Member Info for mrtibbles

So are we to assume them with gold mines closing or selling up there will be less supply and that should push the price up, probably not!

So best if all the gold mines shut down, no point in digging for something if there is a surplus of gold anyway, according to the WGC

No more shorting of real gold ,the world gold council can whistle "Dixie" and EMRA will have to depend on Lord El Nagy for it's production share, it will wait a long time though!

Centamins directors shares will be worthless and the court case will end because there won't be anything worth mining anyway!

But of course there may be a good enhance of POG recovery in September upto the end of the year!

Not my words, but from the article with the link https://www.silverdoctors.com/gold/gold-news/gold-shorts-near-record/

Sorry typo below should read -higher AISC.not to mention a profit sharing agreement and a never ending court case locked in stalemate because nobody can be asked to sort it out or go to the international court for judgement!

Oh forgot the diesel costs and the on going subsidy case!

I have asked several times now the reason for the recent AISC, as yet no reply!

or at least thy would be were it not for the complacency of directors and a failure to mitigate risk, difficult grades a knackered long hole drilling rig, higher AInot to mention a profit sharing agreement and a never ending court case locked in stalemate because nobody can be asked to sort it out or go to the international court for judgement!

Gold Miners are deeply out of favour, either despised or totally ignored. And they are wildly undervalued, trading at levels implying gold prices were radically lower than prevailing levels. The gold miners are earning fat profits even at $1225 gold, and those will really amplify gold’s gains as it rebounds out of these summer-doldrums lows.
Now is the time to get deployed into great individual gold stocks before they rebound sharply.

http://www.zealllc.com/2018/gmq118fn.htm

https://www.fool.com/investing/general/2016/05/22/can-you-guess-which-gold-miner-has-the-lowest-all.aspx

Confirmed in much of this !

https://www.bullionvault.com/gold-news/gold-prices-073020182

Ahead of this week's central bank news, latest data released Friday said that hedge funds and other 'Managed Money' traders in Comex gold futures and options held a record net bearish position overall.

In the week-ending 24 July, those leveraged speculators increased their short position, net of bullish bets, by 23% to the equivalent of 84 tonnes of metal, the heaviest net negative betting since current records started in 2006, according to US regulator the Commodities Futures Trading Commission (CFTC).

"Beyond the current weakness," says a fundamental note from investment and London bullion market-making bank Standard Chartered, "we expect prices to recover as USD strength fades and strong seasonal demand materializes in India in September given the good monsoon forecast."

"[Speculative] positioning remains heavily skewed to the short side," says a trading note from Swiss refining and finance group MKS Pamp, "with non-commercial shorts remaining close to record highs.

"There could be a possibility of a relief rally on the horizon [but] we still believe it is very much a Dollar play."

Most global stock markets started this week lower, with European shares drifting down from Friday's 6-week high.

The British Pound meantime slipped against the Euro but rose versus the Dollar on Monday morning, edging the UK gold price in Pounds per ounce down to new 2018 lows just beneath £930.

Hi Somanamna,

Thnk you for hhe esxpalntion on penalty claues on this type of contaract,

You confirm what I suspected that any any responsibility for loss of revenue for failing to deliver the the service is most probably limited., as one of our other members explained the contractors liabilities are usually limited otherwise the cot of he contacts would be prohibitive.

Cenrtamin investor relations told me that Centamin had "De risked" the underground drilling by handing it over to a specialist contractor Barminco

So it is most probably the complete failure the management to oversee the contractor which is why they skimmed over the reasons in the emergency RNS and just mentioned that spares were unavailable!

But to be fair for all we know Barminco may have made the Centamin management aware of the risk, but were just told to carny on regardless?

I wonder what responsibility if any does the Managing Director of Sukari Gold Mining Company Youssef el-Raghy have in this?

(Reminds me of when I was in BP and the Gulf of Mexico spill occurred-The judge essentially divided blame among the three companies involved in the spill, ruling that BP bears 67% of the blame; Swiss-based drilling rig owner Transocean Ltd takes 30%; and Houston-based cement contractor Halliburton Energy Service takes 3%.).

