Member Info for mrtibbles

Hi Mr Bond,
Quite so about the former management from bored complacent or unfit for post CEO's to the lazy Sukari general manger in post due to family nepotism , not professional ability or commitment!
Its very apparent from the puzzlement,frustration and impatience that some of newer holders, certainly the short term traders who hope to make a quick profit based the the predictions of supposed trading experts and questionable market movement analytical methods more than likely haven't taken the time to try and find out a bit more about the history of Centamin or Sakari!

Cont 10

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include sensitive wildlife. The Sukari mine area is not considered a grazing location due to its
remoteness and low flora coverage. There are no settlements in the mine area.
We are committed to maintain the level of environmental performance that we have reached and to
pursue actions needed for enhancing our environmental performance.
Our efforts in this area are guided by Centamin’s corporate environmental policy that aims to ensure
environmental protection and sustainable development. The policy outlines our commitment to
safeguarding the environment, educating our employees and communities and applying sound
environmental management practices to minimize and prevent environmental impacts.
From the very onset of the project, we have adopted a proactive approach to ensure that Sukari is
being designed, developed and operated in an environmentally sound manner. Through early
recognition of potential environmental impacts and their incorporation in the project design, we were
able to avoid, prevent and mitigate several potential environmental impacts and to incorporate
effective controls in our facilities.
A core element of our management system is to asses our performance against our objectives and
obligations. The results of the assessment will provide feedback and assurance regarding the level
and effectiveness of controls and will feed in needed performance enhancement initiatives and
actions. We have a robust monitoring system in place to track performance on a periodic basis with
different frequencies and approaches. We are able to evaluate progress through several tools
including visual inspection, auditing, data collection and inventories, measurements and as well as
systematic observations. Each of these tools has its own program and iterations. The Sukari
monitoring plan addresses different facets of the environmental aspects:
• Water quality, tailing storage facility water quality, groundwater quality and sewage;
• Air quality, air emissions and dust;
• Work environment parameters including dust, noise, illumination;
• Waste management practices; and
• Potential impacts on biodiversity.
4.25 Social and Landowner Issues
Centamin recognises that it has a responsibility to support and enhance the community in which it operates. We consider good community relations as a key component of continued operational success as well as a corporate requirement. We are committed to making a long lasting positive impact in the communities where we do business. We strive to act in a socially responsible manner
and to give back to the community in which we operate.

Cont9
New Primary Crusher
19 The new primary crusher was 90% complete and the end of December 2013 and final completion is expected at the end of March 2014. The primary crusher shells and liners are installed and work is progressing on the electrical and lubrication systems.

19

The new primary crusher was 90% complete and the end of December 2013 and final completion is
expected at the end of March 2014. The primary crusher shells and liners are installed and work is
progressing on the electrical and lubrication systems.
A process flow diagram depicting the processing route incorporating the Stage 4 expansion is shown
below.
4.23 Figure 2. Process flow diagram

Infrastructure and Services
Given the remoteness of the Sukari Project, additional services and infrastructure suitable to support
a mining operation of the proposed magnitude are required.
Process water is drawn from the Red Sea. The seawater is pumped approximately 25 km to the
mine site to satisfy all process plant and mining requirements. Most of the seawater is pumped into a
raw water pond located near the processing plant, whilst around 500m³/day is pumped to a water
treatment plant for potable and fresh water supplies.
Power is generated on site by a 28 MW power station, operated on diesel.
A camp facility for up to 1,400 employees has been completed at the Sukari Project and additional employees are housed in accommodation at Marsa Alam.
4.24 Environment
The Sukari Gold Mine is located in the central part of the Eastern Desert southwest of Marsa Alam.
The area lies within a hyperarid region and is nearly rainless. The flora and fauna of the area are typical of the Eastern Desert, with hardly any vegetation in the project area. The area does not include sensitive wildlife. The Sukari mine area is not considered a grazing location due to its remoteness and low flora coverage. There are no settlements in the mine area.
We are committed to maintain the level of environmental performance that we have reached and to
pursue actions needed for enhancing our environmental performance.
Our efforts in this area are guided by Centamin’s corporate environmental policy that aims to ensure environmental protection and sustainable development. The policy outlines our commitment to safeguarding the environment, educating our employees and communities and applying sound
environmental management practices to minimize and prevent environmental impacts.
From the very onset of the project, we have adopted a proactive approach to ensure that Sukari is being designed, developed and operated in an environmentally sound manner. Through early recognition of potential environmental impacts and their incorporation in the project design, we were able to avoid, prevent and mitigate several potential environmental impacts an

