Member Info for mrtibbles

Hi Dealts,
Yes I agree entirely. we have been on the journey and taken for forgetful fools fed baloney for far too long!
Understandably some of the newer members don't really understand why we are so disillusioned.

I am interested also in the here and now and but these issues should not be brushed under the carpet as they have resulted in additional operational costs to the company and its share holders of many millions of pounds that continue to accrue until resolved.

Tue 05/08/2014 12:00
Q
Is the fuel subsidy issue still ongoing?
I also wondered if EMRA may agree to something else to compensate Centamin as I imagine the fuel subsidy is politically sensitive in the light of the overall economy.
A-
Fuel subsidy still an issue and still going through court proceedings. Remains a very slow process. I don't think a best case scenario would mean the government repaying cash to CEY but it will effectively all be included in the profit share (or delay thereof). We shall see.
And yes, this topic remains a hot potato in Egypt, though there has not been widespread civil disobedience as was anticipated by western media.
Q-08th April 2016
If profit share does start in 2017 what of the money owed to Centamin by the Egyptian government, see below?
Figures obtained from March 22 2016 phone conference, from Andrew Pardey CEO, Loan to the government is $48 million, Outstanding fuel subsidy $208 million.
A- The fuel subsidy is a court case yet to be concluded and should not be counted (or not) until the case is closed. Not sure about the loan – maybe pre-payments. I would have thought that this would be smoothed over the period for when payments start.

Q 08th Sept 2016
In a share holder phone conference 10/11/15 it was stated by Andy Pardey CEO and Pierre Louw CFO that the excess cumulative cost to Centamin for unsubsidised fuel for 15 quarters from the beginning of 2012 when the government stopped the subsidy was $198 million .
Add to this Q4 subsidy $16 million. add to this the government loan $29 million Then the total owed by or lent to the government or State is $243 million. If there are 1152 million issued shares in Centamin then this loan equates to $0.21 or £0.15 per share.
As this is such a large amount of money I agree that the most likely course of action will be to add this amount on as a Capital or construction cost which will in turn extending the time to profit share.
A-
Frankly, I do not know! Fuel is the largest single OPEX cost for the business, so those numbers, accrued since 2011, are not out of kilter, but I have no idea what numbers are being discussed behind closed doors. So no comment from me as I simply do not have an answer!

The third article of the decree stipulates that, with the exception of investment projects that work in the field of bricks, cement, gypsum, lime and pottery, work continues at international prices applied to investment projects subject to Law No. 230 of 1989 in accordance with the provisions of the decisions of the Deputy Prime Minister and Minister of Petroleum No. 42 of 1981 and the decision Minister of Petroleum No. 277 of 1986 and Minister of Petroleum Resolution No. 54 of 1990.
When the Swiss company contracted with Egypt to extract gold from its lands on 4 December 1994, the Minister of Industry and Mineral Resources was licensed to contract with the Egyptian General Authority for Geological Survey and Mining Projects and the Pharaonic Company for Australian Gold Mines in the matter of searching for and exploiting gold and accompanying minerals, according to that An agreement was drawn up between Egypt on the one hand represented by the General Authority for Geological Survey and the Pharaonic Company for Gold Mines Ltd. and mining projects registered in Australia in accordance with Australian laws on the other hand, and based on this agreement, the Sukari Company for Gold Mines and Hamash Misr Company was established.
Whereas in the process of gold extraction it is necessary to exploit the diesel in exploration because gold is usually deposited in gases and liquids rising from the bottom of the earth's surface through fissures of the earth's crust and is often mixed with other metals such as copper or lead, zinc and silver. Therefore, gold extraction comes with two steps, first the extraction Secondly, separating gold from the ore. The exploration and separation operations usually take place by means of blasting operations. However, according to the agreement with the state, the company obtained diesel at a subsidized price.

While Hamdy Al-Fakharani filed a lawsuit with the Administrative Court of the State Council demanding that the company be accountable for the diesel price at its global value and not at the subsidized price, like that of oil exploration companies

