Member Info for mrtibbles

Pile of pants day again!

Tiger, you seem to be trying very hard to discredit Kees Dekker, yet I think you must agree his 2015 report predictions did turn out to be remarkably accurate.
Kees is no fool, as I understand he is an experienced ex mining manager with an extensive knowledge of mining techniques and geology. .
I am not suggesting that Centami should give Kees Dekker any spacial privileges, but wouldn't it have been sensible for Centamin to supply him with the further information he asked for in 2015?
II can't recall who it was who posted the latest Kees Dekker report on here,,but those board members who are in contact with me directly will be aware that I had sent a copy of that latest report to Centamin a week or so previous to it's release on here.
As long term Centamin investor I didn't want to cause other investors unnecessary concern so I thought it better make Centamin aware of it in order that they could respond accordingly and hopefully reassure investors and the market that they were on top of the situation, that hasn't happened so far to my knowledge.
"Fair Comment"
"We should remember that this is a Tier 1 mine with a mineral reserve to die for, and that CEY has no debt and the best part of $300m in cash"
That is all well and good, but the cash won't last forever, certainly not unless things really do improve and neither investors or the markets have been given any real evidence that Centamin is over the "Blip" or that the full and promised (Q1 560,000 oz ) of high grade gold is back on stream!.
No disrespect to Kees, but like all long term investors in Centamin I should be absolutely delighted if his conclusions contained in his latest report on Sukari are unfounded, inaccurate or simply just proven wrong by Centamin..

I see A. P, made a sell 12 days before Josef's, if you check back Josef appears to sell most of the time ,but then he was given millions of shares!
Are you intending to ask the company some questions on this, then if no answers ask the regulator?
Others may wish to support you.
I understand mining companies have problems.
Although I can't understand-
Giving out such inaccurate misleading future guidance information in Q! 2018.-
Denying any knowledge of the kees Dekker 2015 report when the company had denied his findings and had been asked to submit further information to him but then broke off contact.
Centamin claimed that the lower grades were unexpected, difficult to believe when they are after all experienced mining geologists.
Told investors and the market that they would soon be through the transitional grades and they were ahead of schedule, what happened?
Centamin fail to answer investors communications and questions.
The company may have failed to comply with market regulations on notification of the departure of key personal Mark Morcombe which may have caused market speculation and the drop in the company share price.
Quite a lot to get used to don't you think?

Interesting GoldGnome, thank you.
A pity that Mac who works for Capital went silent

Whilst I accept that "Capital drilling" arent mining geologists I am sure that as drilling professionals from experience they must have some very good notion of the quality of the ore the are extracting.
That aside certainly those senor geologists on the Centamin management team would surely have been aware long before 2018 Q!, so to claim the lower grades were a surprise makes them appear incompetent or worse..
https://seekingalpha.com/article/3695246-centamin-get-going-good
The above report also highlights just how important the underground production is and yet the Sukari management team failed to mitigate this production risk by not having essential spares available for a critical piece of production equipment the LHDR.
That said it has now bee admitted that even though an additional LHDR has been commissioned there are now problems with limited access to the underground workings?
Just what is going on at Sukari?

Thank you Mick & Rebess for your thoughts on this.
I appreciate that you are disappointed and feel as let down as I do, investors supported the company and accepted what they were told in good faith but sadly as Kees Dekker stated the true sate of the grades had been glossed over by "High Grading" for some time.
Yet even as late as 2018 in the Q! announcement Andrew Pardey announced an estimated 560,000 oz guidance for 2018/19, to the markets this was also trumpeted in the Egyptian media https://www.egypttoday.com/Article/3/50539/EMRA-takes-195-1M-on-profit-account-from-Sukari-mine
Yet only three weeks after these mining professionals claimed they hit "unexpected low grades"?
Are we expected to believe that " Capital Drilling were not aware until this late stage of the true state of the ore grades and would not have made their client aware?
Remember Bobby Morse stated that this was just a "Blip",
So how long is this "Blip" likely to last?

This may be of help to you?
http://www.centamin.com/investors/financial-calendar/2019

Looking back on the offshore leaks it does appear as pointed out by Mizolgit that Josef and Youssef El-Raghy have resigned and as already said they are not listed on the Capital drilling management team.
Although Centamin is listed as a share holder of Capital Drilling there are no dates to show over what period.
It would be interesting to know if Centamin does still hold any shares and if so how many, also whether the holding has increased or decreased over the years.
So it seems that all share holders can do for now is to watch and be a aware.

