Member Info for mrtibbles

Open your eyes PushMe, the company are taking investors for ignorant mushrooms, read some of the posts from long term investors especially some of those that have actually been been involved in mining & the markets.
Gold price, markets, price of oil, true all have their effect on the SP, so does complacency and hiding the true facts until it becomes apparent to the people one by one that the emperor really isn't wearing the clothes he claimed to have on.

Thank You Bardill,

I am seriously considering asking the FCA for advice and to see if they would be prepared to investigate these recent issues on behalf of us share holders.
I didn't want to admit that something underhand may have been going on, but recent events seem to confirm that the share holders best interests have not been taken seriously by the board..
Last year when I queried the reasons for the chairman's huge sales I was never really convinced the reasons given to me were entirely true..

Take Trump's phone away from him,end the trade war and sanctions against Iran and that would help stabilise the markets. which at present knee jerk to every Trumpo tweet!

Thank you Rebess for summing up and explaining the reasons for the Cey SP price decline to this level, I also feel that had the two guidance cuts not been announced and considering the fundamentals of the company in comparison to other miners then the share price would have been around the £1.30.level or higher at this time.
Andrew Pardey's figures in the past were based around gold @ $1250 per oz, and it isn't so much below that at present.

It is all very well to go on about excellent divi's, but they will only continue whilst there some money in the pot from free cash flow which depends upon production levels being restored and maintained or increased.

Their is actually increasing demand for large quantities of bullion by central banks that that goes on below the radar!

Some nails hit on te head Djryan, especially in your last paragraph, i think it is that which infuriates me more than anything, rather like being misled by used car seller or and insurance salesman!
As to regurgitating information I make no apology for this.
I have a background of working in local government (politics) you may be aware of the saying "A week is a long time in politics", this very true as peoples attention and memory span seems to get ever shorter and all too often important issues can get swept under the town hall carpet and forgotten about, so those responsible are never called to account.
So the tactic of reminding people about an important issue on a regular basis is used, this often involves presenting the same facts in slightly different formats or by slipping snippets of them them in with other new issues so the media pick up on them, but in fact it is keeping the original issue alive, you will notice some politicians use the technique in order to keep an issue alive in the media and to try to ensure the propagation of that seed of of doubt in the general public mind until they respond by demanding action or by using their vote.
Some of my colleagues regarded me as being like a Lack Russell because if got my teeth into an issue I wouldn't let go, I haven't changed!

Best

Tibbs

Pushme
I agree that the share price fall is is some part as a result of the gold price being manipulated lower by the short selling of paper gold on the markets (not by the lack of jewellery demand,that market is tiny by comparison)and also the rise in the price of oil has hit profits, however these are not the main reasons, gold has been nearer to this price in the past and the SP has not dropped as much in comparison.
Look at the way the SP dropped immediately after the first RNS and then again after the recent further guidance cut was announced by the management.
I accept that problems happen in gold mining, that is why highly paid mining professionals carry out surveys in order to be prepared as well as they may for the unexpected and so to try to mitigate production risk by having the appropriate equipment and spares available, so what happened at Sukari?
As a share holder I expect the more from the management and I shall continue to make my opinion known, it's a pity that a few more investors seem afraid to do so, but instead desperately try to excuse the inexcusable.
i have praised and supported the manegment in the past and will be delighted do so again if and when their performance and the company share price justifies it.
I agree there is a problem with the supply of bullion, demand is strong, there here are large volume buyers who are having great difficulty in getting their bullion orders filled, all sorts of obstacles are being put in the way of the buyers actually taking physical delivery by those who claim to regulate the precious metals market place.

Re Operational blip is to be expected every 10 years or so !