It also stipulated that in the event that the agreement between the state and the Australian company does not specify the method of bringing in the necessary diesel material from abroad to start the activity of the company operating in the search for and exploiting gold, it must study enabling the Sugar Company for gold mines to manage its needs of diesel by importing from abroad with its knowledge.
The report stated that the Egyptian government signed an agreement on the 29th of January of 1995 represented by the Egyptian General Authority for Mineral Resources and the Australian Pharaonic Company for Gold Mines Ltd., in connection with which Law No. 222 of 1994 was issued to authorize the Minister of Industry and Mineral Resources to the Australian Company for a license to search and prospect for gold mines. And exploitation of it in the limited areas of the desert.
The report indicated that this particular project, like other investment or industrial projects, was not subject to the legal rules governing these projects and stipulated in the laws and investment incentives or those rules governing projects in the areas of the public or private business sector, as well as the second article of the articles of Law No. 222 of 1994, and it was mentioned in Public disclosure, confirming that the rules and procedures contained in the attached conditions shall have the force of law and shall be implemented with the exception of provisions.
He explained that the income generated as a result of all "pharaonic" activities in Egypt implemented by Al-Alamat companies will be granted exemption from all types of taxes imposed in the Arab Republic of Egypt in force at the time the agreement is valid and any other taxes under any name other than imposed at the time of the validity of the agreement, for a period of 15 years The tax exemption period starts from the date of commencement of commercial production of gold and associated minerals, provided that the operations company submits in a timely manner a request to extend the tax exemption period for a similar period, which is a special and distinct exemption that places its owner in a distinguished legal position according to the description of the report.
The agreement also stipulates that the drilling and exploration company will be exempt from taxes and customs fees related to importing equipment, machinery and supplies needed for the purposes of carrying out research and exploitation operations.

The report said that there is a decision issued by the Minister of Petroleum and Mineral Resources for the year 1992 to set the price of petroleum products at prices ... a liter of kerosene 30 piasters, a liter of diesel 30 piasters and a liter of diesel 27 piasters, provided that these prices apply to investment projects subject to Law No. 230 of 1989 operating in The field of production of bricks, cement, lime and pottery.

A fatwa by the State Council reveals: The Diabetes Gold Company obtains subsidized diesel ... and is tax-exempt for 15 years ... and does not impose customs on its imported equipment ... and demands that the company be obligated to buy fuel at the international price.
Tuesday ? 09 September 2014 06:37 PM
https://www.youm7.com/story/2014/9/9/%D9%81%D8%AA%D9%88%D9%89-%D9%84%D9%80-%D9%85%D8%AC%D9%84%D8%B3-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D8%A9-%D8%AA%D9%83%D8%B4%D9%81-%D8%B4%D8%B1%D9%83%D8%A9-%D8%B0%D9%87%D8%A8-%D8%A7%D9%84%D8%B3%D9%83%D8%B1%D9%89-%D8%AA%D8%AD%D8%B5%D9%84-%D8%B9%D9%84%D9%89/1857010
A report issued by the Fatwa Department of the State Council, which Al-Youm Al-Sabea obtained a copy of, revealed that the Sugar Gold Company, specialized in gold exploration, obtained diesel at a subsidized price, while oil exploration companies deal with international prices, in addition to granting this company in particular a set of privileges. Special exemptions, such as exemption from taxes for a period of 15 years, which can be extended, and exemption from customs duties on exploration goods.
The document issued as a response to the lawsuit filed by Wael Hamdy as an agent on behalf of Hamdy Al-Fakharani, a former member of the People's Assembly and registered in the administrative judiciary at No. 24666/67, concluded that by reviewing the letter of the Egyptian General Petroleum Corporation regarding reviewing the response received from the Egyptian General Authority for Mineral Resources requiring accountability of the Pharaonic company The Australian Research and Exploration Company and the Sugar Company for Gold Mines from its withdrawals of diesel on the basis of international prices, and it is not permissible to account for them on the basis of subsidized local prices, similar to accounting for oil exploration companies.
It also stipulated that in the event that the agreement between the state and the Australian company does not specify the method of bringing in the necessary diesel material from abroad to start the activity of the company operating in the search for and exploiting gold, it must study enabling the Sugar Company for gold mines to manage its needs of diesel by importing from abroad with its knowledge.
cont