Quite so Rebess!
You will recall all along I have stated just how important the underground production was!
Indeed it was confirmed to me that the LHDR cost a months production!
It illustrates just how much glossing over was going on regarding the poor overground surface ore grades !
Hence my questions regarding what penalty clauses were in the contract with Barminco or failure to deliver the specified service!
If there weren't any penalty clauses why not?
Perhaps more importantly what on earth was Managing Director of Sukari Gold Mining Company Youssef el-Raghy doing by not mitigating such risk, that is after all pert of his role I should have though?
He appears to be not worth his corn!
Racing pigeons that aren't worth their corn get their corn get their necks wrung!
I understand that the Centamin management don't want to run a bank, but from recent event's they don't appear to be able to run a gold mine properly either!
Before anyone jumps to defend the management, there is no defence!
They knew about poor overground ore grades in 2015 or even before that!
Centamin managed to put a gloss on their results for another 18 months or so, mostly by mining less waste than planned and high-grading the open pit.
Another major issue is outside management control: they are now having to share the net free cash flow with EMRA a 55/45 basis.
The Sukari management is consistently falling short of waste stripping against plan and their promised higher open pit feed grade never materialises thus far!
They appear overestimate reserve grade/underestimate dilution?
The complete failure of the underground LHDR was avoidable, but the management failed to mange risk properly!
In my view the responsible Centamin managers should go to the job centre ,do not pass go ,do not receive free bonus shares!
The Centamin directors have been doing very nicely by questionable practice and it is the share holders who have taken all the risk for scarps off the top table, but it is the share holders who now suffer the pain of the managements failings!

Quite agree sentiment has changed!
Why because the management have stupidly not been completely upfront about the situation and even worse now ignore us the retail investors!
I have always been supportive of Centamin and had been trying to do what I could to reassure fellow investors by
developing a good rapport with the company.and getting answers on any concerns they may have.
Sadly I seem to have failed!
I am very unhappy and disappointed with the arrogant attitude that Centamin now has towards it's loyal retail investors.
Of course everyone must make their own decisions on what to do in the future.
A great start would be if a few more retail investors would take part in the conference calls and ask a few of their outstanding, but as yet unanswered questions in public!
At present all the conference call sessions appear to be just PR stage managed analyst speak!

I wonder if Managing Director of Sukari Gold Mining Company Youssef el-Raghy is really up to the job?

The main bee in my bonnet just now is the management of the war-chest we had accrued. - It seems they don't know what to do with it
Well they certainly should have bought another LHDR before now, if they had it would have paid for its self by now!
Some of us on here already know that even without spending the war chest but just by investing it in the ABX vaults Centamin could be earning 8% on it very soon!
If they put some effort into resolving the court case the share price would rise immediately by around 20%.

Fair comments Rebess.!
I once had a great deal of respect for the Centamin management ,but recent events and my subsequent findings after doing some research have given me some serious doubts as to their professional competence, their real intentions and above all their honesty and integrity with share holders.
You may recall I questioned IR as to why only three weeks after Andrew Pardey trumpeted 580,000oz it was necessary to issue an emergency RNS warning of 505.000 oz due to lower grades,strata problems and unavailable specialist equipment
.http://www.cityam.com/285207/gold-miner-centamins-first-quarter-profit-has-more-than
http://www.cityam.com/263991/centamin-shares-drop-gold-miners-production-declines-and

I was told Andrew Pardey had flagged up previously in the Q! announcement about the grade problems in Q2?

Well if these grade problems were going to be such a problems then why announce the 560.000oz,

Why the announcement by Managing Director of Sukari Gold Mining Company Youssef el-Raghy
https://www.egypttoday.com/Article/3/45628/EMRA-takes-6-2M-on-profit-account-from-Sukari-Mine?

Surly the general manager of Sukari would have been aware of the grade problems at that time considering they were pointed out to the rest of the management in 2015?
Was the general manager unaware then that the LHDR was being run on a wing and a prayer principle by the specialist contractor, ie outside safe limits without adequate spares or back up rig available?
Perhaps some of us long term investors have been very innocent for too long about the illusion that has been cleverly presented to us.
The phone in conference calls seem to be stage managed, I am sure others have notice it is only the pet analysts the management want to take question's from?
Analyst's can gain access to the company at any time!
They should be answering questions from investors don't you think?
A court case that has gone on now for over six years that has reduced the market cap by at least 18%,, kept institutional investors away and yet the management just churn out the same old excuse that legal proceeding Egypt can be lengthy?
Westhouse Securities says: 'It is obviously positive news for the company, and reinforces our belief that the company is likely to win its appeal. However, until the challenge is removed we are retaining our 18% discount rate on the stock.'
https://www.sharesmagazine.co.uk/news/shares/centamin-eyes-end-of-legal-pains
I can understand ant retail investor feeling cynical about the Centamin management.

