Member Info for mrtibbles

Sotolo & Mr Bond raise very valid points, poor deal here for Centamin shareholders!

This agreement applies to Centamin’s three EDX blocks, Nugrus, Um Rus and Najd.

Under the agreement, the government will also receive a 5% net smelter royalty on revenue, a 22.5% corporate tax and a 0.5% community development contribution.

Miners also need to ensure local employment, training and procurement during the life of mine.

Centamin CEO Martin Horgan said: “Centamin has successfully operated in Egypt for over 20 years and we believe these terms lay the foundation for developing Egypt’s mining sector, unlocking the undoubted geological potential within the country.

“The MMEA provides a clear regulatory and fiscal framework that fairly balances risk and reward between the stakeholders while providing a stable operating environment required by the international mining community and its investors.”

https://www.mining-technology.com/news/egypt-new-structure-mining-exploitation/

New T&C

Egypt has agreed in principle to a new regulatory framework for mineral exploitation, under which 30-year exploitation licences will be awarded to miners, given that the state secures 15% of net profits.

tps://www.mining-technology.com/news/egypt-new-structure-mining-exploitation/

On 7 July 2019, the Egyptian Parliament passed Law No. 145 of 2019 (the “Amendment”) amending Law No. 198 of 2014 on Mineral Resources (the “Existing Law”). Amendments to the executive regulation were to follow. The Prime Minister has issued a new executive regulation (the “ER”), which was officially published in January 2020[1].

https://sharkawylaw.com/egypt-amends-mineral-resources-law/

https://www.amcham.org.eg/publications/business-monthly/issues/279/March-2019/3835/egypts-new-mining-game

Hi Autonomy, both these concessions are on the revised T & C but Sukari T&C remain the same and that is the fly in the ointment as far as Barrick are concerned!

Some may recall that not so long ago Martin Horgan showed Barrick around Sukari and with the number of former Barrick staff now working at Sukari I would have thought if Barrick were interested then they would have made it obvious by now?

Barrick don't like the existing Sukari T&C is the obvious reason but it may well be that shareholders aren't being given all the facts?

If the institutions and big funds vote against this deal then it will will fall through and that may be an indication that all is well as it might be, but if they vote in favour then there is something not right that isn't in the public domain!

Hi Bushy,

There is something very fishy about this deal because Martin Horgan & the BOD seen to have forgotten who's best interest's they are supposed to represent because the proposed deal is of great benefit to Anglo but no benefit whatsoever to Centamin shareholders. in fact it stinks to say the least, now why is this?

If the deal is voted down then Horgan and the BOD should be told to "P*ssn off and work for Anglo!

Hi Tony, true the clear up took years , although there was little alternative to carrying it out it if the mine was to carry on and it was paid for by shareholders, yet now they seem to be selling on the cheap!

But I take your point about the FED year book though.

Thank you for your input

Tibbs

The P45's and shown the yellow brick road because they are guilty of tucking up the share holders !

Exactly Paul,

So why then have the BOD recommended to accept the offer by Anglo?

Complete bunch of lazy shysters led by greedy carpet baggers who couldn't give a "Fu*K" about retail shareholders because their overriding priority is stuffing their boots and saddlebags full as many free shares as they can!

This deal given the present circumstances and assuming what we have been led to believe is truthful then this offer must rank amongst the highest of stinking piles of pants

If these deal is voted down by the institutional and fund holders then I think the BOD and Martin horgan should by given

My wife is a journalist and copy and past is widely used the world over to provide or substantiate the information and its source, some members must be really desperate to come up with something, anything to find fault with Cowichan posts just for the sake of it!

If member takes issue or disagrees with the content of a post by another member then could take the trouble source a counter argument or opinion and then cut and post it to contribute or present their point of view to the debate.

Personally I no longer trust Martin Horgan, or his BOD and the Centamin investors relations service is now no longer fit for purpose, not a company that I want to have a substantial investment in!

Incidently Mr Gnome you may recall I asked if you were holding or selling, this may help other members in making their decision.

Tibbs

Just popped in to see how many of the old guard are remaining and good luck to those who do.

I still suspect that Martin Horgan and the BOD have sold shareholders well short with this deal, but that it will most likely go through because if any of the other big miners were interested then their interest be known in the public domain by now.

Some of you may recall that Martin Horgan showed Barrick around Centamin some time ago and they didn't seem interested in Sukari mainly I believe because of the EMRA partnership and the T&C of the profit share in its present form.

Martin Horgan can certainly talk thinks up and it seems string share holders along and Investor Relations seem to be now subject to a corporate policy of strict censorship!

Anyway Dasut I believe you are making a prudent decision, life's too short to live on promises that are never delivered upon this time but are just out of reach and around the next corner,whilst Horgan and other senior directors fill their boots with free shares for just doing their job!

So as Rebess has already said thank you for all your well informed contributions, I have learnt an awful lot more about mining than I knew previously!

However I'm very happy with my profit now and have no wish to risk losing it by trusting some of the shysters that seem to be in charge of so many miners,so I'm finished with gold miners now and likely share trading because the market is run like the most crooked of gambling casinos and retail investors are always the last to know the true facts and when they become aware its all too late !

Good luck and goodbye to you Dasut!

