Member Info for DASUT

Tibbs a live feed on a mine this size wouldn't be practical. It is a dangerous environ particularly in the workshop so safety conscious operation and the last thing you want is people wandering around taking films.

Mr Bond it wasn't a major failure it was a few broken retaining bolts and the slew ring itself wasn't damaged. Unfortunately like all things mechanical they can break and as you can imagine mechanical equipment of this size doing the job that it does is under extreme stresses.

Tibbs yes I am and always have had considerable respect for the guys on the ground working in difficult conditions as it is very hot heavy work especially out in the desert. Fortunately not a bearing failure and this is why preventative maintenance is so important and even more so in remote parts of the world.

This little bit of research and catch up with one of my younger colleagues also highlighted the additional issues relating to logistics and didn't appreciate how serious the Suez issue is, as has not only affected Egypt's revenues but the knock on effect of shipping schedules worldwide with vessels in the wrong parts of the world because of longer journeys.

Nice long natter and update on some of the younger engineers and their progress.

OK my knowledge and contacts has been questioned by Cowichan but he isn't interested in knowing the actual turn of events but for those who are interested.

So both preventative maintenance and repairs were made to the 6040 including the slew ring bearing to prevent failure which could have caused major down time.

Exactly I do try where possible not to mislead but as I say I will check the detail but again what is your point so that I can ask my contacts a constructive question that answers the reason for your post ?

Cowichan, My employer back in the day was Mantrac so where did you get the information that it wasn't planned?

I didn't say it was planned I said it will have been planned but you quite obviously know more than what was said on Linked in.

I will ask my contacts at both Sukari and Mantrac to confirm or otherwise but what is your point?

I have said it before and will say it again I have nothing to do with Capital and never have. and it appears the only person who is strangely obsessed by Capital is yourself.

Tibbs, Yes a big job but Mantrac are well equipped to handle what would have been a planned change out.

OK so someone with knowledge seems confident so that is good to hear and I am likewise confident that once the waste contract which is a cost to the bottom line regardless how it is treated in the accounts is finished then Horgan and his team will be managing a mine not a development project.

Any new projects where a contractor is used needs to have a contribution adding value to the bottom line.

Centamin are no different to any other mining companies like Barrick, Resolute, AngloGold Ashanti and many others who use contractors when it suits them.

The only reason I mention Capital is because they have equipment on the ground and any other contractor will struggle to compete.

My knowledge of Capital as a "mining" contractor is zero and I would prefer contractors that I know well but as I say they would struggle to compete.

Tibbs, Did your old forum contact think the possible scenarios you discussed to be good ideas and worthwhile projects that would add value or did he think that they were unnecessary expensive waste of time and money?

Cowichan at the age of 76 doubt I could work for Capital and I am still an investor ONLY interested in Centamin being profitable. I have no investment in Capital and only ever knew a few of the hands on drilling guys who operated out of Mwanza in Tanzania and on the odd occasion visited the Tilapia Hotel bar, which was a known watering hole for expats and back in the day was about the only half decent hotel in the region.

Tibbs not necessarily a coincidence more based on previous experiences on other mines. I have said previously that I have no issues with contractors because they can in most cases out perform owner miners because of efficiencies to meet production targets.

Leach pads whilst not as efficient as the plant is considerably cheaper when processing low grade ore.

This is only one project that I would be looking at and if there was another area that needs developing such as Little Sukari then a fleet of equipment already on the ground could fit the bill. As I say no facts just thoughts and even a "real" contract mining project could improve ounces particularly at the current GP.

Another flexibility that Horgan and his team could exploit.

Woops pressed the post by mistake. Should read another contract with the likes of Capital to streamline the operation if it is necessary. Capital would be ideal because already have equipment and people on the ground. Particularly like the idea of moving the stockpile onto leach pads so rather than waiting to process through the plant, get early ounces.

Tibbs, Not a competition but somewhat repetitive regarding history that can't be changed and we need to stick to facts based on knowledge.

I am however very interested in what your unnamed promoted ex member has to input because I quite like the idea of entering into another

Tibbs you always need to have the last word.

The waste is a cost that applies to doing business and regardless of when it happens it has to be paid for and yes we wouldn't have had the blip when they were limited due to safety issues in one mining area so a decision has been made by Horgan and his team that there is the need for flexibility. What I am saying is that the $450 million isn't an additional cost it is a cost less some that would have hit the bottom line at some time in the mine life.

Also it isn't uncommon for mines to develop areas one after the other rather than open up the total/majority of the resource which is what is going on at the moment. Without detailed knowledge of the evolving mine plan it is easy to to criticize.

