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I did not mention “political” parties in anyway so maybe read things more carefully before entering into your rants - I have looked at where they receive their funding from & surprise, surprise the ideological leanings that are evident in their “unbiased” presentations match those of the major funding parties.
Credible evidence is right in front of you in the form of facts and actual occurrences. Just because you choose to ignore these as they do not fit with your preferred narrative does not mean I will feel motivated nor obligated to educate you - seeking truth & thus a proper education is primarily a personal responsibility.
Yes they just have to be impartial, they would in no way be motivated to align themselves with the interests of the parties who provide them with the funding they require to operate. Maybe ask them to check the definition of naivety?
Gnome, my wife is Chinese & accordingly I have a large Chinese family (larger than my gui-lo/gui-po family), I can tell you from anecdotal evidence that the Chinese ban on Australia wine exports to China actually hurt Chinese people as much as Australian people as buying Australian vineyards was very prevalent in the wealthier Chinese community. They are liked mainly for investment purposes, buying citizenship purposes & also to get money out of China/yuan into other currency denominated investments.
The central government is currently clamping down on the movement of funds out of China so it is not as easy as it was a couple of years ago but the appetite remains strong particularly for agricultural/farming properties (many are not aware that their exists significant agricultural knowledge & talent in China). If we decide it is a good idea to sell them the properties there are a lot of Chinese who will be more than happy to accomodate us :)
Oh come on Mr T, I know you have an inexplicable desire to unfairly deride previous management but this one is drawing a pretty long bow even for you.
If we examine the situation with a less biased attitude, you have 2 parties which share in the profits of an enterprise however one party unilaterally controls the expenditures, it is only fair & reasonable that the “silent” party be protected from the controlling party making inappropriate expenditures. Rather than it being a desperate attempt to secure the concession, which did result in Sami transforming a piece of desert into a multi-billion dollar producing gold mine thus enriching many long term shareholders including myself, the ability of EMRA to question expenditures is a clause that would naturally be included in any agreement where one party gets to control expenses.
The only time EMRA’s use of this power would become an issue is if Centamin management has engaged in wasteful, inefficient or inappropriate expenditure programs without proper planning & due diligence, the responsibility for this occurrence would lie solely with the current management & even you would be hard pushed to find an excuse to blame the El Raghy family.
I am not particularly concerned as waste movement is part & parcel of gold mining & even if it is done on an unplanned & inefficient basis, i doubt it would be in EMRA’s interest to make a major issue of it. One would hope that they will have received a more detailed explanation of the stripping program than us poor mug shareholders anyway & as such, if they had a problem with it, it should have already come to light (one never can be sure however).
As for contacting Centamin management directly, I consider this to be a waste of time. If they are not prepared to make detailed public disclosures about material operational changes (which in my opinion they are obligated to do so) they are not going to provide me with any meaningful information in private correspondence (legally it would be naughty to do so).
A free piece of advice, if you are truly interested in the long term value of your Centamin investment, you would be better served concentrating on the actions of current management rather than venting your spleen on previous management. No matter how many arrows you sling you will not change what has already occurred :)
I hope Horgan has shared the benefits of his waste stripping extravaganza with EMRA even if he considers shareholders generally too insignificant to keep informed.
The retail shareholder can do little to change his poor attitude, I did not realise just how big a stick EMRA has the potential to wield. On one side I would like them to use it to force some disclosure/accountability on the other the cost to CEY holders may be prohibitive.
Thanks for the info :)
Can EMRA challenge the cost?
Even if they object to the capitalisation surely the expenditure would just become an operating cost & reduce their profit share accordingly?
What am I missing Cowichan?
The big question you raised for me is the change in mine plan & why there has been no update to the market - the mine plan is significant & material & changes to it should be disclosed.
Based on the performance of the current management to date both in operational & disclosure terms, the absence of market updates is due primarily to the absence of any real plan.
They seem to behave like spoilt children playing with big tonka toys in a sand pit, mummy & daddy have already funded their activities so they can just move stuff around without any goals or objectives - unlike kids, the current management get to reward themselves with our money for conducting their seemingly aimless meanderings which makes them all the more galling!
Get them to check these facts:
NATO/US promises that NATO would not expand one inch east going back to the late 80’s.
Ukraine signing a treaty with Russia to end a previous conflict which was sponsored/guaranteed by France & Germany with the only party to the treaty who had any intention of abiding by the treaty being Russia.
Ukrainian government slaughtering their own citizens in military campaigns simply because they had ethnic Russian backgrounds & wanted to maintain their culture & beliefs.
I could go on but the above will all be labelled Russian disinformation & I will be called a Putin apologist.
Your so-called fact checkers rank alongside the US administration in terms of the reliability & veracity of their facts - a common theme - they all love to call facts Russian disinformation when they don’t align with their fanciful & deceitful propaganda!