Over to Goldgnome.

I agree Goldgnomes find did cause me concern because the arrangement may be the cause of conflicts of interests, between client and contractor, for instance the tendering process for contracts, etc
It would leave Centamin & Capital open to all sorts of suspicions, ie preferential treatment with regard to onsite contractor service delivery, etc,etc
As you point out a lot happens or has happened in 5 years.
So is this arrangement still the same, has it been changed in some way or has it ended ?
You will note from posted the link to Capital Drilling that neither Josef and Youssef El-Raghy are shown as board members or senior management,

Quite so,
Whilst Josef"s share sales at that time may arouse suspicion, the shares sales may have been down to luck of making a right move at the right time or sheer coincidence.
You may recall there was lot's of concerned chat on here at the time as to why Josef had sold his shares.
When asked Buchanon IR explained that as Chairman Josef had a limited number of time frames each year when could dispose of shares and that these sales were because he intended taking a back seat ready to hand over to a new chairman before he moved onto other things.
So suspicions there may be, but even if there was any sharp practice it would be very difficult to prove.
If you wish could always report your suspicions to the regulator, then others may also care to support you.
Have a think about it.

Note the Board Of Directors from the Capital Drilling Website
http://www.capdrill.com/about-us/board-of-directors
No mention of Josef and Youssef El-Raghy ?

So considering this apparent tie up between Centamin & Capital Drilling then who paid for this new drilling rig?
Did the client Centamin fund the rig out of the spare cash (Share holders expense)
Does Capital then charge Cenamin for running the rig making a profit for it's share holders inc Centamin & Directors.
Does some of this profit/dividend get returned to Centamin eventually and put into the spare cash to be returned to Centamin share holders?
Lot's of questions to consider?

Cont-
I note Cowichans questions on the results and returns on all millions of pounds spent on drilling never get answered?

A Message for Andrew Pardey
Andrew, please be aware there are many private investors like me who want to see share price appreciation. As such we are of the opinion a share buyback program would be a prudent use of funds, especially considering the substantial drop in market capitalization.

In addition there are other concerns which have not been addressed despite repeated attempts to engage both investor relations and company contacts. Here's a sample:

1) Why has the COO departed and what is the status in finding a replacement?
2) Why has there been such a delay in reporting the results of the scoping study in Burkina Faso?
3) Why has there not been an updated resource estimate in Burkina Faso despite a vast amount of exploration drilling over numerous years?

Looking forward to your addressing these concerns with a public announcement soon.

I wonder if the Centamin corporate broker is aware of this arrangement or potential conflict of interests between client and contractor?

Well Done GoldGnome,
https://offshoreleaks.icij.org/nodes/82006106
https://twitter.com/CapitalDrilling/status/1021939160330817536

I think questions need to be asked especially in view of the appalling mess up in 2018 on the part of the drilling contractor and the apparent failure of the Sukari i management to mitigate production risk which was brushed off as a "Blip".
(I appreciate that the underground contractor is Barminco and not Capital Drilling)
I note both the Cey COO Josef and Youssef El-Raghy general manger & director of Sukari are both listed as directors of Capital Drilling who provide all over ground drilling at Sukari.
https://www.proactiveinvestors.co.uk/companies/news/207814/capital-drilling-lands-contract-renewal-for-centamins-sukari-mine-207814.html
So if it appears the major share holders on the management board of Centamin are also major share holders in a Sukari drilling contractor who may have not carried out its duties as efficiently or as well as it should have done considering the ongoing production cuts in production guidance.
From the most recent report on 25th Feb 2019 the Cleopatra incline and the open pit are still not producing the higher grades or the improved output within the timescale share as promised to share holders by Andrew Pardey on behalf of the Centamin board.
This arrangement of Centamin and Capital Drilling being so closely intertwined by way of share ownership and the same senior management on both company boards and being represented to share holders by the same PR representative may be perfectly legal.
But even if this arrangement is perfectly legal then is it really in the best interests of the share holders as there will no doubt be occasions such as in 2018 (the effects of which of which we share holders are still suffering) when there may be a conflict of interests or management may be in a position where a particular situation means their loyalties may be divided?
Is this another example of glossing over a too close connection that may prove to be imprudent between the company and one of is contactors
It may be worth contacting Centamin Investor Relations or Bobby Morse of Buchanon , but as we are all too aware they seem to have adopted a policy of silence towards investors.
Capital Drilling In addition to being Centamins main Sukari drilling contractor is also contacted on other mining projects all over West Africa, some of these on Centamin projects and also to other clients.
If as it appears Centamin is a major share holder/part owner in Capital Drilling then how much revenue or dividend is being earned by Centamin and is this shared with the Centamin share holders?
Also are some of these drilling projects being carried out to produce results and future return to Centamin share holders or profit to Capital Drilling ( More Holes drilled more profit to Capital and its share holders?)