I still have my holding in Centamin because I thought the management were professionals in their field,competent managers and that they really valued their share holders.

However it seems regarding ore grades they were aware of the problems that they would encounter around 2018 in 2015, and instead of being open with shareholders glossed over the facts.

Remember Q! this year we were told that 580.000 oz were possible!

So what changed so much in three week to necessitate an emergency RNS?

The management appears to have been complacent over the LHDR operation or the contractor is guilty of dereliction of duty,which is it ?

Well we don't know because the management have buried their heads in the sand and won't communicate with us any more.

Whatever the management are still faking their fill of free bonus shares

So you make your mind up about if you have faith in the management any more, but until our questions are answered properly then I can only assume that they are to blame and have things to hide

Why am I interested in Kinesis, mainly because I hope it's launch will help support a fair gold price which in turn will help Centamin

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Electoral Reform Society

So true Rebess the world over!
Although it is amazing hat there are all those people employed in the Egyptian legal system and yet there is such a back log of cases, why is that do you think?
Job's for the boys I suppose?
Then the US judge ignores 35000 pages of evidence that proves the banks trading rooms haven't changed their ways and are still manipulating.and doing deals under the counter using privileged information they have days before the likes of us ordinary investors.
why is that?
From what I know it's because they dare not side with right because as one regulator stated "How would we cope with the financial fall out?"
But never mind,
Remember the Libor scandal, there is something much worse with far reaching consequences that will be revealed soon and so the judges will have to see what they can do with this when that breaks!!
As to the metal price manipulation well I hope that good old "k" when it is launched will go some way to solving that one.
Obviously I can't say how much I know is committed to "k", but let's just say it is in the billions and that if the Cartel are going to defeat the effect of "K" on the gold price they will have to be putting in some shorts sells that will exceed the GDP of some countries.
Having said that we all know the dirty tricks that our governments are capable of when it comes to propping up the corrupt trading in the city!

But sadly it seems our management were not being as open with us as they should have been about the lower grades which they were aware of in 2015!

So why the big surprise RNS announcement in Q2" when 3 weeks earlier our management were trumpeting 580.000 oz?

They could have kept the illusion going bit longer were it not for the fact that the LHDR being operated and supposedly maintained by a specialist contractor was run to destruction with no contingency plan or even the right spares.

So if they haven't been open about the ore grades situation to the investors then I just hope they have been open about all he facts concerning the court case!

I am afraid I no longer have the faith in the management I once did, they were asleep on their watch over the LHDR that is not at all professional, but if they intentionally misled share holders with the Q1 580.000oz that's another thing entirely.

I suspect that our management were running plant over reasonable limits to boost production at all costs to keep the illusion that all was well, but they got caught out when the sole LHDR self destructed!

Now IR ignore emails and the management have buried their heads in the sand(despite the grades)

But then the new chairman delegate came from ACA and look at that companies record of being upfront about the situation, not very impressive.

Free shares for the management, not in my view!

Let's get somebody like Keith Neumeyer of First Majestic in to run the company,he would sort things out!

Fair comment Rebess!

I have always been of the opinion that L32 did us no favours, it would be better if it were scrapped and then the CC could conclude!

