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The real question remains “has Horgan accomplished anything apart from the erosion of capital built up from the operational achievements of previous management” - I will leave it to the board to ponder that conundrum :)
Your “Centamin official source” is talking rubbish if he/she indeed exists & is not just a product of your over-active imagination!
The primary reason for moving the company to Jersey, list in the UK & de-list in Australia was to avoid tax. Whilst I do not agree with jurisdiction hopping for tax purposes it is a product of the system we have created and is standard practice. Centamin sourced most of its capital in Canada which is particularly good for funding mining companies - London on the other hand is not noted as a great source of capital for miners.
As for the dividend policy this was put in place to return surplus profits/capital to shareholders which is the proper course of action. It was done prudently in conjunction with accumulating significant cash reserves to ensure the long term operations of the company were safeguarded in the event of unforeseen problems such as the ones we are currently experiencing. How you can criticise such a prudent & well managed policy escapes me completely, the fact that the El-Raghys benefited from this dividend policy is simply because they put their money where their mouths were - can current management say the same?
What I am saying is that shareholders who have no apparent knowledge of the work previous management in particular Sami did to build Centamin into a significant gold mining company should not continuously make ill-informed statements disparaging their work - I like many others profited hugely from their work & I will remain ever grateful to them for their stellar efforts.
Current management have relied on the capital reserves accumulated by the previous management which you repeatedly malign & despite severely eroding those reserves over a 3 year period what have they accomplished? What information have the current management provided us to justify the necessity for a massive waste movement project when the initial problem encountered was a simple wall slippage? Waste movement is a necessary part of gold mining but to do it on such a large scale sacrificing production and driving up costs is inefficient unless there exist extreme circumstances which require a program of such magnitude - I have seen no evidence of such circumstances.
If you continue to unreasonably criticise previous management I will continue to pour scorn on your baseless assertions - they made mistakes but those mistakes pale into insignificance when compared to their accomplishments - I benefited from those accomplishments & accordingly feel bound to defend them against odious maligners :)
You Johnny-come-lately shareholders contributed nothing to the capital of Centamin, you bought shares on market & took your risk, your capital went to other share traders as the company was in the position that it did not need further capital thanks to the work of previous management in particular Sami’s tireless efforts.
Try to keep at least some scrap of reality in your constant efforts to besmirch the accomplishments of the people who transformed CEY from a piece of desert into a multi-billion dollar gold miner!
Flog that horse Mr T, one day you will resurrect it.
I find it amusing that you put yourself forward as a long term holder & therefore an expert.
You certainly have not been in this share for a long time compared to those of us who invested well before Centamin was listed in the UK.
As for your expertise, your one-eyed, ill-informed comments speak for themselves - your constant attempts to indoctrinate unsuspecting people with your baseless and frankly moronic repetitions suggest that either you have ulterior motives or you are just a bitter individual looking for a scapegoat for your poor investment decisions.
KAU & KAG are hardly unique, they are just another stablecoin theoretically backed by a specific asset in this case gold & silver as opposed to the likes of Tether backed by USD. The addition of an ability to use a credit card to spend your gold & silver is just the same gimmick that was done with BTC backed credit cards which have largely proved to be uneconomic & simply add another level of fees to the card user.
My problem with stablecoins is that they are unregulated and the existence of the actual backing is often questionable.
KVT has all the hallmarks of a pump & dump Ponzi scheme. If they issue 300k coins at $1000 each the promoters walk away with $300M in exchange for a promise of giving a 20% share of a revenue stream which as yet does not exist - I know which side of that transaction I would want to be on.
All I am suggesting is that people considering investment in these products look closely at the business model backing the unquantified yield promises & exercise appropriate caution.
Good luck.
Be cautious Rebess, the KVT side of Kinesis is most definitely an unbacked “sh*tcoin” & is the way in which the promoters of Kinesis stand to make a huge amount of money from unsuspecting retail investors.
The yield lure they dangle out is a red herring if you back solve the volumes they would have to achieve to pay any meaningful yield or even cover their operating costs.
They are using the lack of regulation of crypto & also shady jurisdictions like Lichtenstein to get around the fact they are issuing a security without any oversight or reasonable financial projections or business plans - they talk about yield but fail to make any estimations of what that yield will be or what critical mass in terms of issuance & volume required to cover costs & create a surplus to enable the payment of any yield at all.
If you ignore the counter-party risk the KAU & KAG may be OK but I would not touch it. I use an ETF for my trading gold holdings, PMGOLD, it is physically backed, convertible, ASX listed & the Perth Mint is guaranteed by the Western Australian government which has an AAA rating - to me it is far less risky than Kinesis.
If the removal of energy subsidies was an IMF requirement in order to secure funding necessary to ensure Egypt’s ongoing economic viability I think the Egyptian government would have had a reasonable force majeure argument for withdrawing the subsidy. That may be why the case died a quiet death, no point in trying to kick the Egyptian government (& accordingly it’s people) when the IMF were already attending to that.