https://www.bullionvault.com/gold-news/gold-price-030820193
"Investors should not believe that gold has broken out into a new bull market until bullion convincingly breaks above $1400," says the latest GREED & fear note from Asian investment house CLSA's equity strategist Christopher Wood.

A lack of solid gains in gold-miner stocks also "raises the risk of further near-term downside" says Wood, especially if "a successful US-China trade deal [should] trigger more 'risk-on' action in markets and potentially renewed monetary tightening expectations.

"Still GREED & fear continues to believe that a renewed bullish gold breakout is coming sooner or later."

"If you look at the short-term narrative," agrees Andrew Scott, a managing director in New York at French investment bank and bullion market-maker Société Générale, "we've got a bit of appeasement with risk [because] the Fed put has been reasserted" and the European Central Bank stayed dovish on Eurozone policy in its decision on Thursday.

"But there's an awful lot of risks that remain unresolved. Every client I meet sees US recession just around the corner...yet gold volatility is ridiculously low.

"That just seems emotionally wrong...By owning commodities that have been beaten up is a great way to be short Dollars without having to select a specific country."

Chinese gold prices held firm above this week's near 3-month lows in Yuan terms as the CSI 300 share index sank almost 4% on Friday.

Welcome back Bonker!

That will be good, some of us old timers will remember it was around that when the Arab spring was going on with unrest in the streets of Egypt and when stage 4 and profit share were just dreams!

The management board far away from Sukari were complacent for too long and the Sukari production management team were asleep on the job!

This share could have been £2.50 or £3 now were in not for the 3 output downgrades of 2018 due to the LHDR being run to destruction without any spares or back up, the high grading glossing over the *Unexpected" lower ore grades of course communicating properly with the share holders and the market!

Lets hope lessons have been learned and we see some evidence of it very soon!

He used to be very good until around two years ago and then things changed , whether it is Buchanon policy to get the OK from Centamin before replying or possibly he just wears too many different hats now.
Alex of Centamin started off OK for a couple of weeks and then she went silent, although to be fair this may be due to instructions from above.
Mac was a good source of information as to what the situation on the ground was, although Buchanon or Centamin became aware who Mac was and that he was posting on here and other forums and then he went silent, so possibly he was leaned on.
i also have other suspicions but because I know the person and forum member it is best that I don'tpost them on here.

Time they banned shorting, most of it done by the big boys using CFD's
Cey also suffers from shorting attacks at the slightest piece of negative news!

Glad you picked up on this Cowichan, I wondered how long it would be before questions were asked.
This type of arrangement would not be allowed in local government as it is the the same PR company wearing two hats, i.e. representing Client & Contractor.
Despite what Buchanon may claim in reality it is would be impossible for them to represent with impartiality the best interest of both client Centamin and its shareholders and the contracted drilling company Capital and its share holder.
We are ll aware of the failings of Barminco last year for which the shareholders are now paying the price.
So whati if Capital mess up on the overground drilling despite what may be claimed it is imposable for Bobby Morse or Buchanon to represent the best interest of both Centamin and its share holders & Capital Drilling and it's share holders.
I fail to see how the management board of either company could think that this arrangement is in the best interests of their company or its share holders.
Also on the Centamin website Bobby Morse is also shown as financial advisor to Centamin.
Is it really good practice to have the same person as your company financial adviser and PR officer whilst they are also employed as your contractors PR officer?