The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Came back from Egypt to find the forum is still in the same down, bad and negative mood.
I'm a positive person who likes to think about the positives and the half-full glass which I'm sure Centamin has a lot of, but they are all being forgotten about now and the negatives and the half-empty glass are taking over the forum (Of course I understand why).
Anyway, the Egyptian media started to publish figures about production, royalties and profit payments to EMRA until March 2019, but let's wait for the official figures from CEY as it seems like what is published in the Egyptian media misleads and causes a lot of problems.
Sold today all the shared that I bought on 25th Feb @94 as I'm on my way to Egypt now.. No loss/gain.. will have another look when come back depending on SP and finance..
Mr.Tibble, stay positive and strong.. don't let your frustration win..
Good luck all..
Siko
There is so much anger and negativity here these days. Of course I could understand why long term holders are frustrated, but in my opinion the management is not that bad. They worked through the toughest political times and work everyday under one of the most burocratic conditions. Yes sometimes things went - and still go - wrong (many of them not their fault), but certainly not to the extent of the comments I'm reading here. Centamin is a world class company and if you believe in the company and the assets, then be patient and you will get your reward (PS: I'm selling my small holding next week anyway as I'm travelling to Egypt).
Good luck everyone.
Siko
Hi zebbo, I can't tell you to take a position or not, but if you decided to take one then I would suggest you divide it over 3 lots, first one is now at 91 as first support is 90, then second one at 88 as second support is 87 and everyone is waiting for that magic number, then the last one at 85 as 52 week low is 84.. if it dropped below that then you obviously should not have taken a position :)
Agree with Repression, it is sad to see this BB going down this way.
I have been in this BB since 2010 and it's always been a friendly informative one. Rebess is one of the most honest posters with high integrity and I have never doubted him.
I think it's normal due to the big drop in CEY SP that new investors are attracted to this BB for one reason or another, and they are not familiar with the long serving posters here.
I have to say that I always find the best time to buy is when it's doom and gloom on this BB.
I bought last September after coming back from Egypt and sold last month before my recent trip, so was not too bad.
Today was a good chance to get back in at 94.09. I will have to sell before my next trip to Egypt at the end of March, so I will just wait and hope.
https://www.arabfinance.com/ar/news/details/egypt-companies/467906
Mr Shady El-Raghy (Head of Internal Audit dept):
The company is currently developing a strategy for the fifth and sixth phases of the development of Al-Sukary, Implementation will start next year.
Thank you Prof, Mizolgit and Rebess for your kind wishes. The Egyptian media is full of stuff about the mine and the company, but I only post what I think is important due to the limited free time I have, but please please, if anything turns out to be false, don't shoot the messenger. I only post what's in the media with links to the source, not chit-chats with my mates..
https://www.almalnews.com/Story/406284/59/AboutUs.aspx
Mr Shady El-Raghy (Head of internal audit dept) told Almal News: (Centamin aims to produce between 540 and 550k oz gold in 2019 compared to 472.4k in 2018, an increase of 16%).
Not very good :( Production Update Gold production for October and November combined was above 90,000 ounces. While being solid production months, this was slightly below forecast. The December mine plan forecasted higher grade from both the underground and the open pit, which would have balanced the quarterly shortfall. However, lower than expected underground grade delivered in December thus far indicates gold poured for Q4 between 135,000 to 140,000 ounces, resulting in annual production from the Sukari Gold Mine of up to 2% below full year 2018 guidance of 480,000 ounces. Cash cost of production will be towards the top end of the previously guided range of US$625 to US$640 per ounce produced and an all-in-sustaining cost will be approximately US$900 per ounces sold. Whist the focus remains firmly on sustaining the operational improvements, stringent cost controls and improving gold price means the Company continues to be a cash generative business. Further operational detail will be included in the preliminary production results for the final quarter, ending 31 December 2018, scheduled for publication on 9 January 2019. The Company will provide 2019 Outlook, including production guidance, and updated Mineral Reserve and Resource estimates for 2018 with the Annual Results in February.
Merry Christmas and a happy new year everyone.. Wishing you all the best that a holiday could offer.. and please remember that the most important things in life are your family, your health and theirs.. don't get stressed over money or shares.. especially when you don't have to..
Thu 6th Dec
https://akhbarelyom.com/news/newdetails/2767229
Mr. Youssef El-Raghy: Centamin target for 2019 is 544-560k oz.
Just came back from Egypt after another successful trip. As I told you earlier I got to know 2 great people, we are working together now, things are progressing quickly at our charity work and its getting bigger and better. Today we opened a kidney dialysis unit in a poor remote village in Upper Egypt where children with kidney failure used to travel a 6 hrs return trip three times a week to the nearest hospital.
