Member Info for mrtibbles

Hi Quark3,

The majority of posts on here where information is to be shared include cut and paste detail, not that I can recall ever seeing any of your posts that ever contribute anything other than vitriol towards any member that you tale a dislike to.

So from you comments it seems that that that you feel any information that members come across possibly even regarding some development or occurrence that may affect Centamin is to be completely rewritten by each contributor.

I have copied and pasted links to a cross section of sources sources including an information paper from a UK cross party parliamentary committee regarding the increased threats to doing business in the region.

You may or may not realise it but many long term shareholders are aware it's all too easy to spend many millions of dollars (including shareholders potential returns) on drilling lots of holes for the sake of it on reserves of questionable or mediocre potential in areas where apolitical regime change and unrest or insurrection are such that abandonment of these projects at great loss is the only option

On what information that is available so far Doropo doesn't amount to a "Dripping roast" and most likely will turn out to be another potential money pit rather than a profitable gold mine.

It time to take off the rose coloured spectacle and face facts that the likelihood of Doropo turning out to be little more than yet another a expensive promise of sometime down the road the good times coming is very likely!

Far better to concentrate in Eygpt for the time being, there are more than enough new arras to develop with far less risk!

Pointless rubbish may be your opinion, some may beg to differ from you considering past experiences the Droop resource isn't t anything special and if loaded with the extra African costs this may turn out to be another loss of many millions of dollars spent pointlessly after the company decides to pull out because the project no longer fits in with their core criteria

https://www.nasdaq.com/articles/centamin-seeks-buyers-for-burkina-faso-project-posts-lower-profit-2021-08-05

https://minesactu.info/en/2023/09/04/konkera-mine-centamin-mining-company-hands-over-its-batie-ouest-site-to-the-state/

In my experience there is an extra cost working in African countries. The productivity there is lower than elsewhere. In discussions with a director of SRK I told him that I do not subscribe to many unit mining cost estimates used for African countries in the economic assessment in technical reports. He confirmed to me that a SRK study had come up with an average unit rate of US$3.5/t mined for Africa. This includes drilling and blasting. I estimate for free dig material this should be some US$1/t lower.

About Batie, it is non-core in my mind because the very low grade makes it unattractive given the risks associated with a project in Africa and a political high-risk country at that.

Doropo is better, but still not fantastic.

No wonder they downgraded Batie.

kind regards,

Kees Dekker

Mining Analyst

Hi Dasut,

I appreciate that you had considerable experience in the field, but that said no matter how good the mining companies intentions or the quality of their contracted security companies from the information provided by multi national governmental agencies it is apparent that mining companies if they want to do business are being required to take sides by providing funding to one or other of the factions involved in these conflicts in the ongoing conflicts .

The Wagner Group has used infrastructure of the Russian Armed Forces. Evidence suggests that Wagner has been used as a proxy by the Russian government, allowing it to have plausible deniability for military operations abroad, and hiding the true casualties of Russia's foreign interventions.

https://www.ecofinagency.com/public-management/3005-44577-burkina-faso-mining-operators-should-not-support-any-armed-actions-me-bourgeois

https://publications.parliament.uk/pa/cm5803/cmselect/cmfaff/167/report.html#heading-3

What should concern any Centamin shareholder is if Doropo is worth the investment considering the risks of it becoming unviable due to regional unrest and political corruption and instability .

Hi Dasut, no decent company with any morals or social conscience should have any involvement and certainly not employ private mercenaries to protect it whilst exploiting the countries people and its natural resources .

I doubt any private security company employed by a gold miner could stand up to to outfits like the Wagner Group they would just take what their are instructed to by their Moscow controllers .

Really can't see the Kremlin being at all interested in listening to Martin Horgan and his team on Investor Meet , you may recall how Putin kicked the BP CEO 's out under threat of imprisonment and tore up the contract.

May as well forget gold mining in West African region for the foreseeable future, nowhere is safe and its is getting worse!

