We are where we are!19 Jan 2021 12:40
It is understandable we that share holders should feel let down; angry, possibly even deceived by the inept actions of the previous Sukari management and to some extent we have been led up the garden path!
I accept that the board should have been better informed of what was going on at Sukari, evidently in hindsight just to push the figures up for immediate short term gain.
But in fairness the board are in Jersey and to a large extent were dependent upon what Pardey told them, surely they should have been able to trust his advice; he was after all the qualified senior member of the board on site?
We don’t know how knowledgeable the members of the board are regarding mining techniques and sound mining practice, did they know the right questions to ask, after all various analyst's visited Sukari, as far as we are aware they didn't flag up any concern about how the pit was being operated, and even Sammy, Josef and Youssef El Raghy were stating on a regular basis that Sukari was a world class mine, being run by the best people available and would be churning out 580,000oz any time soon!
To my knowledge only one analyst Kees Dekker flagged up concerns in a 2016 Seeking Alpa article which Pardey claimed was based on inaccurate information, but when asked for the correct information he broke off dialogue with Kees and complained to the editor of the publication, In 2018 Kees self published an updated report again warning that all was not well.
Pardey was sent both reports but denied the findings, which have since been proven to have been justified in many respects.
Possibly the board were aware of these reports, but in reality who are they going to believe, the freelance geologist/analyst or their own on site CEO geologist and the El Raghy family?
I listened to Martin Horgan this morning and found his Q4 update very informative on the improvements in progress at Sukari and future plans for Centamin, he also covered the issues regarding the groundwater problems
At long last after the previous managements wishy,washy,waffling presentations Centamin seems to have some real competent leadership with a credible plan that they intend to carry through, that certainly came across during Martin Horgans previous and especially this morning’s presentations,
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