Member Info for mrtibbles

Centamin plc ("Centamin" or "the Company")

(LSE:CEY, TSX:CEE)



Significant Côte d'Ivoire Resource Increase



Centamin is pleased to announce the results of the 120,000 metres drill programme in 2018, across the Company's wholly own landholdings, resulted in an increase in mineral resources by more than 100%. A maiden resource has been declared at the ABC Project and the Doropo Project mineral resource has grown by 58%. Building on these results, a further 90,000 metres is budgeted and underway for 2019.



HIGHLIGHTS

Doropo Project ("Doropo")

· 2.13Moz Indicated and 0.8Moz Inferred mineral resource, at a gold cut-off of 0.5g/t:

o 50 million tonnes at 1.31 g/t gold in the Indicated category, a 55% increase in resource tonnes YoY;

o 19 million tonnes at 1.3g/t gold in Inferred category; and

o 57,000 metres of reverse circulation ("RC") drilling completed in 2018.

· Successfully increased the estimated tonnages at all the previously defined resource structures and discovery of new structures capable of adding further resources;

· Updated mineral resource sits within a 6km radius area, extends from surface to a maximum depth of 250m, suitable for open pit mining and trucking to one central processing facility.

· Doropo licence holding of 2,721km2 remains largely underexplored with numerous targets identified, presenting significant resource upside potential.

· Discovery of Kilosegui, an 8km long surface soils-auger anomaly to be tested with drilling during 2019.

· Further positive results from Chegue (15m @ 8.4g/t Au), Han (7m @ 23.4g/t Au), Kekeda (13m @11.2g/t Au), Hinda (10m @ 5.8g/t Au) and Nokpa (37m @ 6.4g/t Au) with the main resource structures remaining open at depth and along strike. A table of significant drill highlights included within the announcement.

· A 55,000 metre drill programme is budgeted for 2019 to develop the immediate resource extensions and evaluate the resource significance of the major regional Doropo targets.

· Preliminary economic assessment ("PEA") progresses on schedule for completion by H2 2019; Maiden mineral reserve estimation targeted by Q2 2019, supporting the next stage feasibility work ahead of a Board investment decision on development.



ABC Project ("ABC")

· Maiden resource estimate declared at Kona South prospect, at a 0.5 g/t gold cut-off:

o 19.6 million ore tonnes at 1.03 g/t gold in the Indicated category for 650koz of gold;

o 16.1 million ore tonnes at 0.87 g/t gold in the Inferred category for approximately 450koz of gold;

o The mineral resource area is defined from surface, along a 2.3 km strike, and remains open in all directions; and

o Detailed 3D grade modelling indicates there are high-grade plunging shoots within the 50m x 50m broad-spaced drilling.

· Excellent conversion from discovery to defined mineral resource:

o Active exploration started Q2 20

I raised your points with a contact I have and they were of the opinion that there are some mistakes in what your stating re Burkina.
They couldn't give any answers as we are currently in a closed period until they announce the FY results on 25 Feb.
They suggested that as there will be a conference call on the day of the results (25/2/19) that you raise these points with the management representative on that day?

Thank you ton-fra-cen for your news!
I have heard via a past reliable source that 2019 is going to be a good year for production.

Good news.
I wonder if Kees Dekker was one of the analysts invited along?

Sorry typo first para , should read "accept the points you make".

Hi Dasut,
Thank you for your explanation, I appreciate that you are well experienced in these matters and accept the pois you make.
I don't recall saying they were doing a terrible job, I agree I did say that what ever was going on was taking a very long time, but that is just how it appears to me as an outside investor.
You may recall that in past weeks people had flagged up on here the worsening political situation and the lawlessness in certain areas of WA including Burkina Faso.
My concern was that is things were so out of control in that area then is it wise to spend huge amounts of money developing a mine that may get stolen in military or rebel groups take over.

Both yesterday and today we had a nice little lift at the start of trading and then dropped back again, shame!

Thank you Cowichan, I was unaware of these facts, very interesting indeed.

Thank you GoldGnome, I always like to see all sides of any argument..

It is a situation much like like the way that locals slaughter/capture endangered wildlife for a few coppers to put bread on the table, whilst those they sell onto make fortunes, the locals would in most cases much rather be paid a small retainer to become wildlife guardians which is something IFAW and WWF are involved in.

Your research confirms what Andrew Maguire told me was going in in the Congo and also what our friend Mac has often stated about the amount "artisan" gold mining going on in Egypt.

As already stated by Spot Centamin have a reputation of being a responsible company and so I am hopeful they will apply the same values in this new location.

Interesting find Cowichan.

