Member Info for mrtibbles

Whist some companies treat Egyptian employees more fairly the same cannot be said for other companies and sadly their huge profits are achieved condoning the behaviour of Egyptian Jasmine flower farms and Egyptian factory owners who are willing to exploit their local Egyptian workers some as young as 5 years old!

Can it be fair that $100 bottle of European perfume costs $1 to produce and this is achieved by the to exploitation of Egyptian workers including children?

So its not just artisanal mining that need proper regulation!

Swiss owned companies are involved in this exploitation

The Sisi government needs to start enforcing it's own existing labour laws and treating its own people decently!

A new investigation from BBC Eye takes you to the heart of the jasmine trade in Egypt, to reveal the dark secrets behind the perfume industry.

https://www.youtube.com/watch?v=3295wEpmajo

The scale of exploitation of people and the appalling pollution caused by artisanal mining all over the world is unacceptable and in need of proper controls and regulation, doing so would bring huge benefits to the workers involved and the surrounding environment!

I don't see regulating artisanal mining as a threat to properly regulated mining perorations such as Sukari, quite the contrary !

https://www.hrw.org/video-photos/video/2011/12/09/child-labor-and-mercury-use-artisanal-gold-mining

Thank you Cowichan, unfortunately there seems to be a general ignorance regarding this amongst shareholders for whatever reason!

Hi Dasut & Mr Bond, I should assume that in reputable company such as Mantrac it would be standard procedure on any job like this to replace all nuts and bolts that had been removed with new nylocks.

Once removed the integrity of any fixing may well be compromised .

Ships crossing through the waterway dropped by 66% in the first week of April, compared with the same period last year, the Office for National Statistics (ONS) said.

The Suez Canal is an important and busy trade route for ships travelling between Asia and Europe, often carrying commodities like oil and natural gas.

https://www.irishnews.com/news/uk/ship-traffic-through-suez-canal-plunges-by-two-thirds-after-red-sea-attacks-JRYJU4IPUBKNDC26RL3WGRJ4EQ/

Ahram Online , Monday 13 May 2024

The Suez Canal expects high revenues of $9 billion during the upcoming fiscal year 2024/25 despite the major blow dealt over the past months due to Houthi attacks in the Red Sea.

https://english.ahram.org.eg/NewsContent/1/1235/523541/Egypt/Urban--Transport/Suez-Canal-expects--bln-revenues-in-FY-despite-Red.aspx

Thank you Dasut.

Credit to Mantrac and the team of committed engineers for carnying out such a very professional operation!

I should imagine that the workload and operational environment exert tremendous pressures on the bearings!

British Timken bearings were once renowned for longevity and durability under stress, but unfortunately the same brand bearings produced today don't seem to offer the same in terms of longevity or durability!

https://collection.sciencemuseumgroup.org.uk/people/ap26862/british-timken-ltd

Seems some who are more keen to find something to moan about have chosen to take my post out of context, some of which was tongue in cheek!

The Sukari project is already half owned by the government and they have representatives on site.

At present Sukari is the Egyptian gold industry, the only profitable producing mine!

Egypt has a democratic government, that's a joke!

Sisi could do what he wanted if he so chose and does so time and time again!

Interior Ministry police and National Security agents continued to forcibly disappear opponents in unofficial detention places where detainees are subjected to torture and forced confessions.

On January 12, security forces disappeared Hossam Menoufy, a supporter of the Muslim Brotherhood, after a plane carrying him from Khartoum to Istanbul made an unscheduled landing in Luxor. Although Egypt’s Interior Ministry said in a January 15 statement that Menoufy was detained and under investigation, authorities refused to respond to questions about his whereabouts.

Authorities failed to investigate incidents of torture and mistreatment, which remained widespread. In May 2022, Egypt’s Supreme State Security head prosecutor, Khaled Diaa, referred for mass trial a group of detainees who had appeared in two leaked videos, published by the Guardian, showing them in a Cairo police station with wounds that appeared to be the result of torture. The alleged police perpetrators faced no serious investigation.

