Member Info for mrtibbles

But Cowichan isn't the only shareholder asking questions, not all are by social media and they are certainly not asked in an aggressive manner.

Hi Mr Bond,
My point was any possible takeover merger needs to be viewed with suspicion after the way Acacia shareholders were shafted by Barrick!

Fair comments Mr Bond,
But how reliable have the corporate analyst sheen so far?
In short they on site visits not one of them raised any concerns about the piling up of waste all over the site?
So why should we trust them now ?
Are we then to assume that the institutional investors are being given exclusive access to information that is denied us retail investors, so we should assume all is well?
Quite the opposite was the case in the past, what is different now?
Or possibly institutional fund managers don't really care a jot about the long term as long as there can be short term trading peaks and troughs!

Agreed 3bear!
I suspect this is why Centamin IR are so touchy about Cowichan's questions on social media, it a pity that a few more on here don't put something in writing to Centamin, it might at least make the company realise that shareholders want honest answers, and those asking the questions wonder about the credibility of the answer, assuming they get a reply that is!
If Centamin have nothing to hide then why has the IR unit blocked the linkedin feed between Cowichan and Martin Horgan?
So how many of our members will start asking some questions in writing just as a very small number on here have been doing for a very long time!

Agreed Dasut,
"Proof in the pudding !"as it were!!

Hi Dasut,
The £5 a share has been taken completely out of context because it suits some to do so, that said who knows!
Centamin share holders have been led up the garden path far too many times in the past which is why until more information on many unanswered issues or proof in the pudding they they need to be on their guard !
Remember this Acacia were £5 ish at some points and the shareholders got shafted by Barrick, I think Cowichan is right to be asking Centamin questions ,although they are rarely,if ever given a straight answer!
https://www.barrick.com/English/investors/AcaciaMining/default.aspx

Just to put the record straight if you care to check back several members had quoted the Jefferies valuation but were unable for whatever reason to obtain copies of the the Jefferies note, so for members information I published the more detailed version which was circulated to institutional investors by the corporate brokers who obtain their information from the Centamin investor relations department.
Why not take your ramping allegations up with them ?

Spoonigton,
You completely missed the point about the prediction of a £5 share price from the old Cornish miner, this wa part of a light hearted discussion on the board when we were going through some difficult times to try a raise peoples spirits, that said it's not impossible in time if Centamin is run properly as we are led to believe now!
As a matter of interest the knowledge gained in the Cornish mining industry and the expertise of the mining professionals has been drawn upon all over the world, indeed there isn't anything the Cornish industry doesn't know about mining , especially underground,!
Pardy might have done well to take a few lessons from them https://en.wikipedia.org/wiki/Camborne_School_of_Mines
In 2018 the sole underground LHDR running on limits had suffered a critical breakdown with no spare parts or contingency plan resulting in another guidance cut RNS 3 weeks after predicting record output!
So I called Centamin representatives Buchanan and asked how this could have occurred,, the Buchanan representative said that as underground mining wasn't usually done in Eygpt there was limited operational knowledge, Pardey also tried to down play the importance of the contribution of the underground production and the fact that the underground access & egress was severely limited at that time!
Yet as has now been acknowledged by Martin Horgan & indeed mining analyst Kees Dekker the underground grades are of paramount importance to support the poorer open pit grades!
From 2015 0nwards the Sukari management including the unfit for post Sukaru general manager were glossing over the fact that guidance was being achieved by high grading and that they were allowing the accumulation of waste ore, At the same time Pardey and Youssef were making what they knew were were unachievable and unsustainable guidance forecasts in the Egyptian and market media, this is surely spoofing in order fool the market and shareholders!
So I stand by my opinions because they are supported by the evidence of the dire state of the company and the subsequent events, I have posted the links to the relevant reposts and media releases on here recently.

Where is your evidence to the contrary?

The 52-week high/low is the highest and lowest price at which a security, such as a stock, has traded during the time period that equates to one year.
Key Takeaways

The 52-week high/low is the highest and lowest price at which a security has traded during the time period that equates to one year and is viewed as a technical indicator.
The 52-week high/low is based on the daily closing price for the security.
Typically, the 52-week high represents a resistance level, while the 52-week low is a support level that traders can use to trigger trading decisions.

Understanding the 52-Week High/Low

https://www.investopedia.com/terms/1/52weekhighlow.asp

Spoonington,
If you had been a member of this board for longer then you would realise that the £5 share price was part of a general discussion based on the opinion of of an old experienced Cornish miner. who knows where the share price would be now if Sukari had been managed and operated properly as it is now.
As to who is telling lies , well you obviously weren't party to what Pardey stated on the web chat phone ins and where the share price has been languishing for over three years with the huge cost of the Sukari clear up is testament to if shareholders were being told the truth or not!
Kees Dekker mining analyst flagged up concerns to the articles of 2015 & 2018 , Pardey stated that Kees had based his conclusions on flawed evidence and tried to get the article pulled, Kees offered to reconsider his evaluations if Pardey cared to supply what he claimed was the correct data, Pardey then ceased all dialogue with Kees and carried on denying what has subsequently be proven to be true, the Sukari mine wasn't being run properly!

