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No I would not agree Mr Bond, I do not believe in supporting inefficiency but that is just me, I tend to believe in common sense rather than fanciful idiocies.
As for previous management I cite gold mined & sold, dividends paid & cash reserves accumulated as evidence of what they accomplished. As I said, in my opinion they overcooked the goose & let fanciful ideas overtake common sense which lead to problems but they accomplished far more than the current management team has.
The only reason the current management team has been able to get away with ludicrous inefficiency is that they inherited a very strong balance sheet from the previous management.
If you want to enter into a rational debate I suggest you may want to develop some sort of rational arguments to back up your position.
Otherwise you can simply remain as a pointless troll, either way I am still going to have a little giggle at your expense so thank you for that :)
I would expect some sort of valid justification for your scorn, are you intellectually incapable of backing up your position with reasonable argument? Or are you just a trolling thicky?
I have been a Centamin investor since the year 2000 so have over 20 years following this company in detail.
Even in those early days when Centamin was just a hopeful diddy company listed on the ASX not producing any revenue these bonanza pockets were known about.
Horgan & co trying to claim credit for these discoveries whilst at the same time blaming previous management for all the woes is at best laughable!
Gold mining has it’s own peculiar risks, you cannot do enough infill drilling to get to an absolute certainty position on deposits as it is too expensive - you must take risk! At the same time, for simple economic/profitability metrics you should always target your high grade areas as the first to be mined.
This is what the previous management did, sure they overcooked the goose but my opinion is they did this with reasonable justification with the hope that they would hit some of the bonanza zones which would allow them to maintain production levels whilst also funding the orderly movement of waste build up. The allegations of some sort of high grading pump & dump strategy does not fit with what actually happened & belong on the flat earth theory forums.
The current management have engaged in an inefficient waste removal program using previous management as the scapegoat for what is, on the face of the information they have provided, a terrible abuse of shareholder capital management.
My theory is that Horgan is doing this as he does not suffer from the short term pain that we shareholders feel, however, once the inefficient waste movement program is complete, our production/profitability results will improve quickly & markedly. I bet a pound to a penny that at that point Horgan will have STI’s & LTI’s in place which will enrich him significantly at the expense of shareholders.
I am all for rewarding good management but rewarding them for intentional inefficiency irks me.
The above is just my opinion, if anyone feels that my theories also belong with the flat earthers please feel free to pour scorn upon me :)
I feel the way the waste movement has been done has been extremely inefficient. Horgan has used the huge pot of cash built up by the previously much maligned management to pay for the movement and sacrificed short term production & profitability to the detriment of shareholders. The poor financial performance & erosion of our cash reserves also make us a potential takeover target for an opportunistic predator such as Barrick.
Unfortunately my opinion on the inefficiency of the waste stripping program is based on my knowledge of gold mining practices in general rather than detailed information as our current management team consistently fail to provide detailed operational information to shareholders - this also creates concern as to the existence of ulterior motives being hidden from shareholders - why withhold information when they can just blame previous management for any problems which they have done repeatedly.
I remain confident about CEY in general as I am confident about the quality & longevity of the Sukari resource, I simply do not like unnecessary short term share price suppression as it restricts my use of capital & I will be very annoyed if we do fall victim to a predator at a price I consider to be less than fair value.
If the current management team provided more timely & detailed information a lot of shareholder concerns would be removed.
The markets play games & introduce gimmicks which distract from proper investment principles.
For me & my wife we place 10% of our portfolio to gold bullion. We hold 50 oz in actual physical & another 100 oz through a fully backed government guaranteed ETF (PMGOLD on ASX).
We use an ETF as we believe the counter party risk is more than covered by the avoidance of physical buyers premium coupled with the liquidity provided by a listed trading option.
We view our bullion holdings as an insurance asset & do not expect any income from it (we do take volatility profits from trading PMGOLD) but if the do-doo hits the fan our gold will cover us in a large amount of circumstances.
I am not saying anyone should follow our strategy just putting it out there - would enjoy hearing other investment strategies as always good to take other opinions into account.
Good luck to you all & a warm woofing from the Lady Spoonington :)
All complete *******s motivated by self interest - back to boring - where the devil is Tibbs, I want someone to exchange barbs with!
As an aside & more on the CEY price my two bobs worth is hold & accumulate if you are underweight, at the end of calendar year 2023 feel free to remind me of this :)
CEY is boring as batsh*t at the moment & is likely to be so for a while yet before we see any significant improvement (or another major f up).
We may as well spend some time taking the p*ss out of each other, at least it provides some amusement :)
Gold price is a bit misleading at the moment, weak in USD but if you look at AUD or GBP chart it is pretty good (especially GBP).