On April 10, police informed economist Ayman Hadhoud’s family that he had died in custody after being forcibly disappeared in February 2022. Egyptian authorities failed to conduct an independent, effective, and transparent investigation into Hadhoud’s suspicious death in custody and ignored mounting evidence that the authorities forcibly disappeared, tortured, and otherwise ill-treated him, and denied him access to timely and adequate health care.

https://www.hrw.org/world-report/2023/country-chapters/egypt

President Abdel Fattah al-Sisi, who first took power in a 2013 coup, has governed Egypt in an increasingly authoritarian manner. Meaningful political opposition is virtually none xistent, as expressions of dissent can draw criminal prosecution and imprisonment. Civil liberties, including press freedom and freedom of assembly, are tightly restricted. Security forces engage in human rights abuses and extrajudicial killing with impunity. Discrimination against women, LGBT+ people, and other groups remain serious problems, as do high rates of sexual and gender-based violence.

President al-Sisi, who took power in a 2013 coup while serving as Egypt’s defense minister and armed forces commander, has been elected only through unfair, noncompetitive contests. In the 2018 elections, Sisi received 97 percent of the votes after pressuring all opposition candidates to withdraw. The vote was marred by low turnout, the use of state resources and media to support Sisi’s candidacy, voter intimidation, and vote buying.

President Sisi and the security apparatus dominate the policymaking process. The parliament has neither a significant role in forming and debating laws, nor the ability to provide a meaningful check on executive power. Laws originating in Sisi’s cabinet receive parliamentary approval without meaningful contestation or deliberation.

The 2019 constitutional amendments further consolidated Sisi’s authority and increased the military’s constitutional role in civilian governance and already considerable independence from civilian oversight. The amendments allow the Supreme Council of the Armed Forces to permanently control the appointment of the defense minister, who is also the commander in chief.

https://tinyurl.com/455e3f7z

3E97-41F0-843E-949D3B7F793F&reply=true

Why would buy the other 50%, just trump up some spurious accusations that the Eygptian government is being swindled and open up another court case or if that wil take too long (Could be at least 12 years from past experience).

Then Sisi's could ask his new Russian friends to send in some of the former Wagner members to occupy the mine and what could Centamin really do about it, very little!

Not so ridiculous it's happening all over Africa and the international community doesn't care a jot!

To be fair the Sukari business is already 50% nationalised (EMRA)!

Also worth noting if they haven't already done so it's worth transferring share up to the full £20000 allowance per person each year into a trading ISA so dividends and any profits are tax free!

In the past the share price hasn't always dropped by the same as the divi paid and in any case tax is still payable on any profits from selling prior to the dividend so its quite often a lot of buggering about for not a lot, if anything!

Thank you Cowichan for keeping us updated with this interesting news!

Looks to have been quite a task!

What a pity that Centamin plc doesn't have a live feed to it's homepage to keep shareholders updated on events like this!

Hi Dasut,

Good or bad idea didn't get covered, I just assumed that if it wasn't a good idea and worthwhile then they wouldn't still be have such sizeable holdings in both the client and contracting companies, if they had said they were selling out then it may well be time to seriously consider doing the same, but they seemed confident, so I hope they are right, because I still have some nagging doubts!

I asked if they might consider posting on this forum again, but they feel that their situation dictates that its best not to post on any forum at all for the foreseeable future.

They will be back in Eygpt by now and possibly I may hear from them again over the coming weeks or when they are next back in the UK

So fingers crossed that things turn out well for everyone after all!

Thank you Dasut,

Your thoughts on this are not only very interesting but a remarkable coincidence! considering a conversation with an old forum contact over the past few days and although I didn't entirely understand all the operational mining technicalities what was explained certainly seemed to fulfil most, possibly even more of your ideal Sukari scenario although of course subject to the final contract operational agreements!

I shall watch progress on this with interest!

Hi Dasut,

Inevitably in any discussion/debate someone will have the last word, although I wasn't aware of any competition.