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Regarding the latest from Egypt,
https://www.youtube.com/watch?v=zuAe4mR-IkY&t=675s
Egypt is hosting a mineral resources conference 26-28 Nov and president Al-Sisi will be attending. The petroleum minister held a press conference (Youtube link above, but it's in Arabic), the relevant parts he said were:
The only mine we have in Egypt is Al-Sukary, it's working well and moving in the right direction .
All the other mining investments are not doing well, we don't have any new investors coming in, so something must be wrong.
We are working to change the mining law. We are flexible and could adopt the best schemes in the world, but we have to look at what could work in Egypt.
No point of talking about the details of the new law now as it's up to parliament to discuss it, amend it and approve it. The proposed law is with the council of ministers now then will be passed on to the parliament.
The 4 companies that won the auctions last year have not finished their paperwork yet, so now with these amendments to the mining law, we have not decided yet what the final situation is going to be with those agreements because the companies were late in submitting the required documents.
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As to Centamin, I'm always in contact with the people that I know at the mine. Things are going well and production is definitely moving in the right direction.
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http://www.rosaeveryday.com/News/233360/-
Centamin paid EMRA 9 million US dollars for its profit share in October.
May, June and July payments were around 1 million each, August and September payments were around 4 millions each, and now October is 9 millions.
Someone clever with Maths could guess the possible production figures, bearing in mind this is the 45% EMRA's share, but as you can see the figures are progressing well.
Regards,
Siko
Hi Tibbs,
As I explained earlier, shipments are still going on weekly basis, with an average 400kg/week.
Last shipment was on Wednesday 14th Nov (396kg).
https://www.vetogate.com/3355559
Regards,
Siko
I noticed recently the interest here in the shipments. Actually shipments are still getting reported in the media , but may be in different sites to the ones you are looking at.
They are certainly larger than May-Aug period where shipments used to be around 200-300kg, but recently they have been around 400kg. The latest one was last night (414kg).
https://www.masress.com/youm7/4020934
Sorry for not posting in details as before, but I wish you all the very best with your investments.
Regards,
Siko
Hi Picket, I respect everything you and all others write here, but I don't think there was any need for the last 2 words in your 08:16 post, especially when the people you are referring to are not the ones who are in charge of the company. Regards, Siko
As I mentioned before, I’m not posting now as much as I used to do, but today I thought to write this as it might help to calm your nerves and boost your confidence a little bit..
Centamin pays EMRA its estimated share from the profits on monthly basis based on each month’s production figures and POG.
On 13th June, Mr-Youssef El-Raghy stated that Centamin paid EMRA $1.1m from profits during May.
https://www.masress.com/youm7/3831230
On 13th July, Mr Youssef El-Raghy stated that Centamin paid EMRA $1.4m from profits during June.
https://www.masress.com/youm7/3870036
On 11th Sept, Mr Youssef Elraghy stated that Centamin paid EMRA $1.2m from profits during July.
https://www.dostor.org/2317648
Today, Mr Youssef Elraghy stated that Centamin paid EMRA $4.8m from profits during August.
https://www.alhuura.com/Akhbar-Msr/251865.html
So despite the POG going down, EMRA’s last payment was 4 times the one before, which reflects a healthy production.
Sorry I could not tell you anymore as it seems like the company is hiding a lot from the media these days and I don't like to post what I hear from my chats for obvious reasons.. but believe me everything is good..
I have been out of CEY for the last year and today I bought back some shares with money that I really can't afford to lose.
I read all the doom and gloom posts and all the "I told you" posts (which have proved to be correct), but once I managed to save some money, I did not hesitate to buy and I'm very comfortable with my decision..
Hi
I have not been here for a while, so just thought to come and say hello.
I don't know what's happening to the SP as I have not been following the company's news for sometime now, but as far as I know from the media and from my friends everything is absolutely fine.
Shipments are on schedule on weekly basis, despite the lack of media coverage of some of them.
It's the Hajj – pilgrimage - season and Eid in the Muslim countries, like Christmas here or even more, so the whole of Egypt is kind of closed or asleep for sometime, but work at AlSukary is continuous every day.
Here are some comments from El-raghy family members that I came across in the media recently:
Mr Youssef Elraghy (The company will maintain the 505-515k oz production target and the production rates are as expected).
Mr Esmat Elraghy (The production is increasing in H2 due to the continuous improvement in the gold concentration in the current area).
Mr Samy Elraghy (I expect gold price to reach unprecedented levels as at a certain point the central banks , especially the American, will not have enough gold reserve to flood the market with in order to manipulate the price of gold).
Sorry for not posting in depth or more details because as you know I don't hold shares in CEY anymore and I'm also busy preparing for a trip to Egypt next month.
Regards,
Siko