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There is a saying amongst farmers that sheep are born and then spend the rest of their lives looking for ways to die. I feel like some holders here are similar. They buy shares and then spend their entire period holding looking for bad news.
Two men sadly died in social unrest, related to local informal mining in an area where HUM hopes to do business one day, once they get a licence on a project that they have not yet paid for and that is not in the share price at all.... and the share falls 6%!
The very same investors who furiously post that Kourouso is quite rightly not yet reflected in the share price as it is a pipe dream on a licence that will never be granted are now panicking. It can only be one of the two. Either we will never mine there and its just a sad story in a neighbouring region or we are indeed mining there once we have our rubber stamp and this should be reflected in the share price (and then adjusted on local news). In this second case, there are ndeed local community concerns that will need to be addressed very sensitively. Bizarrely, these shareholders are also the same guys who criticise the front foot, high visibility approach that HUM have taken towards social responsibility and community upliftment.
Pick a lane, fellas.
It looks as if it could be Volt, an exploration outfit with the Kouroussa project, 3 areas: - Kouroussa, Kouroussa West and Fadougou permits?
They are at an earlier stage"grab samples" and perhaps a more difficult time in relationships with locals. It would be interesting to know if Cassidy Gold experienced this when they were exploring.
Sympathy for the families of the dead. A moment of frustration, perhaps badly handled and lives changed for ever.
Salient points TBTT, however the lender for the development is based in Burkina Faso i think and the delay in releasing Q1 might be lending itself to speculation an RNS on the matter would be helpful.
Boom EBITDA earnings for 21 will be in the region of $45million on 105,000 ounces
Fag packet calcs for me are circa 30 mill usd or 8.4 cents per share. Project news aside, the only stand out growth item in the accounts this year will be the Net Cash position.
It's also worth noting that the imminent dilution for Korrousa will dilute the eps by a further 9%
No, Boom, Hummingbird have paid nothing for Kouroussa - the deal only completes on the grant of the mining licence, which hasn't happened yet. You should know that if you are invested here.
FWIW, your earnings estimate is about as accurate as your information on Kouroussa - that is, not at all.
even if it was hummingbird's related, hum only paid $10 million via shares or £6 mill.
just a drop in the ocean compared to the £50 million earnigs expected this year.
Terrible news from Guinea. But I'm wondering if this is directly connected to Hummingbird.
There is no mention of the "Kouroussa Gold Mining Company" in HUM's original RNS, which runs thus:
"Hummingbird has agreed to acquire all of the share capital in Cassidy Gold Guinée S.A. ("Cassidy Guinea"), as well as the benefit of any outstanding shareholder loans owed by Cassidy Guinea, subject to the satisfaction of various matters including confirmatory due diligence and the exchange of a definitive sale and purchase agreement ("Sale Agreement"). Cassidy Guinea is being acquired from Cassidy Gold Corp (incorporated in Canada), which is wholly owned by Guinea Gold Limited. Guinea Gold Limited is incorporated in Labuan, and is 77.7% owned by Asian Investment Management Services Limited together with Halfmoon Bay Capital Limited (the "Majority Sellers")."
And why are the rioters claiming that Burkino Faso nationals (Burkinabe) are involved?
Is this anything to do with Hummingbird at all? Is it a different mining project? Or have Hummingbird lost the Kouroussa Project to a rival group? Or what?
In the interests of investor relations, Hummingbird should probably issue a clarification RNS. But, based on past form, they won't.
Sounds like another mine I heard of that had exactly same problem a few years back...now what was it called? Ah yes Yanofolila. The sooner we get in there with some roads, running water, soap making, kitchen gardens and pygmy hippos! the better. But for today we are literally the bad guys in the film Avatar. For those less prone to sentiment, buy the dip. For as the Shona people say about the red earth in Africa - 'the colour comes from all the blood that's been spilled fighting over the land' Nothing changes on that front it seems :(
Hopefully this will provide impetus for the gov to grant the licence. Artisnal mining is dangerous unregulated and harmful to the environment and HUM can employ many of these desperate people as well as improving their lot at the same time.
This is exactly why it's important to have a strong ESG strategy.
Text by: RFI Follow
2 min
At least two people, two young men aged 20 and 23, were killed and public and private property destroyed in Kouroussa, 500 km from the capital Conakry, in eastern Guinea, during clashes between artisanal miners and the police, Saturday April 17.
These clashes erupted during protests by Guinean gold miners accusing the Guinean authorities of having dispossessed them of an artisanal mine for the benefit of Burkinabè operators.
Publicity
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With our correspondent in Conakry,
Moktar Bah
A statement from the elders of the city broadcast on a rural radio station prohibiting the gold miners of Kouroussa from accessing a gold mine is said to be at the origin of this violence.
This press release asked the citizens of Kouroussa to stop all gold mining activity on this site, which now belongs to the Kouroussa Gold Mining company.
The message specified that "
any offender would respond alone for his reluctance and hostility
."
Feeling betrayed by their representatives, the artisanal miners barricaded the city center, burned tires and charred vehicles.
They also vandalized the residences of the city's prefect and mayor and drove out local administrators.
The demonstrators especially denounced the exploitation of mining sites, their only source of income, by Burkinabe nationals under the guise of Kouroussa Gold Mining.
Emissaries of the head of state, including the governor of Upper Guinea, Sadou Kéita, went to Kouroussa to restore calm in the city.
This Sunday, April 18, it is a precarious calm that reigned in the locality according to several sources.