I know nothing of Egyptian law in practice but when a nation is in the trouble Egypt was in they need the IMF to bail them out & the IMF is not known for being particularly flexible - you do what they say or they screw you (usually they will screw you anyway even if you do what they say).
Have a look at the reverse repo market Gnome, the big banks have now got over 2.5T parked with the Fed, a clear indication that those closer to the real truth foresee some nasty times coming :)
Below may be of interest, more on the status of Egypt rather than CEY specifically but I did find the reference to the removal of the energy subsidies being an IMF requirement rather than a decision of the Egyptian government to be notable.
I like Patrick Boyle, he gives fact based, non-political presentations which is refreshing in the current world environment :)
Hope you all have a good weekend.
https://youtu.be/RkhJrQyP0QQ
You accuse previous management of artificially inflating the share price, misleading shareholders, creating a pyramid scheme & numerous other ridiculous claims & that got the share price to a bit shy of 2.50 which you consider to be a sham created by management, the El Raghy family & whoever else you add to your conspiracy theory.
After ranting about the above in the next breath you say that the share price should be double the amount you consider to be a fraud - you trap yourself with your baseless ramblings Mr T.
Instead of utilising the opinions of unidentified Cornish miners why don’t you attempt to back up your 5 pound target with some real analysis detailing the production levels, costs, etc. that would be required to achieve it - I would like to see that!
Most people on this board will be sensible and not let any of the posts affect their investment decisions - however there is an unavoidable risk that some will be foolish & actually pay some heed to the posts, it is irresponsible for you to make such baseless & unsubstantiated price targets - you may be accused of engaging in fraudulent ramping activities!
Repeating baseless lies over & over again will not make them true Mr T!
As for 5 pound a share, your valuation methodologies are clearly as fanciful as your other meanderings but I wish you all the best in reaching your rather lofty price target :)
Very true Dasut, but I question whether the extent of the waste stripping program was either necessary or financially prudent - it would certainly not have been possible had Centamin not had the big accumulated cash pile.
Before a company enters into such a capital intensive & revenue depleting project I would expect a detailed cost/benefit analysis to be conducted reviewing all available options, if this was done then the details of it should have been released to shareholders, if it was not done then it is just poor management.
My big problem with the current management is on the face of it they are either incompetent in terms of their continuous disclosure obligations or in terms of their actual operational management (or both) - whichever it is results in short term pain for shareholders.
On the bright side I remain confident that the quality of the Sukari deposit will ultimately shine through & we will be rewarded - I just wish they would devote more resources to the exploration of the 160 km2 concession they have which has already shown numerous highly prospective areas rather than risking our capital chasing greenfield pipe dreams in risky jurisdictions.
Without Sami El Raghy there would be no Centamin.
Without the efforts of previous management there would not have been the large cash reserves to enable Horgan to engage in the massive & financially inefficient waste stripping program.
I am well aware that the previous management made mistakes in being too aggressive in targeting higher grade areas but overall their performance in terms of gold mined, dividends paid & cash reserves accumulated was excellent - your repeated & baseless allegations that they in some way conned shareholders & engaged in a pump & dump strategy are uncalled for.
As for Youssef, you may not be aware that business is conducted differently in Egypt to what you are used to. Youssef was there for his contacts & ability to cut through red tape without engaging in bribery or other unsavoury practices - there were others employed who had the technical knowledge required. His abilities are important in Egypt - probably well before your time in Centamin, but we spent a period of 18 months before production started when work on the site was suspended, drill rigs stood idle & it was a terrible time - to my knowledge this was caused by Sami refusing to grease the wheels of bureaucracy through the payment of bribes which, whilst the correct action for the long term, caused the company & its shareholders a great deal of pain. Having someone like Youssef to avoid such occurrences creates significant value.
Before you **** off the previous management & in particular Sami, it would be appropriate for you to look at the history of Centamin & who it was that built it into a successful, producing gold miner.
The fact that they responded shows that you are having an impact.
Your patience & tenacity are impressive, please keep on if you can maintain you’re energy :)
Interesting Bob, apart from the right wing bit, your definition of fascism seems to sum up the Biden administration perfectly.
You do not have a knowledge of gold mining
The evidence of inefficiency is more the lack of evidence for the necessity to engage in such a large waste movement program at the clear expense of short term production & profitability. We as shareholders have received no real justification for this and certainly no cost benefit analysis of the extent of the program.
In the absence of information I rely on my knowledge of long established gold mining practices one of the key ones being that you always try to exploit your resource to produce as much gold as possible as early as possible in order to generate maximum cash flows quickly.
The way the waste movement program has been executed flys in the face of efficient gold mining practices based on the information we have been given. As Cowichan notes this has lead to the enrichment of other parties at the expense of shareholders which is a very poor outcome.
At then end of the day, the quality of the Sukari resource will shine through & I am confident the share price will recover accordingly however the price we have paid in the short term in terms of reduced dividends and reduced capital access is something I do not appreciate & believe that the current management should be required to explain.
It really means little but nice to have you participating Siko, hope you are keeping well :)
My being correct in my opinions actually pains me every day Sotolo, but thank you for your support :)