Member Info for mrtibbles

Total non farm payroll employment rose by 517,000 in January, and the unemployment rate
changed little at 3.4 percent, the U.S. Bureau of Labor Statistics reported today. Job
growth was widespread, led by gains in leisure and hospitality, professional and
business services, and health care. Employment also increased in government, partially
reflecting the return of workers from a strike.
https://www.bls.gov/news.release/empsit.nr0.htm

https://www.nytimes.com/2022/09/12/business/economy/labor-participation-covid.html

Hi Cowichan,
No denying Centamin is on its a(rse due to the deliberate and ongoing, although denied mismanagement by the previous BOD, Pardey, Youssef and the El Raghy family shareholders.
The market cap of the company is halved, the share price is decimated and the depleted dividend appears a very likely candidate for a haircut, unless they intend to subsidise it by borrowing!
With interest rates rising the Centamin dividend looks to be less and less attractive and yet shareholders are told to be patient, the good times are coming , the previous management has run off with saddle bags full, long live the new management!

Thank you Cowichan!
I really cant recall any benefit or advantage to me as a shareholder in the past when any company I have held was bought out, or went in partnership as a junior member, quite the contrary. there was of course usually a bit of a rise or spike in share price that more often or not faded away if things didn't progress fast enough and if the merger/take over went ahead all the DOD did well or very well whilst the shareholders of the subordinate/acquired company got shafted , especially so with anything concerning" Barrick" as Bristow screws everyone, shareholders, workers, the local community and he goes shooting wild animals, awful man!

In this takeover I suppose it was an awful company being taken over by another but much bigger awful company!

https://www.raid-uk.org/blog/acacia-mining-faces-new-human-rights-problems-tanzania
Acacia which was locked out of negotiations, insists its board must approve any agreement reached between the government and Barrick, and has opened a trade dispute arbitration at the international court.
The said agreement is meant to end a $190bn tax dispute with Tanzania and allow resumption of normal business, including export of withheld gold concentrate worth millions of dollars.
Yesterday, the writing was on the wall for Acacia as the government declared the company was “unwanted in Tanzania.” It demanded that Barrick sorts out the stand-off if it wanted the deal.
https://www.barrick.com/English/news/news-details/2019/Further-Update-Concerning-Acacia-Mining-plc-Acacia/default.aspx
https://www.mining.com/barrick-takes-acacia-mining-back-as-buyout-deal-sealed/

Thank you Cowichan,
Well prior to Tim Donnelly Sukari didn't really have a general manager,, if you recall it was a former Egyptian police captain, now what was his name, El Raghy?
Wonder why he was appointed?

Spoonington,
What the present management can say is that there are mining professionals running Sukari by sound mining practice whilst keeping shareholders informed of the true state of the operation, something that the previous bunch of carpet baggers failed to do they were too busy glossing over the cracks and filling their boots with free shares and generous dividend!s
Had Martin Horgan and his team been running Sukari sooner that $400m clean up bill would be contributing to the company reserves rather than depleting them!
Andrew Pardey despite initially claiming inaccuracies tried to stifle the 2015 Kees Dekker article which highlighted serious concerns about the way Sukari was being run and then in 2018 after yet another RNS guidance warning again denied all knowledge of the 2015 article on a webinar phone in!

As for gold: I wondered if another leg up would happen before the pullback that I had suggested since $1925 finally materialized. I thought the price would find support at $1885, but sellers cut through seamlessly,
https://www.kitco.com/commentaries/2023-02-07/Stocks-steady-while-metals-smashed-What-gives.html?spot_im_redirect_source=pitc

Re-Mr Bonds post-
Kitco News) Markets are looking for the Federal Reserve to wrap up its tightening cycle as inflation decelerates. But not all agree with this premise. Goehring & Rozencwajg sees inflation as a decade-long problem that will trigger new record-high prices in gold.

Gold will play a massive catch-up game to the commodity complex this year as prices rise above $2,050 an ounce, Goehring & Rozencwajg managing partner Leigh Goehring told Kitco News. "Gold is going to hit record highs this year. In August of 2020, we peaked at $2,050, and then again in March 2022. This year we're going to break through the all-time high," Goehring said. "It's time for people to want to be bullish on gold. Since 2020, the average oil indices are up 200%, and the GDX at one point was down almost 35% from its 2020 peak."

Gold will see this massive surge because the Fed is ending its aggressive tightening cycle, and the market is not pricing in inflation correctly. "The Fed will stop raising rates, and then we'll get another big inflation problem. This is the decade of inflation. The Fed will stop raising rates and maybe even begin to lower them, but something else is going to happen that will kick off another spiral in inflationary psychology," Goehring described.
https://www.kitco.com/news/2023-02-01/This-is-the-big-2023-shocker-that-will-get-gold-price-to-record-highs-this-year-Goehring-Rozencwajg.html

Hi Master,
Yes, absolutely a crystal ball if only, or a desert mirage the day before showing the crack in Sukari open pit wall!