"Gained access to natural resources on preferential terms, to the detriment of the national economy. In Sudan, Wagner-linked gold mining companies have benefited from generous concessions.144 The network appears to have a “chokehold” over Libya’s natural resources and export facilities; consequently, “Libyan oil output has drastically decreased”.145"

https://publications.parliament.uk/pa/cm5803/cmselect/cmfaff/167/report.html#heading-3

https://www.aljazeera.com/features/2022/4/28/white-hands-the-rise-of-private-militaries-in-african-conflict

Thank you for the reply Gino,

Thank you for that, but although the original Wagner leaders been eliminated by Putin the Wagner group is now rebranded the Africa Corps under the direct control of the Kremlin and part of the mission is to enable the Kremlin to have control of the regions natural resources, including gold mines.

https://issafrica.org/iss-today/russias-africa-corps-more-than-old-wine-in-a-new-bottle

https://theconversation.com/wagner-group-is-now-africa-corps-what-this-means-for-russias-operations-on-the-continent-223253

https://foreignpolicy.com/2024/02/07/africa-corps-wagner-group-russia-africa-burkina-faso/

Centamin would be very brave or stupid to develop here!

Thank you Gino,

If you are trying to infer that the area is fee from insurgency and merceries the you are very wrong and Wagner group has been rebranded https://theconversation.com/wagner-group-is-now-africa-corps-what-this-means-for-russias-operations-on-the-continent-223253

On Jan. 24, Russia’s Africa Corps published the first images of a deployment to Burkina Faso on its Telegram channel. “A Russian contingent of 100 people will ensure the safety of the country’s leader, Ibrahim Traoré, and the Burkinabe people from terrorist attacks,” read a statement posted with the images. “In t

https://foreignpolicy.com/2024/02/07/africa-corps-wagner-group-russia-africa-burkina-faso/

Wagner Group has been replaced by a new entity known as Russia’s Africa Corps across its key strongholds in the continent, its new leader has confirmed.

The infamous mercenary organization’s founders, Yevgeny Prigozhin and Dmitry Utkin, were killed in a plane crash in August 2023, two months after leading Wagner fighters in a march on Moscow to attempt a mutiny against the country’s defense forces.

Rebess, Considering the number of times shareholders were led up the garden path in the past i remain suspicious , but then the majority of mining companies seem tto take their shareholders for granted take their money and their trust and then fail to deliver time and time again , however that said somehow the CEO's and other senior management always seem to have exceeded some questionable and easily achievable criteria to qualify for free share and/or bonuses and perks for their performance despite in most instances failing to achieve anything other other than what they are paid for anyway!

Yet despite this some loyal share holders continue to defend the the very management who have failed them time and time again by making excuses for them such as Oh you don't understand , Oh that's mining or this sort of thing happens all the while in mining !

Well in my opinion that sort of thing shouldn't happen, that's why these CEO's and all the other directors are being paid such huge remuneration packages it's their job to deliver more than excuses!

What I say to all these mining company CEO's and senior managers is "Don't pi*s down my back and tell me it's rainin!"

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

Hi Rebess,

Many a true word spoken in jest!

I recall all to well your predictions that were subsequently proven to be well founded!

Despite Kees Dekker's concerns expressed in 2015 and again in 2018 Pardey continued to deny the obvious and resorted to claiming Kees Dekker was using inaccurate data although when Kees offered to rewrite the articles if Pardey were to to send the alleged correct data all dialogue between them ceased and then Pardey tried to suppress the Seeking Alpha articles!

https://tinyurl.com/bdhfk4z2

https://criticalinvestor.eu/kees-dekker-centamin-plc-get-out-while-the-going-is-good-again/

https://seekingalpha.com/author/kees-dekker

In exchange for considerable, if brutal, security assistance, Wagner required something in return.

Mali, like many African nations, is rich in natural resources - from timber and gold to uranium and lithium. Some are simply valuable, while others have strategic importance as well.

According to Dr Watling, Wagner was operating in a well-established tradition: "There is a standard Russian modus operandi, which is that you cover the operational costs with parallel business activity. In Africa, that is primarily through mining concessions."

In every country in which it operates, Wagner was reported to have secured valuable natural resources using these to not only cover costs, but also extract significant revenue. Russia has extracted $2.5bn (£2bn) worth of gold from Africa in the past two years, which is likely to have helped fund its war in Ukraine, according to the Blood Gold Report.

This month, Russian fighters - formerly Wagner mercenaries - took control of Mali's Intahaka gold mine, close to the border with Burkina Faso. The artisanal mine, the largest in northern Mali, had been disputed for many years by various armed groups active in the region.

But there is something else, with potential geopolitical significance.

"We are now observing the Russians attempting to strategically displace Western control of access to critical minerals and resources," says Dr Watling.

In Mali, the mining code was recently re-written to give the junta greater control over natural resources. That process has already seen an Australian lithium mine suspend trading on its shares, citing uncertainty over the implementation of the code.

