Member Info for mrtibbles

Hi Confluence,

A pretty fair summing up from 3Bear which covers many of the positives and also some very valid negatives, obviously we cant all agree on everything especially those who have been in the share for over a decade and who are long overdue some reward for their loyalty and patience, rather than another cut in the present paltry dividend , if the CEO & CFO can be awarded such generous bonuses foe doing what they are paid to do anyway then its not unreasonable to expect some similar reward for shareholders.

So let's hope that there is soon a delivery of some substantiated proof that there has indeed been a big turnaround that will invigorate the share price and amplify the dividend!

Tibbs

28 Mar 2024

In this week’s episode of Live from the Vault, Andrew Maguire is joined by a returning David Tice, producer and director of “Grid Down, Power Up” and co-manager of the Precious Metals Equity Investment Management Fund.

The precious metals experts disclose the grave threat to both America and the world, warning of geopolitical challenges that could culminate in a takedown of US infrastructure - while offering advice on how to protect oneself with gold and silver.

https://www.youtube.com/watch?v=jUkC8Mk3tN4

Welcome to the Official Grid Down Power Up YouTube Channel! D

https://www.youtube.com/watch?v=1kErOyJ0u-8

Thank you Cowichan, this behaviour certainly doesn't demonstrate any genuine commitment to the appreciation of the Centamin shareholders, but it does demonstrate an arrogance and scant regard by throwing us a few top table scraps whilst filling their boots to overflowing for what exactly,just doing their job.

What may be a fitting analogy to our situation,

Senator : The war's over. Our side won the war. Now we must busy ourselves winning the peace. And Fletcher, there's an old saying: To the victors belong the spoils!

Fletcher : There's another old saying, Senator: Don't pi*s down my back and tell me it's raining!

https://www.youtube.com/watch?v=PpwJ1n7g1pM

It's not about wishing things were worse for anyone, it's about bringing about fairness and parity for everyone and treating all the inhabitants of the world as you would hope to be treated yourself.

16.01.24

Our pathway to economic success and higher living standards doesn’t involve lavishing more money on people who are already multimillionaires. Luke Hildyard writes for the Times.

Firstly, it is widely recognised that inequality exacerbates socio-economic problems. The UK has amongst the highest income inequality of any advanced economy. Research has found convincing evidence of a link between wider income gaps across societies and issues like physical and mental health problems, higher substance abuse, lower social mobility and worse educational outcomes.

Secondly, there are opportunity costs of executive pay for the wider workforce. While distributions of income and wealth are not a ‘zero sum game’, it would be naïve to think that huge top pay awards have no impact on pay and living standards for low- and middle-earners. Some major UK employers spend tens of millions on two or three executives alone. This inevitably means there is less available for their lower-earning colleagues.

Some argue that because executives take decisions that affect the value of billion-pound companies, they deserve to be paid millions. But no CEO operates in a vacuum. They depend on multiple colleagues to advise and execute decisions plus business processes and infrastructure that have been built up over decades at most large corporations. It is far more common for them to be rewarded for being in the right place at the right time than for genuine enterprise. The highest-paid UK executives last year included the CEOs of arms manufacturers and oil companies, who benefitted from a massive spike in demand following the invasion of Ukraine. For the CEOs to pocket multi-million pound bonuses as if they were responsible for this success is plainly ludicrous.

Ultimately, the number of candidates capable of filling executive roles is a function of the number who are given the training, confidence and opportunity to do so. There isn’t a tiny and fixed number of people with a god-given talent for business management. In an economy with the right approach to education, skills and opportunity, CEOs refusing to work for more moderate pay would be easily replaceable.

The pathway for economic success and higher living standards in Britain doesn’t involve lavishing more money on people who are already multi-millionaires. It means empowering the wider workforce to get a fairer share of the wealth that their labour creates.

Absolutely right Paul,

We are all this this together, although it seems that has quite a different interpretation depending on whether or not you are are the top table or one of what they regard as the "Plebs" that is those that have actually bought shares. but never the less get sh(it on from a great height!

