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Reading the production side is positive but the 2024 Capex is still large which will impact the cash generation for 2024 - something that is not disclosed in the release - gold price as always is key here
https://www.newsfilecorp.com/release/163921
Some serious players here that could actually grow into something significant plus have assets in Côte d’Ivoire and ground in Egypt- maybe they could clean up CEY or certainly get them to get on and actually do something
Token effort read the remuneration report this is smoke and mirrors pretending to buy some now with the pocket money and then what they have to buy as part of the bonus smoke and mirrors - Jerrard what a joke
Centamin plc (CEE-CA, C$2.24bn Mkt Cap) – Stock off 4% on 4Q results as market didn't share CEOS view of 4Q being a 'successful conclusion to the year', with 126koz 3Q dropping to 108koz, and AISC lifting from US$1,289 to US$1,445/oz as pit grades drop around 10%, and UG grades dropped from 6.2g/t to 4.2g/. An excellent albeit slightly larger comps to Resolute - RSG perceived as a high cost producer, with 350koz pa at around US$1,400/oz (set to fall with big MRE today) vs 440koz here at similar cash costs, the key delta is EV, CEY has 22% more production, but 3.4x the EV (US$1.41bn vs. US$415m). Looking forward, CEY just secured a US$150m credit line for 'capacity and flexibility' while RSG is adding step-change reserves (today resources) in future. Sell high / buy low in our view
So basically follow the gold price and trade in and out and Horgan either get a CFO that actually communicates with you so you don’t keep having to ask his opinion and then he fails as usual to actually answer the question
See the Capital website the new CEO of Capital was previously the CEO of Barminco - coincidence !!!
https://www.capdrill.com/media/investors/Announcements/CAPD-2022-08-CEO-Announcement_20220902_Website_FINAL.pdf
Horgan let’s assume would not be giving interviews just before releasing results one would assume if they where going to be poor so just maybe he may have some better news rather than being all talk and no action, but still have to question from the last report he promised lots of news in Q3 and nothing was delivered
https://www.koaci.com/article/2022/07/18/cote-divoire/societe/cote-divoire-doropo-03-vigiles-deferes-a-la-prison-de-bouna-pour-homicide-involontaire-dun-jeune-orpailleur-clandestin_161658.html
It seems Ampella Security chased an illegal miner from a permit and they have drowned and now the security guards are arrested by the authorities- not sure if this is true or not
Mr T,
Great respect for all the regular posts.
Today reading the annual report Jerrard and Horgan are receiving massive bonuses!!
How is that justified ???
Reviewing older annual reports El Dogy and Pardey actually declined bonus payments yet today we read about huge bonus’s whilst the shareholders suffer.
Is this fare surely they and the board should show true commitment- wake up Rutherford, Eyre etc
I can’t see Norm Bailie on the website anymore wasn’t he the one driving the project on the ground in Mali - it would be disappointing to find that he has left as from previous interviews it was said he was long term on the ground in Mali
So reviewing old slides with the pit they took reserves out and have now added them back in - look at slide 15 and then the various old presentations.
Kicking thé can down the road is my humble opinion
At least they are maintaining the dividend