While lithium and gold mines are clearly important, according to Dr Watling there is possibly an even greater strategic headache around the corner: "In Niger the Russians are endeavouring to gain a similar set of concessions that would strip French access to the uranium mines in the country."

https://www.bbc.co.uk/news/world-africa-68322230

Today, the Wagner Group’s activities in Africa – and elsewhere, as shown by the recent revelation of its receipt of missiles from North Korea – continue to provide it with important financial and military resources that support Russia’s continued invasion of Ukraine.

Why is it called the Wagner Group?

The origin of the name of the group is unclear. It is believed that the company was named after founder Dmitry Utkin’s old military call sign “Wagner.” Utkin, who reportedly has neo-Nazi sympathies, is said to have chosen that name in honor of the 19th-century German composer Richard Wagner. Adolf Hitler was an admirer of Wagner’s music, which he saw as the embodiment of the German nation.

The Wagner Group operates in a legal gray area in Russia. Russian law forbids citizens from serving as mercenaries, but state-run companies can have private armed security forces.

Nevertheless, the group registered as a company in 2022 and opened a headquarters in St. Petersburg. The group’s leader, Yevgeny Prigozhin, has increasingly become more vocal in the public sphere about Wagner’s fighting prowess in Ukraine and purportedly has Russian President Vladimir Putin’s support.

In Mali, Wagner Group forces have been implicated in several massacres, including one in March 2022 in which at least 400 civilians were killed, and in torture, disappearances, and looting, as they have simultaneously fought rebels while attempting to secure mining concessions and advance military ties between Mali and Russia.

https://tinyurl.com/mr2parcs

Hi Dazut,

Considering the unrest and insurgency in the region I wonder Doropo will end up being a wise investment, I did hear that the initial grades weren't anything spacial, but hopefully they will improve.

How many of these analysts are actually involved Ion the shop floor or how often have they visited these operations, they are reliant on what they are told and to be frank the analysts have a past track record of being hopelessly wrong more times than right.

But lets see this time I hope that its my doubts which are proven unfounded!

Tibbs

Also fair comment Somnamma,

I agree there are procurement regulations, but that said these are reliant upon the enforcement and compliance by all parties concerned, but unfortunately as we are aware even in the sophisticated western countries corporate bribery in political circles and board rooms exists, although sometimes this regarded as party donations, a seat on the board or even corporate hospitality which is tax deductible and so its hardly surprising that many of these overseas countries due to inequality and oppressive or corrupt regimes there exists a sub culture of brown envelopes and palm greasing that is ingrained and in many ways has become excepted or expected custom and practice.

Tibbs

Hi Mr Henderson,

I have asked the accuser for the relevant evidence to substantiate these allegations.

Until then I have asked the LSE moderator to remove my initial post .

But in the meantime any information you might come across would be gratefully received

Tibbs

Hi Somnamma,

Yes I thought this may wake up some on here !

I too have held a senior position in local government procurement and what is being alleged here amounts to a purchasing manager offering commercial advantage to contractors for a price.

So I purposely didn't post the sources details because I am trying to obtain some more information, as to the Centamin whistleblowing hotline I see little point in that considering the way that the company cant even be bothered to answer share holders questions fully or even acknowledge them in some instances.

However I have contacted the person making these allegations for the evidence to substantiate thse allegations and if they are forthcoming then I shall contact the company and if need the appropriate UK regulators

Tibbs

I cant see any shareholders condoning or tolerating this type of extortion by a member of Centamin management ,even if he is now an ex procurement manager, but that said if this has taken place to what extent has overcharging and over what time period as the costs could be considerable and can we be sure that this extortion isn't going on in other areas of the company

Obviously the more honest contractors have been put in a very awkward position but that said it is us shareholders who have paid the price and over what period. if its happening with one contactor then its very likely been happening with others?

if the complainant is willing to supply the relevant proof and would like some action taken that confidentiality is assured until the right time to expose this scam to the appropriate company management and the appropriate regulators/authorities, if these allegations can supported with the appropriate evidence then this is criminal activity of a very serious nature and I think the UK and Canadian regulators , not to mention the funds invested wouldn't be at ll impressed with this type of behaviour by a Ftse 250 company !

If this is true then it's very concerning that there are contractors out there who have had no choice but to pay what amounts to a bribe to get business or a commercial advantage from a purchasing manager at Centamin.

Possibly this is the result of having executives so far removed in Jersey from the operations themselves or possibly local custom and practice at the Eygptian operation?

