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Guys may I just add a few notes of optimism?
1) Horgan is open about the fact they don't know how big the ore deposit at Sukari is. "It is not geologically constrained, it's drill constrained. We haven't found the sides or the bottom yet." Just think about that for a minute. What they do know is Sukari will produce around 500k for 12 years. The only unknown is how much more is to come. This is good.
2) They have been given some of the best prospective ground in the Nubian shield. From what I can see, this is priced into the closing SP today at less than zero.
3) The first analyst on the results call is scratching his head saying, hang on, at these numbers, Doropo's potential is not priced in to the SP at all?
4) I said a few days back that if Cey maintained the divi at 9 for 2022 I would be turning cartwheels of unexpected joy. But this company is where it is because the previous management prioritised dividend over good practice.
5) Yep, if you're sitting on losses, or in any case, a divi cut is a kick in the b*llocks. FWIW I think Horgan is putting together a sensible plan that must result in share price growth. I can't see a better one, but I know nothing about mining. If anyone out there has a better one please can we hear it?
6) I like the fact that Horgan features prominently at every presentation the LTI rate.
7) 90p is a ridiculous price for a company of this quality. But we knew that anyway.
8) Horgan announces a minimum divi of 5c and Alex B-C asks him how will the expected upside on that minimum be paid - special dividend or share buyback? Horgan nearly chokes. This tells me to expect a full year divi for 2022 of exactly 5c. Let us hope that one year from today that equates to a shockingly low yield.
A good summary 3bear, thanks for sharing. Point 7 is why I am terrified of a take over. We are beset by one cell brain short term traders.
"7) 90p is a ridiculous price for a company of this quality."
This company will be accelerated in sp if gold does well and let’s face it you don’t get in gold shares if you don’t think this will happen. I’m long on gold, it’s bull run continues
More importantly the sp will increase on the back of increasing ounces mined which we have been promised will be happening by Mr Horgan going forward.
On there website, CEY shows a mineral resource of 10M oz at the end of 2021 with 4M oz already mined.
Going back nearly 20 years I have seen very compelling information indicating there was a resource of at least 20M oz just in Sukari & not even counting the huge & largely unexplored surrounding area, a lot more than the 14M oz combined total.
Of course you are not allowed to claim that level of resource with out doing significant drilling & it is not cost effective to do all that drilling up front just so you can lay claim to a resource, however, I am extremely confident that there is gold in the ground to keep us all in generous dividends & an accordingly decent share price for many years to come - they just have to stop fannying about & dig it out of the ground :)
Hi Spoonington
Absolutely agree fair comments,
Here we are over a decade on and the company value and the dividend more than halved whilst those on the BOD & the NED'S who failed to execute their legal duties with the appropriate due diligence keep their heads down and continue to receive their handsome resumptions hoping we shareholder’s take our scraps be grateful and forget!
it all very well to claim that it’s no good blaming the previous management, but let’s face it most of those that were complacent or lax, or both in that comfy Jersey boardroom are still in post.
Were the BOD & NED’s ignorant of the true state of Sukari, if so that is quite an appalling state of affairs, or were they complicit in what seems to have been a mine operating along the lines of a “Pyramid Scheme”, is the reason for our present sad state the former or the latter, or possibly a combination of both, whichever neither are acceptable or excusable in any decently run company.
Martin Horgan seems to be trying his best to rectify the bad mining practice and poor Sukari oversight of over a decade but it is no mean task which may well account for his handsome £ 2.5 million and share option’s annual remuneration package.
If the present BOD wants to demonstrate that they have learned by their past failings and indeed have faith and confidence in their new CEO's strategy then they should at least have the courage and conviction to purchase at least £1-£2 million of share each and Martin Horgan should seriously consider reciprocating
At present it seems that we shareholders have been fed "Baloney" (the polite word) for over a decade and our reward is a kick in the crotch (polite word) with yet more promises of rewards for our patience sometime in the future.
Mr Bond once explained that Sukari was chosen to be developed first because of its close location to the sea (water) but that there were richer resources/reserves that were further but not so far away that possibly may now be feasible for Centamin to exploit.
I would like to write more but I feel I am unable at the present, although I shall be expressing my feeling to the company by the appropriate means.
1:39 PM March 19, 2022
Centamin corporation that operates the Sukari Gold mine announced that it sold 31.219 gold ounces in 2021, instead of 16.300 ounces in 2020, to the Egyptian Central Bank in the framework of their 2016 deal.
It added that the value of the gold bought by Egypt from $ 29.4 million to $ 56.2 million. In addition, the famous gold mine produced five million gold ounces until now.
It is expected that its gold capacity could exceed 12 years.
In the same context, Centamin corporation board pointed out that it works on varying its sources as it added 3000 km in the south of the Eastern Desert, and it will spend three million dollars for mining in 2012, and between six and seven million dollars for mining projects by 2023.
It also announced the retirement of its Cairo office head, Youssef El Raghy, and the appointment of Amr Hassouna starting from April.
Moreover, the company revealed that Egypt’s shares from Sukari gold mine decreased by 52% last year.
Finally, Centamin concluded in its statement that Egypt’s shares were estimated at $ 97 million in 2021, instead of $ 200 million in 2020.
The revenues of the mine are divided as the following by $ 75.2 million for the Egyptian government, $ 21.7 million taxes and royalties.
According to the agreement between the company and the government, Egypt gets 50% of the mine’s revenues starting from 2020.
https://see.news/centamin-co-plans-to-start-10-mln-investments-for-gold-mining-by-2023/