Member Info for mrtibbles

I agree Mr Bond, your observations are spot on, you may recall I have commented on his suitably for the post he holds and on his performance in the past.
As he is so new in post it would be unfair to accredit any blame to Martin Horgan as he must still be familiarising himself with Centamin , but now he is in post I hope he will attend to some of these outstanding issues with some vigour!
I am afraid that this have a case of nepotism or job's for the boy's, the problem is he won't go easily.
You may recall that when his share sales were announced I commented that his actions sent out the wrong message and showed little commitment to his role.
His reason to the board (money needed for property developments) at the time of his share disposal was pathetic, the board should have asked was he interested in doing his job i.e. helping Centamin to succeed or did he want to be a property developer, if it was the latter then he should go and concentrate on that, but Youssef knows he is on a nice little earner for very little effort!, unfortunately it is the company and it's share holders who pay the price every time!
I have written to Andrew Pardey in 2018 and expressed my concerns about Youssef but I received no reply, I shall however after this latest example of professional failing be writing to Martin Horgan, if he doesn't act then I shall escalate the matter to the appropriate regulator.

https://simplywall.st/stocks/gb/materials/lse-cey/centamin-shares

https://www.fool.co.uk/investing/2020/10/02/centamins-share-price-just-crashed-heres-what-id-do-now/

166.96 down 34.14 ( 16.98%)

Quite so Cowichan!
Although after 2018 I hope this time someone packed a spare tyre!

Indeed, Thank you Somnamna for the Investors Chronicle comment!

Fair comment JEPh!

Hi Dasut,
Thank you for giving us the benefit of your gained professional mining experience with this informative and well balanced explanation, it is most reassuring to say the least.

Hi Rebess,
I have no doubt that the long term holders will well remember 2018 dissappointents, the nagging doubts and your posted fears or predictions, I certainly do.
For some unexplainable reason I felt I didn't want to switch on my PC this morning, perhaps it was a preminition, who knows, however when I did open up my emails this RNS was a case of "Dejarvu".
Many of us intended getting out at £2.00 but with the POG ,the state of world affairs and a Centamin with new management giving every imprssion of having learned lessons we stayed put, of couse this may be just anorher unfortunate, unforceabal and as someone mentioned a normal geological ocurance mining set back, so possibly the market has over reacted, I really don't know what to think at present.
It is perfectly understandable that some suspicions should be aroused ramongst some share holders regrading the September share sales by Youssef Sukari General manager .
So should this matter be raised with Centamin management and /or the FCA for investigation, if it were, then would it really acahieve much if anything of benefit, or would the company risk losing market confidence and value so ultimatlty the share holders suffer the consequences?
I must admit I am at a loss what best to do, or what to think at this time.

Quite so Rebess, not only excellent but unique.
Some interesting info on gold price manipulation & a link to the new platform here
https://twitter.com/andrewmaguire1?lang=en

Thank you Mr Gnome for explaining that.

I asked Kees Dekker mining analyst about this , see his thoughts below-

What is the grade of the ROM ore?
As a rule of thumb I use US$0.11/t/km one way for transport depending on the country.
At a distance of 400 this would amount to US$44/t ore.
Given the gold price of US$1,900, a metallurgical recovery of 90% and ignoring any royalties, it would would add up”

US$44 /(1900 / 31.1 x 0.9) = 0.80 g/t Au to the applicable cut-off grade.
For this you would benefit from considerable capex savings.

The lower grade and more sizeable the deposit, the less sense it makes.

Never Mind the Quality Feel The Width 1967 Extract
https://www.youtube.com/watch?v=KeaaRIeuYf0

https://www.bullionvault.com/gold-price-chart.do

Sotolo mentioned $1900 being some barrier, POG reached $1900, then it dropped back on London open at 0800hrs.