The international community would accomplish more in terms of world peace & stability if the despicable & illegal military actions of the US hegemony backed by its toadying vassal states including the EU, Britain & Australia were condemned & forced to be ceased.
Once the above has been accomplished they could move on to stopping the acts of economic vandalism & outright theft repeatedly perpetrated on the world by the usual suspect.
Unfortunately we operate on a “rules based system” in which one side unilaterally writes the rules & enforces them as it sees fit exempting itself & whoever else happens to be in their favour at the time from compliance.
Last time gold went on a run & hit $2k Goldman said it was going to hit $2400 in the short term & gold then quickly got thumped back down. They are liars & charlatans who happily ramp the gold price to anyone who will listen while at the same time selling their holdings or shorting in to the demand.
I have been taking some profits on my gold recently, at A$2950 it was too tempting & I sold 40% of my ETF gold (my real physical never moves from its safety deposit box).
I will sell the balance of my ETF holdings if gold breaks A$3k & plan on re-stocking in the A$2450 - 2500 range.
I may come to regret my actions but I have seen gold go on these runs before only to drop as quickly as it climbed.
Nearly all facilities like this incur a healthy commitment fee.
This is fair enough as even if the facility is undrawn the banks still have to treat it as if it is drawn when calculating their leveraging/capital adequacy ratios, etc. for compliance purposes - basically if they have committed to lend the money to CEY they can’t lend it to someone else no matter if CEY hasn’t drawn on it.
Nothing untoward at all in this but it would have been better if CEY had disclosed the level of these fees when they announced the establishment of the facility but failure to disclose details of bad news is really de rigueur for the current management :)
Save your breath Cowichan, Mr Bond is part of the support Horgan & deride previous management cohort who refuse to let facts sway their opinion.
The fact that Horgan has squandered a significant portion of our cash reserves prudently accumulated by previous management on a waste stripping program which, based on information so far provided, is largely unplanned & has no defined objectives or anticipated outcomes seems not to concern them - as long as they can criticise Pardey & the El Raghy family all is good (reminds me of the US political system).
I have simple questions for the “we love Horgan” disciples - how has the financial position of CEY changed during his 3 year reign? What meaningful & demonstrable achievements has he made in those 3 years (outside of just doing what he is paid handsomely to do whilst at the same time squandering shareholders capital) - I need a good giggle so please respond with as much scorn & venom as you feel is warranted :)
Sorry Mr T, I am too bored with your ongoing ill-informed ramblings to pour any scorn on you although you are clearly inviting it.
My sincere apologies for not being able to motivate myself to ridicule you :)
Fair enough, I must admit I do not place too much reliance on the dividends from the miners in my portfolio as I fully expect & understand volatility in their dividend levels - I still like getting them none the less :)
I don’t understand your aversion to dividends Steve, to me consistent & reliable dividends are the hallmark of a mature, well-managed business.
Investments that you are required to sell in order to access your capital/profits are in my experience far more risky/volatile than good dividend payers.
Mining companies have notoriously volatile dividend levels, just look at BHP & RIO’s most recent dividends compared to their previous ones, but this is a reflection of investment risk due to the volatility in commodity prices.
Risk/volatility goes both ways, at the moment dividends in general comparatively poor throughout the mining industry but the cycle will turn - I still like to have a large portion of my yield portfolio in more consistent dividend payers as I want to have a reasonable level of reliability on my cash flow so I am never placed in a forced sale position - I exit my positions when I consider it advantageous financially not because I need cash.
Can you explain why you do not see consistent dividend payers as being attractive investments?
Just wait until a few more of the smaller banks are required to reclassify their “hold to maturity” investments to “available for sale”. That means a mark-to-market adjustment which will result in a big hit to their bond portfolios due to the inverse interest rate/bond price relationship.
The domino effect of this combined with dodgy consumer credit finance (auto loans, credit card, bnpl, etc.) is likely to lead to some rather savage turmoil - a healthy exposure to gold is prudent in my mind :)
For me it was copious amounts of profit, I care not a jot for those who did not participate :)
Instead on ranting on with meaningless rubbish why not look at actual results in terms of gold mined, dividends paid & cash reserves accumulated?
Compare & contrast current & previous management on that basis removing any bias resulting from an “I want a scapegoat for my own stupidity” mentality.
If you are capable of doing the above you may be able to ascertain a more informed analysis of the state of affairs :)
Mr T, i challenge you to instead of regurgitating mindless fantasies that you look at reality.
Despite mistakes of previous management I cite gold mined profits made, dividends paid &:cash reserves accumulated - facts!
What can you say about demonstrable, factual accomplishments of current management?
The good news is the gold discovered by the much maligned previous management remains in place, the capital accumulated by the much maligned previous management (albeit inefficiently eroded) remains in place, all we need is current management to exploit the resource that they have been handed - so far we have got nought!