Cont 8

17

4.19 Open Pit Mining
The open pit in 2013 delivered total material movement of 41,718kt for the year, an increase of 66% on the prior year. The increase in total material movement was related to increase in the mining fleet capacity during the year. Additional mining equipment will continue to be delivered during the first half of 2014.
Ore production from the open pit was 11.7Mt at 0.81g/t with an average head grade fed to the plant
of 1.25g/t. The ROM ore stockpile balance increased by 1kt to 1.8kt by the end of the year. Mining
was primarily from the Stage 3 area, in the Stage 2 area mining continued to the 950RL and development work progressed in the Gazelle and Eastern Hills area to the 1100RL.
All ore and waste is being mined using open pit gold mining methods currently using two (2) O&K
RH170 Faceshovels, four (4) O&K RH120 Excavators and thirty five (35) CAT785C haul trucks to carry out the bulk of the ore and waste mining. The mining fleet will expand with the delivery of an additional two (2) RH170 Faceshovels and an additional thirteen (13) CAT785C haul trucks during
2014.
4.20 Underground Mining
Ore production from the underground mine was 587kt. The ratio of ore from stoping versus development remained consistent year on year, with 52% of development ore (304kt) and 48% of stoping ore (283kt). Ore production from stoping and development was in line with forecasts.
Development and stoping requirements were increased in the second half of 2013.
A total of 11,620 metres of diamond drilling was completed for both short-term stope definition and
underground resource development During the year 3,786m of development were driven through
ore. The project development total to date is 15,766m, of which 9,200m were through ore.
Development of the Ptah area has completed the first crosscut to access the 845, 860, 875 and 890 levels. Three exploration drill cuddies have been established where drilling is actively taking place
Ore drives have been developed on the Ptah 875 level and the exhaust system was extended to the 875 level crosscut.
4.21 Processing
The annual throughput in the Sukari plant was 5.7Mt in 2013, a 27% increase on 2012 (4.5Mt).
Productivity of the processing plant averaged 700tph for the year, 12% above the nameplate design rate of 625tph, as the operations team continued to optimise availability and throughput.
Plant metallurgical recoveries were 88.6% in the year, a 2.6% increase on 2012. Continued
optimisation of operational controls and improved circuit stability resulted in the recovery steadily increasing throughout the year. With operational improvements, recoveries are expected to remain consistent until the new carbon regeneration kiln is com

