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Agree. Today's drop is almost certainly Whitehall reducing their holding, making a good price to buy. The results were excellent, but more importantly future growth looks to be very promising. The market cap is relatively low for this company which makes it possible for a take over. So, I'm buying the dips.

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This is exactly how I see the company. £3.23m of profit for an EV of just £15m is a bargain considering the Vicon product is top notch and the company has been running for years and years. Yep revenues have not been great recently, especially after coming off from covid bumper sales and then affected by actor strikes and a slow recovery. But that looks to be about to recover soon. If the company is not bought out, then it will likely make some MA and improve. THe SP could well drop some more, but that would only increase the likely hood of a buyout as the company could then be picked up basically for free given the huge cash pile.

Some investors, however, are anticipating a tough road ahead for Barrick in Mali, including the possibility the company could lose its assets.

"The market has already factored in all the risks on Barrick shares, and the possibility that not much of production is going to come from Mali anytime soon," said Martin Pradier, materials analyst at Toronto-based Veritas Investment Research

Corporation, which covers Barrick.

After Mali created a state-owned mining company, SOREM, in 2022, Samba was named chairman of the board, with Mamou appointed as a director.

The influence of the Toures is not unchallenged, however. Last summer, junta leader Goita grew frustrated with the negotiations and brought in the director of state security, Modibo Kone, one of the five colonels-turned-generals who lead the junta, one source said. A second source confirmed Kone's involvement in the talks.

On at least one occasion, the finance minister has also taken over negotiations and instructed Mamou to stand down after he went too far in his demands, according to one source familiar with the talks.

Five sources said that the mines minister, a technocrat with no ties to the military, has been sidelined. However, Mamou denied that, noting the ministry has two representatives on the negotiating commission. The commission takes its orders from the mines ministry as well as the finance ministry, he said.

Mali's finance ministry and presidency did not respond to requests for comment. It was not possible to reach the state security service.

SPECIAL FORCES RAID

With exports banned and Barrick's mines producing up to half a ton of gold weekly, stockpiles were rising in its secure "gold room" at the Loulo-Gounkoto mine complex.

As of Dec. 27, Barrick held just over 3 tons in its vaults, according to a Jan. 2 court order seen by Reuters, which authorised its seizure.

At mid-morning on Jan. 11, a helicopter landed at the mine complex's landing strip unannounced. Four special forces soldiers, a customs agent, two officers of the state mining directorate, and other plainclothes officials disembarked and presented paperwork to Barrick staff authorising them to seize the gold, one of the sources said.

"They shipped a first quantity and came back in the evening for a second shipment," the source said, adding that it was all over by 7:00 pm.

For now, the gold seized from Barrick's mines is sitting in the vaults of the state-owned Banque Malienne de Solidarite in

Bamako. The bank declined to comment.

Barrick, which confirmed the seizure of the gold, says it has suspended operations at Loulo-Gounkoto.

The Jan. 2 order said the seizure was a preventative measure as part of the charges of money laundering and other unspecified financial crimes that have been levelled at Bristow and other

Barrick employees under Mali's laws.

Barrick is resisting the government's demand to migrate to the new 2023 mining code largely because of increased taxes under the code, two sources said.

Pending next year is the renewal of Barrick's mining permit.

The government has signalled it could refuse it.

One source, who has consulted for the Malian government, said the government was seeking leverage for that negotiation, while the company wanted to clinch a long-term renewal under favourable terms.

"I think they don't trust each other, but no one has an interest in a break-up," the person said.

Mali's relations with Barrick, however, deteriorated as acrimonious talks dragged on last year. After authorities arrested four Malians working for Barrick in September, the company paid 50 billion CFA francs ($80 million) and they were released. But Mali, which is seeking a total of around $350 million, demanded further payments.

Mali represents 14% of Barrick's gold output and the company generated $949 million in revenue from its operations there in the first nine months last year.

In early November, Bristow told Reuters the company had offered Mali 55% of the economic benefits from its

Loulo-Gounkoto mine complex – similar to an agreement the miner struck with Tanzania about five years ago.

But when Barrick did not pay a second tranche, Mali accused the company of breaking its commitments and demanded the remaining sum be paid at once rather than in tranches. It began blocking

Barrick's exports in early November.

Discounting VAT credits, Mali says Barrick has 125 billion

CFA francs left to pay.

When no payment came, four employees were detained again in late November and Mali issued an arrest warrant for Barrick CEO

Mark Bristow on Dec. 5.

Nevertheless, contacts continued behind the scenes. One source who spoke to Barrick senior management told Reuters on Dec. 6 that Barrick was close to paying a second tranche of 50 billion

CFA. But no payment was made and the conversations stalled.

Formal talks resumed on Tuesday.

Freddie Brooks, metals & mining analyst at BMI, a

FitchSolutions company, said that under Bristow's leadership

Barrick had probably the highest tolerance for operational risk of any major miner.

"If they can't negotiate a compromise with Mali's military junta, it won't be for lack of trying," he said.

CLASHES WITH BRISTOW

Samba Toure quit Randgold around nine years ago after a quarrel in an online meeting with Bristow, who was CEO of that company at the time, according to someone who has worked with both

Toures.