Tibbs

10th Sept 2014

A £1.9 billion takeover swoop for Centamin CEY today kept gold’s record price in the spotlight at a time when the City is pushing back on the outlook for other commodities.

https://www.ii.co.uk/analysis-commentary/glencore-and-rio-tinto-among-ftse-100-miners-hit-downgrades-ii532803

Hi Mr Bond,

You hit the nail on the head with "uncertainty" I'm really not certain if the deal is good or bad, but after so many years I have had enough of uncertainty and from past experience I have no wish to hold shares on a US exchange.

The opinion of a well informed acquaintance this morning was as the 50% Sukari partnership with EMRA is to continue on the old concession T&C rather than converting to the more recent Eygptian concession T&C has made bidding less attractive.

But I really don't know so I hope it all goes well for those that stay

That's very fair comment Mr Bond,

Ex pats are treated unfairly , you should have certainly had a vote on Brexit, but Boris and his sh*t house bunch of liars that is the Tory party cabinet realised that if ex pats had voted then there have been the most sensible decision for the UK to remain a member of the EU!.

In the meantime I wish you well with the Anglo share deal!

Tibbs

Fair comments Dasut,

In my recent experience the BOD appear to have scant regard to retail investors being their employers!

That needs to change.

Tibbs

Cont-

Hope that helps you Paul, I understand that some may decide to hang on for various reasons and I wish them well and believe that Anglo can certainly be no worse than Centamin regarding it's investor relations!

As to Sotolo's question what do I intend to invest in now, well I really don't know at present, I may not even bother with shares any more as I am sick and tired of the way that so many CEO's and BOD treat their retail investors like mushrooms (Kept in the dark and covered with manure!).

Personally I have many wildlife and environmental interests and I have been offered some more consultancy work on projects in Cornwall, also I have also been approached to consider taking on some politicly related responsibilities that involve trying to reverse the results of over a decade of austerity and failed political policies that have led to the decimation of our local public services and healthcare.

So plenty to do!

Keep well and the best of luck!

Tibbs

Hi Paul,

My question -"I wonder if I should sell the Centamin shares before the take over ,assuming it goes ahead or is it better to sell after the takeover completion by Anglo?"

Answer from experienced industry professional -"This must be a pleasant surprise given the decent premium offered and as It seems that the Centamin Board is in agreement that this is a good offer I cannot see a rejection. "

"So I would think that this will go through unless there is a party that comes up with an improved offer."

My Question - "I wonder if I should sell the Centamin shares before the take over ,assuming it goes ahead or is it better to sell after the takeover completion by Anglo?"

Answer from experienced industry professional - "This is difficult to answer as I am not a clairvoyant, you could maybe wait a bit to see if another bid comes up although AngloGold is not a badly run company, but that aside you cannot go wrong with cash in hand as you then can decide for yourself where to deploy the funds."

So Paul please be aware that this wasn't offered as financial advice to me or anyone else, it is an opinion from an experienced industry professional who has been through similar situations many times previously.

You may find this of interest https://www.anglogoldashanti.com/company/strategy/

Just after Martin Horgan took up post at Centamin a call was arranged with me and a telephone conversation of over an hour ensued which seemed very open and covered many past events including his vision and hopes for the future.

This seemed to indicate that he understood investors concerns and that he intended to address past failings by implementing a future strategy of sound mining practice.

He also started that he valued all share holders no matter the size of their holding and that he was always available should any of them wish to contact him and that he was in favour of openness and transparency,

I must admit at that time this gave me great optimism although, but felt it inappropriate to put some of our conversation in the public domain for fear of it being misconstrued in some way.

However after a few months Martins availability seemed to have faded away and it was apparent to me that he had a different interpretation of openness and availability to mine and instead he had implemented a policy giving the impression of transparency and availability to retail share holders by making them use 'Investor Meet"meaning awkward questions could be filtered pre meeting!

Over the past year or so my emails on various matters to Centamin senior management including Michael Stoner and FTI consultancy have been totally ignored which is simply not good enough, unprofessional and frankly very rude at the least!

So enough is enough, especially considering how many time we share holders have given Centamin management the benefit of the doubt in the past, so I though it better to take the profit rather than the chance that the deal may not materialise!

Hope th

Hi Casperoni,

Yes I'm out, although I was goiing to wait and see today I leaned that every one of my fellow shareholders whom I see both days were selling out including a brokr friend who told me that he had adviswd all his clieents who were sitting on profits to get out as there was something he felt just wasnt right about this deal.

So it's not for me to tell anyone what to do but I feel relieved after so long that I no longer have to look each morning for an RNS alert of some unexpected event that puts the share price in freefall!

I could say more but its best not to on an open forum!

Best

Tibbs

I agree Rebess , see Prof's post

Tibbs

Thank you Cowichan,

As an investor in Centamin and Capital I have now for asked some clarification on this matter on three occasions from both parties and neither of them have replied in any form, so I can only assume that there is more t this than is being let on to shareholders.

I no longer have any confidence in the integrity of either of the managements so before the chance of any more unexpected announcements I thought it prudent to sell out of both, although admittedly with with a not to be sneezed at profit which I thought better to take than see fading away yet again!

Thank you once again for you contributions to this board!

Tibbs