Sukari

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4.19 Open Pit Mining
The open pit in 2013 delivered total material movement of 41,718kt for the year, an increase of 66%
on the prior year. The increase in total material movement was related to increase in the mining fleet capacity during the year. Additional mining equipment will continue to be delivered during the first half of 2014.
Ore production from the open pit was 11.7Mt at 0.81g/t with an average head grade fed to the plant
of 1.25g/t. The ROM ore stockpile balance increased by 1kt to 1.8kt by the end of the year. Mining
was primarily from the Stage 3 area, in the Stage 2 area mining continued to the 950RL and development work progressed in the Gazelle and Eastern Hills area to the 1100RL.
All ore and waste is being mined using open pit gold mining methods currently using two (2) O&K
RH170 Faceshovels, four (4) O&K RH120 Excavators and thirty five (35) CAT785C haul trucks to carry out the bulk of the ore and waste mining. The mining fleet will expand with the delivery of an
additional two (2) RH170 Faceshovels and an additional thirteen (13) CAT785C haul trucks during 2014.
4.20 Underground Mining
Ore production from the underground mine was 587kt. The ratio of ore from stoping versus development remained consistent year on year, with 52% of development ore (304kt) and 48% of stoping ore (283kt). Ore production from stoping and development was in line with forecasts.
Development and stoping requirements were increased in the second half of 2013.
A total of 11,620 metres of diamond drilling was completed for both short-term stope definition and underground resource development During the year 3,786m of development were driven through ore. The project development total to date is 15,766m, of which 9,200m were through ore.
Development of the Ptah area has completed the first crosscut to access the 845, 860, 875 and 890 levels. Three exploration drill cuddies have been established where drilling is actively taking place
Ore drives have been developed on the Ptah 875 level and the exhaust system was extended to the
875 level crosscut.
4.21 Processing
The annual throughput in the Sukari plant was 5.7Mt in 2013, a 27% increase on 2012 (4.5Mt).
Productivity of the processing plant averaged 700tph for the year, 12% above the nameplate design
rate of 625tph, as the operations team continued to optimise availability and throughput.
Plant metallurgical recoveries were 88.6% in the year, a 2.6% increase on 2012. Continued
optimisation of operational controls and improved circuit stability resulted in the recovery steadily increasing throughout the year. With operational improvements, recoveries are expected to remain consistent until the new carbon regeneration kiln

Cont 7
From Marsa Alam the Idfu bitumen highway first runs west up gravel outwash plains to the mouth of Wadi Khariga, then it follows the winding narrow wadi to Bir Umm Khariga, some 20km from Marsa Alam. From Umm Khariga Well a corrugated gravel road runs southerly for 10km where it crosses a low divide and goes down into Wadi Sukari, and then on to the old Sukari gold mine. The Sukari road then turns east from the Wadi Sukari road and continues on for about 1.5km north-west to the modern Sukari Gold Mine operations complex.
Egypt has a dry climate. It is hot in the summer, with temperatures averaging between 80 and 90°F
(27-32°C). Winters are warm, with temperatures averaging between 55 and 70°F (13-21°C).
A steady wind from the northwest helps to lower the temperature near the coast. The Khamaseen is a wind that blows from the south in Egypt, usually in spring or summer, bringing sand and dust, and sometimes raises the temperature in the desert to more than 100°F (38°C). Rain seldom falls in
Egypt. Along the Mediterranean Coast, the average yearly rainfall is 8 inches (20cm). Farther south, only about one inch of rain falls every year. During winter snow falls on Sinai's mountains and some coastal cities, such as Baltim, Damiatta, Sidi Barrany and Alexandria.
The Sukari Gold Mine site is in the Eastern Desert of Egypt and it is estimated that nearly all of the gold mineralisation occurs within a porphyry outcrop which is expressed as a 2,500m long jagged-toothed, strong topographic high rising to 350m above the local wadi (intermittent water course) level. Wadi drainage plains pass to the east and west of the outcrop and the sharply incised green – brown Red Sea Hills surround that. The area is arid and almost bare of vegetation.
The Sukari Gold Mine operations complex is located in stark desert with little or no vegetation.
There is no permanent population in the immediate area and it has been visited only by people tending nomadic livestock herds in recent times.
The site has access via bitumen road 5km from the site operations boundary. The nearest local town is Marsa Alam (25km distant) on the Red sea, which is a fast growing tourism, focused suburban town area with population estimated at approximately 5,000 persons. This town offers a local hospital and also police presence in the area. There are two banks and 5 x ATM cash outlets and several local restaurants. The town has many small stores and is able to support a moderate sized construction workforce, as demonstrated by the recent completion of the Sukari stage 4 process plant upgrade capital works during 2012 and 2013. Sukari mine site provides all the power and water services to support its operations.

