Member Info for Rebess

It's not just inflation IMO. - 3 years ago they had $300m reserves, now it's all gone. - Now you see it- Now you don't. - In the blink of an eye - all gone. - Other than through criminal means or bankruptcy, I've never known a company divest itself of its financial-security as rapidly as Centamin has done.

Whoever Dr David Martin is, was and whatever his motives, he was an Invited guest /speaker at the recent 'European Parliament International Covid Summit' - I didn't get an invite. :)

Hi Tibbs - Yes, good idea. - A report from an expert credible witness. - 20 million dead so far. - It puts the Holocaust in the shade.

Https://rumble.com/v2m0enk-dr-david-martin-european-parliament-international-covid-summit-iii-5-3-23.html

Hi Miz - When I worked in the City - I was engaged in a lot of leasing finance. - The rules then were that at the end of the primary-lease period, the 'Lesse', in this case Capital , were allowed to either walk away or carry on with what was known as a 'Peppercorn' rent, a much smaller premium than that paid during the primary-period, pennies in the pound in fact.l. - Effectively the capital-cost of the equipment leased had been paid for. - They, the 'Lesse', weren't allowed to purchase the equipment for ownership to pass into their hands. It had something to do with tax-laws I believe. However, the equipment could be sold to a third party, which is the situation you describe with Centamin. - The situation may have changed now, that was then almost sixty years ago.

As I understand it, if the fleet that Capital is using is leased, there is no capital outlay involved. - There will be monthly/quarterly lease payments, which will be/should be well covered by the payments they are receiving from Centamin. - Cowichan makes an important point, they could have entered into a similar arrangement and left Capital out of it altogether. - As he says, operating heavy earth-moving equipment is part of their DNA, with all of the skills and experience in doing so.

Https://twitter.com/oriental_ghost/status/1655449183552425984?t=dBxRk-5livSDJh0dTL0lkQ&s=35

This might be of interest.

https://twitter.com/oriental_ghost/status/1655449183552425984?t=dBxRk-5livSDJh0dTL0lkQ&s=35

It's just an opinion, but for me, more than anything, it conveys a lack of confidence in the numbers, the forecast.
It creates a situation that can accommodate poor results in the early stages, backed by promises/reassurance that all will come good in the second-half. - If they can't make the numbers, they then have the time and flexibility to manufacture a situation that covers their ****.- Like plant/machinery breakdowns where spares are unavailable etc. - It's never their fault. -This methodology has become a well-trodden path with Centamin. - It's rolled-out every year. - The great thing is, it doesn't seem to affect their rewards/bonuses doing it this way.. -

Not posting much these days I'm afraid. - I'm not always in a position to do so, but I never miss reading all of the contributions. Each contributor presenting with their own style and perspective, making for a fascinating and worth while read. - I'm flattered by the gracious compliments assigned to me by Razor and Mr Bond. - I'm not really worthy of them.
One thing that always stands out for me is the reluctance for the company to start of the year with a bang. It's nearly always weighted towards the second-half of the year and even this, usually reliant on a good final quarter. - The problem with this strategy IMO is that it leaves no wriggle. Much can happen during the course of the year, unseen events, black-swans, roof-collapses, whatever, and then the year is knackered and the SP and our hopes with it. In addition and under such circumstances, a collapsing SP makes us a target for predators - I'm sure you get my drift here. - How much better to kick-off with a bang, to get some contingency in the bank as a fall-back against unforeseen circumstances going-forward. - Imagine if CEY had reported 1st qtr production of between 120,000 - 125,000 ounces. against the current annual targets/forecast, what a start, what a fillip, what a message. - But, there we are, as usual, they are sticking to the same old strategy of back-end delivery.- With no wriggle, we'll just have to keep our fingers crossed. - The only good thing about today's results is that so far they appear not to have inflicted any harm, which makes a change. - Good luck everyone. - AIMO

Gold at almost all time highs, yet CEY SP languishing down not too far of its bottom, with its piggy-bank bust-open as well for good-measure. Well done directors, you are fully deserving of the share largesse coming your way very soon. - Of course it's never done anything else.

The long time-horizons for recovery, laid down by Horgan, have sentenced shareholders to serve their punishment with hard-labour.
I've never known the likes before. - It's understandable for a junior explorer perhaps to indicate such time horizons linked to progress/expansion, but for an established company, it is sounding the death-knell. - It's almost as though they were engaging in some sort of control-mechanism over the share-price as part of an agenda going forward. - Time and Tide will tell. - IMO

Thanks Tibbs

Well written piece - Good Info. - Cheers.

