Member Info for mrtibbles

As far as other mining asset's go that's fine, but there doesn't seem to be any sense of urgency developing those we already have,in Burkina Faso, as well as further exploration properties across the border in Côte d'Ivoire. Positive results to date have seen a number of priority areas emerge which will remain the focus for resource growth? Just looks like bit of a hole in the ground and not much happening as far as I can tell? Cowichan has been asking questions on these projects and is still awaiting answers. I didn't say they should spend all their cash on a share buy back, just a proportion that would strengthen the existing share price. I do'nt know if ypu realise but the CFD trading funds( BlackRock etc )are still getting the dividend on the Ex Divi date whilst we as normal equity holder have to wait for the Pay date ,that means they can then go short on the this stock and make a killing before buying in again to take the divi on ex divi date, This does not help ordinary long term share holders and actually de stabilises the Cey share price.making it easy prey for the day traders!

all those shares bought and the MM still knock us down! Far too many shares in circulation, the management should buy some back!

Dear Mr Jefroy MP Further to the information I have already sent your office regarding your request for information on the precious metals price manipulating that is carried out every day in trading rooms. Please find the links below as further evidence that precious metals price suppression is a fact, not a conspiracy theory by cranks as claimed by those engaged in the Comex manipulation who of course have a vested interest in maintaining the status quo! Here are the actual CFTC orders against DB and HSBC admitting spoofing. https://www.cftc.gov/sites/default/files/idc/groups/public/@lrenforcementactions/documents/legalpleading/enfdeutschebankagorder012918.pdf https://www.cftc.gov/sites/default/files/idc/groups/public/@lrenforcementactions/documents/legalpleading/enfhsbcsecuritiesorder012918.pdf Those that called people such as Andrew Maguire a conspiracy theorists back in 2010 when he was were reporting this manipulation have now admitted collusion! As I said in my previous email this Comex manipulation of precious metals has the potential to cause a financial crash far worse than experienced in 2008 and that day is getting ever closer unless some interest is shown by more of our politicians and some appropriate action taken. I have copied my MP in as a matter of parliamentary protocol.

Really Excellent piece Schomosport1 What makes me so angry is the fact that with over $400 million dollars sitting in the bank earning nothing he cost of another LHDR was less than peanuts! Also they seem to have tried to divert attention from the real reason for for this production reduction by announcing it was down to lower grades! Our board made a monumental and very avoidable cock up that is costing the company and us dearly and they appeared to have tried to divert the markets attention away from the fact that the Sukari depended on one very crucial LHDR that was working to it's maximum tolerances! As you say the contractor would have charged more if they were required to have to the appropriate liability insurance cover in place for their fault production stoppages, but so what, again it would have been peanuts compared to what it will cost now! Lessons learned, that all well and good it's us that paying the price so far! I would kick some arse(s down the road if it were up to me!

We all had a dream, but I fear it's fading fast unless our board starts to perform as they should! I once worked for a boss who kept racing pigeons and he really loved them, but at times he would say that he had to wring a few necks of the ones that weren't worth their corn! Some neck wringing is needed on the Centamin board unless they demonstrate that they are worth their very expensive corn! https://www.youtube.com/watch?v=4F4yT0KAMyo https://www.youtube.com/watch?v=nLZTdhY1GVE https://www.youtube.com/watch?v=3y-ZrVHOHTU They used to tell me I was building a dream And so I followed the mob When there was earth to plow or guns to bear I was always there right on the job They used to tell me I was building a dream With peace and glory ahead Why should I be standing in line Just waiting for bread? Once I built a railroad, I made it run Made it race against time Once I built a railroad, now it's done Brother, can you spare a dime? Once I built a tower up to the sun Brick and rivet and lime Once I built a tower, now it's done Brother, can you spare a dime? Once in khaki suits, gee we looked swell Full of that yankee doodly dum Half a million boots went sloggin' through hell And I was the kid with the drum Say, don't you remember, they called me Al It was Al all the time Why don't you remember, I'm your pal Say buddy, can you spare a dime? Once in khaki suits, ah gee we looked swell Full of that yankee doodly dum Half a million boots went sloggin' through hell And I was the kid with the drum Oh, say, don't you remember, they called me Al It was Al all the time Say, don't you remember, I'm your pal Buddy, can you spare a dime?