Cont 6
Description of the business
4.1 Sukari Project
The information in this section is based on the technical report titled “Form 43-101F1 Technical
Report – Mineral Reserve and Resource Estimate for the Sukari Gold Project, Egypt” (the “Technical
Report”) dated 30 January 2014.
The Technical Report is the compilation of work performed by a number of engineering organisations
for Centamin on its Sukari Gold Project as well as Centamin employees dating back to 2003 and

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draws heavily on a previous technical report dated 14th March 2012, which report has been filed on SEDAR at www.sedar.com.
Portions of the following information are based on assumptions, qualifications and procedures which are not fully described herein. Reference should be made to the full text of the Technical Report which is incorporated herein by reference and is available on SEDAR located at www.sedar.com.
4.2 Property Description and Location
The Sukari Project is located in the Eastern Desert region of Egypt, about 700 km south of Cairo and
30 km south-west of the Red Sea coastal resort town of Marsa Alam. The project area is defined by the Exploitation Lease, which covers an area of 160 km2, surrounding the ore body.
4.3 Accessibility, Climate, Physiography and Local Resources
A coastal highway runs along the west coast of the Red Sea from the border with Sudan in the south to Suez in the north, passing through Marsa Alam, Qseir, Safaga, Hurghada, Ras Gharib and Ein Sokna. Another highway connects Cairo directly to Ein Sokna. From Cairo to Marsa Alam by highway is about 750km, about ten hours by supply truck. There is also a bitumen highway from Idfu on the Nile to Marsa Alam. There is a new international airport north of Marsa Alam.

Cont 5

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3.5 Competitive position in Egypt
Although the gold mining industry in Egypt is in its infancy, with very few other foreign precious metal
exploration or development companies active in Egypt, the industry globally is very competitive. So
although the Company has a well established business in Egypt it is likely to face strong competition
from other mining companies in connection with the acquisition of additional mineral properties as
well as for the recruitment and retention of qualified employees and other personnel.
Gold producers in Egypt operate under similar competitive conditions to those in other parts of the
world, all of which operate in a commodity business with little to no ability to influence the price of its
product, gold doré bars. Gold doré bars are sent to an accredited gold refiner for smelting and
refining into a London Metal Exchange grade gold bar. Sale of gold is thereafter via the standard
industry practice of delivery from this gold account into either a pre-arranged hedging contract or a
spot market sale contract.
3.6 Other Projects – Exploration Properties
Centamin, through its subsidiary Sheba Exploration Holdings Limited, has interests in 4 exploration
licences in northern Ethiopia. During 2013 Centamin continued exploration on these four tenements,
namely Una Deriam, Finarwa, Winibo and Shehagne in northern Ethiopia, and in total, 11,134
meters were drilled over the four tenements. The drilling to date has confirmed the presence of only low grade mineralisation.
In September 2013 Centamin entered into a joint venture with Alecto Minerals plc to pursue existing and new opportunities identified by Alecto in Ethiopia. The initial joint venture projects relate to two exploration licences Wayu Boda and Aysid Meketel. Centamin’s exploration programme in Ethiopia will prioritise progression of the two licences under joint venture with Alecto Mining plc.
The acquisition of Ampella Mining Ltd is expected to be complete in early 2014, and the Company will focus on implementation of a systematic exploration program aimed at developing the outstanding potential for further significant growth of the existing 1.92Moz Indicated and 1.33Moz
Inferred resource base.
The Company also holds a royalty interest in the Nelson Fleet gold project at St. Ives in Western
Australia through its subsidiary, Viking Resources Limited. The Company has not been informed by the operator of the project, St Ives Gold Mining Co Pty Ltd, a subsidiary of Gold Fields Ltd, of any mining or near term intention to mine at the tenement.
CONT

Cont 4
The validity of the exploitation lease is currently the subject of a case in the Egyptian courts. The
details of this action are set out in detail in Centamin’s regulatory filings including the most recently filed Management Discussion and Analysis (MD&A) and the Financial Statements which are available for review on SEDAR located at www.sedar.com.