This is what's wrong with society where CEO' s take up post on very handsome remuneration packages with expenses, but then when they just about do the jobs they are more than adequately paid they think its their right to expect huge bonuses as well whilst telling the "Plebs" (Us)that times are hard and we need to pull in our belts in , but "Good times might be coming" if this latest gamble on Doropo works out, if not what does it matter its your money that will have been chucked down the lavatory , but that's mining and you can never be certain what's around the corner, except that is for the next bunch of parasitic BOD who will have your pants down all over again!

So why is the share price still on it's ar(se in the sick bucket and the dividend reduced to ar(se scrapings if all is going so well that the two top men get these huge bonuses?

Exactly Cowichan, noses in the trough, as always, a 75% bonus just for doing what they are already being paid to do anyway!

Oh sorry I mean after all they did have to jump over a pretty low bar, phew so hard!

I wonder how many shares each of them will buy?

Yet they cut the already derisory dividend to 2c!

Talk about jobs for the boys!

This is taking the micky out of shareholders, more now so than the bunch before them!

Well Done Paul & Cowichan,

Than you for taking the trouble to do the analysis of the finer details of the company report and also for writing to Mr Horgan, something very few people do, you both deserve to get answers to your questions.

After 14 days or so if you don't get the answers you require then you could consider notifying the company that if they don't respond appropriately within 7 days that you will be referring the matter to the regulator.

Fair comment Robbie,

Not long after Martin Horgan took up post he was asked if he would be interested in discussions on how the company could be earning around 6% plus interest on it's cash pile by having it invested in Swiss vault held gold bullion that could converted back to cash via the blockchain for immediate deposit into the company account , as part of this arrangement the company could also be earning a cash back of around 0.7% on all company spending via a Visa compliant blockchain system and in addition the organisation would commit to purchasing all the Centamin production at above spot prices for processing in Swiss smelting facilities

Martin Horgan said that the sort of people he dealt with wouldn't be interested as they expected at least 30% return.

The reality is four years on a much depilated cash pile , many millions spent of clearing Sukari of waste, money spent on hedging POG and the company has taken on a debt facility whilst the share price remains more than halved with pathetic dividend of 2ents?

Hi 3bear,

Your analogy regarding the hedge of $1900 is a valid one to some extent, however that said considering the world wide central bank buying of gold, the opinion of wholesale buyers and the increase in global conflicts along with the implementation of Basel 3 any significant and sustained gold price drop back below what may be regarded as low bar of $1900 was a bourne likely out of Martin Horgan desire to retain enough funding to develop a new project that being Doropo Cote D’Ivoire.

Whether this will turn out to be money well spent remains to be seen and whilst Martin Horgan's enthusiasm for the project is very evident regrettably the same can't be said about his enthusiasm to demonstrate confidence in his own strategy by committing to a significant purchase of over a million shares?

In the mining industry Its all too common, easy and painless for CEO's with none of their own skin in the game to take risks with their shareholders money!

Just read what organisations such as the World Bank & International Monetary Fund have to say about how world conflicts affect the stock market, correct me if I'm wrong but to my understanding both the price of gold and Centamin are directly related to the stock market!

https://www.imf.org/en/Publications/fandd/issues/2022/03/the-long-lasting-economic-shock-of-war

Impacts on global financial markets

The conflict has clearly affected global businesses, as well as consumers. Evidence from the stock market reveals that firms with strong ties to Russia, through trade or ownership, experienced a substantial fall in share prices following the invasion.

https://www.economicsobservatory.com/ukraine-whats-the-global-economic-impact-of-russias-invasion

It's very noticeable that those who belly ache the most about not enough posts on Centamin never seem to have anything on Centamin to post themselves?

Letsi1,

40k is a reasonable holding , although there are other members who hold considerably more

I can't recall you posting anything that's new news relevant to Centamin, but if you think that the escalation of world conflicts or even Putin starting WW3 inst related to the POG or Cenatmi then you ought to be watching your holding very closely !

