Member Info for mrtibbles

To be fair the Sukari business is already 50% nationalised (EMRA)!

Also worth noting if they haven't already done so it's worth transferring share up to the full £20000 allowance per person each year into a trading ISA so dividends and any profits are tax free!

In the past the share price hasn't always dropped by the same as the divi paid and in any case tax is still payable on any profits from selling prior to the dividend so its quite often a lot of buggering about for not a lot, if anything!

Thank you Cowichan for keeping us updated with this interesting news!

Looks to have been quite a task!

What a pity that Centamin plc doesn't have a live feed to it's homepage to keep shareholders updated on events like this!

Hi Dasut,

Good or bad idea didn't get covered, I just assumed that if it wasn't a good idea and worthwhile then they wouldn't still be have such sizeable holdings in both the client and contracting companies, if they had said they were selling out then it may well be time to seriously consider doing the same, but they seemed confident, so I hope they are right, because I still have some nagging doubts!

I asked if they might consider posting on this forum again, but they feel that their situation dictates that its best not to post on any forum at all for the foreseeable future.

They will be back in Eygpt by now and possibly I may hear from them again over the coming weeks or when they are next back in the UK

So fingers crossed that things turn out well for everyone after all!

Thank you Dasut,

Your thoughts on this are not only very interesting but a remarkable coincidence! considering a conversation with an old forum contact over the past few days and although I didn't entirely understand all the operational mining technicalities what was explained certainly seemed to fulfil most, possibly even more of your ideal Sukari scenario although of course subject to the final contract operational agreements!

I shall watch progress on this with interest!

Hi Dasut,

Inevitably in any discussion/debate someone will have the last word, although I wasn't aware of any competition.

I take your point regarding the $450 million cost of waste clearance, but that said had the waste clearance been taking place much earlier so spread over a longer period as a matter of course then it would have been at less cost initially and made the operational area safer earlier and with the improved access to other areas enabled higher output which may well have reduced the huge retrospect catch up cost which is being paid now, although agreed it may have meant less profit from the excessive high grading by the previous management at that time!

As to factuality then had he previous management been less reckless and been more open with the true facts then the market would have more faith and trust in the company now.

POG at records highs, but the share price still stuck on its butt, although hardly surprising considering that senior directors seem unwilling to demonstrate their faith in their new strategy by making some meaningful purchases of as Martin Horgan said very cheap shares!

So will it be a Pizza this year or something better?

https://www.miningmx.com/wp-content/uploads/2022/02/Rainmakers-Potstirrers-2022.pdf

Horgan, who once told one media outlet Sukari couldn’t “deliver a pizza”, now

thinks 500,000 ounces of gold a year is possible from the mine in

2024 (top-end guidance of 460,000 oz for this year). That’s thanks

to a mine review, completed in December, which also found the

presence of high-grade pockets that could push output 50,000 to

100,000 oz higher in certain years.

Some of us myself included have expressed concerns over possible corruption in the Eygptian government, but it seems that greedy Canadian corporates are all too willing to try and bribe principled locals in area's of Africa so that they can pollute and exploit endangered environments far away from their own Canadian back yard!

Dear friends,

ReconAfrica, a Canadian oil and gas company tried to silence me with a bribe and a job offer.

But my people are tired of corruption, and we will not remain silent as this oil giant threatens us, our rights and pushes wildlife closer to extinction.

I'm Thomas Muronga, Chair of the Kapinga Kamwalye Community Conservancy.

In our ancestral home, we've safeguarded iconic species like lions and giraffes, but Africa's elephants, once 26 million strong, have dwindled to under 450,000. The largest remaining elephant herd in Africa, a mere 130,000, that call the Okavango home, teeters on the brink, threatened by ReconAfrica. Can you imagine them no longer existing?

In June 2022, we joined the Economic and Social Justice Trust, an advocacy group fighting corruption and advocating for rights in Namibia, in a massive appeal against Minister Pohamba Shifeta's approval of ReconAfrica's exploitative activities, despite its blatant violations of rights and laws.

But after two years, we still have NO ruling. Meanwhile ReconAfrica can continue to pillage and disembowel our land and our livelihoods -- completely unchecked.

Join our global call NOW to tell Minister Pohamba Shifeta to stop delaying a decision and save the Okavango Delta! For its people, my people and its magnificent wildlife

https://secure.avaaz.org/campaign/en/okavango_loc/

Centamin (GB:CEY) has released an update.

Centamin PLC successfully held its Annual General Meeting on May 21, 2024, where all resolutions were passed with a clear majority, including the approval of the annual accounts, dividend declarations, and director re-elections. Approximately 71% of the eligible share capital was voted, and the detailed results are accessible on the company’s website.

The AGM also marked the retirement of Dr. Ibrahim Fawzy from the Board.

https://www.tipranks.com/stocks/gb:cey

Hi 3bear,

I wish I had your enthusiasm and confidence in the company , unfortunately they faded away like a desert mirage longer ago than I care to remember!

I hope that you are right because I'm certainly looking forward to when those remaining cans are at last picked up and we feel the effect, that is the corresponding rise in share price and a restoration of a more respectable dividend!

Thank you Dasut,

To be perfectly honest the waste is waste and I agree that opening up new areas will create waste , but that said at the end of the day had the waste been dealt with as a matter of course in the past as any responsible mining company should have done we would be in a much better place now.

I have encountered differing views and opinions amongst industry professional and analysts as to the gradient inclination of the open pit.