Losing half billion pounds from the company value because mining professionals fail to mitigate production risk is not a blip, it is more likely due to complacency and totally avoidable if those responsible had done their jobs properly.
Stating in the Q1 report and market announcement that 560,000 oz were achievable in 2018 and then three weeks later issuing an RNS claiming that output would be cut to 505,000 oz due to hitting poorer than expected ore grades in the overground pit does not inspire confidence in what the management tell investors.
Especially considering that the Kees Dekker article of 2015 highlighted the lower grade problems likely to be encountered in around three years time and,yet they are now claimed to be unexpected in 2018!
I agree investors need some positive news, lets us hope that the manegment start to provide investors with some on what has been done so far in rectifying output levels to those we we told were possible in the 2018 Q1 statement rather than adopting their present policy of silence.

dazah,
It has always been the usual practice on this forum to help and support rather than sniping at one another, unlike so many of the other forums where making fun or delighting in others misfortunes or trading mistakes is the norm.

I'm afraid I don't understand what you are getting at in your posts Dazah, but then if you are just a trader then your mindset is somewhat different from that of long term investors.

You may care to refer to this article which shows the importance of the court case regarding the Cey SP
Mon 16/06/2014 15:35

June 16 (Reuters) - A legal dispute that has jeopardized Egypt-focused gold miner Centamin Plc (Toronto: CEE.TO - news) 's only producing mine is likely to be resolved before the end of this year, Chairman Josef El-Raghy said.
"My expectation is certainly you'll see a resolution of that case before the end of the year," El-Raghy told Reuters in an interview.
"Our expectations are that the new government does what it has already started to do ... that it continues to adhere to the agreements that have been signed with investors."

El-Raghy said Centamin, which has a market value of about $1.2 billion, was open to buying more assets in Egypt. The company has so far invested $1 billion in the country.
"When the government turns its attention to making more ground available, we will continue to signal that we would like to be there," El-Raghy said.

I'm quite interested in that last part about the government making more ground available!

Personally, I think he's being brave [or extremely confident] to put an expectation on a court case where there's no definite resolution yet. I would have preferred that he didn't say that. On the other hand, in the same interview he says that Centamin may buy [or rather, remains open to buy] more Egyptian assets.

Mon 16/06/2014 15:35
https://uk.finance.yahoo.com/news/gold-miner-centamin-expects-court-105729872.html

Centamin PR organised this interview – you will probably note that Centamin is now becoming more on the front foot than reactive, and this is a trend which will gather momentum throughout 2014.

It is also beginning to get some response through the share price as well.

Very important for Centamin to maintain its position vis a vis the court case – it is a distraction, and yet it is the single biggest issue undermining the share price.

I would be most grateful if more retail investors express their dissatisfaction by emailing Centamin Investor Relations email address on the Cey or their PR company Buchanon centamin@buchanan.uk.com

We have an outgoing chairman who is supposedly engaged in a smooth hand over process to his successor and yet neither can be asked to make a statement, good or bad at least it would be better then nothing!

See the email I just sent to Centamin PR & IR below

Dear ****,

Lord El Nagy is a director of Veritas Mining a company who you may be aware were awarded a recent gold mining concession during the last 2018 auctions in Egypt, it is interesting to note that at the time of the notification of successful applicants Lord El Nagy was expressing a confident view in his media interview that the T&Cs of the concessions would change to be more favourable to successful applicants in the future.

If the new proposals eliminate production-share, the terms and conditions under which Veritas and others applied and if they are allowed to keep the concessions under new more commercially viable terms, then surely that is giving them a distinct commercial advantage over the other companies who were put off applying at the time?

Centamin, who have played a straight-bat throughout in every aspect of their dealings with the Egyptian Government by delivering over and above what they are required under the terms of their contract, will still be locked in a court case based on lies and innuendo, brought about by a now convicted and exiled felon Hamdy Fakharany.

Share holders have been told for over six years now that the Egyptian legal process can be lengthy and yet this is an example of the Egyptian government’s willingness and ability to rapidly bring about these retrospective changes to the terms and conditions of the recent auctioned mining concessions.

Surely then is not time for Centamin’s legal to be asking EMRA for some similar efforts to be applied by the Egyptian government in getting the court case resolved which has been holding Centamin back for over six years now?

