Member Info for mrtibbles

My mistake, More like £500,000,000,, staggering isn't it and yet some are slapping the management on the back for giving us reward of 2 cent's divi apology!

We shouldn't be in this situation, I am no mining expert but whoever was in charge of production at Sukari should have been.

But what is the point of making a fuss, when some share holders roll on there back for a bit of divi and a slick presentation.

I disagree entirely with the board over a share buy back,it makes sense at these levels, but there you go!

In the meantime the POG is falling and the AISC are on the rise!

Everyone is on the same side of the boat.,unfortunately in the rigged synthetic world of the Comex that is exactly what is needed to commence a contra short squeeze rally that has nothing to do with real gold demand!

Still nobody wants real gold or do they, we shall have to wait and see?

Good point Rebess,

Would EMRA agree to that if there was any doubt about the existing concession ?

Good point Rebess,

Would EMRA agree to that if there was any doubt about the existing concession ?

so happy with the results considering that there has been £500.000 knocked off the value of the company and AISC has increased
Hopefully some of you got answers to your outstanding questions to IR.
Still the divi is maintained and who knows there might be a decision on Law 32 in 2019, but bear in mind that the legal process in Egypt can be lengthy, not so long now and it will be a decade for the court case!

Hi Sastech, why not put the question in an email to IR or Buchanon, find the addresses on the website.

This board could do with somebody to do that sort of thing?

I knew nothing about this until it was brought to my attention on this board.

I am not a mining expert so I am not able to give an opinion, I wish I were able , but I am dependant on others experience in these matters.

What I do appreciate though is openness,integrity and honesty from any of the companies I invest in..

I asked Kees about his figures and his subsequent admission of inaccuracy,

Kees did point out that he believed their forecast open pit grade could never materialise as they seemed to overestimate it, or underestimate dilution.

This was denied by Centamin and he was told he was wrong.

Kees asked them to provide him with full production statistics instead of him having to make roundabout calculations, the dialogue then ceased.
Without having looked at the latest performance in detail,

Kees wasn't that interested in analysing and arguing quarterly performance, instead he looks at trends that spell upside or downside in future.
Without having looked at the latest performance in detail he noticed that the management is consistently falling short of waste stripping against plan and that their promised higher open pit feed grade never materialises.

As I said I was unaware of this article until you brought it to my attention which then raised my concerns especially after the RNS cut in guidance..

To be fair to him he seems more than qualified to give an opinion though https://www.linkedin.com/in/kees-dekker-92742410

He was also either very accurate or very lucky in his conclusions in 2015.

"with the potential for the legal process in Egypt to be lengthy..." the report used flattery and praised the government for Egyptian reforms...to encourage more. Proactive.

The legal process is "Comatose" .

If the here is any doubt over the validity of the Sukari concession then surely EMRA wouldn't be working in partnership with Centamin and taking profit share?

Dasut,
I respect you, but to suggest that only people who know about mining should invest in Centamin is a bit limiting to say the least,

Perhaps there shroud be warning on the Centamin website "Investors are required be qualified mining engineers, geologists or have an in depth knowledge of the gold mining precess

How many people hold a portfolio with Tesco,Centrica,BP,Burberry, British Land ,and Aviva for instance, but I an sure that they don't know most of what is involved in he day to day operation of each of those companies.

It important for any company in any industry to be able to communicate with different groups such as analysts or investors taking into account the different requirements of each group,i,e. do they need more technical facts as in the case of analysts or basic bullet point highlights and reassurance as in the case of investors.

There is no excuse for a company not to answer investors emails, even if they can't give an actual answer at the time due to financial regulations or commercial confidentiality of the company, then an acknowledgement to the investor explaining that is surely the correct protocol I would have thought?

Good PR is essential and since the production guidance cut Centamin have handled this very badly.

Fair enough you get "Blips" in any business, except a £500.000 reduction in the valuer of the company because of the management failed to mitigate an obvious risk to production is something else,certainly,not a blip!

You don't need to be a mining engineer/supermarket manager, petroleum engineer or insurance risk assessor to realise that you mitigate risk to business turn over in any company.

You know about plant, you realise that if a truck is running at it's limits then it is wise to have more spare parts, even better get an an extra truck, you don't run your only truck to a standstill without any back up, this is what they did with the LHDR.

They must have known about the lower grades (report 2015) so why the recent surprise announcement?

If that 2015 report wasn't correct, then why didn't they supply the analyst Kees Dekker with the information he asked for?

Instead it seems Centamin adopted a policy of silence, never a good idea in any business.

I am afraid I can't join those of you that want to slap our management on the back as yet until I see a recovery from a situation we should never be in had people been doing their jobs properly.