Russia’s invasion of Ukraine is an unmitigated catastrophe for global peace and particularly for peace in Europe. But the war also greatly compounds a number of pre-existing adverse global economic trends, including rising inflation, extreme poverty, increasing food insecurity, de-globalization, and worsening environmental degradation. In addition, with an apparent end to the peace dividend that has long helped finance higher social expenditures, rebalancing fiscal priorities could prove quite

https://www.imf.org/en/Publications/fandd/issues/2022/03/the-long-lasting-economic-shock-of-war

It's no good just looking at Centamin through rose coloured glasses, many of us made that mistake in the past and have had o endure the aftermath of the past four years.

We still don't have the evidence to back up the claims by the present management, that being the evidence in a much improved share price and increased dividend.

So good afternoon to you!

Andrew Maguire has often explained how events such as this are timed, this enables those in privileged positions positions to arrange things the way they want them before the markets open up to the ordinary people!

Cruel efforts under Stalin to impose collectivism and tamp down Ukrainian nationalism left an estimated 3.9 million dead.

https://www.history.com/news/ukrainian-famine-stalin

What is Mr. Jones about on BBC iPlayer?

Based on real events, the dramatic thriller "Gareth Jones" chronicles a British investigative journalist as he travels deep into the Soviet Union to uncover an international conspiracy. His life-or-death journey inspires George Orwell's "Animal Farm".

Based on real events, the dramatic thriller "Gareth Jones" chronicles a British investigative journalist as he travels deep into the Soviet Union to uncover an international conspiracy. His life-or-death journey inspires George Orwell's "Animal Farm". The director of the film is Agnieszka Holland. 1933, The Holodomor.

https://www.bbc.co.uk/programmes/m001k3tw

Well said Cowichan & 3beara and also thank you to Noel for posting info and links, well if WW3 kicks off and nuclear arms are used then neither side wins.

But that Putin is a thug and a liar and he is just as evil in many respects as Joseph Stalin

https://historycollection.com/stalin-bank-robber/

On 23 August, 1939, the world was shocked when, suddenly, Russia and Germany signed a 'Non-aggression Pact'

People would have been even more shocked if they had known at the time that, in addition, the two countries had made a 'secret protocol' agreeing 'spheres of influence' in Finland, Estonia, Latvia, Lithuania, Romania and Poland. It amounted to an agreement to invade and divide the countries of eastern Europe between them ... with Poland first on the list.

https://www.johndclare.net/RoadtoWWII8.htm

Putin peddles lies about NATO

Even in 1996, when President Bill Clinton welcomed former Warsaw Pact nations to join NATO, he says that, “one of the German diplomats involved told me that as they discussed the enlargement with the Russians, no Russian raised the argument that there had been a promise not to enlarge.”

But if the West never gave the promise Putin has used to explain his decision to invade Ukraine, what does Zoellick think motivates the Russian president’s decision to inflict death and destruction on one of Russia’s nearest neighbours? “Putin does not see Ukraine as an independent and sovereign state,” he says. “He has a view of Russian history where the Rus [the medieval ancestors of the people who came to form Russia, Belarus, and Ukraine] began in Kyiv. He believes that they are all Russians, living in a greater Russia. And I think at age 69, Putin feels that this is a question not only of Russian history, but his place in Russian history.”

https://hls.harvard.edu/today/there-was-no-promise-not-to-enlarge-nato/

Hi Paul,

Valid points, glad you posted!

Tibbs

Absolutely Rebess,

After what took place in the past then the slightest suspicion that that the management are hiding some relevant facts will do nothing to help the share price or restoring the trust in the company.

I remain suspicious that we aren't being made aware of the whole story!

Centamin PLC (LON:CEY.L), a gold mining company, delivered a strong performance in Full Year 2023, as discussed by CEO Martin Horgan during their recent earnings call.