I take your point regarding the $450 million cost of waste clearance, but that said had the waste clearance been taking place much earlier so spread over a longer period as a matter of course then it would have been at less cost initially and made the operational area safer earlier and with the improved access to other areas enabled higher output which may well have reduced the huge retrospect catch up cost which is being paid now, although agreed it may have meant less profit from the excessive high grading by the previous management at that time!

As to factuality then had he previous management been less reckless and been more open with the true facts then the market would have more faith and trust in the company now.

POG at records highs, but the share price still stuck on its butt, although hardly surprising considering that senior directors seem unwilling to demonstrate their faith in their new strategy by making some meaningful purchases of as Martin Horgan said very cheap shares!

So will it be a Pizza this year or something better?

https://www.miningmx.com/wp-content/uploads/2022/02/Rainmakers-Potstirrers-2022.pdf

Horgan, who once told one media outlet Sukari couldn’t “deliver a pizza”, now

thinks 500,000 ounces of gold a year is possible from the mine in

2024 (top-end guidance of 460,000 oz for this year). That’s thanks

to a mine review, completed in December, which also found the

presence of high-grade pockets that could push output 50,000 to

100,000 oz higher in certain years.

Some of us myself included have expressed concerns over possible corruption in the Eygptian government, but it seems that greedy Canadian corporates are all too willing to try and bribe principled locals in area's of Africa so that they can pollute and exploit endangered environments far away from their own Canadian back yard!

Dear friends,

ReconAfrica, a Canadian oil and gas company tried to silence me with a bribe and a job offer.

But my people are tired of corruption, and we will not remain silent as this oil giant threatens us, our rights and pushes wildlife closer to extinction.

I'm Thomas Muronga, Chair of the Kapinga Kamwalye Community Conservancy.

In our ancestral home, we've safeguarded iconic species like lions and giraffes, but Africa's elephants, once 26 million strong, have dwindled to under 450,000. The largest remaining elephant herd in Africa, a mere 130,000, that call the Okavango home, teeters on the brink, threatened by ReconAfrica. Can you imagine them no longer existing?

In June 2022, we joined the Economic and Social Justice Trust, an advocacy group fighting corruption and advocating for rights in Namibia, in a massive appeal against Minister Pohamba Shifeta's approval of ReconAfrica's exploitative activities, despite its blatant violations of rights and laws.

But after two years, we still have NO ruling. Meanwhile ReconAfrica can continue to pillage and disembowel our land and our livelihoods -- completely unchecked.

Join our global call NOW to tell Minister Pohamba Shifeta to stop delaying a decision and save the Okavango Delta! For its people, my people and its magnificent wildlife

https://secure.avaaz.org/campaign/en/okavango_loc/

Centamin (GB:CEY) has released an update.

Centamin PLC successfully held its Annual General Meeting on May 21, 2024, where all resolutions were passed with a clear majority, including the approval of the annual accounts, dividend declarations, and director re-elections. Approximately 71% of the eligible share capital was voted, and the detailed results are accessible on the company’s website.

The AGM also marked the retirement of Dr. Ibrahim Fawzy from the Board.

https://www.tipranks.com/stocks/gb:cey

Hi 3bear,

I wish I had your enthusiasm and confidence in the company , unfortunately they faded away like a desert mirage longer ago than I care to remember!

I hope that you are right because I'm certainly looking forward to when those remaining cans are at last picked up and we feel the effect, that is the corresponding rise in share price and a restoration of a more respectable dividend!

Thank you Dasut,

To be perfectly honest the waste is waste and I agree that opening up new areas will create waste , but that said at the end of the day had the waste been dealt with as a matter of course in the past as any responsible mining company should have done we would be in a much better place now.

I have encountered differing views and opinions amongst industry professional and analysts as to the gradient inclination of the open pit.

I can't disclose the name but a forum contact from the past who has recently moved to another higher paid mining related position said the Sukari job has been somewhat more involved than initially envisaged, although they seemed pretty sure that there was at least another 3 quarters work at present rate, possibly more depending on anything unforeseen on the main clean up contract and even then the work would still carry on helping to move production along for some time subject to all parties agreement.