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Rebess - I haven't followed Resolute (who picked up Mako mine from Toro) closely but it looks like they've had a complete overhaul of management with CEO, COO , secretary and some directors all jumping ship recently. So I doubt there would be any funny business happening in regards to our West Africa assets.
As a side note I think Resolute's management change was in response to the recent poor performance of the Mako/Toro acquisition - that mine's AISC has gone through the roof as production fell precipitously - in hindsight it was fortuitous that Mr Horgan and team sold the mine in 2019 (good luck or what?)
MrBond - I'll be the first to admit I've been harsh in my criticism of Centamin - to be fair though I think I've been a rather blind cheerleader for the better part of a decade
Bottom line I do think Centamin' prospects are bright - there is vast potential in Egypt as well as West Africa - I just want to try and hold the BOD to account in terms of setting goals and delivering in a reasonable time frame
Have a good weekend all!
Good morning ,and thank you for your courteous answer.
My only concern is how many Senior ,___competent ___managers are "Hands On",on site.
Jersey is remote.
The past problems were in part caused IMO partly by remote reorting.
I hope in retrospect this has been resolved.
I trust now this has been resolved.
Enjoy the weekend all.
Hi Mr Bond,
I agree, it took a narrowly averted catastrophic pit wall disaster to expose the cracks in the glossing over the true facts that Josef,Youssef and Pardey had been party to sice 2015.
I question Pardey in 2018 on a telephone Q&A session about the high grading that had been flagged up by Kees Deker in 2015 & 2018 , Pardey denied all knowledge of the reports and he agreed that I should forward them to him and that he would reply to me.
After I sent the reports to him he ignored all further correspondence from me.
As a matter of interest when the first 2015 report was published Pardey claimed to Seeking Alpa Kees Dekker had used the wrong data , subsequently Pardey entered into dialogue with Kees and agreed to send the correct data, despite several requests from Kees to Pardey for the correct data all communications ceased.
As share holders we quite understandably assumed that Pardey had integrity, he was the senior director on the job and that he would have been telling the truth, possibly the Jersey board assumed the same, or just chose to for whatever reason!
Unfortunately we are now well aware who was telling the truth!
Just after the RNS on the pit wall I was told that until this occurrence the Jersey BOD were unaware of the complete failure to clear waste in the open pit for several years.
So proof of your point about the board being so far away.
But then if you recall there were several brokers analysts site visits over the years from 2015 on and to my knowledge not one of the analysts ever raised any concerns over waste clearance,, so just how much do these brokers analysts really know about mining?
Hi Cowichan,
As a share holder you are entitled to call the management to account, even more so when your concerns are ignored, as has happened all too often in past!
That said, I think many of us long term share holders have also been blind cheerleaders because we tend assume that the directors of the company possess integrity, respect the trust the company shareholders place in them and so act in their share holders best interests!
Had the previous management behaved as it should have done in regard to your questions then you would have no need to have to resort to social media!
Thank you for all you do!
Hi Tibbs
What you say has a lot of merit. However can I add that the Executive Directors have the responsibility to profitably develop the Company but , and this the killer for me!!! The NON EXECUTIVE DIRECTORS ARE APPOINTED TO SAFEGUARD THE SHAREHOLDERS AND QUERY THE BOARD OF EXECS IF THEY FEEL THIS HASS NOT HAPPENIED!!! Their remuneration for minimal effort and work is well documented and HAVE FAILED IN THEIR PRIMARY OBLIGATION. The role of the Non Execs need to be examined in this context in my opinion although they will and or have swanned off to some other lucrative minimal effort company/companies. Apologies for the capitals but does mitigate somewhat my disdain for these leeches on the bosom of many Companies.
Bob
After 10 years of this company ,it's surprising there are so many sane long termers left.
Or are there, possibly more than likely masochists .
And likely many passed on.
Bless em.
Still it'slike a Soap Opera ,compulsive.
What next ?
Hi Bob& Liz,
Thank you for the advice, given the gravity of the circumstances the upper case seems most appropriate!
I have noted your advice an wonder now what is the best course of action for share holders?
Possibly in the first instance they should write to the CEO & or Chairman and ask for an explanation why the non executive directors have failed to discharge their duties and responsibilities as they should?
Also should the appropriate regulator be copied initially ?
Or should the regulator be asked to investigate in the first instance?
Also and this is no defense, the BOD in Jersey claim to have been unaware until the recent pit wall crack that they were unaware that the open pit waste wasn't being cleared as it should have been over several years .