True it does certainly cost us the share holder! I would go further though and say that it's dereliction of duty or even laziness! Delegate the work to the contractor and then sit with your feet up taking the wages and free shares! In any case as I have already said in any contract delivering a service there should be penalty clauses if the contractor fails to deliver the service to the agreed standard and contractors should be required to have indemnity insurance to cover for such incidents. So were Barminco required to have such insurance and were there penalty clauses regarding minimum performance levels in the contract T&C , if not why not? If not,why not,but all the more reason for the client Centamin to keep close eye on the contractor Barminco! Fair comment Rebess on the directors shares, I am sure if most of us had been given a shed load of shares then we wouldn't mind reinvesting them especially if the share price had dropped by a third due to the boards failure to execute their responsibilities professionally!

that this reduction in output was down to something other than the grades of ore which are going to improve very soon in the overground pit. The real problem is down to the failure of proper risk assessment and risk mitigation with regard to underground drilling which is absolutely crucial to the Sukari production guidance! I have been informed that Barminco were contacted for the specialised drilling because it de risked a most crucial part of the the production process. So what happened Barminco ran the LHDR to it's limits and it failed with no back up on site! So were the Centamin board aware of this potential risk to the production, if not why not? If they were aware then that is irresponsible and inexcusable behaviour! Making mistakes is one thing, when you sit on a management board and take big wages and perks you either do the job properly or walk the plank! Sorry people if this isn't what you want to hear but past record doesn't matter when a monumental cock up such as this occurs!

long before stage 4, capex was still being paid back and profit share was years away! This share price can't be right, it's become to influenced by market number crunchers and the MM seeing it as a nice little earner for trading up and down. The good grades in the overground pit will soon be on stream,that work is ahead of schedule! Sukari could be churning out a lot more gold especially if the new LHDR arrives and they get the new crusher properly commissioned!

Quiet so uncertain! https://www.telegraph.co.uk/news/2018/06/11/donald-trump-kim-jong-un-summit-live-latest-news-updates-us/ But how long will it last?

They may be trying to drum up interest in the institutional and pensions sectors, As my good old broker friend told me the institutional investors would really pile pile into this stock , except at the present they can't because of the court case!. So our management need to put some some pressure on EMRA to get Humpty Dumpty the judge down off the wall and make a ruling! Or would it not be possible to get EMRA to cancel the old contract/concession and issue a new one covered by law 32? I an sure by now many of you are as tired as I am of hearing that the wheels turn slow in the Egyptian legal system "Turn slow" they must be joking, six years on and our management are still putting up with the same carp and issuing the same excuse. The Egyptian legal system is in a state of comatose as far as the Centamin court case goes and our management should state that unless the court case is resolved by a certain date then it's off to the International court! True it might take 3 to 5 years there but that may still be faster than in the Egyptian system!

"Nail on the head" Rebess, "Nail on the head"

Nice to hear from you uncertain and thank you for your opinion , it is I am sure valued by everyone else on here too!

are on the road at present marketing Centamin to potential investors so it may be a week or so before questions get answered.

Centamin are conducting a feasibility study to assess the viability of solar as a partial alternative to some of their power needs.

I accept the points that mining is difficult and also that Cey should recover from the problem. 1.From our experience we understand that mining is difficult in foreign countries because of political risk and of course unforeseen geological problems (ore grade or reserve size or accessibility, essential services supply diesel,etc) 2. As to learning from failing to mitigate the obvious risk (only one LHDR) that the majority of production output depends upon well that that might be acceptable to share holders if it were a rookie management of a new mining company who were being paid peanuts. We have always been given the impression that our Centamin management board were highly qualified professionals, fiscally responsible, but also cautious in their approach to protect the best interests of Centamin and it''s share holders for which they received the appropriate remuneration.. Lessons to be learned indeed , the first one is that they allowed a multi million dollar operation to depend on only one LHDR that ad no back up should it fail completely! 2 They appear to have failed to ensure that due diligence was carried out regarding a contractor and or equipment which were crucial to sustaining the previously published production guidance of 580.000oz. https://www.srk.co.uk/en/our-services/multi-disciplinary-services/uk-mining-due-diligence Geology Mineral resources and ore reserves Mining engineering Geotechnical engineering Hydrogeology/hydrology Mineral/metallurgical processing Tailings/slimes deposition Refining and smelting Infrastructure and capital projects Human resources Occupational health and safety Opearting and capital expenditures Engineering, procurement and construction management Environment (social and bio-physical) Mineral economics Obviously this is how things appear to us the outside share holder at the present and I am sure most other share holders also really hope that the Centamin management will come forward with some credible and reasonable explanation as to how this unsatisfactory and very expensive situation has come about. If they are unable to do so then I feel that those responsible should do the honourable thing and step down without any bonus severance packages.

