RE: Hi..10 Apr 2019 13:37
Good morning Siko,
I hope that you had an enjoyable and successful trip to Egypt!
True the mood is still gloomy on here, it's hardly surprising considering the events from May 2018.
The share holders & market were led to belove by the company statement in Q! 2018 that the Sukari mine was going to achieve 560,000oz for that year and that this was sustainable in the future..
560,000 oz for 2018-19 Sukari production was also announced in the Egyptian media by the mine Manager Youssef El Raghy,, I assumed that as the mine manager he would know whether this output was indeed possible, perhaps I expect too much?
Subsequent events, forced discloses resulting in three guidance cuts have shown that the promised future production outputs were in fact unsustainable and that the previous two years output had been enhanced by high grading.
A whole catalog of failures,complacency,possibly professional incompetence or even worse has contributed to reducing the the market cap and share price of the company by around 50%.
Long term Share holders have seen their investment reduced by around a half in 12 months and had their dividends reduced.!
The company which claims to value good communications with its investors has now adopted a policy of silence to inquires from retail investors
So although the glass might well be half full for Centamin it certainly doesn't feel that way to many investors at present!
I wonder if you heard news of the commissioners who went away to look at Law 32 a year or so ago, have they chucked it into the bin or can't be asked to change their mind on it, or need another decade or two to consider it?
Goldgnome attended a conferences where Egyptian representatives stated that changes were coming very soon to encourage foreign companies to invest in Egypt, now how many times have we heard that?
Still never mind back to being patient in the mushroom cupboard again I suppose!
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