Member Info for mrtibbles

Fair comments Tornado, lets hope he proves to be a good appointment choice ,only time will tell of course!

Thank you Cowichan , impressive presentation,possibly Centamin or their P.R. company would offer some more detail re this if contacted?

Hi Cowichan,

So what's new, Sukari had a general manager Yousef El Raghy who was a former Egyptian police captain, I'm not aware that mine management is part the Egyptian police academy curriculum which may account partly for the mess he helped create at Sujkari

Hi Paul,

You recall Kees Dekker's two reports that flagged up serious concerns in 2016 & 2018 , I belive Pardey realised even in 2016 that some radical reshaping of how things wee being done was needed, but the management also knowe how the CAPX required would be a major drain on the profits flow and so decided to save on the expenditure and keep on taking the profits for as long as they could gloss over the cracks in their mining plan!

As you may be aware EMRA have representatives permanently on site but they likely the didn't care a jot about the actual physical state of the mine and in any case all they were concerned about was maximising their share of the profits!

Kees Dekker believes that Martin Horgan's present strategy of reshaping and creating more flexibility in the Sukari operation is the best and only way to turn the mine around so it can achieve its full potential !

So lets keep our fingers crossed that this time thong really will be differnt!

Tibbs

Hi Paul,

Agree with you entirely!

As Dasut has already explained to rectify so many years of inappropriate mining practice at Sukari was going to take several years and require a very considerable increase in CAPEX!

It seems to me as though Martin Horgan and his team have almost had to start again at Sukari !

Whilst some may choose to try to claim the previous managements misdoings are all in the past , that legacy is very much in the present until the awful mess that Pardey and Co made is finally cleared away and who really knows if that will be 2024, or even later , I'm sure we all hope the completion will be the former!

I agree with Tornado the next quarters results are crucial because until there is some real evidence of substantially improved quarterly figures released this share remains in the bargain bucket of penny shares!

Whilst such uncertainty remains would it be right to consider Centamin as an investment,likely not!

No wonder there is so much despondency amongst long term shareholders!

Tibbs

Daz,

Had the previous management acted sooner rather than carrying on digging themselves into an ever deeper hole of insufficient diameter whilst not taking the vital underground reserves seriously, then things now would have been very different now , admittedly the previous management were more much more prudent with CAPEX at Sukari which meant high profits in the shortest possible time, but now we have to pay a much heavier price thanif they had dealt with issues much earlier.

As to CAPD doing business in Eygpt there are far more riskier places on their portfolio but so far I understand that all Centamin has honoured all its continental obligations to CAPD.

You haven't mentioned what you see as any better alternative investments ?

Hi Mr Gnome,

The City of London is on course to secure an exemption from new global corporate tax rules to protect the largest banks within the Square Mile. The new global tax reforms were initially agreed by the Group of 7 (G7) counties, aiming to extract more money from multinational companies such as Google, Amazon and Facebook.

The Financial Times reported that the UK’s pitch to protect its financial services sector from the new global corporate tax rules were accepted during the Organisation for Economic Co-operation and Development (OECD) talks in Paris this week.

The approval is a huge boost for UK financial services but also comes at a cost. In return, the UK was urged to discontinue its digital services tax, which imposes a 2% tax on large multinational firms whose revenues are linked with user participation of search engines, social media platforms and online marketplaces.

https://www.halofinancial.com/economy/city-of-london-to-secure-exemption-from-new-global-tax-rules

23rd May 202245 0

British overseas secrecy hubs have reduced their overall supply of financial secrecy to the world but remain, as collective with the UK, the world’s biggest enabler, according to the Tax Justice Network’s Financial Secrecy Index 2022 – a ranking of the world’s biggest suppliers of financial secrecy. The UK, however, increased its supply of financial secrecy at home despite actively taking measures to rein in some of its overseas jurisdictions’ financial secrecy.

https://www.icrict.com/icrict-in-thenews/2022/5/24/britain-is-officially-the-biggest-tax-evasion-enabler-on-the-planet

Fact checks focused on tax evasion, avoidance and offshore accounts

https://fullfact.org/economy/tax-dodging/

https://www.jerseyfsc.org/media/6556/section-14-estate-agents-and-high-value-dealers.pdf

A think-tank called the Egypt Technocrats, made up of independent Egyptian professionals living around the globe, claims there are more than 300 secret companies inside Egypt involved in money laundering operations.

