Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
I know that the Egyptian legal system and the Egyptian government are two separate entities, but you would think that if the government are genuinely serious about trying to attract new investment with the new legislation, then you would think that they could give the court judges a nudge to get them to settle centamins ridiculous case.
This ongoing marathon must be deeply embarrassing for the government and sends the wrong signals to any potential investors.
It doesn't exactly portray a safe jurisdiction for business to invest in.
In most countries the law is designed to protect,but Egypt law appears to have lost the plot.
Im hoping that the fact that they are willing to settle ongoing subsidies cases with other companies then just maybe they may be working towards settling centamins case sometime soon.
Ultimately it benefits both Egypt and centamin if good grades are found outside of the 3km area.
Some of It could be exploited using existing plant and machinery so everyone's a winner, little to no capex.
It just wouldn't make sense to take the 160k away from centamin, just to give it to an unknown who would need a long time and a large pile of cash to get to where centamin is right now.
Im confident that Emra are as eager for centamin to expand outside the 3k as we are.
Hi rebess, glad you said that because that was my understanding also.
The 3km site that is currently being mined is not in dispute it was only the area outside of this ie the 160km that was challenged.
It was never an issue with the government just one judge who agreed with our good friend Alfrahayne ( not sure how to spell his name)
Which put us onto the Egyptian legal treadmill for every and a day.
It cannot be any problem as centamin have been doing exploratory drilling outside of the 3km zone all with the governments blessing.
Hi cowichan, ive just read your post and I'm trying to unpick the Egyptian legal language.
So am i right in thinking that this is law 32 in a different disguise?
If so and its a BIG IF would it be just applied to all new contracts or could it be applied retrospectively.
Very interesting, excellent find cowichan thank you.
The way I see it , If Endeavor had any inside information regarding centamins grades and current production ( and i believe that they do have this knowledge given that they have ex centamin management working for them! ) then im guessing that the grades/production is improving or Endeavor would have waited until Q4 production figures were published and we get the usual spanking giving them a better chance of a merger.
So im quietly confident of somewhere near guidance. Spot64
Welcome back Siko
I hope that siko doesn't mind but ive copied his update from the go fund me site for any one that doesn't know about the fantastic work that siko does.
In this world of endless bad and negative news it really does cheer me up to read about the work that siko does.
Dear all,
I have just come back from Egypt after spending the summer there and just wanted to tell you that things are going extremely well.
During the summer, it was Eid time in Egypt, which is like Christmas in England. We managed to give many desperate children new clothes, toys and good food so they could celebrate and enjoy the festive period the way they should.
We also offered financial help to some families with children so they could have a break from the tough life they normally have.
We bought a lot of milk for babies whose families could not afford to buy them milk.
Also helped towards the treatments of some parents with young children so they could be around for their children.
Overall, it was an amazing summer and I came back very proud of what we have done and feel lucky and thankful for what we have...
As you know, I stopped accepting donations here, so this is not to ask for money, this is just for your info as you were very helpful at the begining of this project , so I thought to keep you up to date with our work.
Thanks again,
Siko
With the gold price making great progress, it should now be begin to catch the attention of the herd?
This is an excerpt from an old post by marmot74 and even more relevant than ever.
"The reasons for holding gold are moving rapidly from optional to imperative. Take heed of the advice of Ray Dalio and Stanley Druckenberg. A 5% portfolio holding of gold/mine shares is prudent. The US average is 0.4% and for UK investors even less than that."
So If only a small % of the heard decided to take some cash off the table and have even a small part of their portfolio in gold/miners the potential upside will be immense.
Patiently waiting for the sound of hooves Spot64
Hi cowichan, thats a very interesting theory regarding re negotiating the licence at sukari.
So lets assume that the Egyptian government could come up with a new mining law that was better than or even equal to centamins current licensing agreement and centamin signed the new agreement then i would think that this would nullify the old agreement and with it the court case!
( it doesn't cost anything to dream!)
Good luck with your charity work siko, i hope it all goes well.
Regards spot64
This sentence suggest that the figures would have been higher.
"Gold sold of 112,764 ounces, was 5% below gold produced due to timing of the closing weekly gold shipment."
So we should be off to a good start for the next quarter
Goldman Sachs increase their gold price forecast for the next 3 --- 6 and 12 month's. 3 month was $1350 now $1450 6 month was $1350 now $1475 12 month was $1425 now $1475 https://www.forexlive.com/news/!/goldman-sachs-update-their-gold-price-forecasts-3-6-and-12-months-20190625
Another thing regarding the free shares, when they decide to sell them for what ever reason tax etc. we take yet another slice of sh#t pie to swallow when the sp dips! Wouldn't it be better if they were paid purely on performance and then bought shares on the open market demonstrating confidence in the company by using their own cash and not just something handed out.
Aa a long term inmate of this share i will always be grateful to siko for his help during the dark days when the real brown stuff was hitting the fan!!!!. For anyone that doesn't know the reason why siko invests in centamin, its to try and make money for the charity work he does to help children in Egypt. There's not enough siko's in this world. As annoying as the current situation is i believe that things will get better.
Centamin is pleased to announce the appointment of Dr. Sally Eyre, B.Sc., Ph.D., DIC, as an independent Non-Executive Director, effective 10 April 2019. Dr. Eyre is a mining finance professional with extensive experience in global resource capital markets and mining operations. As a geologist, obtaining her doctoral degree in Economic Geology from the Royal School of Mines, Imperial College, London, Dr. Eyre brings strong technical balance to the existing Board composition.
Being a glass half full person I'm inclined to have the view that yes management were asleep at the wheel last year, and for what ever the actual reasons were we can't be sure, only they will know the real truth. Having narrowly avoiding crashing the Centamin truck I'm sure management have had plenty of strong coffee and opened the windows for some fresh air! and are now focused back on the job. I think that it would be suicide for management to repeat last year's cock ups and miss guidance again so I'm thinking they've looked at whatever the problems where and made sure that there's plenty of petrol in the tank just in case, hence the very cautious guidance numbers. So whilst we struggle to swallow last year's meagre rations I honestly think that it's jam tomorrow for us all.