George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
I cant see any shareholders condoning or tolerating this type of extortion by a member of Centamin management ,even if he is now an ex procurement manager, but that said if this has taken place to what extent has overcharging and over what time period as the costs could be considerable and can we be sure that this extortion isn't going on in other areas of the company
Obviously the more honest contractors have been put in a very awkward position but that said it is us shareholders who have paid the price and over what period. if its happening with one contactor then its very likely been happening with others?
if the complainant is willing to supply the relevant proof and would like some action taken that confidentiality is assured until the right time to expose this scam to the appropriate company management and the appropriate regulators/authorities, if these allegations can supported with the appropriate evidence then this is criminal activity of a very serious nature and I think the UK and Canadian regulators , not to mention the funds invested wouldn't be at ll impressed with this type of behaviour by a Ftse 250 company !
If this is true then it's very concerning that there are contractors out there who have had no choice but to pay what amounts to a bribe to get business or a commercial advantage from a purchasing manager at Centamin.
Possibly this is the result of having executives so far removed in Jersey from the operations themselves or possibly local custom and practice at the Eygptian operation?
From Linked In contact
A friend of mine went through a bad experience with Centamin
As he said the main reason is the ex procurement manger who's called Mohammed Kamal
He forced all the subcontractors to pay him a percentage of every single invoice
Conversely he gives them a high price for every job which cost the company a lot of money increase over the market prices through the Egyptian market
If you need more info with documents and the names of the companies involved in this disastrous corruption
Let me know to pass you his contacts details
actually he tried many times to expose this mad corruption but with no result yet!
Also of note on Linked in that Centamin is just now looking for a new procurement officer ( i would think to replace the above crook!) see here:
Sukari Gold Mines is seeking for the following positions:
📌Inventory Controller (3-5 years of experience / SAP User is a must)
📌Supply Chain Engineer (1-2 Years of Experience / SAP User is Preferred)
📌Procurement Officer (3-5 years of experience / SAP User is preferred)
📌Maintenance Planner (+5 years of experience, SAP User is preferred)
📌HSES Training Officer (3-5 years of experience)
📌Environmental Officer (3-5 years of experience)
**Females are actively encouraged to apply**
Any comments from Mr Henderson or Siko on these allegations would be gratefully received.
Absolutely agree Cowichan and Tornado,
Martin Horgan may have organised the waste clearance at Sukari, but then whoever was the CEO would have had to have done the same that is if they wished to make Sukari safe!
Batie West was a just a chaotic can kicking down the road chucking of many millions of dollars down the lavatory pan, money that could have been returned to shareholders and as yet it seems that Doropo will be yet another money pit venture!
Shareholders should ponder on why have Centamin's iR relations and FTI PR agency been told to field investors questions that may be awkward over to the paid for corporate analysts who are obviously going to dance to the tune of pied piper Horgan?
Martin Horgan's dumping of long standing and knowledgable Buchanon PR in favour of his mate Ben at FTI PR was likely because Buchanon were simply tot only more knowledgable of the Centamin operation and Eygptian situation, but more importantly more willing to answer shareholders questions honestly and in a timely manner.
From inside rumours it seems that Centamin investor relations are operating under a regime of corporate censorship and formerly helpful contractors who were willing to be helpful and answer questions on their aspects of expertise have been leaned on to put a zip in it!
Why have retail shareholders now been directed to one sided "Investor Meet" webinars rather than just ringing in on the day during the market webinar question and answers sessions, it's likely because any pertinent questions that are too deemed award to embarrassing to answer on the spot are simply be filtered out into the trash !
I wonder if Mr Henderson will possibly be willing to comment on any of this?
Thank you for asking Dasut
I have noticed over recent months that any enquiries are rarely answered by either Centamin Investor Relations or their new PR company fti, but instead seem to be delegated to corporate analysts to answer?
Martin Horgan has spent a great deal of money ,but as yet the share holders see little improvement in share price or the derisory dividend?
Is this year going to deliver or will the can of promises continue to be kicked down the road?
ERRATUM – Group Resource and Reserve Statement
Not too serious a change. The reserves remain essentially the same in terms of gold content and grade.
