be a bit of a turn around since the AngloGold Ashanti losses last year but from my quick scan the AISC doesn't look to be dropping and their profits are basically because of the strength of the GP.

Personally think the offer is a good deal for AngloGold Ashanti given the extent of the portfolio on offer and wouldn't be at all surprised to see another of the top ten mining houses entering the game especially after Horgan presented the numbers for July and August letting us and all interested parties know the current trend is now very good.

Gut feel says there is a way to go yet and Horgan and his team are saying we are open for a merger or acquisition and we are tracking in the right direction and open to offers around the £2 billion mark.

Maybe naively hopeful but I have been involved in many very large negotiations and as I say my gut instinct is that there is still a hand to be played.

Tibbs my experience with getting an answer to my questions has been the opposite and if anything the information available from Centamin's web site is far better than most if not all companies that I look at.

I have asked the question relating to Cowichan's rumour of a $100 million being owed to EMRA, which would mean somewhere there has been a $200 million black hole for EMRA to be owed 50%.

The answer was that they don't owe any such additional funds and that their dealings with EMRA are open and the relationship is extremely positive.

Cowichan, Are they at that stage where a breakup clause is required? I see an offer I see a board recommendation but the board are employees of the shareholders , I don't see an agreement? So no contract to be broken yet but I am still playing catch up.

Sorry I think it has been mentioned that Doropo will likely be sold off but don't know if this a belief or somewhere it has been said by someone in authority at AngloGold Ashanti. I would be very surprised if it was to be sold off and my initial thought is that it is Doropo and the Cote D'Ivoire development that prompted the move as there are so many synergies especially experienced personnel.

Geo1539, Wow I go away for a week and no access to the Internet and this happens. So I haven't had time to catch up on all of the chat input but AngloGold Ashanti or Goldfields were the two companies that I thought might in the long term take a run at Centamin. I think I mentioned this some time back in one of my posts when there was a lot of debate about Barrick making a bid.

I am somewhat surprised and also a bit disappointed because I was hoping that Horgan and his team were going to be exonerated and provide excellent year end results to provide the market with confidence and a subsequently nice hike in the SP.

I have over the years had many dealings with Ashanti because their head office was in Accra and I have visited Obuasi and Iduapriem on many occasions, too many to remember. After the takeover/merger with AngloGold most of my dealings with the company revolved around the Geita mine and their growth and expansions.

I need to ask myself if I want to be invested in AngloGold Ashanti and I honestly don't know as they have a lot going on with possible merger with Goldfields Ghana over Iduapriem and Tarkwa resources. Also the new found confidence at Obuasi which is a mine that has been in existence for over 100 years but was thought to be unprofitable back in I think abought 2014.

I need to do my own due diligence before making any further comment.

If Barrick had taken a run then I think Newmont might have also got involved. Could there be another interested party I don't know.

Goldgnome I couldn't agree with you more and I think this DFS and the previous surveys have been conducted over a long period of time and needed to be brought to a conclusion. I am sure that we will see considerable upside especially given the size of the concession.

The current DFS is the spring board and this is where the work starts by getting to actually know the dynamics of the mine, with the team who will be responsible for the development and management.

Not too worried about the conservative numbers at this stage just pleased to see the depth of the studies.

Yes a fascinating read and the important thing is as goldgnome's executive summary says Centamin has another asset with an excellent payback period even based on a very conservative gold price.

Hard to believe I am sur but there is still considerable work that needs to be done before all the ducks are in a row and the go button get's pressed.

Tibb's you want information you got it.

Tibbs I wrote to them ages ago and they didn't know why I was making reference to monies owed to EMRA albeit now it appears the rumour now relates to an overcharge by Capital. This was at the same time that the so called funds owed to Centamin by the Egyptian Central Bank which was nothing but a rumour and very well explained.