I have sent all this information to to EMRA and they have confirmed receiving it, I have also informed Centamin.

You should be aware that the owner and spokesman for Veritas is not a member of the UK House Of Lords and may have bought his title from a company trading as “The Manorial Guild”, this company has now ceased trading-

Of course Mr Nabil Mohamed El Nagy may have been misled and believed that a title could just be purchased, however this is not the case and as such he would not be to take any seat in the UK House of Lords, he certainly wouldn’t be included in any debate nor consulted as he is just a commoner.

Interview on Nile TV. https://www.youtube.com/watch?v=XF4jaj6tf6Q

https://www.facebook.com/nabil.elnagy.3?fref=ufi&pnref=story

EMRA may like to check this site as it explains what is required to be entitled to claim a genuine UK peerage - http://www.faketitles.com/

Lord of the Manor of Wicklewood?

Perhaps EMRA should check out Lord El Nagy’s credentials, or take a look at the amateurish supposed proof of entitlement to a UK peerage on the site below?

Click link and scroll down to Wicklewood to find N. Elnagy
http://www.manorialguild.com/page29.html

Wicklewood is in Norfolk

Click link below to find the map
http://www.genuki.org.uk/big/eng/NFK/Wicklewood

Sean Thomas Arthur Rafferty according to Company check is listed as a director of Manorial Guild Ltd which was incorporated in 2011, was dormant in 2013 and is now dissolved!

Re recent “Gold Mining Concessions” awarded by EMRA,

http://emra.gov.eg/UI/Lang1/TDIDataShow.aspx?ID=5257

The outcome of the auction included the awarding of the Bukari and Umm Samra districts to Resolute Egypt Limited, the Umm Al Russ region to Veritas Mining Ltd in UK, the Umm Oud and Hangla area to East Gas Company and the Dahab area to Ghassan Saban for Spanish investments.
https://beta.companieshouse.gov.uk/company/10692673/officers
http://veritas-mining.com/company/board-of-directors
http://veritas-mining.com/operations/emra
http://veritas-mining.com/company/board-of-directors

2 - Veritas Mining Ltd. English and follows Veritas International, based in the United Kingdom. Among the founders of the global company an English Lord of Egyptian origin. It has mining sites in Canada and Australia. And applied for one area and won, the region of Umm Rus. And its competitor to acquire this region were 3 other companies are the Spanish company Ghassan Spanish, Australian Resolute, and the Egyptian sun company.

(Today, the owner of Veritas - Lord El Nagy- spoke of how fantastic the T&Cs of the tenders were, his company would complete the exploration in 3 years instead of 7,if they were fair with Egypt then Egypt would be fair with them and investors should not only think of their own benefit..
Veritas Mining ltd was only incorporated on 27th March 2017..Head office is in UK.. Directors are .. Nabil M Elnagy (Lord).. his son Nabil E Elnagy (75% of ownership)..

Possibly then the company was only set up for the purpose of obtaining the gold licence?

https://beta.companieshouse.gov.uk/company/10692673/officers
http://veritas-mining.com/company/board-of-directors
http://veritas-mining.com/operations/emra
http://veritas-mining.com/company/board-of-directors
http://veritas-mining.com/operations/our-projects
http://veritas-mining.com/responsibility/our-approach
http://veritas-mining.com/public-relations/faq-s

Please see the two relevant paragraphs from Lord El Nagy’s longer media statement attached-

Re the Lord’s Order?

The British House of Lords Lord Nabil al-Naji is fond of Egypt not only because he is a national, but he also owes her credit from birth until he arrives in London. According to him, "I owe everything to Egypt. England received me 100 percent young, educated, "Says the time came to give back to her credit.