I do hope that the use of the water by the mine will not be detrimental to the surrounding community and wildlife and hat the appropriate measures will be put in place to protect the water table and the environment.
All to often in Africa heavy industry,mining and oil companies are allowed to pollute and devastate the environments in which they operate.
I have been reading of the appalling pollution of environment and intimidation of local communities that Acacia and other miners are accused of.
https://www.acaciamining.com/sustainability/our-material-areas/the-environment.aspx
https://www.dailynews.co.tz/news/pond-saves-mara-river-from-pollution.aspx
http://www.xinhuanet.com/english/2018-09/08/c_137452806.h
http://www.mining.com/acacia-mining-fined-alleged-environmental-breach-tanzania/
Acacia Mining plc located in ... compensation and environmental and water pollution issues. ... the local communities do not adequately benefit from them.
https://www.icj.org/wp-content/uploads/2017/09/Tanzania-BHR-mission-North-Mara-News-Features-article-2017-ENG.pdf

Good points Cowichan,
But the court case was always really about a renegade ex politician with a gripe against the Egyptian government taking a swipe at EMRA, they could be more proactive in putting pressure on government to speed up legal proceedings
Also what of Law 32 , just how long do the commissioners need to mull this over, it is after all affecting future prospects of further investment in Egypt.
Perhaps the troubles in BF aren't as bad as reported in the media, they may even be worse, but we don't know because the company isn't keeping us informed.

I would rather they put some real effort into bringing about a conclusion to the court case in Egypt and also to exercise extreme caution before throwing any more money into what may become a civil war zone (Burkina faso)
Lets' hope that Josef has returned for the right reasons and that he applies himself fully to the responsibilities of being the company chairman..

Please note these comments were posted by other members of this forum in the past

The courts have acknowledged that Centamin have a valid licence, that there is no evidence of corruption or contract deviation or any other crime on the companies part whatsoever!
Not only that the person who originally brought the case has been proven to have had no evidence and has been discredited prosecuted and is now in jail!
We have Law 32, albeit 50% passed, although the SCC are a much harder obstacle to overcome and they appear at times to have an outdated and biased view on issues involving international companies, as well as an over bloated sense of their own importance which the politicians seem reluctant to challenge!
I believe the Egyptian government realises that Centamin is in the right but in some ways resents the fact, EMRA has been accused in the past of failing to strike a good enough deal for Egypt, (despite the fact that nobody was interested at the time apart from Centamin) and especially as the issue of the diesel dispute is still outstanding, meaning even if profit share starts in 2017 then the outstanding millions owed to Centamin will mean the government sees very little cash for some time depending on how payback is structured!
As to Law 32 being passed before May 24th , going on past experience I think that is very doubtful, the politicians don’t really seem to have any sense of urgency and the SCC certainly doesn’t, in fact it will more than likely go out of its way to be as awkward as possible!
As to a court decision on May 24th, I think the only decision will be when to adjourn the case to, in a way I can understand that because the longer this is strung out then Cenatmin will become more willing to perhaps be more flexible on issues such as diesel subsidy and profit share.
If Centamin were to be willing to go down that route then the Egyptian government would be seen to have regained face and be calling the shots, which would politically silence those who still see this Centamin Sukari /EMRA deal as part of the old Mubarak regime, which is at the heart of most of the accusations made against Centamin if the truth were known.
These of course are only my views, but I believe that if there is no decision in our favour on May 24th or definite date when a definite decision will be made, or of course Law 32 ratified then it should be off to the International court for us, because if Centamin have been entirely honest they would win this case hands down!

Interesting legal piece from Mart-
Whilst looking into the circumstances of the Madinaty SCC settlement yesterday I came across an article on Ahramonline.

The article contained a considerable amount of detail, however I have cherry picked the following two quotes:-

1) “The government last year approved an amendment to the investment law (Investment Law no. 8/1997) that prevents third parties from challenging contracts signed between the government and investors” – is this law 32 by the back door?

2) “The New Urban Communities Authority approved t

cont
Profit share. I have always thought that this will not take place before Dec 2015.

Profit share. If you look at the cumulative profits in the account and the cumulative cap ex. and exploration costs and then take into account future cap. exp. etc there is still a long way to go. There is a note in the accounts that the company expect profit share to start in the year ended 30th June 2015. When I questioned Josef on this point he readily accepted that this may not happen in that year or even the next. I think the suggestion in the accounts that profit share might start in year ended 30th June 2015 is there purely for purposes of internal reassurance. The analysts should have questioned this, but they are probably only too happy to make low ball estimates while there is no institutional investor interest. Their consensus estimate of 7.7p earnings for 2015 is strictly for the birds.
One other private investor came up to me at the end of the meeting as he thought I must be representing some investment institution and told me he was planning to sell a house so that he could buy another 500,000 shares. Amen
The Chairman said they might hold a meeting in London for investors next year, but I concurred with their decision to relocate to Jersey and do it properly with their office presence being there.
I hope this may be useful. I have given a very full account and am not holding anything back.

