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I haven't heard the presentation today, but from the comments on this board, I can't see that there was much point for the presentation?
I haven't seen such low sentiment on this board, it is worrying to read. I am holding on and hope things will get better by the year end.
I have to agree, in all the years here I have never seen moralle so low.
Depressing, as CEY have got.
Never thought I would speak as now, totally ****ed off.
Free beer tommorow, but its tommorow equal to never.
Nomad, nor have I seen such low sentiment here, but that for me is a good contrarian sign; over the past 18 months as I have been a near loan voice calling Centamin down from over 200 I was criticised for pessimism by the Panglossian and wishful thinking holders, looking back to how we mined, not forwards. Now I call a bottom as so many are now negative here, looking back at these horrid times, I am criticised for being over positive. However I am hoping I shall be calling this share up for the next couple of years and Horgan's shareholding is immaterial. Of course I may well be wrong, but sell when all are buying and buy when all are selling seems to work as long as don't jump the gun. Well this is now down 60%. Yes it will have used up the cash and yes it may raise money but as halfpenny points out it pays to invest and if that is n Egypt that it knows a rather necessary thing, the mine life keeps extending, the board that has been pretty spot on with its guidance says costs should tumble and we should end up a rare Tier 1 miner, I'd hold on for the ride.
Sotolo ,I agree overall.
A surprise no doubt.
As Buffet always says buy when the blood is on the streets.
This year in particular will be like that, with sheep panicking.
Gopd health to you and may you recover to yours and mine ,on paper , value.
In reality the value of the mine has not diminished.
Well as the mine is producing less gold than it was previously claimed to be capable of , (remember 560,000- 600,000 oz p.a so it seems logical as they are extracting less per annum then what gold there is will last longer, so extending the mine life!
It's much easier to be spot on when the output/performance isn't what it was once cracked up to be!
Hi Mr Bond,
Baron Rothschild, an 18th-century British nobleman and member of the Rothschild banking family, is credited with saying that "the time to buy is when there's blood in the streets."
He should know. Rothschild made a fortune buying in the panic that followed the Battle of Waterloo against Napoleon. But that's not the whole story. The original quote is believed to be "Buy when there's blood in the streets, even if the blood is your own."
This is contrarian investing at its heart--the strongly held belief that the worse things seem in the market, the better the opportunities are for profit.
Most people only want winners in their portfolios, but as Warren Buffett warned, "You pay a very high price in the stock market for a cheery consensus." In other words, if everyone agrees with your investment decision, it's probably not a good one.
I have topped upped. Can't fault what I have seen. I can understand shareholders who bought in at £2 per share being unhappy. Buying in at sub £1 is a no brainer in my view. DYOR
Well Tibbs, I am getting a little worried now as your posts were generally optimistic, it seems even your patience is wearing thin,mine has been like tissue paper now for ages, been here far to long after buying in the very high pounds many years ago feel let down by endless promises that never fully deliver, oh well glad you are back,so keep posting. Always interested in other opinions also, and has been stated the directors should be showing their commitment in purchasing shares at these supposed bargain prices! If they dont think its a good buy why should we. I wish all well.
Fair comments Dealts,
Lets face it buying a million shares is small change to Martin Horgan & Ross Jerrard and others could buy meaningful amounts, surely if they have any confidence in their new strategy as they have the potential to double their initial stake in two years or so if the bullish statements are to be believed.
Bullish statements are fine, but in this case much harder to belive as we have been given far too much "Bullsh*t" for so long previously!
its "Bullish results that are required now and some demonstration that the BOD believe in what they are telling us shareholders!
So if Martin Horgan and the rest of the BOD are reading this over to you!
Quite so Stock, lets hope the BOD & Martin feel the same way, if not why not?
Give the man a chance. As stated by Mr Horgan for example if the Doropo premium isn't factored into the sp later this year, which it currently is not, then share buybacks are on the cards. 2021 was obviously annus horribilis but this was as stated the reset year. 5c is the minimum divi for this year and Doropo may be a game changer so let's see.
Fair comments Halfpenny,
I hope that you are right,
However in the past we were in some respects treated like mushrooms (kept in the dark) so we mustn't be complacent and continue to ask questions as part of our quest for transparency
Tibbs unfortunately the 560/600,000 ounces are the reason for where we are today following the higher grades regardless of the repercussions and impact on the plan. It is worth going back to the early years forecasts and if I remember correctly projections were for a high of 500,000 oz's per annum. The resource can only be mined once and this is why I hated the over estimated forecasts because if you take 10% extra out you need to find 20% extra next year just to stay at the same level. Sorry doesn't work. Far rather have a smoothing out with the occasional bonanza than highs followed by crashes and the inevitable lack of trust.
Hi Dasut,
Thank you for the explanation, I understand now , mainly because of your past explanations and the concerns flagged up by Kees Dekker that those forecasts of 560'000 -600'000 which were promoted in the Egyptian media by Mr Pardey & Youssef El Raghy were in reality unrealistic,it's unfortunate to say the least, in fact professionally irresponsible that the BOD allowed the misinformation to continue for so long until inevitably the true consequences of such bad mining practice were exposed !
Quite a can of worms really !
Tibbs what is more worrying is that I think the BOD at that time believed what Pardey was saying and Youssef was just a political mouth piece he wasn't a qualified mining anything so just read from a script.
Even more worrying is Pardey believed what people on the ground were telling him because that was what he wanted to hear and he knew no better.
I will never forget Pardey's embarrassing presentation in Denver when he was saying something that was already known to be incorrect and Youssef repeated the nonsense a week or so later.
As far as I am concerned it all started to unravel after Trevor Schultz decided to retire, a man highly regarded by me and more importantly the mining community at large. This I think also coincided although earlier with the much too early passing of Harry Michaels who whilst he and I had our differences he was also well respected and a steady guy to have at the helm of the mine.
Listening to Martin Horgan I feel confident in what he says and what he says makes me feel he really does know what is going on at the mine face and also understands what needs to be done to bring success. There is no doubt in my mind that he is the driving force and that he has a team he trusts around him but I am under no illusions that we will see some hurt before the company gets back on track. There will be some in my opinion long overdue borrowing/gearing as the cash gets spent to right the ship and grow the business.
Hi Dasut,
Thank you for your reply, confirms what others in the mining profession have told me, personally I didn't like Pardey, he had no real integrity and lied when it suited his purpose!
Pardey is a Geologist. Geologists do not run mines nor companies very well at all. The failure rate is astonishingly high.
I sold out of Predicitve Discovery, despite their fantastic discovery in Guinea, as soon as Pardey was announced as MD. One layer of rosk too many! Tidy profit, funds to lesser riskier ventures..copper in the Congo LOL