Hi Steve,
As a long term holder I can only say that anything other than this share price on it's ars,e and unloved would be a very pleasant surprise , especially on a Friday when short term cfd traders will be closing out to avoid getting pushed through their stops on the Monday morning open.
Unfortunately in the past Andrew Pardey and Youssef El Raghy have made so many promises that it seems were undelivered because of corner cutting (not clearing waste
ore), incompetence, complacency,not being open and truthful, luck or even an Egyptian judiciary in a comatose state that the market has lost all faith in the company, so it has become the prey of the shorter's and day traders.
Unfortunately in the past nepotism at Sukari had been tolerated or ignored by the Jersey board and complacency ineptness had prevailed for far too long until the potential open pit wall collapse forced them to finally face facts and take some long overdue decisions!
No doubt Youssefs new role will be less demanding as far as mining operations go, so now he may prove his worth by using his excellent knowledge of how things work in Eygpt and his government contacts to encourage a resumption or satisfactory conclusion/ruling to the outstanding court case and the unresolved diesel subsidy challenge
I note in the 2020 report that Youssf's title is now "Country Manager" he was formerly titled
” Youssef El-Raghy, general manager of Centamin’s Egyptian operations (Sukari)
https://relationshipscience.com/person/sami-el-raghy-3351046
See -The appointment of the Sukari General Manager, Operations Director and numerous heads of department
https://www.centamin.com/media/1260/cey-rns-corporate-update-and-div-declaration-140120.pdf
https://www.reuters.com/article/egypt-centamin-idUSL5E8LV5XJ20121031
https://www.centamin.com/assets/sukari-gold-mine/
https://www.annualreports.co.uk/HostedData/AnnualReportArchive/C/LSE_CEY_2010.pdf
17th June 2018-06-17
The subsidised diesel price in Egypt was increased yesterday by 50% ( from 3.65 to 5.50 LE), but this will not affect Centamin as the company has been paying the international price since 2012 and the company currently is not benefiting from any subsidy. Egypt aims to completely lift the subsidy according to instructions from the IMF, which means the diesel fuel case would be meaningless soon and would only apply to the arrears that Centamin had been asked to pay for the period between 2009-2012, which Centamin is challenging in court
cont-

The next Gold Rush in Eygpt?

No flip flops so he ate his boots!
https://www.youtube.com/watch?v=92kcJeOcOTM
https://www.youtube.com/watch?v=lAop4Su5Uag
https://www.youtube.com/watch?v=ZkZXDt6IWl0

Thing I like about premium bonds is that you can always get your initial stake back and over the years I have been lucky enough to have quite a few wins (not jackpots) which have made a better return than recent interest rates savings accounts.
Oh for the long gone days when we were getting 5.5 % on our ING savings accounts!

You can always rely on Cowichan, "Big Respect!"

Wise counsel Automy1,Afur & Wolfbag2,
A free forum where let's be honest anyone can be whomever they choose to be certainly isn't the best place to seek the investment advice especially when considering what you have explained about your personal circumstances.
In the past I held all the supposedly safe as houses ftse 100 share's you mention including Stan.L HSBC when they were far higher they are now and paying handsome dividends, RBS ruined by Fred the Shred & 2008 financial crisis, government’s HBOS rescue packages, BP Deepwater horizon disaster, environmental lawsuits to name but a few issues did for them all, some went down the lavatory pan completely ,others have never really recovered to former glories and I doubt they ever will in today's ever changing world.
Whatever anyone's views on Brexit the longer term effects are going to have damaging long term effects on the UK markets , economy and sterling , Europe will not suffer in the same way simply because it’s much bigger and the ECB will support the Euro, just like the FED will support the dollar and Wall Street.
The ftse is now a pumped up pile of pants full of hot air and baloney, true run like a Casino where the house will always win and punters win just enough times to keep them hooked, until they lose their pants!
How many of us now can honestly say that we are able to give sound investment advice, certainly not me, here am I sitting on half the what I had in Centamin four or five months ago because I chose to ignore past failures and that nagging doubt in the back of my mind that the management not been entirely honest in the past and Sukari was on course for record output at last, and the good times were coming because the financial experts were predicting due to of all the money printing precious metals were going through the roof ,even the analyst notes predicted £2.90 for Centamin anytime soon!
So what happened, Youssef sold shed loads of shares, never mind it was only for property development, what does an ex policeman know anyway, then Oh no! a surprise RNS the open pit wall has started to collapse simply because the Sukari management hadn’t bothered to organise waste ore clearance over many years!
After the initial kick take down to the SP due to a guidance cut a further kicking was delivered after the next quarter’s results were announced which that has continued to the present!
Oh yes and so far nobody seems to care about money printing or paper gold anymore as long as it pumps up the market and those that do care just buy bitcoin instead!

So consider Premium Bonds and seek out a good financial advisor!

Hi Steve,
Cowichan may be able to help on this one.

Well done!

Wednesday, 3/10/2021 14:43
GOLD PRICES steadied around 1-week highs in London trade Wednesday, rising above $1720 per ounce even as global stock markets extended their bull run but government bond prices fell yet again, driving longer-term interest rates higher before reversing course as New York opened.
The sell-off in sovereign bonds is being driven by speculative betting that the price fall will continue, says the Wall Street Journal, calling the borrowing and short-selling of 10-year US Treasury bonds a "crowded trade".
https://www.bullionvault.com/gold-news/gold-price-031020212

I thought when bonds were purchased it was for a fixed term in order to get the agreed rate of interest, selling before the end of the agreed term would incur penalties (i.e , charges & loss of interest), but it seems that I may be mistaken as some traders seem able to buy and sell bonds over very short time periods?

