Member Info for mrtibbles

3 Jan Terberg Techniek, a Dutch specialist in vehicle modifications, has converted a pair of Liebherr excavators from diesel power to hydrogen-electric
https://www.theconstructionindex.co.uk/news/view/dutch-firm-pioneers-diesel-to-hydrogen-conversion

Why JCB thinks hydrogen is the best alternative to diesel for heavy machinery, farming and HGV fleet
https://www.youtube.com/watch?v=wDKLoLUQgH0
Hydrogen fuel cell-powered construction equipment generates zero tailpipe emissions and a very low carbon footprint overall
https://www.cbi.org.uk/articles/cleaning-up-construction-the-fuel-cell-alternative-to-diesel/

Hi Mr Bond,
Possibly if the previous management had been more competent and more importantly more honest then there would be less reason to criticise or be suspicious.
The decision to roll over and drop the diesel fuel subsidy challenge (potential recoup of $367m) wasn't announced in the financial media or by an official announcement, but was slipped quietly into an annual report?
Now if this was such a wise/prudent decision why not be more about it?

Hi Dasut,
Still can't understand why they gave up so easily over the withdrawn diesel price subsidy, $367m?

Agreed Razor's,
Retail event is subject to initial question scrutiny and censorship by the company so unfortunately it's not possible to get answers to any questions that are deemed too awkward!

Hi Mr Bond,
The mistake was to ever go in there and spend so much money

Conflict in Burkina Faso has forced nearly two million people to flee their homes (
https://www.bbc.co.uk/news/world-africa-64285344
The army in Burkina Faso has called on companies to provide for free lorries and drivers to transport food and other essential items to volatile areas.

Militant groups have been blockading parts of the country and frequently target military convoys delivering supplies.
Last week about 50 women were kidnapped by suspected jihadists while foraging in the north of the country.
An airlift is under way to take food to the area.
Burkina Faso's military leader, Capt Ibrahim Traoré, said the Islamists had entered another phase, focusing their attacks on civilians.
https://www.bbc.co.uk/news/topics/ce1qrvlelrrt/burkina-faso
What's behind the coup, in Burkina as in Mali, Guinea and elsewhere in Africa where such things seem to be endemic, is an under-developed political culture on the citizens' side ; armies and governments that are led by people who do not understand the value of legal-based political frameworks. As a result, corruption is far more reaching than even so-called experts are aware of, and this corruption like a sociological infection, undermines all attempts at nation-building.
https://www.youtube.com/watch?v=TCzvyTSslKk

You may be right 3bear, we have certainly paid and paid again for '"Cherry Picking" years by the previous management.
The originally agreed but then withdrawn and now legally uncontested diesel subsidy worth around $367m would have gone some way to paying for the Sukari clean up.
In my view the decision to "Roll over" on this should have been voted on at an AGM but instead it was ticked away in the 2022 annual report, why?

Hi Dasut,
Possibly after so many good news announcements in the past that didn't work out and especially after 11 years of being in limbo nobody believes them any more until there is proof in the pudding as it were!
It's always been easier to knock Centamin down than to pump it up, I think we have come to expect share price drops as the norm now, its getting out of that mindset that's difficult!

Sorry typo below, $375m should be $367m!

Possibly the fall in the share price yesterday may have been due to one of the brokers downgrading their recommendation from buy to hold on the basis of having reached their share price target?

I had thought there may be more questions from other retail share holders on this, but possibly the announcement of the ratification of Law 32 which null and voided the unresolved court case of over 11 years was so overwhelming that the withdrawn diesel subsidy seemed unimportant?
However just in case anyone should be curious find the managements rationale or explanation below why it would have been been impossible to recoup the $375m due to an administrative error in an Egyptian court!

Centamin had been paying the full rate and has been since it was brought in. The full price has been factored into all forward forecasts. The recoup of $367m (which did not happen of course) was at the time of the 2021 annual report (ie end of 2020).
If Centamin had lost the case they would have had to have paid $26m. In view that the case was simply dropped, no-one pays anything to anyone.

Re Profit Share with EMRA, they get 50% of the free cash flow generated from Sukari (plus 3% royalty), but growth capex is then removed (over 3 instalments of 1 year each), so cost of fuel does not count, nor does labour, nor other input costs.

