RE: Capital soon be doing better than Centamin!24 Jun 2024 11:21
3Bear,
I appreciate that you may be hoping to make fun of my concerns in some way, however any potential or existing shareholder needs to fully appreciate the gravitas of the issue.
History demonstrates that the open pit or overground mining is plagued by inherent low grade ore problems, this was glossed over more easily by Andrew Pardey the previous management until around 2015 by excessive high grading which was highlighted by analyst Kees Dekker in a Seeking Alpha article of 2015, initially the conclusions made in the article were denied by Andrew Pardey who contacted the editor of Seeking Alpha and demanded that they retract the article claiming that Kees Dekker had based his finding on inaccurate data, subsequently Kees Dekker made contact with Andrew Pardey and offered to carry out the analysis again with the the claimed correct data after this all dialogue between the two ceased.
Regrettably at that time I chose to disregard an independent analysts opinion and take the word of Andrew Pardey who I assumed as the director of Centamin would have the integrity to be truthful with shareholders and act in their best interests, I suppose some may claim he did by continuing to gloss over the facts until once again in 2018 the same issue brought about RNS warning of guidance cut due to hitting unforeseen low grades in the open pit, this time a bad situation had been exasperated when the sole LHDR which was running at near limits in the underground pit suffered a serious breakdown, made worse because somebody had forgotten to have critical spare parts readily available or any contingency plan, this had meant that the higher grades from the underground operation that were essential to fortify or supplement to poor grades from the open pit weren't available.
So it seems that the one analyst who flagged up concerns in 2015 and again in 2018 was vindicated and their concerns proven, unfortunately though due to Andrew Pardey being less than honest we shareholders took a severe hit, not unusual as we have learned!
Shareholders were told after the 2018 fiasco that lessons had been learned and so shareholders assumed that surely they must have been, how wrong shareholders were though when a crack in the open pit wall forced a confession of the decade of foolhardy risk taking and bad mining practice at Sukari!
Should you doubt any of this then by all mean ask Centamin yourself they should still have all my correspondence outlining my concerns and asking for answers on file, I should be interested in their answers
After Martin Horgan shortly took up post as CEO and I had great hopes that he would bring about change for the better, although I am still waiting for rather more than slick presentations and risking huge amounts of money in West Africa that may well yield very little, or prove to be money wasted.
So by all means if you feel better then try to ridicule me, although your time may be better spent trying to get some answers from Centamin.
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