Hi Wally,
Happy New Year to you too!
How lovely to hear from you . I do hope that you are well and still walking the dogs?
Yes £5,should have been the case, but then that was dependant upon mining professionals not short term scammers running the open pit, the irresponsible high grading for high dividends and short term has indeed proven to be very costly to the long term holders who lets face it were lied to!
From 2014 on there is little doubt in my mind that the BOD were complicit in running a pyramid scheme by using inside information on Sukari to their own advantage and were also complicit in the deceit of share holders, (Pardey lied to me on two telephone conversations and failed to ever answer m emails on all manner of operational issue.,}
The BOD on admission they failed to notice that there was a failure to clear the Sukari open pit waste, if that is their lame excuse then they are unfit for post, or if it isn't then they were complicit in, or condoned the deception of long term shareholders, the market and the media by Pardey and Youssef El Raghy!
One must also question the professionalism or capabilities of the corporate analysts who visited Sukari for failing to pick up on the absence of sufficient waste ore disposal!
Keep well and lets hope things will be different this time!

Agreed Cowichan, if the previous management & BOD had been as good as at delivering sustainable and reliable guidance as they were at delivering disappointment, excuses and ever increasing amounts of "Bull****e" then this share would have been over £5 by now!

Hi Dasut & Mr Gnome,
Obviously its difficult to judge without knowing all the details or even the company criteria of how the decision to award Capital the contract was reached, although when considering the factors we do know, not least the urgency of the situation then it would seem to make sense to go with a known contractor who has the equipment available a working knowledge of Sukari with whom the company has an established a good working relationship.
Indeed in local and central government when considering contractors it isn't always necessary to go out to tender if for instance speed is a priority and it can be shown that the contractor has a proven track record (i.e. already a known company/contractor on the "Preferred List").
Unfortunately during the "Pandemic" the government of the day used 'Urgency" as an excuse not to go to tender, or even use companies on the preferred list and in the majority of instance used newly setup up outfits with no track record who charged exorbitant prices for unfit for purpose products and services!

So It is always prudent to be able to justify the contract award which it seems is where Centamin is failing at present.

Hi Tony,
So both parties must have a pretty accurate idea of what's been spent so far and the time to finish the job, where is the information?

Maybe , but then had Sukari had a properly qualified mining manager who would have implemented a proper waste clearance program since 2015 then there wouldn't have been the need to spend $590 million now to possibly enable ongoing yearly production of 450, 000 - 500,000, which is considerably less than Centamin's Youssef EL Raghy and Andrew Pardy were boasting about about in the media in 2018 three weeks prior to yet another unexpected encounter of low grades which they again glossed over by high grading and ignoring the wastes piling up!
That said any extra profit made by high grading and some has now been more than lost and we are paying to put things right!extra profit has now been lost
https://www.egypttoday.com/Article/3/30602/Sukari-to-produce-600-000-ounces-of-gold-in-2018
Not to mention the many millions of dollars spent for no return (albeit a nice little earner for the drilling contractor ) for no return!

So I do hope the lender carried out proper due diligence !

CEO Martin Horgan told Mining Journal that Sukari “couldn't deliver a bloody pizza” over the past few years !

Looking back !

Dec. 19, 2018 10:45 AM ETCentamin plc (CELTF), CEE:CA2 Comments
Summary
Grades are dropping significantly at the Sukari Mine of Centamin, far below planned reserve grades.
They are soon starting up underground.
The stock seems overvalued on a NPV5 basis.
https://seekingalpha.com/article/4229201-kees-dekker-reviews-centamin-plc-analysis
Nov 2015
https://seekingalpha.com/article/3695246-centamin-get-out-while-going-is-good

The case against Centamin was brought by Egyptian lawyer Hamdy Fakharany, who argued that the state was not receiving sufficient returns and should stop operations at Sukari.
https://www.reuters.com/article/centamin-idUKL5E8M8DY520121108

Westhouse Securities says: 'It is obviously positive news for the company, and reinforces our belief that the company is likely to win its appeal. However, until the challenge is removed we are retaining our 18% discount rate on the stock.'
https://www.sharesmagazine.co.uk/news/shares/centamin-eyes-end-of-legal-pains

Good Points Dasut,
Information such as this is essential for shareholders, it keeps them informed and helps to avoid possible misunderstandings or misconceptions!
Perhaps you will put them to Centamin in writing and I will do the same, possibly Cowichan will raise them via his social media links?

Sorry Typo below should read "Interesting assumptions regarding my Centamin shareholding",

True the Centamin management made a lot of money, albeit by short term and unsustainable practice but unfortunately they made some big mistakes and bad decisions for which we have to pay the price!

Spoonington
Interesting assumptions my regrinding Centamin shareholding, but that aside.
No one is disputing that Sami did very well to get the Sukari mine going, unfortunately once underway the operations were run for short term high gain and inevitably due to this production was unreliable, unsustainable and never delivered as promised on a sustainable basis.
The reasons for this were highlighted in 2015 & 2018 in Seeking Alpha articles although, subsequently denied by Andrew Pardey who actually tried to get the 2015 Seeking Alpha article pulled,
Sami must have been aware of the articles, Youssef certainly was because he was sent copies as was Andrew Pardey and the company in Jersey after yet more problems and guidance cuts in 2018.
Both 2015 & 2018 were an opportunity to make operational changes for the better, but instead the evidence was denied and and the shareholders understandably chose to believe in the supposed professional competence and integrity of the Centamin directors rasher than than an experienced freelance mining analyst.
If Youssef was to be some sort of company governmental go between or representative then he should have been appointed as such and given the appropriate title, although considering that the court case based by the now admitted false claims of a convicted felon and and the disputed diesel subsidy dispute remain unresolved after over a decade must raise some doubts as to the capabilities effectiveness of Youssef as comapny government negotiator?
That said a mine general manager should be suitably qualified and experienced and accountable not appointed and tolerated by way of family nepotism.