Centamin ,the standard has been set!19 Nov 2021 11:18
It's time that some of the other mining companies, especially the huge multinational's,started treating their workers and their host countries environments properly, with respect, proper wages, H & S , etc.
Also far too many mining companies are good at squandering their investors money on dreams pumped up by paid media hype and using analyst's with little or no actual "On the ground" experience.
Thankfully Centamin sets the standard in the way it treats host countries environment and its workers and long may that continue!
It is also fortunate that we now have a CEO and management team who rather than like our politicians claim "Don't blame us, it's that last lot!)but instead they have the integrity to acknowledge past imprudent behavior and have set about putting things right! for the future.
With this in mind I sought the thoughts of an independent and impartial, but highly experienced mining analyst on Centamins past and present activities in West Africa.
"You need good grade in Western Africa to pay for extraction there. There is such a thing as an African cost structure and it is relatively high. To that you need to add the security risk which is increasing annually with the fundamental islamist insurgency. Sure, the comment below about forfeiting 1.4 million ounces may be true, but are they economic ounces? It may well be a case of preventing throwing good money after bad money."
"Funny how often people believe that management makes decisions unfavourable to the company and, by extension, them."
"From recent actions it seems that Centamin management has decided to rather focus away from West Africa with all its problem back to Egypt where they have a strong foothold, existing government relations, knowledge of the geology and it being a country with very little historical exploration. Without knowing the details I would think this is a very sensible approach."
In my opinion very wise council and sometimes although it sticks in one's craw it's better to face facts and stop throwing more good money after bad!
In al honesty and however good the resource, what real safeguard's are there against "Johnny Jihad", even corrupt governments just deciding to take control of the mine and then we shareholders would lose even more, so why be sensible,get what we can and let other's take the risk whilst Centamin concentrates on what it knows best in a safer and more stable environment
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