From Linked In contact

A friend of mine went through a bad experience with Centamin

As he said the main reason is the ex procurement manger who's called Mohammed Kamal

He forced all the subcontractors to pay him a percentage of every single invoice

Conversely he gives them a high price for every job which cost the company a lot of money increase over the market prices through the Egyptian market

If you need more info with documents and the names of the companies involved in this disastrous corruption

Let me know to pass you his contacts details

actually he tried many times to expose this mad corruption but with no result yet!

Also of note on Linked in that Centamin is just now looking for a new procurement officer ( i would think to replace the above crook!) see here:

Sukari Gold Mines is seeking for the following positions:

📌Inventory Controller (3-5 years of experience / SAP User is a must)

📌Supply Chain Engineer (1-2 Years of Experience / SAP User is Preferred)

📌Procurement Officer (3-5 years of experience / SAP User is preferred)

📌Maintenance Planner (+5 years of experience, SAP User is preferred)

📌HSES Training Officer (3-5 years of experience)

📌Environmental Officer (3-5 years of experience)

**Females are actively encouraged to apply**

Any comments from Mr Henderson or Siko on these allegations would be gratefully received.

Absolutely agree Cowichan and Tornado,

Martin Horgan may have organised the waste clearance at Sukari, but then whoever was the CEO would have had to have done the same that is if they wished to make Sukari safe!

Batie West was a just a chaotic can kicking down the road chucking of many millions of dollars down the lavatory pan, money that could have been returned to shareholders and as yet it seems that Doropo will be yet another money pit venture!

Shareholders should ponder on why have Centamin's iR relations and FTI PR agency been told to field investors questions that may be awkward over to the paid for corporate analysts who are obviously going to dance to the tune of pied piper Horgan?

Martin Horgan's dumping of long standing and knowledgable Buchanon PR in favour of his mate Ben at FTI PR was likely because Buchanon were simply tot only more knowledgable of the Centamin operation and Eygptian situation, but more importantly more willing to answer shareholders questions honestly and in a timely manner.

From inside rumours it seems that Centamin investor relations are operating under a regime of corporate censorship and formerly helpful contractors who were willing to be helpful and answer questions on their aspects of expertise have been leaned on to put a zip in it!

Why have retail shareholders now been directed to one sided "Investor Meet" webinars rather than just ringing in on the day during the market webinar question and answers sessions, it's likely because any pertinent questions that are too deemed award to embarrassing to answer on the spot are simply be filtered out into the trash !

I wonder if Mr Henderson will possibly be willing to comment on any of this?

Thank you for asking Dasut

I have noticed over recent months that any enquiries are rarely answered by either Centamin Investor Relations or their new PR company fti, but instead seem to be delegated to corporate analysts to answer?

Martin Horgan has spent a great deal of money ,but as yet the share holders see little improvement in share price or the derisory dividend?

Is this year going to deliver or will the can of promises continue to be kicked down the road?

ERRATUM – Group Resource and Reserve Statement

Not too serious a change. The reserves remain essentially the same in terms of gold content and grade.

About the “other former mining professional”s opinion, of course pit grades vary, the thing with Sukari open pit is that they are mining consistently at a lower grade than originally envisaged. Strange that your man is not shocked by the stripping ratios in the new LOM plan:

> 2024 6.4 / 2025 10.0 / 2026 11.4 / 2027 10.0 / 2028 11.1 / 2029 7.5 / 2030 5.8

For such a low grade deposit, these are very, very high rates.

Then again, in the past their plans had higher grades and lower strip ratios which proved wrong. Question: why does the presentation avoid showing the forecast open pit grades. As usual they give you half the story. One thing is certain, the financial performance for 2025 - 2028 will cost probably be poor.

Why conclude that the Sukari operation needs the open pit to be viable.?

Closing down the open pit and mining from underground will cut a lot of the overheads, the process plant can batch process the feed from underground allowing for only one shift with the rest of the day available for maintenance and repaid. W

ithout detailed cost accounting it is however not possible to conclude either way.

Kees Dekker's original modelling 2015 -and in 2018 showed the open pit to be very marginal and that was at higher grade and lower strip ratio.

In the presentation they show the open pit feed grade varying between 1.0 and 1.2 g/r in the early years, which is a substantial improvement from current levels.

Let’s see, the proof is in the pudding!

At present Egypt's economy seems to be going from bad to even worse which is a great pity for the ordinary people!