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Look at the effect on our SP once gold drops below $1500oz
Sad old state of affairs really!

Very valid and fair comments Dasut, I just thought it was some coincidence ,although as you point out Capital Drilling must have gained some very interesting and detailed data over their years of operation in the region.
The sooner we get a new and hopefully more suitable CEO the better and then old Pardy can take his leave to look after his allotment or whatever he likes to do!

Thank you Pushme,
Good of you to provide your thoughts and EP info!

I very much doubt that any company would even consider trying achieve some sort of acquisition of the Centamin Pharaoh Gold Mines NL (PGM) , even if the court case were resolved then EMRA Centamins partner would have to agree, imagine how many years that could take!

Hi Dasut,
From your professional experience you know what are the questions that need some answers.
As you also rightly noted Andrew Pardey was promoted far out of his comfort zone and way above his managerial capabilities, although to be fair the board must accept responsibility for making such an error and for not putting it right sooner.
Sadly though they appear too have sat on their sat on their hands , possibly hoping that Andrew Pardey would deliver, or things would just get better, unfortunately though instead he failed to manage the production side properly and even worse has not not been entirely honest about just how out bad the situation had become or how out of his depth he was!
His biggest error (if you can call it that)was going along with the statement in the Egyptian media of Jan 2018 of achievable 560-580000 oz.
https://www.mining.com/egypts-sole-gold-exporting-mine-reports-high-profits/3377/
https://www.egypttoday.com/Article/3/39866/Sukari-gold-mine%E2%80%99s-reserves-rise-to-8M-ounces
Share holders & the market are all too aware of the ongoing catalogue of failures and broken prices since as are no doubt EMRA.
With the present Egyptian governments new policy of increasing mining revenue it may be that EMRA have run out of patience and want the promised production .
Might this have something to do with the sudden announcement of a retirement of the Centamin CEO and a meeting between the head of EMRA and Centamins Sukari specialist main drilling contractor?

Very fair points Gino,especially when considering that in 2018 Q1 both Andrew Pardy and Youseff el Raghy stated in the Egyptian media that 580,000 oz was achievable in 2018 -19, then only three weeks later Centamin issued an RNS guidance warning claiming to have hit unexpected low grades that they were in truth aware of in 2015 and also admitted that their contactor didn't have essential spare parts or any back up for a crucial piece of plant the LHDR.
Since then hen Pardy has failed to rectify the production to promised levels and not been honest with the market or share holders but instead has delivered technical waffle,excuses and broken promises at each quarter to the market and share holders!
So is it now just coincidence that after yet another failed quarter Pardy is to retire and the drilling contactor is called to a meeting with the head EMRA?

Well no real evidence as yet!
What a complete mess Pardy has made of things< imagine whee this share price would be if the Pog were lower!
Can't they get some professionals in to sort out the production because it seems to be getting worse not better!

i

When considering his record as CEO I wonder if it is wise to allow Andrew Pardey to have so much influence in finding his successor?

Fine words indeed by the Egyptian minister, yet nothing appears to be happening with LAW 32 and yet their partner and only company in Egypt actually producing gold is allowed to have an unresolved court case hanging over it for over eight years!
I think if Law 32 and or the court case wee resolved that would send the right message out regarding mining in Egypt!

I don't know if a buy out by them would benefit the Cey share price, you could probably forget the divi payments in the future.

I notice that some of those frequent posters who recently joined this Centamin forum seem to have either gone very quiet or have lost faith and moved on elsewhere.
Although after the most recent announcements who can really blame them?

Hi Chanti,
I really hope that your right because Andrew Pardey seems to churn out the same old rhetoric at presentations and hasn't delivered on his promises.
Despite the 2018 claims that they were ahead of schedule in getting through the lower grades the problems seem to be ongoing and although Centamin claims to have an impressive portfolio of assets none of them are actually delivering anything of value at present.
The court case of over 8 years which is based on nothing more than innuendo remains in stalemate due to the SCC being awkward because they can.
Now the bloke that has failed to deliver and waffled for the past 2 years is awarded bonus shares and is to take retirement whilst the share holders take the pain!

In 2018 i sent Andrew Pardey copies of the the Kees Dekker 2015 & 2018 reports as he requested because he denied being aware of them and I am still awaiting a reply.
We were informed by Centamin that lessons had been learned and that the management really appreciated the pain that share holders had suffered.?
Now Andrew Pardey is to retire with his golden handshake!

Quite so Rebess!

https://www.youtube.com/watch?v=Ypy0QWM1pLc

Good points Dasut I can't understand why Pardey did such a turnaround and decided to give a 3 year forecast, seems rather foolish especially when considering all the unexpected problems that have hit production since 2018, although to be fair they were aware of the grade problems in 2015, but I understand they were able to hide them by high grading.
He appears to have been be well out of his depth in his present role and should have been moved on before now, his continued failure to deliver on his promises have really damaged Centamins creditability with the markets
I am sick and tired of hearing the same old excuses of why they can't deliver on guidance, these guys are employed as experts in their field to solve problems and deliver!
Alexandra Carse IR stated in 2018 that the production crews were ahead of schedule in getting through the transitional grades and that the higher grades they were soon to hit were looking to be better than expected ,so what happened?
Pardey seems to have been giving share holders plenty of baloney but not as much gold as he promised!

hi Dasut
Buy out/ tale over?
I have to agree that even if the court case is ever settled then it would be very difficult, if not impossible for any of the major mining companies to come in and work with the other partner EMRA whom I assume would have to be willing to go along with any new partnership arrangement.
If any major were even willing to try a take over it would be sure to be challenged in the Egyptian courts and what a case that could turn out to be!

Hi Dasut,
If they improve the underground access could the additional LHDR help t increase underground production
Pardey may be a good engineer,but if he were a meal he would be described as very bland!
Although Pardey was recently awarded a handsome bonus he has failed,failed and today failed again!
Centamin needs a CEO with some charisma who is not only able to excite the market and inspire confidence in share holders but also deliver!
Possibly someone like Keith Neumeyer of First Majestic

Wonder if Dasut has any opinion on today's events?

Wonder if Andrew Pardeys colleague and friend Josef will be buying back some of the 10 million he sold , that would boost market sentiment!

I agree with you Rebess as I have done on theses issues the times before!
Once again Divi all gone !
Andrew Pardey will most likely receive a good golden hand shake !

Why not contact Darren Le Masurier Company Secretary ,Centamin plc and he will confirm when and how the the dividend was paid this year, I am certain that Centamin are not at fault, despite what brokers might claim.
The contact email address is on the Centamin website