3.2 Activity over the last three years
2011 - During 2011, the underground operations commenced at Sukari Gold Mine. A corporate
acquisition was completed during this year, with the acquisition of Sheba Exploration Holdings
Limited (formerly Sheba Exploration (UK) plc). Centamin also re-domiciled from Australia to Jersey.
2012 - The underground operation continued to develop at the Sukari Gold Mine. The development
of the ‘Stage 4’ expansion project was a key feature in 2012, the aim of which is to double the plant’s
nameplate capacity from 5Mtpa to 10Mtpa. Investment and diversification continued through the
acquisition of a 17% interest in Nyota Minerals (by early 2013), which owns the Tulu Kapi advanced
exploration project in Ethiopia.
2013 - Construction on the stage 4 expansion project to double the nameplate capacity from 5Mtpa
to 10 Mtpa was completed during the year and is undergoing commissioning.
The Company made significant progress on its medium and long-term growth strategy during 2013.
In September 2013, Centamin entered into a joint venture with AIM-listed Alecto Minerals plc over
their exploration projects in Ethiopia, thus expanding its presence in this important region of focus for
the Company.
A recommended all-share takeover offer for ASX-listed Ampella Mining Ltd, valued at A$40.9 million, was announced on 10 December 2013. This takeover provides Centamin with an extensive licence holding over a highly prospective and underexplored 100km+ trend of gold mineralisation in Burkina
Faso as well as further exploration properties in Cote d’Ivoire. Centamin will implement a systematic exploration programme, aimed at developing the outstanding potential for further significant growth
of the existing 1.92Moz Indicated and 1.33Moz Inferred resource base.
3.3 Project description and location
The Sukari Project is located in the Eastern Desert region of Egypt, about 700 km south of Cairo and 30 km south-west of the Red Sea coastal town of Marsa Alam, as shown in Figure 1 below. As at 31
December 2013, the Company had a total of 1,340 employees (excluding contractors).

Cont

Cont 3
Ivory Coast - Ampella holds three permits in the Ivory Coast covering 1,200 km2. These permits are adjacent to the Batie West project area. Applications for a further four permits covering 1,056 km2 have also been made.

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3 General Development of the Business
3.1 Centamin Overview
Centamin is a mineral exploration, development and mining company that has been actively
exploring in Egypt since 1995. The principal asset of Centamin is its interest in the Sukari Project,
located in the Eastern Desert of Egypt. Construction at the Sukari Project commenced in March
2007 with the first gold bar being produced on 26 June 2009.
The Sukari Project is the first large-scale modern gold mine in Egypt. Centamin’s operating experience gives it a significant first-mover advantage in acquiring and developing other gold projects in the prospective Arabian-Nubian Shield.
In 1994, PGM negotiated an exploration and mining agreement known as the Concession
Agreement (CA), with the Egyptian Geological Survey and Mining Authority (‘EGSMA’; now EMRA) and the Egyptian Government, to explore for gold and associated minerals in the Eastern Desert of
Egypt. The CA was declared into Law 222 of 1994 and came into effect on the 29th of January 1995 pursuant to which PGM had the right to explore and develop gold and associated metal deposits
within the concession area.
On the 4 November 2001 PGM was formally notified by EMRA that, in accordance with the terms of the CA, the feasibility study submitted by PGM and dated the 26th of October 2000 relating to the
Sukari Gold Project, had been accepted by EMRA and had demonstrated the existence of a “Commercial Discovery” at the Sukari Gold Project.
In April 2005 EMRA and PGM agreed that an exploitation area of 160km2 containing the proposed
Sukari Gold Project and surrounding prospects was appropriate and the Minister of Petroleum approved an exploitation lease covering this area on 24th May 2005.
Under the terms of the CA, PGM has title for a period of 30 years from 24 May 2005, renewable at
PGM’s election for a further period of 30 years.
Following demonstration of the commercial discovery, PGM and EMRA were required to establish an operating company, Sukari Gold Mining Company (SGM). SGM was incorporated under the laws of
Egypt on 13 April 2006 to conduct exploration, development, exploitation and marketing operations
in accordance with the CA. Responsibility for the day-to-day management of SGM rests with the General Manager who is appointed by PGM.
Cont