About the “other former mining professional”s opinion, of course pit grades vary, the thing with Sukari open pit is that they are mining consistently at a lower grade than originally envisaged. Strange that your man is not shocked by the stripping ratios in the new LOM plan:
> 2024 6.4 / 2025 10.0 / 2026 11.4 / 2027 10.0 / 2028 11.1 / 2029 7.5 / 2030 5.8
For such a low grade deposit, these are very, very high rates.
Then again, in the past their plans had higher grades and lower strip ratios which proved wrong. Question: why does the presentation avoid showing the forecast open pit grades. As usual they give you half the story. One thing is certain, the financial performance for 2025 - 2028 will cost probably be poor.
Why conclude that the Sukari operation needs the open pit to be viable.?
Closing down the open pit and mining from underground will cut a lot of the overheads, the process plant can batch process the feed from underground allowing for only one shift with the rest of the day available for maintenance and repaid. W
ithout detailed cost accounting it is however not possible to conclude either way.
Kees Dekker's original modelling 2015 -and in 2018 showed the open pit to be very marginal and that was at higher grade and lower strip ratio.
In the presentation they show the open pit feed grade varying between 1.0 and 1.2 g/r in the early years, which is a substantial improvement from current levels.
Let’s see, the proof is in the pudding!
It's hardly surprising that Cowichan and other long term shareholders who quite rightly expected that they were being told the truth should after the crack in the pit wall and the narrowly avoided collapse forced the confession by the BOD and the management that they had condoned and been complicit bad mining practice whilst deceiving the shareholders on guidance that some long term shareholders should no longer have the same trust or confidence in Centamin.
Quite likely if Centamin Investor Relations had answered the questions put to them, or at least offered a reason why they couldn't hen trust in the company would be much improved, sadly that hasn't been the case!
It seems a great pity that some have to resort to "ad hominem" attacks against those that have that least taken the trouble to do some research and then question the company via the Investor Relations department .
Doropo 03 Apr 2023
In response to your first email around the purpose of the update.
Earlier in the year we had committed to updating the market on the Doropo pre-feasibility study ("PFS"), the announcement was following through on that with an update of the various workstreams and their various stages of completion.
The update also enabled us to communicate the following:
Firstly, that we had identified an opportunity to make significant capital and operating cost savings within the processing circuit.
Secondly that in pursuing this opportunity publication of the PFS was being deferred until we had completed the necessary test work to evaluate the cost saving opportunity, to ensure we published the most comprehensive PFS based on available data.
Finally, the update was also necessary to communicate the updated Mineral Resource Estimate (“MRE”), which demonstrated a significant improvement in grade from the preliminary economic assessment ("PEA")
As mentioned in the recent full year results, we look forward to publishing the results of the completed PFS in June this year.
In response to the second
The grades in the MRE update are correct. The data was prepared by and under the supervision of the Group Qualified Persons, Howard Bills, Group Exploration Manager, Craig Barker, Group Mineral Resource Manager, and Mike Millad, the independent Qualified Person from Cube Consulting Pty Ltd. All are geoscientists who fulfil the requirements of being a "Qualified Person(s)" under the CIM Definition Standards.
In the June 2021, we published the PEA MRE and in November 2022 we published an update. Historically the Inferred Resource grade was at 1.13g/t, and this was updated to 1.14g/t. Previously the Mineral Resources were unconstrained (at any gold price, which is not unusual for an early stage study). When we published the November 2023 update, the Mineral Resources were constrained within US$2,000/oz open pit shells to outline the scale of the Mineral Resource that has the potential to become economically viable to extract at our reserve evaluation gold price of US1450/oz. This is a more rigorous approach involving the application of the Reasonable Prospects for Eventual Economic Extraction ("RPEEE") criterion reflected in most current reporting codes. The June 2021 PEA outlines that the Doropo project is a series of individual resource deposits rather than one singular deposit like Sukari, with deposit grades ranging from ~1.0g/t to 1.7g/t, depending on the way the pit optimisation were run it will have generated open pit shells from those deposits (albeit using updated drilling data from the PFS). The grade dispersion will vary with the geology and the drilling information/density. As such, portions of those pits will be at lower grades and in the Inferred Resource category.