Some say vast amounts of money may have been smuggled out of the country since President Abdul Fattah al-Sisi came to power nine years ago. If true, could this flight be just one of hundreds that have made similar trips?

https://www.bbc.co.uk/news/world-africa-66614769

Kathmandu, Sep,1 : Additional police officers have been assigned to investigate the case of gold smuggled from Hong Kong to Nepal.

The Department of Revenue Investigation (DRI), which started its own investigation after seizing 60 kg and 716 grams of gold, has entrusted the investigation to the Central Investigation Bureau (CIB) of the police.

https://risingnepaldaily.com/news/31825

The investigating agency, the DRI, is a government body and that high-level politicians have been suspected for their involvement in this case, it is doubtful if the report of this agency would be impartial. In such a case, it is difficult to assume that the real culprits, including the mastermind behind the scam, are going to be punished. But it should not be forgotten that any leniency in punishing the real culprits involved in gold scams would not only erode Nepal’s image among the global community, but it might also have a detrimental effect on the economy and security of the country.

https://www.orfonline.org/expert-speak/nepal-a-hub-for-transnational-gold-smuggling/

In this week’s episode of Live from the Vault, Andrew Maguire is joined by Adam Trexler, founder of Valaurum - the manufacturer of Aurum gold-backed banknotes - to discuss money's natural evolution beyond fiat and into tangible assets.

https://www.youtube.com/watch?v=Yk6Y32KO6eg

Berenberg have a 171p valuation and a Buy - they remain very positive:

"Shares in mining services provider Capital Ltd have room to double in price, after an in-line set of interim results, Berenberg said.

The investment bank has a 'buy' rating on Capital shares and a price target of 171 pence per share. Capital was down 2.8% at 83.00p on Wednesday afternoon in London. The stock is down 13% over the past 12 months.

London-based Capital on Wednesday reported pretax profit of USD23.4 million for the six months that ended June 30, up 55% from USD15.1 million a year before, on revenue of USD154.3 million, up 12% from USD138.1 million.

Earnings before interest, tax, depreciation and amortisation, adjusted for the accounting treatment of leases, rose 10% to USD43.9 million, from USD39.9 million a year before, though the Ebitda margin narrowed marginally to 28.5% from 28.9%.

The results were in line with guidance that Capital had given last month, with the revenue figure having been already provided by the company. Berenberg said Ebitda of USD43.9 million was in line with its own estimate of USD43 million.

Capital held its interim dividend at 1.3 US cents, which also was as Berenberg had expected.

Looking ahead, Capital guided for full-year revenue of USD320 million to USD340 million. This would be up from USD290.3 million in 2022. Both Capital Drilling and Capital Mining expect to see revenue growth in the second half of the year, it said, due to the start or ramp-up of existing contracts. These include the potential restart of disrupted operations at the Meyas gold project in Sudan.

"Capital has delivered a solid H1, underpinned by continued strong performance on the Sukari waste mining contract, and in spite of the shutdown of operations at Meyas Sand following the escalation of conflict in Sudan," commented Berenberg analyst Richard Hatch.

Capital has mining services contracts with London-listed Centamin PLC for the Sukari gold mine in Egypt. These were expanded at the end of 202.

"We continue to be encouraged by Capital's consistent addition of both drilling and mining contracts on high-quality assets," Hatch said."

