Member Info for mrtibbles

Very interesting interview!

Exactly one year into his new job, we meet Ajay Banga, the President of the World Bank.

He previously ran Mastercard, but following President Biden's nomination, Ajay Banga took on one of the most important roles in finance in June 2023.

He tells us what steps he's putting in place to reform the organisation, how western governments are struggling to fund it to the same levels that it used to, and he warns inflation might not come down much further.

https://www.bbc.co.uk/programmes/w3ct5z6f

Hi Dasut,

That was in regard to the reporting made at the time in the Eygptian press which seemed to be part of a campaign to roust up public opinion against a foreign company like Centamin, at that time the court case regarding the Sukari concession hadst been ruled on.

Buchanan explained to me at the time of my enquiry regarding the allegations that it was important to realise that a vast section of the poorer members of the Eygptian people still don't have access to the IT as we take for granted and so its not uncommon for all manner of unsubstantiated rumours and allegations to be spread by word of mouth or printed sheet to promote their own agendas.

I'm sure you will recall what it was like on here during the Arab spring and after the court case was opened when every day there seemed to be all sorts of what initially seemed like very serious accusations and claims circulating in the Egyptian media which was unnerving for any Centamin shareholders.

I was very fortunate during what seemed to be a potentially a very serious event to take a call on a Sunday from a very decent Eygptian national who was able to provide me with a well informed and truthful account the situation which was of great reassurance and I remain friends with them to this day.

I am also grateful to Buchanan the Centamin PR company were always available and proved reliable source of information and support throughout some very challenging times, I shared the most relevant information in one form or another on this forum.

Cowichan has in the past made some very informative contributions to this forum during some very difficult tomes, this seems to have been forgotten, that said unfortunately rather than with a written letter of face to face discussion its all to easy on internet forums or with media or postings to be taken out of context or have opinons and intentions misunderstood.

I rarely comment on Linkedin or social media because both can lead to misunderstanding which bring about animosity between some participants resulting in a breakdown of dialogue.

i did attempt to get dialogue to resume between Centamin and Cowichan, but unfortunately had no success which I feel is counterproductive on all fronts!

I am glad and grateful that you and Siko have at last been able to clarify the situation.

Hi Rebess, I agree very valid observations and comments from Clued!

Hi Dasut,

Firstly thank you for you efforts in trying to clarify some allegations rumours that have been popping up on occasion for some time, to be fair I some time ago I had raised a query with Buchanon regarding some reference to this in the Eygptian media, at the time Buchanan had replied that as far as they could find out it the rumour had no substance and it was likely just another one of the unsubstantiated rumours that pop up from time to time in the Eygptian media , after that other more pressing events took precedence and I had forgotten about it until it was mentioned on here recently.

Also thank yo to Siko for the explanation and claudication , now what a shame that they missed the opportunity to do the most sensible thing and make such a statement which would have reassured everyone concerned much earlier.

In public relations the outcome is usually far better for all concerned if the enquiry, allegations or questions are dealt with in a timely and polite manner and as fully as possible.

Unfortunately it seems that normal dialogue between Cowichan and the company has ceased due to down and so the discussion is now taking place on the only open channel Linkedin.

Just noticed Steve , you are a junior member, quite new to the forum having joined in 2017 so you missed out on far more uncertain times than these ,although admittedly any holders around in the those days were able to fill their boots with shares at what have turned out to be an absolute bargain.

Having taken the advice from a wise old broker friend I sold a London property I had inherited unexpectedly from a distant relation I never knew had and invested the money into a portfolio of of various quality stocks, but then decided to also take a risk with a considerable amount into Centamin in the early days of Sukari, admittedly a company that I had never heard of ,but my broker friend thought could do well, a risk, but then I reasoned having never expected to inherit such an amount then I wouldn't miss a portion of it if things didn't work out.

But as it happens the Centamin rose to unexpected highs and I thought that there would never be another chance to ever buy in again at such bargain bucket prices, although I hadn't anticipated a challenge to the concession licence by an Egyptian political renegade which brought about the suspension of the Concession licence resulting in the share going into free fall and the bottom of the bargain bucket territory.

However having spoken to a well informed source who advised me that based on what they had heard to be strong, so I took another chance and sold a good portion of my profitable portfolio at just the right time to buy shed loads of Centamin which by chance was just before trading was suspended in an attempt to stabilise the falling share price.

The share price was suspended, but then shortly after as the news broke that although the court had suspended the licence EMRA had instructed Centamin to carry on as normal and the share price started o recover, time moved on and the POG rose and then in 2018 the BOD decided to reward long term share holders with a bumper dividend.