Hi 3bear & Master,
We can all learn from one another's experiences in all walks of life, as far as investment decisions go there is certainly a plethora of different techniques including algorithmic programmes and various charts for predicting how the market may move, no doubt some appear to work well or better than others some of the time, although not all of the time!, but that said to a large extent success or failure depends on luck, unless of course you have access to the inner circle of the market cartel or sit on the company BOD!

Really, some on here may well disagree with you!

Spot on Geo,
Spoonington remembers when Sami could kick a few stones around in an area end then decide if if were commercially viable to mine there!
We shareholders have been told to look forward for well over a decade and yet here we are kicked back 5 years with a over $400m clean up bill because the "Chancers" running Sukari were cutting corners for their short term gain!

Hi Mizolgit, Spoonington,
I fully understand that Sami worked hard towards getting the concession, but lets be honest it wasn't just because he wanted to help create a mine for he sake of it and I am well aware that Sami and his family are very much a major shareholders and that own a vast number of his shareswhich were acquired at virtually no cost in comparison when there was'nt actually any mine, just the dream that a commercially viable mine would be built IF enough outside funding (us shareholders) could be persuaded to invest as the Egyptian government didn't have the necessary funding or the mining expertise !
I also had it explained to me from am official comapny source that the reason the company was listed in London was the need to attract essential investment from (Johny-Come-Lately's} to develop Sukari and to move the project forward!
The Sukari LHDR had been run on limits until it self destructed in 2018 without any contingency plan and when asked why it was explained that underground mining wasn't usually carried out in Egypt so it wasn't taken that seriously and there wasn't the local expertise, so it had to be brought in!
It was also explained by a Centamin official source that the El Raghy family were very keen to establish a generous share dividend policy as a priority after the CAPEX was recovered, now why would that be I wonder?
So we "Johnny Come Lately;s" are certainly in no debt to Sami and his family, on the contrary it is they they have very well because because of our investments!
spooington it would be helpful to see your rationale or any evidence or information to your comments which in the main just seem to be unjustifiable general vitriol

Hi Bobliz,
You make some very good points, in truth if it were not for the outside (we shareholders) funding of the Sukari project well over $1 billion and the bringing in of foreign mining expertise then it would have never got underway to any commercially viable extent let alone this far, the Egyptian side would still be squabbling about it whilst the artisanal miners came in scratched about for the good bits ore and ran off with the swag!
As you rightly allude to maximising profit at minimal cost in as shorter time as possible to please their Egyptian partners was as we are now aware the priority and this was achieved by by risk taking, bad mining practice and intentionally glossing the unsavoury truths whilst paying an unsustainable dividend and unjustifiable directors bonuses!
We were in short taken for "Saps" for far too long, or until the crack in the wall exposed the truth and now Martin Horgan has to try and turn things around!
Tibbs

I agree, lets hope that the bounce in POG and Centamin is is a bit more sustainable this time!

Hi MrBond,
I am quite clear whom I hold to blame, Andrew Pardey, Youssef El Raghy and the BOD at that time,subsequent events are proof they were in varying degree negligent, complicit, inept and less then honest .
They had scant regard for upholding the best interests of shareholders in many respects treated them like mushrooms!

Clued,
I agree regarding the unexpected in life, however that doesn't seem the case here, Pardey was all too aware of the existence of what he claimed in 2018 to be unexpected grades over three years previously but instead of being honest chose to gloss over the impending ongoing problem and mislead shareholders and the market!"

Re Caveat Emptor,
There re however important exceptions such as -
If the seller obtains the consent of the buyer by fraud then caveat emptor will not apply.
Also if the seller conceals any material defects of the goods which are later discovered on closer examination then again the buyer will not be responsible.
In both cases, the seller will be the guilty party!

Quite so Geo1539,
The BOD, Pardey , Youssef were well aware that if we knew the truth we would have all bailed out, that's why the kept glossing over the cracks since 2015!

Hi Mr Bond,
I don't recall saying anyone should agree with me or accept my opinion , just that they are entitled to know all the facts and be told the truth.
Bing cautious in decision making is always wise, however without being aware of all the true facts then any decision is a gamble.

Absolutely Paul,
You are right they are counting on us nor daring to go to the regulators for fear of undermining market confidence i the share!
if they really believe in what they are telling us then they could but half a million plus each year until the recovery, messing about with 50,000 shares is just going through the motions for the sake of it, its demonstration of true belief and commitment that's needed now, rather then management sales speak and taking the wages whilst we shareholders take the all the pain and the risk!
A management buy of half million by Martin Horgan and others must have a positive effect!
Until I see this or some proof that things are really improving then I remain very wary!