9 Mar 2024
The gold price is hitting all-time highs, but there is still scant interest in junior miners, noted JuniorMinerJunky's David Erfle.
On Wednesday Erfle recorded the inaugural show Digging Deep, hosted by Kitco correspondent Paul Harris at PDAC in Toronto.
PDAC is mining largest annual get together. Over 23,000 delegates attended last year's show.
Erfle noted the lack of love junior miners are attracting despite precious metals jumping higher.
https://www.youtube.com/watch?v=JiBnO0yQiGY
I think Cowichan has raised a very valid point, considering Centamin Investor Relations have ignored these questions several times when asked directly in writing I doubt we can expect a straight answer anytime soon though!
Anyone that doesn't believe this should email Centamin themselves!
what does he really tell shareholders, nothing new same old parrot fashion rushed through rhetoric of what may be coming in the future, nothing certain!
martin horgan well rehe****d sales talk that hasn't really changed in three years, this may as well be a presentation on double glazing or vacuum cleaners!
Physical silver buyers gatecrash COMEX vaults -
https://tinyurl.com/3yne8xsu
While Gartman is bullish on gold, he said he is putting money in the VanEck Gold Miners ETF (NYSE: GDX). Outside of short-term treasuries, his stake in senior gold producers is the biggest position in his personal portfolio.
“The relationship between GDX and GLD has gotten so one-sided in favor of GLD. GDX is ridiculously undervalued, and the gold miners are oversold to a preposterous degree,” he said.
Gartman noted that gold miners are as cheap as they have been in decades, and they offer investors value as the broader market starts to weaken.
https://tinyurl.com/yjvkh3c5
Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, and Charles Payne, Host of Making Money on FOX Business Network, discuss his latest book ‘Unbreakable Investor.’ Payne gives his investment insights, sharing precise stock picks for this year. He also weighs in on the Federal Reserve and the surging U.S. debt levels. Payne discusses the accelerating global de-dollarization trend, gives a timeline for when the U.S. dollar can permanently lose its reserve currency status, and weighs in on what could replace it.
https://tinyurl.com/4uxyatv3
Wednesday, March 06, 2024 04:42 AM | Invezz via QuoteMedia
Centamin (LON: CEY) share price has gone parabolic in the past few days. It has jumped for five straight days and moved to its highest point since December 27th of last year. Data by "Trading View" shows that it has soared by over 30% from its lowest point in 2023.
https://tinyurl.com/9wra8pjh
Drivers of perceptions of due impartiality:
The BBC and the wider news landscape
https://www.ofcom.org.uk/__data/assets/pdf_file/0027/239175/4-Drivers-of-perceptions-of-due-impartiality-the-BBC-and-the-wider-news-landscape.pdf
According to a Reuters survey of 30 analysts and market participants, the price of gold will rise during 2024 from this year’s average. Specifically, they forecast an average price of $1,986.5 per ounce in 2024, up from this year’s forecast of $1,925.
This is based on the assumption that global central banks will begin to loosen monetary policy and the fact that tensions in the Middle East continue to drive gold as a safe-haven asset for investors. “Gold has had a long history of being a geopolitical hedging instrument and has performed true to its reputation,” said Nitesh Shah, commodity strategist at WisdomTree.
Most economists agree that the Federal Reserve will end its interest rate hikes and start cutting rates in the first half of 2024, encouraging a revaluation of gold. Marko Kolanovic, head of markets at JPMorgan, advises investors to bet on safe-haven assets such as gold and bonds as tensions in the Middle East escalate, while Goldman Sachs expects commodity yields such as gold to rise over the next 12 months.
This extraordinary demand for gold by central banks, the largest in 55 years, is attributed to a desire to diversify their reserves and reduce dependence on the dollar in the face of a paradigm shift towards a multipolar world that is becoming increasingly evident.
The US banking crisis, geopolitical tensions, military conflicts and the US Federal Reserve’s stance on maintaining interest rates have been some of the main factors contributing to gold’s continued safe-haven asset status for investors and central banks this year.