Also I can understand the differing views of industry professionals because I have attended meetings on mine sites when there are differing views and they are on site working day to day. Differing views come with differing knowledge and how such decisions impact the bottom line or shareholder, BOD reactions. Easy for outside industry professionals to agree to disagree but they aren't making the decisions.

We can rightly comment but can't state for a fact that the cause of something like an area of unstable ground is caused by steep gradients of the pit wall just like we can't state for a fact that the SP will rise or fall.

If a mine doesn't become more complicated as it develops or encounter complications then I would be absolutely amazed as mines are complicated and this is why people study for years to become engineers.

This forum is for debate and views not for stating facts that aren't factual.

Mikefreedom 25th July is when we are due to hear 2nd Quarter/Half year results. It isn't a wall clearance because the unstable ground was mined ages ago. The waste contract is due to complete during this second quarter but when exactly isn't known. I am sure we will hear something loud and clear when it does come to an end.

Tibbs, May have been a contributing factor is more like it BUT I would respectfully suggest that if it was due to a steep angle we would have seen a slip not just what actually happened and they discovered a small localised area of unstable ground which isn't uncommon.

As for the $450 million spent on removing waste OK marginally more expensive employing a contractor but it is not additional waste it is waste that is being moved later than it should have been and inherited by Horgan and his team plus some advanced waste removal to get into some areas of ore earlier than scheduled to provide the multiple faces rather than the single or at best a couple of faces.

It isn't piles of waste removed and dumped in pit only to be moved again it is the opening up of areas to expose ore on several fronts to provide flexibility.

This then provides the flexibility of utilising several smaller fleets working several areas, rather than one or two larger fleets working one or two areas.

Somnamna this is why I believe we will see improved production ounces in the open pit coupled with laying down of low grade ore onto the leach pads this will maintain lower strip ratios and therefore reduce the cost per ounce.

This said the icing on the cake is dependant on the blend of the higher grade underground ore which is crucial over the coming years.

Proof will be what is achieved by year end and Horgan needs to be at or close to the high end of the target to earn market approval.

Tibbs, Yes there was an unsafe area BUT I have never seen anything reported that it was caused by steep pit walls. Also it is history and we need to look at the future which as far as I am concerned looks good and if we don't see an improvement and consistency after the waste contract brings order to the operation then like you I will be asking some t questions as to why.

Will the improvements improve the SP who knows as we have all seen improvements, good results and very good news coming out of the company but very little of the positives have improved the SP.

Tibbs who told you that the pit wall was too steep and that this led to a near pit wall collapse?

Tibbs, You need to have worked in a developing country in a position involved in hiring to understand the needs and how extremely difficult it is to juggle the skill level requirements within strict expatriate quotas. Job titles are difficult to write and sometimes these jobs may only be filled by Nationals not imported expatriates, but if the senior role is filled by a National then can maybe open up a couple of vital expatriate positions working for that National.

I am not defending what has happened over the last few years but at the same time Centamin wouldn't exist had it not been for a number of years of very hard work by Sami, Josef and a few others in the early years.

It isn't just nostalgia it is hard facts and often the horses for courses go off track or are led astray or can't stay the course.

Not sure why you mentioned the Trevor Schultz blip but Trevor left because it was time to retire, Harry Michael died young and very suddenly and Josef never intended to be an active hands on CEO he always knew his limitations hence role as Chairman. Unfortunately as I thoroughly agree he didn't see the incompetence of a couple of so called hands on experienced individuals, there was for a short time a reluctant accountant as acting CEO what a nonsense. Thankfully the ship is hopefully now back on course and this next 6 months or so will prove some good employment decisions were made.

Tibbs I agree but Josef didn't do badly in the early years and from zero he got the mine up and running, problem was he didn't see the incompetence of so called professionals who replaced his original very experienced and highly professional team and people I had dealt with over many years on different mines.

As for uncle Youssef he was never involved as a hands on General Manager they had Mine Managers doing the hands on day to day stuff. He was well connected political senior manager a position you will see in all developing businesses in developing countries. Josef didn't speak Arabic he is a born and bread Aussie and he needed someone to understand the local politics that he could trust. Even his dad Sami lived most of his successful career in Australia and wasn't therefore as well connected, bearing in mind mining was in it's infancy back in the early 2000's. Like it or hate it unfortunately it is the way of the world and things like expatriate employment quotas mean taking some difficult employment decisions.

Hindsight is wonderful but take a look at the gold price in the late 1990's early 2000's when Sami and Josef were trying to get investment for the then Pharoah Gold. It is easy to criticize but as I say credit where credit is due getting a resource up and running isn't easy and this is where Josef has the skills (Not Mining skills).

Tibbs I don't disagree it is however about the resource not a Chairman and Non Executive Director, success will be the grunts on the ground.