1. Introduction

Here is another interesting analysis by my fellow countryman Kees Dekker, and it is about Centamin Plc, the Egyptian gold producer. Notwithstanding the omnipresent jurisdiction risk (in my view Kees has been generous with a NPV discount of 5%, which is acceptable for running operations in top 20 Fraser Survey jurisdictions, however Egypt doesn't belong there, it doesn't even have a rating), Kees shows why Centamin might be facing challenges regarding grade and production (this might even be a case of ongoing grade variance when looking at mined grades vs reserve grades), and might be severely overvalued.

 1. Introduction

After doing the pretty interesting interview with my Dutch fellow countryman Kees Dekker, it is time to show several examples of his analyst reports. The first one is a critical analysis of a new junior gold producer, Atlantic Gold Corporation.

South Deep; Gold Fields

Once in a while I run into countrymen in the mining business, and as a Dutchman this doesn't happen too often. Notwithstanding this, I was connected to a gentleman named Kees Dekker through a mutual contact, and it appeared soon enough that Kees shared a preference for critical analysis with me.