Even now I am fortunate to have more than a considerable buffer between my average and where the share price is now and although the dividend isn't what is once was I am very lucky to still receive a more than respectable divi payment.

There was no trading prowess on my part, it was in the main all due to luck and the way events panned out, admittedly I chose to take the advice of a broker friend and the opinion of a well informed acquaintance and things worked out, with some hick ups, but I am very fortunate in being able to wait to see what happens to Centamin.

Data, that's a load of manipulated and unrealizable baloney, its all down to fate, the fall of the dice and luck!

DUBAI/CAIRO, May 29 (Reuters) - Egypt, often the world's biggest wheat importer, will raise the price of heavily subsidised bread for the first time in decades, a politically sensitive decision that has been delayed for years.

The price of subsidized bread will jump 300% to 20 piasters ($0.0042) from 5 piasters starting in June, Prime Minster Mostafa Madbouly said at a press conference on Wednesday.

About two-thirds of Egypt's population benefit from a program that gives 5 loaves of round bread daily for 5 piasters a loaf. An attempt to change the subsidy system led to riots in 1977.

https://www.reuters.com/markets/commodities/egypt-raise-subsidized-bread-price-by-300-pm-says-2024-05-29/

Hi Dasut,

Oh I am interested in the answer, but unfortunately the answer offered answer is somewhat ambiguous considering the circumstances.

At present I have little faith in the company because despite the BOD claims none of them exhibit enough faith in their own strategy to make any meaningful share purchase despite as Martini Horgan stated shares being very cheap!

There is something very strange considering the POG as to why the share price is still languishing in the bottom of the bargain bucket, still no market faith in the company, wonder why?

As to EMRA that is just a another basket case puppet quango which has its strings pulled by Sisi's oppressive and dictatorial regime.

I'm waiting and hoping to be be proven wrong, although I'm not holding my breath!

Steve

Strange that you should such concern about the company when by your own admission you arent an investor but claim o be a trader, admittedly one that waffles on about their trading successes post claiming that things turned out just as you knew they would due the data.

The data you waffle on about is in most cases most likely less reliable than studying form is for the vast majority of gamblers!

if you were as successful as you claim then you wouldn't have time to waste on what may be regarded by many professional traders as an amateurish and relatively insignificant forum.

If you look back I didn't raise this issue of alleged outstanding debts, I provided some insight into why the rumours might still be prevailing and the origins of some of the allegations.

Strange how the wheel turns because In the past It was insinuated by some forum members that I had been over optimistic about the company.

To my knowledge you have never provided any update or information positive or negative regarding the company, if you care to recall you posted in the past that you have no loyalty or commitment any company, you are just interested in a trading profit.

Traders usually like instability and unreliability because they bring about volatility keeping the market fluid which if you are the prolific trader you claim to be should be your ideal!

It would be a hypocritical to wish you success or failure because it is in the main high frequency?short term trading produces nothing of any good and is the cause of so much of what is wrong with today's world.

For anyone who isn't interested then just don't watch!

31 May 2024

This week’s episode of Live from the Vault discusses China’s advanced dedollarisation progress and sheds light on the market drivers of gold demand.

Outlining what to expect from the end of this year’s second quarter that could take gold to $3000 an ounce followed an update on silver and the BRICS currency.

https://www.youtube.com/watch?v=lxGge8XjGsw

Hi Dasut ,

Thank you for taking the trouble to enquire of Centamin, I note the standard PR way of not really answering the question fully with the cavitate "Working with our stakeholders, etc," although it is also noted that they state that the company doesn't owe $100 million to EMRA, although this answer could also be regarded as ambiguous in some respects.

The answer fails to categorically state that that there never was any outstanding disputed $100 million debt to EMRA?

Possibly it may mean that there is no outstanding $100 million debt because an agreement has been reached or has been now been paid?

Why would EMRA want to take $100million if it so chose or was instructed by those in government to , do so, well It's Eygpt so I really don't know, but possibly because it could and if it did I very much doubt it would kill the golden goose because Centamin is hardly likely to walk away , it would be more likely to engage a firm of local lawyers for years and the case would take so long to settle that the mine would likely have reached the end of its life anyway.

Egypt is governed by what may well be regarded as a repressive and intolerant regime which seems to have scant regard for the UN, human rights or any other of the multi national NGO's

So I fail to see how any Chamber of Mining would achieve much anytime soon, most of the companies will likely never produce anything much, get fed up, go broke, or go elsewhere!