But beyond the intrinsic capacity of physical gold to maintain its value in the face of economic uncertainty, some indicators suggest that this accumulation of gold by central banks is just the prelude to a restart of the international monetary system and a possible return to the gold standard.
Still, as Carsten Menke of Julius Baer (an international reference in wealth management) says, “A return towards record-highs should only be possible in case of a severe slowdown of the U.S. economy, leading into a longer-lasting and broader-based recession.”
Time will tell how effective this new regulation will be in preventing banks and financial institutions from playing Russian roulette with money that is not theirs. A speculative game where taxpayers always end up paying the price,but that said the value of physical gold as a safe haven seems confirmed.
The impact of Brexit on the UK economy: Reviewing the evidence
Jonathan Portes Professor of Economics and Public Policy King's College London 7 Jul 2023
Two-thirds of the British public think Brexit has damaged the economy, while even among Leave voters only one in five think the impact has been positive. This column looks at the evidence across three key dimensions – trade, migration and investment – as well as the overall macroeconomic impacts. The impact on trade overall appears to have been broadly consistent with predictions so far, that on immigration much less negative (and perhaps even positive) and on investment somewhat worse. Perhaps the best estimate of the negative impact on Brexit on UK GDP to date is 2–3% of GDP.
Just one in 10 believe leaving the EU has helped their personal financial situation, against 35% who say it has been bad for their finances, while just 9% say it has been good for the NHS, against 47% who say it has had a negative effect.
Ominously for prime minister Rishi Sunak, who backed Brexit and claimed it would be economically beneficial, only 7% of people think it has helped keep down prices in UK shops, against 63% who think Brexit has been a factor in fuelling inflation and the cost of living crisis.
The poll suggests that seven and a half years on from the referendum the British public now regards Brexit as a failure. Just 22% of voters believe it has been good for the UK in general.
The Vote Leave campaign led by Boris Johnson and Michael Gove had promised that Brexit would boost the economy and trade, as well as bring back £350m a week into the NHS and allow the government to take back control of the UK’s borders.
“The appeal of ‘Get Brexit Done’ was not just about completing the long Brexit process but also about unblocking the political system and delivering on other long-neglected issues. Brexit got done, but this has not unblocked the political system, and troubles elsewhere have only deepened. Many of the voters who backed the Conservatives to deliver change now look convinced that achieving change requires ejecting the Conservatives.
“This shift in sentiment may be particularly stark among the ‘red wall’ voters who rallied most eagerly to Johnson’s banner four years ago, but have been most exposed to rising bills and collapsing public services since. The final act of Brexit may yet be the collapse of the Brexit electoral coalition.”
One of the key claims of the Brexiters was that leaving the EU’s single market and customs union would usher in a new era of global trade for the UK based on trade deals with other parts of the world. Many voters now seem to have concluded that Brexit has in fact been bad for trade. Some 49% think it has been bad for the ability of UK firms to import goods from outside the EU, while 15% think it has helped.
You need to check your facts Mark,
The UK's Office for National Statistics (ONS) on Thursday said the country had a net migration gain of 504,000 people between June 2021 and June 2022. That number was nearly triple the 173,000 registered the year prior.
The sharp increase comes as British politicians like Chancellor of the Exchequer Jeremy Hunt seek to assure people that it is too early to give up on Brexit, which promised to bring down immigration and "take back control of the UK's borders."
UK Home Secretary Suella Braverman, herself a hardline Brexiteer, admitted the government had "failed to control our borders," just before the ONS figures were released.
The rise was attributed to world events such as the war in Ukraine, Afghan resettlement, an influx of Hong Kongers fleeing Beijing's long arm and students returning as coronavirus travel restrictions ease.
New figures published Thursday show migration added 606,000 people to the U.K.’s population in 2022 — the highest number on record.
The data from the Office for National Statistics is likely to prompt fresh criticism of the governing Conservatives, who promised in their 2019 election manifesto to ensure “overall numbers come down” at a time when net migration stood at 226,000.
The rise also comes three years after Britain left the EU touting more control over arrivals through a “points-based” system in place of the bloc’s free movement of people.