Member Info for mrtibbles

The LBMA uses the pandemic a reason for being unable to abide by Basel 3 requirements?
Strange how the pandemic certainly appears not to make a jot of difference to the Comex manipulation of precious metals prices?
If he precious metals markets prices are unmanipulated by Comex paper trades as some claim then why such opposition to compliance with Basel 3?

sorry typo below ecourse should read resource!

Hi Dasut
What does concern me about borrowing is will they spend it wisely to get some return or just waste it on more projects that come to nothing?

Hi Tony,
Yes thank you indeed for your analysis !

White vinegar is the probably the most effective glass cleaner and brilliant descaler and mould killer for the washing machine rubbers1
Also forget fabric conditioners and instead buy a pack of Soda crystals, first put half the bag in the drum of the washing machine an run on a hot cycle, washing machine id totally cleaned of all gunge, then each wash cycle put half a cup of soda crystals into the drum, this softens the water and prevents odours and limescale .
https://www.dri-pak.co.uk/cleaning-products/soda-crystals/

Very interesting Mr Bond,
With so much to be depressed about today at least informative positive solutions to Sukari problems gives us some hope .

Hi Dasut,
I am very grateful for your generosity and patience in sharing your professional knowledge over the years over the years I have been invested in Centamin, however through your past professional experience you will have formed some good idea of what should have been achieved thus far at Sukari .
I sense from your statement that the mess created by the poor practice of previous management was understated and the rectification works needed has been severely underestimated, possibly even purposely for whatever reasons
Sukari may have had the potential to become a world class mine had it been managed in the right manner by the right people, although as we are now painfully aware Josef ,Youssef and Andrew Pardey were condoning high grading whilst denying concerns about poorer grades to give the impression that the 560- 600,000 0z per annum was sustainable , that said this seems to have never been questioned by the BOD until a near catastrophic disaster forced their hands.
Sammi El Raghy may have discovered and promoted the recourse, what a great pity it wasn't operated in a more professional, capable and possibly even more honest manner by his siblings and appointed management.
Centamin is in a mess, will it recover is still open to debate, West Africa seems to have been little more than a poorly thought through and shambolic diversion exercise over several years that has achieved little more than huge expense for no return.
I have great faith in Martin Horgan and his team, but that said they cant perform miracles and it seems Sukari may have become a basket case unless things improve dramatically or Centamin becomes part of a much bigger concern.

Cowichan , certainly very hard to justify the worth of the present BOD, but has'nt it always been that way, possibly too much family nepotism as well, although lazy orincompetent board members seems to be the norm in many other mining companies, they get the bonuses and free shares, the share holders get the scraps and shafted when it suits!
Hoped for better sooner!

Hi Dasut,

Thank you for your confirmation on this.

Well they did spend shed loads on drilling and exploration in West Africa, although to what ends and for what purpose exactly seems rather fuddled now to say the least!

The stand out comments are:

- mineral reserves increasing by 1.0 Moz net of depletion. This means they have added 2 years of mine life.
- much of the increase seems to come from underground sources, which are in my opinion the highest cash flow yielding ounces.
- this explains why the company wants to increase underground capacity
- they are cutting down on cash cost, yet this does not seem to be at the expense of targets set, which include:

- further reserves expansion
- in particular from underground.

Doropo is just a minor consideration.

Hi Walshe,
Don't beat yourself up for the phrasing of a question, at least you asked and it demonstrates share holders are interested.

Hi Candid,
You possibly hoped for more sooner, nothing wrong with that of course but unfortunately how could you really know since 2016 the best times were over , unless you had read the 2016 / 2018 report's by Kees Dekker regarding glossing over the true facts high grading ?
But even if you had read those reports the findings were denied by CEO Andrew Pardey and he along with Josef El Raghy & Youseff El Raghy was predicting 500- 560,000 oz a year from Sukari alone!
So more than likely and understandably you would like so many other share holders,other analysts and financial media have chosen to disregard the concerns of a very experienced independent mining analyst in favour of the opinions of those who should have been running the Sukari mine properly and acting in share holders best interests.
Hindsight is a great thing , but the reality is that share holders were strung along in some part by members of the El Raghy family who lets face must have known the best times were over and may have been why they were selling shares!
But the near pit wall collapse exposed so many myths and the truth which is why we are here we are, in the bucket shop!.
So not ideal , not what we were promised by the previous management and although Sammi discovered a great recourse and claimed to have the best people running it one must ask "Best people for whom?" who has benefited the most so far?
Great changes are needed and fortunately Martin Horgan and his team seem to be bringing them about, although unfortunately for us all it will take time!

Hi Market,
Great to hear from you!
Hope that you are still managing to get a few "Tots'!
Tibbs

Hi Cowichan,

I sought the advice of a mining analyst , see below

>> Drilling continued at Quartz Ridge with results confirming continuity of an east-west trending mineralised structure approximately 1.5 km east of the Sukari process plant.