Egypt Daily News has Centamin in the ftse 100, that would be nice!
https://dailynewsegypt.com/2020/06/24/egypt-extends-closing-date-for-new-gold-exploration-bid-to-september/
https://see.news/top-gold-mining-co-to-enter-egyptian-market/
https://www.egypttoday.com/Article/3/82344/Newmont-Mining-to-participate-in-bidding-for-gold-in-Egypt
https://www.sis.gov.eg/Story/144000/Mulla-discusses-with-major-int%27l-firms-investment-opportunities-in-mining-sector?lang=en-us
https://www.ft.com/content/dce12c9a-d57d-11e9-a0bd-ab8ec6435630
https://www.forbes.com/sites/greatspeculations/2020/03/09/is-newmont-goldcorp-set-to-dominate-the-gold-industry-by-2025/#1f27fa663d40

https://www.nationalgeographic.com/magazine/2009/01/gold/

Very interesting discussion today on today's Radio 4 World @ 01.00 BBC interview American voters on their opinions of last nights presidential debate
https://www.bbc.co.uk/programmes/b006qptc
Also a look at a Trump supporting Republican town on the edge of the desert that is a popular destination with those that want to make bombs or shoot at anything dead or alive and anti government factions!

Walt Disney has announced it will lay off 28,000 employees, mostly at its US theme parks.

Disney cited the parks' limited visitor capacity and uncertainty about how long the coronavirus pandemic would last as reasons for the layoffs.

The company's theme parks have taken a major hit from the pandemic.

Disney shut all its parks earlier this year as the virus spread, but only Disneyland in California remains closed.

"We have made the very difficult decision to begin the process of reducing our workforce at our Parks, Experiences and Products segment at all levels," Josh D'Amaro, chairman of the parks unit, said in a statement.

The layoffs apply to "domestic employees" of which about 67% are part-time.

Disney also has parks in Shanghai, Hong Kong, Tokyo and Paris, which are not affected by the announcement.
https://www.bbc.co.uk/news/business-54350423

The conditions of the auction are in the interest of the company and the state together

My attempts to participate in the auction were unsuccessful

http://www.youm7.com/story/2017/7/8/%D8%A7%D9%84%D9%84%D9%88%D8%B1%D8%AF-%D9%86%D8%A8%D9%8A%D9%84-%D8%A7%D9%84%D9%86%D8%A7%D8%AC%D9%89-%D8%B9%D8%B6%D9%88-%D9%85%D8%AC%D9%84%D8%B3-%D8%A7%D9%84%D9%84%D9%88%D8%B1%D8%AF%D8%A7%D8%AA-%D8%A7%D9%84%D8%A8%D8%B1%D9%8A%D8%B7%D8%A7%D9%86%D9%89-%D8%A7%D9%84%D8%B1%D8%A6%D9%8A%D8%B3-%D8%A7%D9%84%D8%B3%D9%8A%D8%B3%D9%8A-%D9%85%D8%AB%D9%84/3316888

Sunday,, the owner of Veritas - Lord Elnagy- spoke of how fantastic the T&Cs of the tenders were, his company would complete the exploration in 3 years instead of 7,if they were fair with Egypt then Egypt would be fair with them and investors should not only think of their own benefit..

We compete in the new gold bid to win two regions

A member of the British House of Lords, Lord Nabil Al-Naji, carries a love for Egypt not only because he holds her nationality, but he also owes her a favor from his birth until his arrival in London, so according to what he says, “I owe Egypt everything. England received me 100% ready, young, educated, university degree holder It is time to give back the credit, he says.

Nabil Al-Naji, who won the title of Lord of the British House of Lords in the mid-eighties, the company headed by "Virtias Mining English" won the right to prospect for gold in the Umm Al-Rous region in the Eastern Desert, after the results of the global bid for gold prospecting in the Eastern Desert were announced. He believes that Egypt has changed a lot. Politically, economically and security-wise, after the events that it had witnessed since January 25 and the accompanying events that made Egypt not the preferred destination for capital owners and investors, until June 30 came, which worked to change this negative outlook.