Nabil al-Naji, who won the Lord's Order in the British House of Lords in the mid-1980s, won the right to explore gold in the region of Umm al-Rous in the Eastern Desert after the announcement of the results of the global gold exploration in the Eastern Desert. Politically, economically, and security after the events since January 25 and the latest developments made Egypt not the preferred destination for capitalists and investors, until June 30, which changed this negative outlook.
You should be aware that the owner and spokesman for Veritas is not a member of the UK House Of Lor

Deary me Rebess,you clearly don't have level 2, no neither do I!
But you are a long time substantial Cey holder who also has many years of investing experience.
The problem with todays markets is that they are no longer about investing but instead for share churning or trading.

re post couple of weeks ago from Siko I think saying how much CEY had paid the government in profit share and how much higher it was in the last couple of months. Do you not think this is a reliable indicator that we are moving in the right direction?

Yes I agree Siko's post was very welcome and very encouraging and I sent the information to Centamin hoping for a response..

Yes Dazah I see that gold had risen to $1240 since my post and Cey has dropped again.
I accept this may be due to algo's or it may be for other reasons, who knows , we certainly don't!
I am not saying hat things are getting worse at Sukari, I am saying that as investors we aren't being given any information at all about what the present or the predicted future Sukari situation is likely to be.
So I make no predictions one way or the other.

Good Morning *****,,

Thank you for your reply which although polite really told me nothing, of course I appreciate what Buchanon is allowed to disclose to share holders is dictated by their client Centamin and market regulation.

As you may be aware along with a group of other retail investors I have been invested in Centamin for over a decade and so appreciate that running a gold mine in Egypt is no easy task, especially considering two revolutions, diesel and explosive shortages and a very trying court case that is now in limbo due to political and judicial procrastination because nobody wants to be held accountable in the future.

Whilst the many difficulties that Centamin encountered and still does in Egypt would have made some share holders panic and sell out the reassurances and information offered by your colleague and predecessor ***** ***** reinforced our faith in the company and gave many share holders the confidence to increase their holding.

So what great disappointment to long term holders the RNS guidance cut warning this year only three weeks after a very upbeat Q1 statement from the board for 2018 and the admission by the management of their failure to mitigate production risk by allowing the LHDR to be run to such a serious long term breakdown.

Even more disappointing was the management claiming that the guidance downgrade was due to hitting unexpected over ground lower grades, yet it is seems that they were aware of the likelihood of encountering lower grades in 2015 (see attached).

https://seekingalpha.com/article/3695246-centamin-get-going-good

The disposal of large numbers of shares by the outgoing chairman was also of concern to share holders in 2017, who were wondering at the time if this was an indication that all was not as well as being claimed at Sukari.

So here we are half a billion pounds knocked of the market cap of the company, the share price just about halved and an apparent policy of silence towards retail retail investors.

We hear rumours that the hand over from the existing chairman to the incoming one is going smoothly, it is certainly going silently!

So in view of this policy of a wall of silence on the part of the company towards it’s loyal long term and substantial investors I thought you may appreciate an update from my Egyptian friend Sayed on the state of things around Sukari.

As yet I have had no response.

In view of the apparent policy of silence adopted by Cenatmin towards it's share holders over recent months I have been emailing them some updates kindly provided by our Egyptian friend Siko.
I appreciate that financial regulations limit certain types of information that can be made public prior the release of scheduled updates and that the company will be issuing a Q4 preliminary production announcement in early January, as they do every year..
However considering the serious surprise grade problems encountered in Q! and the failure of Centamin mining professionals to mitigate Sukari production risk resulting in the company losing half a billion pounds in market value most companies would have instigated some serous reputation and production damage restoration strategy as matter of urgency.
So far though the Centamins response through it's PR company Buchanon and it's own IR department has been completely inadequate and seriously lacking in any real detail,substance or conviction,as far as share holders know a credible recovery strategy may not have been implemented at all!
Last week after once again receiving a very standard reply that told me nothing in response to my request of an update on progress at Sukari from Buchaonon I sent them the email below, which I also copied into Centamin.
Out of courtesy to the individuals concerned I have omitted their names in the email posted on this forum.