1.5 km away from the process plant is probably less of a haulage as much of the ore now being send to the process plant.

However, six intercepts is very early days. They are also not that impressive, generally narrow intersections, but at shallow levels.

Let’s see what the follow-up drilling shows.

No-one has been unfair to Sami,
Sami discovered a reserve Sukari, that is acknowledged.
The reality is though no matter how good the reserve though it would have never been turned into a gold producing mine without the investment of shareholders, the mine has cost around $1.9 billion dollars to develop!
Sami and his El Raghy family have been more than amply rewarded with bonus free shares and dividends.
Josef & Youssef have done very nicely by selling shares at advantageous times, possibly just by coincidence before events at Sukari caused a share price collapse!
Youssef El Raghy a former Egyptian police captain and despite having no professional mining qualifications and no previous experience was appointed general manager of Sukari, why?
You may recall the hitting of unexpected low grades in 2016 , some of which were a direct result of the the previous managements short comings and failures to manage the Sukari mine operations properly resulting in number of guidance cuts and a near major catastrophe of a pit wall collapse, which if it had taken place would have rendered Sukari to junk pit status for number of years!
So whilst no one is disputing what Sami achieved in the past, it seems reasonable to conclude that share holders owe him no debt now, on the contrary after recent events quite the reverse would seem to be the case!

companies also abuse AISC as it allows management to hide incompetence.

https://www.kitco.com/ind/fulp/2015-02-04-The-Real-Cost-of-Mining-Gold.htmled in an article in kitco.com “The Real Cost of Mining”:

Come on Miizolgit, it doesn't do any harm to remind us longer term members of the geological structure of Sukari that they may well have forgotten and it also educates some of the newer holders.
Also this may relevant considering the latests resource evaluation being carried out.
But in any case its always good to hear from you!

Fair comments Mr Gnome!

Some interesting opinion were expressed on here recently and as I don't have sufficient understanding of the subject I sought the advice of a very experienced and well respected independent mining analyst, certainly worth bearing in mind!

AISC is a very flawed metric that can easily be manipulated and does not reflect the true cost of mining.

- It is simplistic to believe that gold mines will be mothballed when they cannot produce at positive cash flow. There are a myriad of gold producers that have to go back to the market continuously for funding with gullible investors prepared to do.

- The AISC cost does not cover ALL cash outlays required to keep mining. See my note. An important component is hidden by classifying these as “growth”.

Suggestion at the end of the note to be able to compare the relative performance of companies.
Centamin stands out as one of the few companies that consistently generates positive cash flow and able to pay dividends.
What has Endeavour done?
Lately the company is doing very well, but the table below is for the period 1 April 2008 and 30 March 2019, which is extracted from working notes in a company valuation. Horrible history.

> Endeavour Mining Corporation
> Financial Performance From 1 April 2008 Until 30 March 2019
> Year Ending 31 Dec 18 months 2010 2011 2012 2013 2014 2015 2016 2017 2018 Q1 2019 Totals
> US$'000
> Ore Mined 467 2,876 3,228 4,366 6,713 6,898 7,554 11,086 9,597 1,285 54,070
> Waste Mined 40,252 46,435 53,003 46,451 9,707 195,848
> strip ratio 5.84 6.15 4.78 4.84 7.55
> Total Milled/Stacked 467 2,496 3,307 4,211 6,304 7,171 8,383 10,791 9,948 1,815 54,893
> Grade 3.09 2.23 2.26 2.62 2.48 2.40 2.25 1.90 1.59 0.98 2.10
> Contained Gold 46,400 179,149 239,867 354,145 502,001 553,183 606,770 659,263 510,145 57,169 3,708,091
> Gold Produced 44,407 163,769 210,209 318,143 465,770 516,646 559,190 593,815 450,140 56,648 3,378,737
>
>
> Cash from Operations -11,179 -8,548 93,374 43,834 127,438 147,301 153,899 221,791 250,920 22,916 1,041,746
> Investments 83,640 -145,347 -180,226 -148,556 -112,881 -7,306 -180,177 -478,728 -453,319 -109,857 -1,732,757
> Financing -28,083 102,658 77,131 71,642 -27,166 -91,743 41,999 251,741 204,467 47,452 650,098
> of which Equity 579 2,706 6,012 2,720 73 0 185,285 107,755 -1,356 238 305,130
> Effect of X-rate 1108 -784 344 504 1,464 -912 -944 3,604 -748 -499 3,137
> Change in Cash
0
45,486-52,021-9,377-32,576-11,14547,34014,777-1,5921,320-39,988-37,776Cash at Year-end 167,300115,279105,90273,32662,179109,519124,294122,702124,02284,034