The economic decisions taken by Egypt caused an echo among foreign investors

"The process of convincing his partners and friends to inject investments to the English company Vertias in Egypt was not difficult," especially in light of the recent economic decisions taken by Egypt, which caused a very large resonance among foreign investors, adding that we decided to work in the mining sector because we see it as an expected success for our company. And for Egypt together

Engineer / Tariq Al-Mulla - Minister of Petroleum and Mineral Resources announced today, Monday 3-2-2017, the results of Bid No. (1) for the year 2017 to search for gold and accompanying minerals, and to exploit them, in 5 regions in the Eastern Desert and Sinai, where it was awarded to 4 international companies .

The result of the auction included the awarding of the Bukari and Umm Samra regions to Resolute Egypt Limited, the Umm al-Rus area to the English company Vertas Mining Limited, the Umm Oud and Hanjaliya areas to the East Gas Company, and the Dahab area to the Spanish Ghassan Span Investment Company.

And it comes on top of the winning companies:

1- Resolute Egypt Limited, affiliated to Resolute International Company, its head office is in Australia. And it has gold mines in Australia, South Africa and Central Africa. I advanced to the competition for 4 regions, which are Bukari, Umm Samra, Umm Oud and his throat, and Umm Al Rus. Bokari and Umm Samra won. Competed in Block Bokari, Master Gold, and in Block Umm Samra, B2 Gold Cup.

2- The English company Vertas Mining Limited, affiliated to the international company Vertas, headquartered in the United Kingdom. Among the founders of the international company is an English lord of Egyptian origin. And it has mining sites in Canada and Australia. It advanced to one region and won, which is the Umm Al-Rus region. 3 other companies competed for this area, namely the Spanish company Ghassan Spain, the Australian Resolite, and the Egyptian Sun Company.

3- The Egyptian East Gas Company, one of the Egyptian petroleum sector companies based on 100% Egyptian investments. It was established in 2001, and it works in the field of buying and selling surplus gas for export and transporting it through the construction of land and marine pipelines inside and outside the republic, as well as establishing gas liquefaction units and all works related to the company's activity. It won in Umm Oud and Hanaliya, which is very close to the Al Sukari mine site. It presented a memorandum of understanding with the Canadian company, NESCO, to benefit from its experience in the field of mining. The Egyptian company is the only winner in the global auction of gold, and the company's victory is an opportunity for Egyptians to enter this field to gain the necessary experience in the field of mining, especially in light of the intention of the Ministry of Petroleum and the Mineral Resources Authority to launch a new bid for gold prospecting next month in five new areas in the Eastern Desert. It was competed for this area by Canadian company Resolute and Egyptian Mining Corporation of Wealth and Resources

Remember Lord El Nagy (Veritas Mining) won a concession in 2017
Somebody dobbed Fake Lord El Nagy in to EMRA
EMRA to hand over concessions from 2017 gold tender after Mineral Resources Act is amended: The Egyptian Mineral Resources Authority is holding off on handing over the five concessions awarded in its 2017 gold exploration tender until after the amendments to the Mineral Resources Act are finalized and passed, an EMRA source tells Amwal Al Ghad.

The winners of the tender were UK’s Veritas Mining Limited, Ghassan Spain Investment, Egypt’s East Gas Company, and Resolute Egypt, who will collectively invest USD 41.3 mn.

Background:

The government has sent the amendments to the act to the House of Representatives for review, Oil Minister Tarek El Molla said last month. El Molla reiterated that the amendments — the details of which remain unclear — were made primarily to draw investments in the flagging mining sector, which has been hobbled by an outdated economic framework better suited to the oil and gas industry.

Wood Mackenzie has been contracted by an affiliate of the Oil Ministry to lay out an appropriate development strategy for the sector.

The firm identified four key challenges facing Egypt’s mining sector, and its suggestions have largely been incorporated in the proposed amendments to the Mineral Resources Act

https://enterprise.press/#tldr-story-09

http://en.amwalalghad.com/