I can't disclose the name but a forum contact from the past who has recently moved to another higher paid mining related position said the Sukari job has been somewhat more involved than initially envisaged, although they seemed pretty sure that there was at least another 3 quarters work at present rate, possibly more depending on anything unforeseen on the main clean up contract and even then the work would still carry on helping to move production along for some time subject to all parties agreement.

Centamin held its Annual General Meeting ("AGM") today, 21 May 2024, and announces that all resolutions set out in the Notice of AGM were put to the AGM on a poll and were passed with the requisite majority. The full results are detailed in the table below.

The Company's issued share capital eligible to be voted at the AGM was 1,161,082,695 ordinary shares and approximately 71% of the Company's issued share capital were voted at the AGM.

In accordance with LR 9.6.2R, a copy of the results of the AGM, along with a copy of resolutions passed other than those concerning ordinary business at the AGM, have been submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

The scrutineers of the poll were Computershare Investor Services (Jersey) Limited. The full text of each of the resolutions is set out in the Notice of AGM, a copy of which is available on the Centamin website (https://www.centamin.com/investors/shares-dividends/shareholder-meetings/).

As announced on 21 March 2024, Dr Ibrahim Fawzy, Non-Executive Director, has retired from the Board as a Director effective from the close of the AGM today. The Board and mananagement thank Dr Ibrahim Fawzy for the invaluable contribution during his tenure as a Board member.

FOR MORE INFORMATION please visit the website www.centamin.com or contact:

Centamin plc

Michael Stoner, Head of Corporate

investor@centaminplc.com

FTI Consulting

Ben Brewerton / Sara Powell / Nick Hennis

+442037271000

centamin@fticonsulting.com

___________________________________________________________________

hi 3bear,

having listened to the last few slick presentations by martin & ross and watched martin rattle off his well rehe****d sales talk on various youtube mining channels of really nothing more than dressed up reasons why yet again the can has been kicked down the road, i cant be bothered to watch or listen any more!

i just hope for some proof of strong production, but i'm not holding my breath unfortunately!

as mike states were it not for the pog then this sp would be in the bottom of the last chance saloon spittoon!

Whats needed is more production at lower costs, it seems that the the company version of good news and the company results published so far aren't enough to cut the mustard with those that matter at the moment!!

0940 am Gold has only come off 0.49% and yet Cey share price is knocked back 1.33%, even at this price Centamin should be higher but it seems to still suffer from a lack of market belief in the company .

Continued excuses and can kicking don't encourage confidence!

Hi Somnamna,

I agree with your sentiments and concerns, but especially concerning the "Brightness" of the future which at present seems to based more on hopes rather than actual delivery.

That said it is noticeable shareholders are expected to believe in the company strategy yet the BOD aren't willing to put their money whee their mouth is by making some substantial purchases!!

I'm sick of promises and can kicking down the road, as Crux investor rightly pointed out it's deeds not words that are needed now!

,

Hi Dasut,

Open pit design regarding the wall angles inclination may have been a contributing factor to Centamin's open pit woes, this seems to be the opinion of some experienced industry professionals and analysts.

Open Pit

RAISES QUESTIONS ABOUT DESIGN’

This could necessitate a redesign based on shallower pit angles with higher resultant strip, which would have a negative impact on costs and free cash flow generation.’

https://www.sharesmagazine.co.uk/news/shares/centamin-plunges-as-production-hit-by-mine-trouble

https://kuchling.com/steeper-pit-slopes-can-save-money/

I understand all too well that there was no mention or implied intention by the previous management to even clear away the several years worth of waste already accrued, let alone any intention to open up the face or improve the access to the underground workings, indeed it wasn't until after the "Crack" in the gloss that the Jersey BOD claimed they were simply unaware that there was no waste clearance in the open pit!

Incidently I have the reply from the Centamin representative stating as such!

So contrary to what you imply It would have been impossible to open up or re sculpt the open pit walls ,or indeed improve access to the underground working because prior to the forced admission by the previous management of a potential wall failure the presence of several years worth of accumulated uncleared waste would have made such open improvement works impossible.

This is why $450 million has been spent on a waste removal contract with Capital.

Come off it Mr Bond, the unital indications may have been regarded as microscopic, but never the less it necessitated the severe curtailing of normal production and had taken around $450 million and nearly four years to try and rectify the station by re sculpting the open pit walls and improving underground access and the job is ongoing as are the lower ore grades !

https://www.miningmx.com/news/gold/44561-centamin-commits-to-100m-payout-in-each-of-next-two-years-as-unveils-sukari-review/

The broker said, ‘We view this as a material negative and is the first significant operational issue faced by the new CEO.

‘While the downgrade to 2020 is significant, the bigger concern is that this raises questions about the design of the Sukari pit moving forward.

‘This could necessitate a redesign based on shallower pit angles with higher resultant strip, which would have a negative impact on costs and free cash flow generation.’

https://www.sharesmagazine.co.uk/news/shares/centamin-plunges-as-production-hit-by-mine-trouble

This is one of the reasons that is so little market confidence in Centamin!

Centamin Crux Rating

The Crux Score was until recently an internal score that Crux Investor collectively produced amongst our pool of expert industry analysts in order to keep a current overview of the natural resource market, the opportunities for investment that exist and the companies that we would like to engage for interview.

We are now making Crux Score public to be used as further data point that readers of our website can use to help them navigate the plethora of miners and investment opportunities that the natural resource space offers-up.

https://www.cruxinvestor.com/companies/centamin

Excellent Mr Gnome!