Hope this helps
Tibbs

Through a conversation with a well informed friend It seems the diesel fuel subsidy case was settled a couple of years ago!
See below the relevant part of the 2021 annual report which covers this:
“The claim before the Administrative Court (the ‘Court’) concerning diesel fuel disputes Refer to page 208 (note 5.1 to the financial statements) and page 64 (Principal risks). The Group was involved in a legal case relating to historical and current fuel subsidies in Egypt. During the year, the appeals by both the Group and the counterparty, the Egyptian General Petroleum Corporation, were dismissed by the Court on procedural grounds. The Group has received legal advice from their external legal advisors asserting that both parties have no further legal recourse with the Court. Prior to its appeal being dismissed, the potential amount that could have been recouped by the Group relating to the subsidy case was $367m and the potential amount that the Group could have had to pay, if they lost the historical case, was approximately $26m as at 31 December 2021.”

https://www.centamin.com/media/2529/cent-ar21-full-web-secure.pdf

Repost-
Centamin Court Case Share Price Discount 24 April 2014, 10:33
https://www.sharesmagazine.co.uk/news/shares/centamin-eyes-end-of-legal-pains
Gold producer Centamin (CEY) implies a new law in Egypt could result in the dismissal of a legal case questioning its right to operate the Sukari gold mine. Investors understandably like the news, sending the share price up 9.3% to 61.17p. It is very encouraging but this remains a risky stock as the legal matter is not yet concluded and political instability is still a problem.

Hi Mr Bond,
I am absolutely certain that Buchanan and Centamin were fully aware of the decision within a few minutes of Siko's message and that both were as delighted as we shareholders!
This is a fantastic endorsement of the integrity and credibility of Centamin and the strength of it's Egyptian working partnership!

I heard from a contact today that Centamin will be providing an official update to the market and shareholders in due course.
Tibbs

It is great news to finally get the court case cancellated.

Although there always was a general misconception about what area was was being disputed, see my original post of an official Centamin response from 26 Sept 2013

The 3km is a complete red herring.
The proof of license submitted by CEY at the end of last year is for the whole 160km.
This has been acknowledged by the admin court and all of the judges in the supreme court - if this was not so Cey would not have been able to have continued mining, which does as we speak. There is a lot of noise around what the arguments are about, almost all of them wildly inaccurate, this being probably the most farcical of them all.
Cey has and continues to adhere to all of the conditions set in the original rule of law when they were granted the license. If they have transgressed this they would have been shut down a long time ago, let alone having spent close to $1bn on building Sukari.

Tibbs

Yes I agree Rebess, very interesting lecture which explains a lot of the anomalies in the Egyptian system, but it also demonstrates the many advantages that Centamin has through being an already an established mining business.

Hi Siiko,
Excellent news at long last!
Thank you so much for all your efforts on our behalf!
Keep Well!

Tibbs

It is great news that there is another major mining investor in the market, and particularly one which has some grasp of the importance of the Arabian Nubian Shield geology!
Possibly this vehicle will be looking for strategic stakes in companies outside of Saudi, although I doubt they would want to take only 1-5% ,seems rather small!
As to the terms of the exploration licenses in Egypt re Centamin, Barrick, and B2, although we don’t know where things have got to on this front It has taken a number of years/decades to get to the point where Egypt actually considering a mining a code which is quite an achievement in it's self.
I understand from a well informed source that we will be informed of the terms as soon as they are agreed.

Quite so Patryk!
It's a case of shareholders & markets having been led up the garden path just too many times in the past by "Chancers " who operated Sukari using a short term high gain, but overly risk taking strategy rather than by using sound mining methodology that is sustainable for the long term,as is the case now !
So an immense challenge indeed for the incoming Martin Horgan his the team taking which has taken over three years to clear up and restructure Sukari at huge cost!
Centamin really was in the "Last Chance Saloon!" but I am now optimistically confident and really do hope that this is at last what we have been promised for over a decade !

Hi Dasut,
"Nails on the head!"
You recently mentioned the conversion in the past soon after Martin Horgan took over regarding the creation /setting up of a "Chamber of Miners" or consortium so that they could be better represented, you had also remarked prior this in the past if and when other miners moved in this was likely to happen and how it would benefit Centamin.

Tibbs