http://www.corporatecomplianceinsights.com/10-principles-for-effective-board-risk-oversight/ 1. Understand the company�s key drivers of success; and 2. Assess the risks in the company�s strategy. 3. Define the role of the full board and its standing committees with regard to risk oversight. 4. Consider whether the company�s risk management system � including people and processes � is appropriate and has sufficient resources. 5. Work with management to understand and agree on the types (and format) of risk information the board requires. 6. Encourage dynamic and constructive risk dialogue between management and the board, including a willingness to challeng 7. Closely monitor the potential risks to the company�s culture and its incentives structure.e assumptions. 8. Monitor critical alignment � of strategy, risk, controls, compliance, incentives and people. 9. Consider emerging and interrelated risks: What�s around the next corner? 10. Periodically assess the board�s risk oversight processes: Do they enable the board to achieve its risk oversight objectives? I would say that allowing production to depend upon a sole LHDR running flat out would fall into more than one of these area's! It seems that the Centamin board had adopted sweet shop mentality to run a multi million dollar mining operation. Especially considering that in the scale of things Sukari is generating over $15 million a month the cost of another LHDR was peanuts, in fact they should have bought two spare and ramped up production even more!

Moody�s views a board of directors� risk oversight role as critical to the sound running of an institution � especially for financial institutions and for other companies with significant market and credit risk exposures. In particular, Moody�s sets high expectations for boards� role in shaping a firm�s risk appetite and ensuring a proper risk management framework is in place. (By board, Moody�s typically refers to the board of directors. In those jurisdictions with a dual board structure, we refer to the role of the supervisory board.) In Moody�s view, the board has five central functions with respect to risk: 1. Approve the firm�s risk appetite as a component of its strategy 2. Understand and question the breadth of risks faced by the company 3. Ensure robust oversight of risk at the board committee and senior management levels 4. Promote a risk-focused culture and open communication across the organization 5. Assign clear lines of accountability and encourage an effective risk management framework

We long term holders have come to expect the Centamin management to act in a conservative way about most things, that is why I find it so surprising that their company risk manager allowed Baminco to jeopardise Sukari ore production by running a solitary LHDR that was only ever stopped for routine maintenance, but had no back up should something more serious arise, i.e. major breakdown I have asked Centamin if the T&C's of the contract with Baminco included penalty clauses for failure to deliver the contracted service (Drilling) to the agreed standard, also if Baminco were required to have insurance in place to cover the compensation for interrupted production delivery of as yet Ihave had no reply. I can't believe that Baminco would operate on contracts this size without having some indemnity insurance in place Indemnity is compensation for damages or loss, and in the legal sense, it may also refer to an exemption from liability for damages. The concept of indemnity is based on a contractual agreement made between two parties, in which one party agrees to pay for potential losses or damages caused by the other party. See Barminco Barminco ensures that our quality standards are backed by formalised systems? The Barminco Integrated Management System (IMS)In existence within Barminco is an IMS which governs our quality systems, responsibilities and structure further to the ISO9001:2015 standard. IMS details management responsibilities and governs resource management, product delivery and measurement benchmarks. Additionally, it provides details on its administration to ensure we optimise and continually improve our quality assurance. https://www.barminco.com.au/projects/international.html Centamin should be compensated by Baminco, unless of course the management were aware of this potential huge risk to production and did nothing to mitigate the risk. Mitigate the risk meaning Risk mitigation is defined as taking steps to reduce adverse effects. There are four types of risk mitigation strategies that hold unique to Business Continuity and Disaster Recovery. It's important to develop a strategy that closely relates to and matches your company's profile So why are we in this very serious situation and who is really to blame, has the senior management failed in it's responsibilities to the share holders, we need to know ?

Quite so Rebess, But who would have thought in those days that the Centamin would have allowed that record breaking throughput to be dependant upon a contractor Baminco who took the chance of running a single LHDR flat out with no back up should it fail! Were Baminco trying to keep costs down by being dependant on the one Long Haul Drilling Rig? If so then it would seem that Baminco learned little from their experience at the Independence Mine. Also I assume the Centamin management were aware of what Barminco were doing and also aware of the problems to production a break down or even worse a series of failures of this essential piece equipment could cause, Were Centamin management aware of the past failings of their chosen contractor Baminco and were they were taking similar risks at Sukari? If they were then surely the allowing or condoning Baminco to operate in this way without and robust contingency plan in place is serious failing by Centamin senior management for which the company and its share holders are paying a very high price Forget the transitional ore grades, they will come good very soon. Also the second crusher will be fully commissioned by that time. Forget the analysts figures for now, Sukari can churn out a lot more gold than it is present ! I believe the significance of lower transitional overground ore grades were completely overdone to divert attention from the real cause of the problem Centamin management allowing Baminco to depend upon a sole LHDR with no back up on site or even available from elsewhere. Baminco were employed as underground drilling professionals supposedly to reduce any risk to production throughput and they must have been aware the chance they were taking by only having one LHDR,.

our share price is at the sort of level it was trading years ago long before stage 4 was up and producing and certainly profit share was years away. Of course production is down but it's still a lot more than it was in the early days!