From their statement it seems the were dependent on whatever Pardey & co wanted to tell them, hardly ideal for share holders, but excellent for those running the pyramid ramp up schemes at Sukari
So that said it's hardly likely that the executive directors would have raised any initial concerns, however now the fact's/failings at Sukari and their impact on share price and company profits are known and yet they appear to have done nothing, it certainly questions their worth and suitability for post.!
Possibly share holders should ask some of these questions during the next quarterly Webinar market update?
I won't go into detail on an open forum, but I know the new management just want to get on with the job in hand are keen not get involved in the blame game, that accepted it is annoying /frustrating to say the least that that the previous management have done very nicely indeed by misleading the share holders and it seems they will get away with it.
mrtibbles,
My advice to you, sir, is, "get over it and move on" with your obvious angst here. AIM and LSE regulators have shown scant interest over the years in conducting forensic examinations of management "best practice" or even the wrong side of the regulations. You need to figure out if your investment capital is going to grow in real terms from the here and now, not some historical irksome starting point when trouble a'mill was uncovered. Look forwards, not backwards.
Enjoy the lack of stamp duty, buy on lows, sell in highs, and trade this share. That's my approach and only pile in when the price has plummeted. At least there's gold in them there hills.
Olderand wiser
The problem with doing nothing and moving on in your reply to Tibbles is exactly what will happen time and again . I agree Regulators seem to have the Companies and not shareholders (at least the PI'S ) interest foremost. But there is an old saying "if you dont study history you are destined to repeat it. I would add "and react to it" you are destined to repeat it.
Some non -execs are excellent but I haven't looked into the CV of Centamin non execs as yet Did any have the in depth technical technical knowledge of the mining industry and specifically open pit mining. I would think not. Thought of the day, put Cowichan forward as a Centamin noni - exec. Get my shareholder vote.
Merry compliments of the season to all here whatever the amazing and diverse but mannerly views you have.
BobLiz
The dividend keeps some of us hanging on and , in my opinion, gold is true wealth. Assuming that Centamin can continue to find enough gold !
On reflexion, gold is ,in my opinion, true financial wealth. True wealth is probably something completely different.
Hi Bob&Liz,
Absolutely agree, Cowichan for non exec director , he certainly deserves it!
Although some may not realise it Cowichan's dedication to exposing the facts and persistence in asking unanswered questions has certainly hit home!
Compliments of the season to you and your family and everyone else of this forum!
its not about trading, it's about trust1
its being able to trust in the integrity and professionless competence of those running Sukari at the time, Josef ,Youssef and Pardey, they betrayed the trust of share holders by knowingly condoning poor mining practice with the intention of deceiving the market and share holders into believing that the sustainable forward guidance was much higher than Sukari was ever designed or capable of delivering.
With this insider knowledge they then took the opportunity to dispose of their shares at an advantageous price by offering excuses of taking a back seat and property developments before the inevitable cracks in the pyramid scheme became apparent!
i can accept that there are unforeseen and genuinely unknown occurrences in mining, but I will not accept deception lying and certainly will not get over it, nor move on!
I get confused. Wasnt there a Joseph as well as a Josef? Didnt "the man on the train" say one was an honourable man before the s--t started to hit the fan?
Quite so,unfortunately it seems we were both misled.
Possibly not confusion,more likely sarcasm.
Some of us long term holders used to pass on news from various genuine sources/contacts in good faith, had this all worked out we would have been delighted, but nothing is certain and unfortunately its the messenger that gets shot.
Possibly this is why some no longer post on here.
Sorry Mr T. genuine confusion. Was there a Josef and a Joseph??? I know the ex police chief was the nephew?? of one of them?
Dont worry about it. Even Siko reported having heard "Good times are coming. Good times are coming" and Siko strikes me as being a pretty straight bloke.
They reckon sticking a pin in to pick shares is more succesful than "experts " stock picks so I wouldnt expect "The man on the train" to do much better (if any) than random.
All the best for Crimbo Mr T. Try and calm down a bit with the political stuff. I agree with a lot of what you post but hammering on about it here isnt going to do any good.
Paul,it can be cofusising Joseph the son of Sami.
Youseph brother of the ame , similar to Jack and John the same. But different ;-).
Gold down a little as at the moment are CEY.
But stocks worldwide down due too panic over shutdowns due to the Dreaded Lurgi.
Courtesy of the Goon Show.