RE: $64,000 question on licences13 Nov 2020 12:05
Martin Horgan has been brought in to fully realise the full potential and value of Sukari, not prepare the company for selling or merger.
Although it wasn’t said in so many words it seems clear that the board realised just how out of his depth Pardey had become.
Martin Horgan has brought in quite a team of mining specialists who are accessing the geology of the Sukari site as well as others who are managing the teams stabilising the main pit wall draining the water and clearing away the low grade ore other waste, part of the clean up strategy to make it much easier to access the open pit high grade ore in the future’
Underground output remains unaffected and access to the workings is being improved, spare LHDR still available if and when required.
There is some spare processing capacity at Sukari should it be required or for instance if Centamin is awarded any of the surrounding deposits, obviously nothing is certain until EMRA makes the announcements.
West African assets, Martin Horgan sees his role as delivering value to the share holders, so is keeping them undeveloped or non delivering a sensible option with the present POG, why not realise the value of the West African underground assets sooner rather than later, Martin Horgan wants to concentrate on maximising the value of Centamin by exploiting close at hand assets in a familiar stable environment with Sukari being the main hub of operations, read into that what you will!
Sawiris was one of the key instigators/drivers in the recent Endeavour takeover attempt which was certainly a wakeup call to the board , which is why they were keen to get Martin Horgan and why he has been bringing in his chosen team of specialists.
From what I can gather the dividend is relatively safe, of course that is subject to the board’s decision.
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