I have given praise to the management in the past and I am criticising them now for their avoidable failings, if and when they rectify the present situation and improve the future production output then I will acknowledged that appropriately.
.

He must have been referring to this report then, you may recall it was brought to our attention by Mr Bond & Mizolgit

The recent RNS announcement of “Poorer than expected transitional ore grades” is not an entirely accurate statement considering that the management had been aware of the difficult strata, the poorer grades and the potential detrimental effects on future production output since 2015 at the very least.

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

Quashing speculation that it was mulling bigger changes to its framework, the Bank of Japan vowed to maintain "extremely low" interest rates, but revealed a series of small policy adjustments. Those include allowing long-term rates to fluctuate depending on economic and price developments, and conducting asset purchases more flexibly. The BOJ also trimmed its price forecasts and conceded inflation could fall short of its target for three more years.

The Eurozone's economy slowed further in the three months through June, expanding at an annualized rate of 1.4%. That contrasts heavily with the 4.1% GDP growth recorded in the U.S., likely widening the gap between the interest rates set by the Fed and ECB. Eurozone inflation meanwhile rose by 2.1% in the year to July, though that was largely driven by stronger energy prices.

I wonder how many institutions wouldn't be interested in gold when they might be earning 8% interest on their gold bullion with no storage fee's?

Just imagine if there were $billions committed to such mad brain scheme and orders placed for smelting, well if that happened it doesn't bear thinking about!

Just a fantasising of course!

Cranky Tibbles

I wonder if ACA might be less risky now than Cey?

at these levels before there was a hope of profit share sating and the stage 4 was still in the making, there wasn't a court case but there was a risk of revolution on the streets!

Perhaps the SP will drop a good 50p more and then it will really be like old times and everyone can pile in at a bargain price if they want to!

Strange how things come around again!

"The big institutions are pretty darn negative on the yellow metal," said fund manager and celebrity US pundit Jim Cramer on CNBC overnight, "and I think perhaps too negative, which could be tinder for a big rally."

https://www.bullionvault.com/gold-news/gold-prices-080120183

Has the cat bumped into Black Rock and tipped them off?

I do'nt think gold will drop that much more, even if it does it won't be for long long.

This drop has been engineered to suit the needs of the BIS & FOMC ,even a strong NFP will have only a short lived effect!

It's not the gold price you should be concerned about,that will come good, it's the incompetence of those running the Sukari mine and the way that investors are being treated like mushrooms that are the things to be concerned about!

Whilst the cats out lets hope he can sort out the court case, find another LHDR and get a report written based on the real facts rather than baloney!

Sent message to you via Twitter, although can't actually see a direct message faculty on there.

Hi Cowichan, I did try to contact you on twitter as I am am putting together a letter of complaint to Centamin regarding the managements performance, or lack of it and the way that the way that problems they knew about in 2015 were glossed over.until the knackered and only LHDR forced the discloser of the true state of affairs at Sukari.<br />Have you ever had your questions answered by IR?<br />

At least Rendgold have some working kit to gold mine with and the stoppage was only due to strike!
Mind you stoppages are quite a good tactic if the gold price is low, when the POG starts to recover then you end the stoppage,that is of course assuming the mine has working reliable kit or at least spare parts for it!

Hi Cowichan,

I miss him too ,great friend to us all and offered lot's of useful info!

July 30, 2018
WASHINGTON — The Trump administration is considering bypassing Congress to grant a $100 billion tax cut mainly to the wealthy, a legally tenuous maneuver that would cut capital gains taxation and fulfill a long-held ambition of many investors and conservatives.
Steven Mnuchin, the Treasury secretary, said in an interview on the sidelines of the Group of 20 summit meeting in Argentina this month that his department was studying whether it could use its regulatory powers to allow Americans to account for inflation in determining capital gains tax liabilities. The Treasury Department could change the definition of “cost” for calculating capital gains, allowing taxpayers to adjust the initial value of an asset, such as a home or a share of stock, for inflation when it sells.
“If it can’t get done through a legislation process, we will look at what tools at Treasury we have to do it on our own and we’ll consider that,” Mr. Mnuchin said, emphasizing that he had not concluded whether the Treasury Department had the authority to act alone. “We are studying that internally, and we are also studying the economic costs and the impact on growth.”
Currently, capital gains taxes are determined by subtracting the original price of an asset from the price at which it was sold and taxing the difference, usually at 20 percent. If a high earner spent $100,000 on stock in 1980, then sold it for $1 million today, she would owe taxes on $900,000. But if her original purchase price was adjusted for inflation, it would be about $300,000, reducing her taxable “gain” to $700,000. That would save the investor $40,000.