Very sorry but my post has duplicated, I don't know why ,
I have asked Mr Moderator to remove the duplicate.

Hi Mr Gnome ,
Absolutely appalling but most likely nothing will really change , the waste will carry on, probably hidden or disguised in some way!
With our politicians parliment its just like a club , whichever side of the benches you sit on, the opposing sides go through the motions of question time , but it's mostly a charade to give the media something to broadcast and give the public the impression that our politicians are doing something to justify their privileges !
When elected as a member of the house getting a seat on a few of these committees can be a way of personal political career advancement and of course boosting parliamentary allowances by a substantial amount.
I'm not disputing that a lot of effort has gone into the findings of this report and indeed others, but unfortunately after the findings being made available in the public domain the most that happens is a bit of a reshuffle of ministers, or a slapped wrist and a parliamentary statement that lessons will be learned.
Its a bit like the regulation in the financial markets, lot's of huff and puff but no real action as su
https://committees.parliament.uk/committee/127/public-accounts-committee/news/150988/unimaginable-cost-of-test-trace-failed-to-deliver-central-promise-of-averting-another-lockdown/

Incompetence of our government wastes so much public money!
The NHS Test and Trace service in England failed to deliver its central promise to avoid a second national lockdown and there is no clear evidence its “unimaginable” costs have been justified, MPs on an influential committee have concluded.1
ttps://committees.parliament.uk/committee/127/public-accounts-committee/news/150988/unimaginable-cost-of-test-trace-failed-to-deliver-central-promise-of-averting-another-lockdown/
The damning report from the House of Commons Public Accounts Committee says that NHS Test and Trace must “wean itself off its persistent reliance on consultants and temporary staff.” In early February it was still employing around 2500 consultants at an average daily rate of £1000 (€1167; $1388) with some paid £6624 a day.
Meg Hillier, the committee chair, said, “Despite the unimaginable resources thrown at this project, NHS Test and Trace cannot point to a measurable difference to the progress of the pandemic, and the promise on which this huge expense was justified—avoiding another lockdown—has been broken, twice.”
The service, headed by Dido Harding, was set up in May 2020 with a budget of £22bn and has since been allocated a further £15bn—a total of £37bn over two years.
Hillier said, “For the billions of pounds spent we need to see a top class legacy system. British taxpayers cannot be treated by government like a cash machine. We need to see a clear plan and costs better controlled.”

Test and Trace is costing £22 billion
https://fullfact.org/health/local-national-contact-tracing/

The 2020/21 budget for Test and Trace in England is £22 billion, but only £4 billion was spent by the end of October 2020. Most of this is spending on testing, rather than tracing.

I am informed that it is normal mining industry practice to appointment a general mine manager who is suitably qualified, experienced and competent in mining engineering and geology at the very least!

So with this in mind, was it really wise to appoint former Egyptian police captain for such a demanding role,unless of course gold mining is very significant component of the police academy curriculum?

Mr Youssef El-Raghy has advised the Company that the use of proceeds from the disposal of shares is for property investment.
https://www.sharesmagazine.co.uk/news/market/LSE20200902120004_3704678/Director-PDMR-Shareholding

https://www.tipranks.com/insiders/youssef-el-raghy
https://www.smarteranalyst.com/new-blurbs/the-general-manager-of-centamin-celtf-is-selling-shares/
https://www.bloomberg.com/profile/person/16240943

Indeed a nice little earner for Josef, Youssef and Andrew, especially when they get awarded the share for free and also have access to all that is going on behind closed doors and know the true state of affairs at the mine face!
The present problems at Sukari could have been avoided or mitigated if Andrew Pardey Youssef and Josef El Raghy had addressed certain mine operational issues properly from about 2015, but ii seems that they were mainly concerned with pumping up the results in the short term to the long term detriment of the Sukari mine.

There you go Autonomy!

https://www.lse.co.uk/DirectorsDeals.asp?shareprice=CEY&share=Centamin-PLC

In theory Supercharger that should be the case, but unfortunately it depends on if the manipulators are willing to let the gold price rise,?
Can't really see the Fed allowing everything to come crashing down and certainly not allowing the US to go bankrupt, they don't care about US debt when hey can carry on printing money with impunity because the rest of the world will just carry on buying the green back because it can't or won't be allowed to fail!