Good drilling news overnight from CAPD investee company Awale's Odienne project, where CAPD are the drilling contractor:

Https://money.tmx.com/quote/ARIC/news/7422487696303553/

Interesting post Tornado, long term holders seem to have been waiting for ever for a substantial and more importantly a sustainable rise in share price, so lets hope is finally achieved in 2024!

The gold market is not seeing any significant moves in reaction to the latest inflation data. Prices are holding near a three-week high following weaker employment numbers on Tuesday and Wednesday. December gold futures last traded at $1,972.40 an ounce, roughly unchanged on the day.

Elevated inflation pressures could force the Federal Reserve to maintain a hawkish bias; however, many analysts say that there is a growing risk that the central bank will be force to end its tightening cycle before inflation is bought down to the target range. Market expectations regarding Fed rate hikes remain relatively unchanged following the PCE data. Markets see the Federal Reserve on hold next month and see a 50/50 chance of a 25 basis point move in November.

https://www.kitco.com/news/2023-08-31/Gold-prices-holding-steady-as-US-PCE-inflation-rises-0-2-in-July-up-4-2-for-the-year.html

“The quits rate, which is a much better guide to future wage growth than the openings-to-unemployed ratio, clearly signals sharply slowing wage growth, consistent with an array of other indicators. Given that the full effects of the Fed's tightening to date is yet to work through into the labor market, this suggests to us that any further rate increases would be overkill."

https://www.lse.co.uk/ShareChat.html?ShareTicker=CEY&share=Centamin-PLC

Hi Paul,

Agreed, if things are going as planned at Sukari then needs to be a significant increase in updating and informing the market and shareholders , also some meaningful share purchases by directors could only help any upward momentum!

Keep well!

Tibbs

Not free’

Africa has a number of countries designated as “not free” where regimes receive strong UK support.

One is Egypt’s military junta, which has arrested as many as 60,000 political prisoners since overthrowing the country’s democratically elected President Mohamed Morsi in 2013.

Morsi died after being put on trial and his son Abdullah is believed to have been assassinated by poisoning. Last year Egypt hanged 152 prisoners, including activists from Morsi’s party, the Muslim Brotherhood.

https://declassifieduk.org/britain-backs-most-of-the-worlds-repressive-regimes-new-analysis-shows/

Since 2015 the UK has sold £10 billion worth of weapons to the world’s most repressive regimes. Our government has sold arms to 35 of the 48 countries identified by Freedom House, a US based human rights institution, as “not free”.

Our UK government claims to stand up for human rights and only in March Dominic Raab, Britain’s Foreign Secretary, gave his support to the UN’s global ceasefire. While claiming such niceties, the UK continued to export weapons of war, helping to feed and sustain conflict across the world.

https://www.stopwar.org.uk/article/the-uk-has-sold-10-billion-of-weapons-to-the-worlds-most-repressive-regimes-in-the-past-five-years/

Worth reminding anyone with a short on Centamin that they will be due to pay 2c and if in a CFD position then its collected tomorrow!

Correct link below

The new BRICS memberships will take effect from January 1, 2024

https://tinyurl.com/mr32thd2

The new BRICS memberships will take effect from January 1, 2024. However, out of the six new members, Saudi Arabia is yet to officially confirm, with the country’s Foreign Minister Prince Faisal bin Farhan stating, “We await further details” and “based on this information and in accordance with our internal procedures, we will make the appropriate decision.”

https://tinyurl.com/4y8y7xrt

Hi Don, Thank you for the post

In this week’s episode of Live from the Vault, Andrew Maguire covers the latest developments on the intensifying paper versus physical battle and the ongoing central bank gold-buying sprees as Kinesis powers gold adoption in Indonesia.

The precious metals expert and whistleblower provides an update for silver stackers before revealing the global ramifications of the BRICS summit and their upcoming commodity-backed currency poised to compete with the US dollar.

https://tinyurl.com/2s496ap5