Fair comment Rebess,
we were told in 2014 that the court case would soon be settled

Mon 19/05/2014

Report from one of our group.

Last Friday I spent the day in Jersey. The whole trip cost just over £200, including taxis and my lunch at Longueville Manor. It was worth every penny for the info that I obtained at the CEY AGM.
First the dividend. The non exec who was chairing the AGM announced that there would be a divi. Having not seen the announcement I asked "how much and when". He asked if we could deal with my question later. When Josef did his presentation he answered my question by saying that brokers were forecasting that it would be 3-4%. On my calculations that means 1.8 to 2.4p. After the presentation I spoke to Josef privately to get further informal guidance. An interim div. will most likely be announced in August. The payment is likely to be in early September. I got the impression the mom and dad were keen to get their cheque. The interim divi may be of the order of 0.75p.
In making the calculation of the divi a sum for the notional profit share with the Egyptian Govt will be taken into account. I agreed with Josef that it would be sensible to make further advances to the govt before the profit share formally became due.
Back to the formal presentation:-
Ampella. Josef expected that there would be 2 years of drilling probably costing up to $20m. There was $11m of cash in the company on acquisition. After that $250m might be spent on building a mine during say 2016 and 2017.
Drilling at Sukari Hill. The drilling from the top of the hill down was expensive and hit and miss. In future, the resource would mainly be increased through sideways drilling of the underground portion.
Future production. In answer to a question Josef stated that 500,000 oz per annum was not a ceiling and 600,000 to 700,000 oz. were conceivable in 2016. This is new to me and the presentations on the website are sensibly prepared on a conservative basis. I must say that I find this has significant upside potential for the share price in the longer term.
Court Case. I asked when he thought the new law would be considered by the Constitutional Court. In the 2 cases that he been considered so far those bringing the cases have 90 days in which to make a referral. However, he expected the Constitutional Court to consider the matter in 30 to 40 days. This was because several major investment announcements were ready to be made and the govt. wanted these announcements to be made as soon as possible.
I asked Josef about Van Eck Associates the 2nd largest shareholder. This is a passive tracker as is Norges Bank.
I think this is significant. The discretionary institutional investment in this company is very low for obvious reasons. They will not invest before the cc is resolved. As a result I expect the market makers and the analysts to want the share price to stay low for the potential institutional investors. Expect more apparently irrational share pric

The opposition parties have not given up caring, but the UK first past the post electoral system is unfit for purpose meaning that only one of the two main parties can ever have a majority n parliament, the UK need proportional representation
https://www.electoral-reform.org.uk

The public were ripped off when old Thatchers government sold them what they already owned (the utilities).
Remember the (Tell Sid campaign),
Since then Centrica and the others of the Big Six cartel have had a free hand to rip off the consumer and although the regulator recently capped prices Centrica have have now gotten their way to increase prices by around 10%!
The energy regulator is about as much use as the banking regulator!
There is not one privatisation of publicly owned utilities that has benefited the majority of ordinary people, be it energy,housing,utilities,public transport, council & prison services they all offer worse services which cost more!

On another note I wonder how many of you are aware that the present UK government whilst cutting funding for what they deem as non urgent operations in the NHS and making people work longer until they retire supposedly due to a lack of funds actually has a surplus of billions of pounds in the national insurance pot.
Our government has now used £3 billion from our N.I. contributions to pay off some of the UK national debt!
You can sign the petition here https://petition.parliament.uk/petitions/233408

Also read
https://www.independent.co.uk/news/uk/politics/government-charity-fund-national-fund-debt-pay-jeremy-wright-attorney-general-a8363806.html#

Even though GLD is “physically backed,” ordinary investors can’t just go to London and redeem their bullion. Only "authorized participants" are allowed to create or redeem shares. Authorized participants are registered broker-dealers or other securities market participants which have entered into agreements with the trustee and sponsor (these include major Wall Street names like Citi, Goldman Sachs, Morgan Stanley, JPMorgan Chase, and Merrill Lynch-Bank of America, among others), allowing them to deposit either gold or shares in exchange for the other at unallocated accounts until the operation is completed.

https://www.forbes.com/sites/afontevecchia/2011/11/15/is-gld-really-as-good-as-gold/#3c11731057c2

So the same old crew run this sham as well!

Marmot your thoughts on Sotolo echo those of a few of the old guard on here!