He used to work with Capital drilling.
http://www.tabj.co.za/central_africa/capital-drilling.html

Rigs to rely on
Renowned for its commitment to safety and innovation, Capital Drilling provides comprehensive drilling services to major mining companies across the world.
Australian drilling professionals Brian Rudd and Jamie Armitage created Capital Drilling in 2004 with the aim of building “a more focused, better-run drilling company,” which, unlike the majority of its competitors, would put African projects first. “Although we were from Perth, we wanted our focus to be in developing and emerging markets,” says Rudd.
“We believed, and still do, that the most important thing was to know how to support your people with good logistics and high-quality equipment,

A complete drilling solution
Capital’s contract win for Centamin’s Sukari project in Egypt in 2008 marked its departure from exploration drilling and its movement into grade control and blast hole drilling.
The company has been growing its mining services capabilities since then, including most recently underground drilling in 2012.
“Coming into 2014, the company will earn circa 50 per cent of its revenue from blast hole drilling, whereas true exploration drilling will represent only 6 per cent,” Rudd reveals.

Both these companies give great reassurances about their professional capabilities and the measured control standards that they employ in the execution of their duties and responsibilities to their clients. unfortunately Barminco appear to have not delivered to the required minimum service level. (That is assuming Centamin have stipulated one in the contract terms)

Off topic but you may find useful if you suspect your email has been compromised
https://haveibeenpwned.com/

Very easy to use and free.

sorry to post off Centamin, but as they appear not to be communicating with me for some reason I thought I would post something that may affect gold prices and the markets!

Trump has a legal team trying to shut Avaas who exposed lot's of Trumps dirty dealing!
Trump’s Russian Laundromat (The New Republic)
https://newrepublic.com/article/143586/trumps-russian-laundromat-trump-tower-luxury-high-rises-dirty-money-international-crime-syndicate

Everything We Know About Russia and President Trump (Committee to Investigate Russia)
https://investigaterussia.org/timelines/everything-we-know-about-russia-and-president-trump

Secret Money: How Trump Made Millions Selling Condos To Unknown Buyers (Buzzfeed News)
https://www.buzzfeednews.com/article/thomasfrank/secret-money-how-trump-made-millions-selling-condos-to

Trump’s Russian connections (Financial Times)
https://ig.ft.com/sites/trumps-russian-connections/

Dirty money: Trump and the Kazakh connection (Financial Times)
https://www.ft.com/content/33285dfa-9231-11e6-8df8-d3778b55a923

Trump's oldest son said a decade ago that a lot of the family's assets came from Russia (Business Insider)
http://www.businessinsider.com/donald-trump-jr-said-money-pouring-in-from-russia-2018-2

Sales of Trump properties suggestive of money-laundering - researcher (Reuters)
https://uk.reuters.com/article/uk-usa-trump-russia-fusion/sales-of-trump-properties-suggestive-of-money-laundering-researcher-idUKKBN1F8058

Tower of secrets: the Russian money behind a Donald Trump skyscraper (Financial Times)
https://www.ft.com/trumptoronto

Trump Tower Toronto Was 'Investment Scheme And Conspiracy': Lawsuit (Huffington Post)
https://www.huffingtonpost.ca/2016/11/07/trump-tower-toronto-lawsuit_n_12849150.html?guccounter=1

If Trump Is Laundering Russian Money, Here’s How It Works (Wired)
https://www.wired.com/story/if-trump-is-laundering-russian-money-heres-how-it-works/

Trump's casino was a money laundering concern shortly after it opened (CNN)
https://edition.cnn.com/2017/05/22/politics/trump-taj-mahal/index.html

Donald Trump and the mansion that no one wanted. Then came a Russian fertilizer king (Miami Herald)
https://www.miamiherald.com/news/business/article135187364.html

Everything you want to know about Donald Trump's bankruptcies (CNN)
https://money.cnn.com/2015/08/31/news/companies/donald-trump-bankruptcy/

Canada's highest court upholds ruling that Donald Trump did mislead investors (The Independent)
https://www.independent.co.uk/news/world/americas/donald-trump-lawsuit-canada-court-approves-legal-case-against-us-president-a7623566.html

Russian elite invested nearly $100 million in Trump buildings (Reuters)
https://www.reuters.com/investigates/special-report/usa-trump-property/

Why did a Russian pay $95M to buy Trump’s Palm Beach mansion? (The Seattle Times)
https://www.seattletimes.com/nation-world/why-did-a-russian-pay-95m-to-buy-trumps-palm-beach-mansion/

The Russia investigation and Donald Trump: a timeline from on-the-record sources (updated) (Politifact)
http://www.politifact.com/truth-o-meter/article/2018/jul/16/russia-i