Unfortunately when the gold price goes up in USD it is likely to be in concert with a drop in the USD cross-currency values so the GBP price of CEY won’t benefit in the same magnitude.
Still, it is nice to see the share price edging back up :)
Not all of us have to vote Gnome. I lived on Cocos (Keeling) Islands for a period of time nearly 30 years ago which resulted in my falling off the electoral roll.
I have managed to avoid reinstatement so far and greatly enjoy mocking my family & friends turning out to vote for one pointless cretin or another while I pour myself a drink & put my feet up :)
Agreed your Lordship :)
That trustnet link was very helpful, i am in Australia & can be difficult to track down decent info on the UK market.
I am looking at SMT as a long term investment but I do like their portfolio & I had some pounds to spend from a failed trade that I didn’t want to switch back to my USD account & cop a pasting. SMT seemed a good place to spend the pounds :)
Looking at the trustnet link you posted (thanks for that) 1.5% of their assets or around GBP 170m was in cash at 30 September.
If they are confident in their investment portfolio which they should be then it would be hard to find a better use for the cash than buybacks at the moment considering the heavy NAV discount & current market uncertainties worldwide - they can fill their boots as far as I am concerned :)
At least the important numbers - production & costs - are improving. It has taken a long time but if we can now see a few quarters of steady & consistent improvement we should see the share price follow suit.
I have waited this long & can wait a bit longer - just hope they don’t do something stupid M &A/capital wise & set us back to square 1 :)
I will be happy when we actually see significant improvement in production & costs at Sukari - Horgan is talking the talk but we have been hearing promises for 3 years which are yet to be delivered.
When & if he can deliver the long awaited results he can think about perusing the menswear department for some new pants but until then any M & A thoughts is putting the cart before the horse in my opinion especially in light of the current economic uncertainties particularly in capital markets.
Maybe just maybe we are going to see some rewards for our patience but I have reached the stage at which I will believe it when I see it :)
Current fed band is 3 - 3.25. Board members have said they expect rate to be 4.6 early next year which means 4.5 - 4.75 band which makes it seem they intend to do two more 75 bp rises.
I know they are under heavy pressure to pivot but after being caught out so many times talking out of both sides of their mouths I am inclined to think they will stick to it despite significant indications that it is unnecessary to go so high.
I do not hold the board members in particularly high regard, they have a hard & lousy job but they seem more worried about themselves & their future prospects rather than the economic havoc they bestow on us all.
Hopefully I am wrong :)
Your predictions seem reasonable 3bear, but in order to see how close you are we are reliant on CEY actually reporting their results.
If their recent reporting standards are anything to go by there is no guarantee that we will get any information whatsoever :)
Thanks all, did some more digging & saw that there are some significant unlisted investments in SMT’s portfolio which are harder to value so can see the venture capital side.
Still I like their portfolio spread so waded in at 790 - hopefully it will prove to be a good decision :)
Hi All
I am new to SMT but had some pounds that I did not want to move back to USD for obvious reasons &:thought SMT looked a good buy.
It seems to trade at a big discount to NAV, if there any reason for this or is it because of the market not properly factoring the USD/GBP effect as a lot of SMT’s holdings seem to be USD denominated.
Would appreciate any comments/opinions, I am tucked away in sunny Australia so there is no-one in my group of cohorts who have even heard of SMT :)
The good thing with the oil price is that Russia is currently selling bucket loads of the stuff largely to China & India but quite a few others including Indonesia are lining up.
Russia is doing this at around $20 below the Brent price so everyone participating are happy, Russia gets steady revenue & the purchasers are saving billions a month!
This should serve to keep a lid on oil for the time being however come the European winter the doo doo may really hit the fan :)
Here is an interesting report for anyone who hasn’t seen it - Rand have of course claimed it is fake news, whether you believe this is up to you but the premise is interesting none the less
https://nyadagbladet.se/utrikes/shocking-document-how-the-us-planned-the-war-and-energy-crisis-in-europe/
This time the sanctions seem to be hitting Europe more than their intended target.
Whilst I feel bad as it is the innocent Europeans who suffer in particular those who already have less than most, Europe brought this on themselves by allowing the US to impose its will on NATO & cause the proxy war.
It looks quite possible that Germany & others may have to back down from their extreme measures against Russia including their prolonging the conflict by providing weapons & training otherwise the consequences for their own people especially over winter are likely to be dire.
It is clear that this conflict is not going the way either side wanted/predicted. The ultimate outcome is unclear but major changes to international trade & relations are almost a certainty - go gold :)