March 2014 AGM cont
2.2 Ampella Mining Limited
Subsequent to the year end the Company declared a recommended takeover offer for Ampella
Mining Limited (Ampella) and now holds over 94% of Ampella. Details of the holding structure are
set out below:
Centamin West Africa Holdings Limited (a wholly owned subsidiary of the Company) holds
Centamin’s interest in Ampella, an Australian Incorporated entity. The wholly owned subsidiaries of
Ampella are as follows:
Ampella Mining Limited (Australian incorporated);
Ampella Share Plan Pty Ltd (Australian incorporated);
West Africa Gold Reserve Pty Ltd (Australian incorporated);
Ampella Mining Gold Pty Ltd (Australian incorporated);
Ampella Mining Gold Sarl (incorporated in Burkina Faso);
Ampella Mining Sarl (incorporated in Burkina Faso); and
Ampella Mining Cote D’Ivoire (incorporated in Cote d’Ivoire).
Details of the recommended take-over offer of Ampella can be found in the Bidder’s Statement which
has been lodged with the Australian Securities Exchange and can also be found on the Company’s
website at www.centamin.com.
A Form 51-102F4 Business Acquisition Report was not required as the acquisition was not material
to the Centamin Group. However, the total Resource of Ampella is considered material to Centamin
and a Form 43-101 Technical Report has been compiled in conjunction with this Annual Information
Form and provides details of the Ampella Resource and is available for review on the System for
Electronic Document Analysis and Retrieval (SEDAR) located at www.sedar.com.
2.3 Ampella Projects.
Ampella is an Australian listed company and holds exploration licences in a highly prospective region of Burkina Faso and Cote d’Ivoire. Ampella has been listed on the ASX since 2007. A summary of the licence areas are detailed below.
Batie West - The Batie West gold project consists of 10 permits, covering an area of 2,000 km2. Six of the permits are 100% owned by Ampella. Ampella holds an interest in the other five by way of joint-venture and earn-in agreements.
The Batie West Project is located approximately 450km from the capital city, Ouagadougou, in southern Burkina Faso, West Africa and occupies a 150km long gold-bearing shear zone that occurs along the southwest margin of the Boromo Greenstone Belt, adjacent to the country boundaries of
Cote d'Ivoire and Ghana.
Ampella is focused on developing the Konkera Resource, which is part of the Batie West gold project.
In March 2013, Ampella announced the new independently verified JORC (2004) compliant Mineral
Cont in 3

March 2014

4


2 Centamin plc
Centamin plc (“Centamin” or the “Company”) is incorporated and registered in Jersey under the laws
of Jersey and its registered number is 109180. The Company’s registered office is 2 Mulcaster
Street, St Helier, Jersey, JE2 3NJ. The Company also maintains offices in Alexandria (Egypt), Perth
(Australia) and Ethiopia (Addis Ababa).
The Company’s Articles of Association have not been amended or varied since 15 December 2011,
save in the case of the passing of special resolutions adopted by the members at an annual general
meeting (AGM).
Below sets out a table of the Company’s wholly owned subsidiaries, jointly controlled entities and
associates, their place of incorporation and the percentage ownership (and percentage voting rights)
in the subsidiary undertakings at the year ended 31 December 2012 and 31 December 2013.
2.1 Subsidiaries and jointly controlled entities and associates
Name Incorporation Activities 2013 2012

Subsidiaries
Centamin Egypt Limited Australia Holdco 100% 100%
Viking Resources Limited Australia Exploration 100% 100%
North African Resources NL Australia Dormant 100% 100%
Pharaoh Gold Mines NL Australia Exploration 100% 100%
Centamin Limited Bermuda Holdco 100% 100%
Egyptian Pharaoh Investments Egypt Exploration 50% 50%
Sukari Gold Mining
Company Egypt
Exploration &
Production 50% 50%