Key Takeaways

Centamin achieved 450,000 ounces of gold production in 2023, in line with guidance.

The company reported a 13% increase in revenue and post-tax profits to shareholders of $92 million.

Operational improvements led to a 20% increase in underground ore mined and a 0.5% increase in metallurgical recovery.

The company expects a production increase in 2024 and aims to narrow the cash cost and asset range.

Centamin maintains a strong financial position with $303 million in liquidity and a commitment to dividends.

Plans for 2024 include the final year of significant capital expenditure focused on a grid connection project and continued exploration efforts.

Company Outlook

Centamin plans to increase gold production in 2024 and continue with operational optimizations.

The new life of mine plan for the Sukari Mine aims to return the mine's ounce profile to 500,000 ounces while reducing costs.

The Doropo project in Cote d'Ivoire has transitioned from a cost center to a viable asset, with a feasibility study expected to be completed in mid-2023.

Bearish Highlights

Q1 production may be softer due to lower-grade areas in the open pit and scheduled maintenance.

The company is cautious about the impact of currency devaluation and inflation in Egypt on its operations.

Bullish Highlights

Centamin has identified two interesting targets in the Nugrus area and plans further drilling in 2024.

The company's decarbonization strategy includes solar power and waste reduction, contributing to cost savings.

Centamin's financial strength allows for ongoing investment in exploration and project development.

Misses

Unplanned maintenance during Q3 impacted processing, which remained steady at 12 million tonnes.

https://uk.investing.com/news/stock-market-news/earnings-call-centamin-boasts-robust-2023-results-with-strong-outlook-93CH-3397561

Very good points raised in post from member philandlynne

Centamin Profit Share Comparison July 2019

Price: 113.05

No Opinion

RE: Market 22 Today 10:45

Just looked at a couple of dates to compare where we are.

11th May 18 - before that lovely downgrade

CEY 164.25p Annual Production 560,000 Profit Share 55/45 AISC $884

Gold 1319

560000 * (1319-884) = $243m

55% 243 = $133.65m

3rd July 19

CEY 112.9p Annual Production 505,000 Profit Share 50/50 AISC $920 - taking an average from forecast

Gold 1417

505000 * (1417-920) = $250m

50% 250 = $125m

Cannot see that the so called massive affect of profit share really makes THAT much difference to last year?

So projected profit within $8m of where we were at 164.25p.

Does that really add up to a 51.35p drop?

philandlynne

Hi Sotolo,

You have an excellent memory regarding this very relevant issue

There are many different opinions regarding the terms of the on the profit share , as you will be aware it was the reason most other miners decided against doing business in Egypt and resulted in the recent changes regarding new mining concessions.

How Fair Is Egypt's Profit Share?

"The Australian minerals industry faced an effective tax rate of 54.3% in 2014/15 – the highest burden for nearly a decade, new research by advisory firm Deloitte Access Economics has shown.

The Annual Tax Survey, commissioned by the Minerals Council of Australia (MCA), showed that more than half of the industry’s profits are paid to federal and state government...

The tax ratio has steadily increased since the turn of the decade, from around 40% in 2010/11, to 54% in 2014/15."

So perhaps , Egypt's profit share is neither the bogeyman nor the death knell of gold mining investment when compared to the so called 'safe & modern' mining jurisdiction of Australia. Legalities aside, Egypt also has the benefit of an economical labour force, a desert full of untapped resources and the absence of rigorous environmental liabilities.

http://www.miningweekly.com/article/australian-miners-paid-more-than-half-of-201415-profits-in-tax-2016-12-09

Response from Buchanan on behalf of Centamin Dec 2016

50% is the average – it is the same in the US when you combine VAT, corporation tax, import duties on equipment etc. get much more above 55% and it becomes very difficult.

Remember with Sukari that the capex has been paid for already. We are now dealing with a free cash flow tax at 40% for 2 years, then 45% for 2 years and then 50% thereafter.

Even at the latter end of this Centamin are getting a fair deal.

Tibbs