Hi Bob

Yes you can transfer physical gold into a Kinesis account but it has to meet a QAF standard equivalent to LBMA good deliverable bars. - There are of course the logistics and attendant costs involved in doing this. - It's why you probably need to be cautious and learn more before such engagement.

One thing that might interest, Kinesis has a contract with an African gold-miner for supply. - How ironic if it turned out to be Centamin. :) - I don't know who it is btw - that hasn't been revealed. - Cheers.

Thank you Tibbs - That is much appreciated.

Good morning Spoonington
I agree with your philosophy of caution - of course - always. - KVT is not a coin that can be spent like the Kau/Kag. - There are only 300k of them in circulation and that's all there ever will be. - The 300k of KVT's are entitled to 20% of the yield-pool, a pool that is created through the fee-structure linked to trading. - It's more like a dividend payment that is paid monthly in proportion to the number you hold, divided by 300k x 20%. - So you are right, it is not backed by gold/silver as Kau/Kag is, but rather backed by the yield-pool. With regards to caution, it's why I have made the offer, so that you can at least tune-in - observe - learn and take it from there if you want to. - It won't cost you anything. - I should stress that it is in it's early stages of development and that your gold/silver deposits are on the basis of bailee/bailor conditions. - That is to say that ownership and legal-status of balances is always your property and not the property of Kinesis. - I'm not making a recommendation to Join Kinesis, - I'm saying if you want to find out, this is what I'll do for you.

Hi Bob
If at any time you do want to dip your toe in, I'll send you some gold via an email link, yes it can be done, it'll only be a fraction of a gram $5-$10 worth but it will allow you to open a Kinesis account using this as your initial deposit. You won't have to deposit funds prior to going through the process. - You will have to go through the process of proving your identity of course, the usual 'Know Your Customer' (KYC) routine that is a requirement of the law these days, but it does save a lot of hassle. You will then end up with a Kinesis account showing an account balance, meaning that you can sign into the Kinesis trading platform using your security process, passwords etc. and take it from there. - It's up to you from there of course. - I'm prepared to do this for any of our posters here at any time. - Btw, it's not a crypto product as such, but rather akin to a bank-account, only your balances are shown in gold and silver, Kau and Kag, also your yields are paid in Kau/Kag. You can apply for a debit card so that you can then spend your balances of Gold Kau or Silver Kag as ordinary money. - The big difference of course being that your balances are virtually inflation-proof. - Also, as indicated in my earlier post, you can redeem your balances for the physical metal subject to the minimums - 100gsm ( 100 Kau) for gold and 200ozs (200Kag) for silver. - Its only relationship to crypto is that it uses blockchain technology as an integral part of the process, a technology that almost everybody will be using as we become more integrated with the new digital world. - Not to be confused with the cryptocurrency debacle that we see unfolding/collapsing before us.

Hi bobliz

Etf 's really just for just trading movement. - Physical withdrawal is possible in certain circumstances, but the bar is set very high I believe in terms of minimums.
For trading gold with the option of redeeming for physical, Kinesis is currently the best option around. - Minimum withdrawal of gold for physical delivery to your home address is 100gsm - If you live in Indonesia, minimums are as low as 5gsms. - Also, Kinesis now has its own mint and refinery and produces it own minted coins and bars. - Hope this is helpful.
Link:
https://kinesis.money/

Thanks Siko
I'm glad that is the case. - For the life of me, I couldn't see how it was commercially possible for a company to walk away
from such conditions.

Good point Tibbs about the voluntary sacrificing of $367m worth of fuel subsidies that was tied-up in the legal framework of the original contract, in the same way that the 50/50 split was tied-up. In other words the T&C's. - Why would any company operating under shall we say normal commercial terms and normal rules and regulations and obligations of contract, walk away from what is their legal right? - As you say, what would have happened if Centamin had decided to renege on the 5/50 commitment? - Something doesn't add up here in terms of commercial-logic. - Given the parlous state of the Egyptian economy, could an accommodation of adjustment to the 50/50 split not have been made?- 60/40 as you suggest or even 70/30, whatever, for the number of years it would take to balance. - How on earth can a FTSE 250 companies affairs be interfered with in such a way? - Who's running Centamin?