Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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It looks like they will need to find another purchaser for the price to return where it was-
'the Ghanaian Government objects to the purported sale or transfer to Chifeng and the creation of any interest
in the mine to Chifeng or any third party will be deemed invalid without the express prior approval of the
Government'
It is much better news for the company than not having the lease but they will either need to find the money to develop the site or find someone the Ghanaians are happy to take it over.
The company have been able to push out the timeline for needed the funding for the second underground mine in Mali so they do have some leeway to be able to sort this all out.
Price is @30p on asx
I’m guessing rsg will see 39p very soon.
This explains the rise in the share price yesterday.
The Newsletter is Southbank Investments "Gold Stock Fortunes"
Which news letter?
Been a major but recommendation in a newsletter today. They obviously know something.
Brokers already mentioned guidance on production is unchanged but 100m sale will go down well
Brokers already mentioned guidance on production is unchanged but 100m sale will go down well
I was in shortly before the recent big drop, so perhaps the Ghanaian Government have u-turned........here's hoping!
leak or news
maybe near
Topped up at 27p good decision I made looking at today rise . News on the mines ?
found it hard to buy in to this .
but in at27.
BUZZ-Australian gold stocks eye best session in 2 weeks as bullion prices gain
Resolute MiningResolute Mining
News
an hour ago
** Australia's gold sub-index .AXGD climbs as much as
3.4%, its biggest intraday percentage gain since March 18
** Gold prices edge higher as expectations of a $2
trillion-plus stimulus plan in the U.S. raised inflation
concerns GOL/
** Reports of a new vaccine-resistant COVID-19 virus strain
also bolstered the bullion's safe-haven appeal
Hotcopper is listing it as 44c at close -24.3p
The problem was not short term debt it is the need to find nearly 100m to go underground at Tabakoroni next year. The sale of Bibiani would have provided this money whist allowing them to reduce debt from normal operations.
At the moment it is a punt on if you think they will get the licence back, or they will get the VAT back from the Mali government.
BUZZ-Australia's Resolute Mining eyes best day in over 3 months on reaffirming 2021 outlook
Resolute MiningResolute Mining
News
31 minutes ago
** Shares of Resolute Mining Ltd RSG.AX jump as much as
8.3% to A$0.455, their biggest intraday pct gain since Dec. 16,
2020
** The gold miner reaffirms 2021 production, cost and
capital expenditure guidance; says Syama gold mine in Mali and
Mako gold operations in Senegal remain on target to achieve 2021
production and cost guidance urn:newsml:reuters.com:*:nASX54hXk0
** Says performance during March qtr is on target
** Expects to generate sufficient operating cash flows to
support debt repayments of A$50 mln ($38.07 mln) in 2021
** Says co has strong liquidity with A$106 mln of cash and
bullion at Dec. 31, 2020
** About 11.8 mln shares change hands, compared with the
30-day average volume of 8.7 mln
** Stock had fallen 47.2% this year, as of last close
($1 = 1.3135 Australian dollars)
(Reporting by Savyata Mishra in Bengaluru)
((Savyata.mishra@thomsonreuters.com))
You can see why they struggle to make a profit....$112M payed out last year.
blue
Hi Tones!
That's more or less how I see it. Let's hope we've called it right!
Hi Tones!
Do take care with this one - it's the investment equivalent of nitroglycerine.
Today's drop is overdone, indeed, but something is always going wrong at Resolute. A high return is possible here, yes, but it's high risk.
There were some contingent liabilities at Bibiani. They linked into whether the mining was started by 2019. It is on page 119 of the recently released annual report. I profess to having never fully understood it ! They had a high court appeal around now (see below). It may be to do with this issue.
'The appeal proceedings involving Riasand have been settled on the basis of a payment to Riasand. Orders giving effect to the settlement (including vacating the stayed winding up order) are expected to be made at a hearing in the Ghanaian High Court within one month.'
The problem is if they cannot sell Bibiani they have to carry $100m more debit and will have no 'spare' cash to go underground at Tabakoroni . They then would need a placing to fund this next stage.
It would be a shame as they looked to be starting to turn a corner.
Tempting as it is, I am going to sit on my hands....
The loss of the $105m of the sale is roughly equal to the drop in market cap from this fall.
I do hold these but am not buying more.
Reading between the lines I wonder if Ghana don't want chinese interests in their country.
IMO, the share price fall (25%!) is overdone.
Bibiani is / was a non-producing asset due to be sold to the Chinese. Most of the value of the company lies in Mako and Syama, which actually produce gold.
So, coming to this as somebody not invested in RSG, I have concluded (reluctantly) that this is a dip that needs to be bought.
I'm sorry for existing shareholders, though. I've no idea what game the Ghanaian government is playing.
# Trades 223
Vol. Sold 588,387
Sold Value £164.75k
Vol. Bought 1,012,632
Bought Value £283.54k
a sea of blue
WTF? And I thought Ghana was meant to be one of the most investor friendly African jurisdictions?!?