Steve ,

So are you able to assure us all all that everything is 'Tickety-Boo" ?

Are you so sure its "waffle", to make such an assumption then possibly you are able to clarify the situation, something which some of us have been trying to do through direct communication for a number of years, if you doubt this then if you ask possibly Rebess will enlighten you.

Possibly you should take the time to email Centamin rather than criticising others that have been doing so for over a decade on all manner of issues.

The waffle you may be referring to was regarding allegations made in the Eygptian media a number of years back, admittedly the accuracy of some of the these article is dubious at times , but that said knowing how the financial media hype up what may be unsubstantiated Eygptian rumours then its best to nip them in the bud which should be easily achieved by clarification from the company .

If anyone is so inclined there are likely various stocks they they might trade, that said Centamin is really adapt at making promises that on the odd occasion might be delivered causing the share price to appear to be on a sustainable upward trajectory until the next RNS of the latest unforeseen catastrophe whereupon the share price is jettisoned into a free-fall to the bottom of the sick bucket!

In all the market seems to regard Centamin as a genuine stinker which can be relied upon to disappoint far more often than it delights!

Lets be frank and and on past experience if EMRA wants to take $100 million what dos anyone think Centamin can do, or is likely to do about it?

Somnamma, regarding the dispute/disagreement over the difference of opinion on the accounting classification of the $100 million, if you recall there Ii also a difference of opinion or conflicting views of around $100 million that Centamin is owed by the Bank of Eygpt in relation to gold sales.

It was alleged that some of there outstanding issues go back to around 2017 -2018.

There was some difference of opinion EMRA and Centamin regarding the finer detail of when the profit share should kick in.

That said Centamin went over and above waht the T&C of the concession required by paying the Eygptian government upfront payments, there was also some differing of opinions on if and when this had been paid back, still unresolved as far as I know.

You may also recall the subsidised diesel dispute when the lawyers advised Centamin that it had a strong case, but then after years gassed it seemed it didn't, having said that Centamin was still owed a money by the Eygptian government so possibly this was regarded as some trade off?

The accounting system on this profit share seems rather an complicated mess ambiguities to say the least and despite trying I doubt any shareholder will get to the bottom of the issue.

But it seems that any mention of any of this is regarded as rocking the boat on this forum, although it's the clarification of issues like this that would improve overall confidence in the company which is still in short supply at present!

https://www.dailynewsegypt.com/2016/04/17/emra-centamin-begin-profit-sharing-sukari-mine-operations/

"Egyptian lawyers advising Centamin management think there is a reasonable chance to dispute the claim"

How many times have we heard this one?

Hi Cowichan, the Sukari profit share seems over generous to say the least considering that EMRA has never invested a bean into the project, come to that the majority of directors have put in paltry investments, without the shareholders investments the gold at Sukari would still be in the ground!

Eygpt is

Reasoning from EMRA Dasut, now that's a good one!

After writing several times to Centamin and Buchanan I really got nowhere, so may I suggest that a few other shareholders write to Centamin and their PR company to see if they have more success.

This has been going on for years, just like the court case!

Thank you Henderson for the reply,

You are right this has been going on for some quite some time, it was discussed on this forum in the past, even whilst the diesel subsidy withdrawal was still ongoing!

When I last asked Buchanan they replied that discussions were ongoing with EMRA.

I have always felt that the company should have sought some recompense for the damage caused to its reputation and the share price during the 12 years of court case !

But Centamin doesn't like to rock the boat!

Hi Siko,

Thank you for the update, it makes very good sense for Centamin to be sponsoring this as it promotes the commitment Centamin has to Egypt to the local and international audiences, Great PR for the company and sponsorship is tax deductible!

Hi Dasut,

These locals in Egypt seemed well aware that they are being exploited !

I don't recall recommending a sell, hold, or buy come to that as I'm not qualified to do so !

I am not if favour of unregulated artisanal mining as this is exploitation of people and so damaging to the environment and although I agree that any changes need to be done in such a way that the locals if they cant be employed in the regulated mine are offered some alternative way of making a decent living, there are I am sure plenty of things that need doing .

I agree so many aid projects aren't thought through, that said when the local people are involved projects are generally far more successful!

https://www.bbc.co.uk/programmes/p04d42vf

https://www.ifaw.org/uk/programmes/community-engagement

https://www.ifaw.org/uk/journal/protecting-wildlife-helping-communities-climate-crisis