Centamin Holdings Limited Jersey Holdco 100% 100%
Centamin Group Services Limited Jersey Services 100% 100%

Centamin West Africa Holdings Ltd United Kingdom Holdco 100% 100%
Sheba Exploration Limited United Kingdom Exploration 100% 100%
Sheba Exploration Holdings Limited United Kingdom Holdco 100% 100%
Centamin UK Limited United Kingdom Dormant 100% 100%

Associates
Sahar Minerals Limited Bermuda Exploration 39% 0%
Nyota Minerals Limited Australian Exploration 12% 0%
Pharaoh Gold Mines NL (PGM), is the primary wholly owned subsidiary of the Company. PGM was incorporated in Western Australia under the Australian Corporations Act as an unlisted public company incorporated on 20 October 1993. PGM is a no liability company and its company name has remained unchanged since incorporation. The Company’s interests in the Sukari Project (as described below) are held through PGM.
The Company’s other wholly owned subsidiaries are either intermediate holding companies (in the case of Centamin Egypt Limited and Sheba Exploration Holdings Limited) or are companies that have been used to acquire investments (in the case of Centamin Holdings Limited and Centamin Limited) or are companies that provide services to the group (in the case of Centamin Group Services Limited). Other subsidiaries or associates have acquired the licence to carry out exploration (such as Sheba Exploration Limited and Sahar Minerals Limited

Cont Part 2
I asked Josef about Van Eck Associates the 2nd largest shareholder
This is a passive tracker as is Norges Bank.
I think this is significant.
The discretionary institutional investment in this company is very low for obvious reasons. They will not invest before the cc is resolved.
As a result I expect the market makers and the analysts to want the share price to stay low for the potential institutional investors. Expect more apparently irrational share price action over the coming weeks.
Profit share. I have always thought that this will not take place before Dec 2015.

Profit share. If you look at the cumulative profits in the account and the cumulative cap ex. and exploration costs and then take into account future cap. exp. etc there is still a long way to go.
There is a note in the accounts that the company expect profit share to start in the year ended 30th June 2015. When I questioned Josef on this point he readily accepted that this may not happen in that year or even the next.
I think the suggestion in the accounts that profit share might start in year ended 30th June 2015 is there purely for purposes of internal reassurance.
The analysts should have questioned this, but they are probably only too happy to make low ball estimates while there is no institutional investor interest.
Their consensus estimate of 7.7p earnings for 2015 is strictly for the birds.

One other private investor came up to me at the end of the meeting as he thought I must be representing some investment institution and told me he was planning to sell a house so that he could buy another 500,000 shares. Amen

The Chairman said they might hold a meeting in London for investors next year, but I concurred with their decision to relocate to Jersey and do it properly with their office presence being there.

I hope this may be useful. I have given a very full account and am not holding anything back.

Finish Thank you to our forum member!

AGM Jersey 2014 Centamin
Mon 19/05/2014

Report from one of our group.
Last Friday I spent the day in Jersey. The whole trip cost just over £200, including taxis and my lunch at Longueville Manor. It was worth every penny for the info that I obtained at the CEY AGM.
First the dividend. The non exec who was chairing the AGM announced that there would be a divi. Having not seen the announcement I asked "how much and when". He asked if we could deal with my question later. When Josef did his presentation he answered my question by saying that brokers were forecasting that it would be 3-4%. On my calculations that means 1.8 to 2.4p. After the presentation I spoke to Josef privately to get further informal guidance. An interim div. will most likely be announced in August. The payment is likely to be in early September. I got the impression the mom and dad were keen to get their cheque.
The interim divi may be of the order of 0.75p.
In making the calculation of the divi a sum for the notional profit share with the Egyptian Govt will be taken into account.
I agreed with Josef that it would be sensible to make further advances to the govt before the profit share formally became due.
Back to the formal presentation:-
. Josef expected that there would be 2 years of drilling probably costing up to $20m. There was $11m of cash in the company on acquisition. After that $250m might be spent on building a mine during say 2016 and 2017.
Drilling at Sukari Hill. The drilling from the top of the hill down was expensive and hit and miss.
In future, the resource would mainly be increased through sideways drilling of the underground portion.
Future production. In answer to a question Josef stated that 500,000 oz per annum was not a ceiling and 600,000 to 700,000 oz. were conceivable in 2016.
This is new to me and the presentations on the website are sensibly prepared on a conservative basis.
I must say that I find this has significant upside potential for the share price in the longer term.
Court Case. I asked when he thought the new law would be considered by the Constitutional Court.
In the 2 cases that had been considered so far those bringing the cases have 90 days in which to make a referral.
However, he expected the Constitutional Court to consider the matter in 30 to 40 days.
This was because several major investment announcements were ready to be made and the govt. wanted these announcements to be made as soon as possible.
Cont in part 2

Hi Paul,
The present share price is ridiculous, despite some may claim from their consultation of various charts and moving averages,etc ,etc, although what it does clearly demonstrates is just how vital market trust and confidence in a company is.
As long termer's will be aware Andrew Pardey, Youssef and Josef between were was less than truthful about the state of Sukari on more than one occasion, so after this last but in many ways inevitable set back it is hardly surprising the punishment to the share price has been especially severe.
That and considering the great progress being made to rectify past errors and restore reliable and sustainable production the share price is unjustifiable if common sense is applied.

Would'nt worry too much, I understand that Centamin have aleady helped B2 regarding a number of issues in Eygpt, there are excellent professional relations between the two companies!

Hi Cowichan,
Thank you for flagging this up, as you will be aware this has been identified in the most recent presentations as one of several very promising potential contributors to total guidance!
All part of Martin Hogan's new strategy of adding the value of Sukari!

Hi Canrtoad,
Have a look through recent reports or listen to the most recent podcasts, this may give you a better idea of Martin Horgan's strategy.

Good news halfpenny!
The huge multi nationals like Apple,Microsoft,Amazon, Google,fascebook,Twitter, McDonald's,Costa, Sky, Murdoch, Elon Musk,Virgin, etc all have acquired far too much control and influence over ordinary people lives!
https://www.bbc.co.uk/news/technology-59038506
https://publications.parliament.uk/pa/cm201719/cmselect/cmcumeds/1791/1791.pdf
https://www.theguardian.com/politics/2018/apr/26/facebook-morality-free-zone-executive-mps-cambridge-analytica
https://www.walesonline.co.uk/news/politics/mps-prepare-whistleblowers-revelations-inner-21953501
https://www.fnlondon.com/articles/mps-probe-facebook-over-financial-advice-from-influencers-20210922

Unfortunately those that control our societies (Political/Business/banking/Market Elite have no intention to admit that their political and fiscal policies are unfit for the 21st century, they just want to keep their privileged place's on the top table by lying and pointing the finger at others!
So in the meantime they so carry on kicking the can down the road to 2050. 2070.,,2090, until Oh no, the world is f*cked, how could that have happened, must be the others, not us!
This market manipulation, the future markets , the market deception, the now in your face, blatant and uncontrolled corrupt market manipulation is all part of what's wrong , all of which needs radical solutions!
But let's face it the corrupt bunch of b*stards that at present govern the so called free world are well aware of how much gold the other side are buying at present,so they ain't going to allow them to get get upper hand by allowing the POG to rise whilst they have control of the levers to suppress its real value and keep their fiat currencies $ & £ strong!
The US & UK administration's care not a fig about inflation because they can lie, start up the printing presses and tell people that their basket of shopping has'nt really cost so much more and that the shortages are all the fault of the other side, Oh no not us. besides there will be a tax cut in the future to take you back to where you where before he last increase, possibly! although the shopping basket may have been a bit fuller before, but who care',s it's the other side, not us!!
So POG rising well that's the big question!
But in the meantime the Sukari operations are being improved to provide much more workable conditions, whilst the AISC will be reducing which should help to increase the profits and there is bound to be other positive news yet to be announced which may help share price!