The rift deepened after Samba handed in his resignation and was not allowed to dispose of his vested Randgold share options, domiciled in London.

Mamou Toure had already left Randgold in 2015, following a dispute with Bristow over the use of foreign contractors, one of the sources said.

Barrick did not respond to a request for comment on the circumstances of the Toures' departures.

When the government announced its plans to audit the mines,

Mamou won the consultancy contract with his firm Iventus Mining.

It was Samba Toure who directed the audits, two sources said.

But it is Mamou who is now the more influential negotiator for Mali, due in part to his close relationship to the powerful finance minister Sanou, the sources said.

It was Mamou's consultancy Iventus that won the contract to audit foreign mining companies in Mali, which led to a new mining code in 2023 and renegotiations of the miners' contracts.

Samba now works for him at the consultancy.

"It's Mamou who is currently the boss," said one person who formerly worked with them both, adding that Samba's experience and technical knowledge was nevertheless crucial in decision-making. "The decisions come much more from Samba than from Mamou."

In response to Reuters' detailed questions, Mamou said that for decades gold production had not benefitted the people of

Mali as it should have. Mali is Africa's second-largest gold producer.

"It is only natural that the state asks for a rectification," he told Reuters. "The state has made a great effort to reach an agreement, which is why all the other companies have reached an agreement with the state."

Samba Toure did not respond to a request for comment.

Acrimonious Talks

The military governments in Mali, Niger and Burkina Faso are using legal disputes, arrests and nationalisations, as well as threats to deepen their ties with Russia, to assert greater control over their gold and uranium wealth. After seizing power in 2020, Mali's junta pledged to scrutinise its mining sector so the state would benefit more from gold prices running at all-time highs.

Some Western miners, like Canada's B2Gold , reached an agreement swiftly. Others, like Australia's Resolute , whose CEO was detained while in Mali for talks, took longer.

B2Gold told Reuters it was now proceeding with planned investments this year at its Fekola gold complex after reaching the deal. Resolute on Thursday told an investor call that it hoped its deal paved the way for better collaboration with

Mali's government as it develops the Syama mine.

Ochieng of Control Risks said the negotiations by governments in the region did not mean Western operators were unwelcome. "Several Western mining companies have been allowed to expand operations and take on new assets provided they comply with the latest regulations and taxation demands," she said.

Updates story published on Feb 1 with expiry of Saturday's deadline )

Mali is seeking around $200 million from Barrick in back taxes

Military-led governments in Sahel are pursuing an agenda of resource nationalism

Barrick has suspended operations in Mali after ban on its exports, seizure of its gold

By Portia Crowe, Divya Rajagopal, David Lewis

Feb 3 (Reuters) – Two former company executives with inside knowledge of Barrick Gold's operations in West Africa are helping to drive Mali's demands for a payment of around $200 million from the Canadian miner, according to people familiar with the talks.

Mamou Toure and Samba Toure, key members of the government's negotiating team, both used to work in Mali for

Randgold, a mining company that is now part of Barrick.

Mali's military-led government, which in December seized three metric tons of gold from Barrick worth about $245 million, had given the miner until Saturday at midnight to respond to its demands, according to two sources familiar with the situation, but the deadline passed without either side announcing a breakthrough.

Mali wants Barrick to pay 125 billion CFA francs ($199 million) in back taxes, one of the sources said: if a deal is finalized, it would return the seized gold and release four

Barrick executives detained since late November.

Barrick has publicly rejected the charges against its employees, without specifying what they are. According to a court document reviewed by Reuters, they include money laundering and financing of terrorism.

Barrick did not answer questions about the status of the talks and Mali's mines ministry did not respond to a request for comment.

The dispute has ramifications for global miners and other foreign investors who poured billions of dollars into West

Africa and are now forced to play by a new set of rules as the military governments of Mali, Niger and Burkina Faso seek a bigger share of mining revenues.

"The standoff with Barrick is a snapshot of just how far military-led governments in the Sahel are willing to go to compel foreign operators to comply with new regulations that align with their pursuit of resource nationalism," said Beverly

Ochieng, senior analyst for Francophone Africa at Control Risks.

Reuters spoke to more than 20 people – including mining executives, consultants, diplomats and people with direct knowledge of the talks – to form a picture of the negotiations.

The sources requested anonymity because of the sensitivity of the situation.

The two Toures are among a small group of key players on the

Malian side, which also includes junta leader Assimi Goita and

Minister of Finance and Economy Alousseini Sanou, according to nine people familiar with the matter.

The men, while they share a surname, are not related. Samba

Toure, the older by decades, was the more senior of the two at

Randgold, where he was West Africa operations director. Mamou was underground manager for the Loulo mine.

That may well be true. Mali have shown though that it is a country that takes hostages to negotiate a better deal for them and can not be trusted. With rsg having 85% in Mali it is too risky. And why invest in a company that has now a very high ASIC? Your choice at the end of the day but far too risky for me now or even in the future while the militia are in charge of the country.

He was never going to return imo.

Says it all about the company's prospects. If gold continues to rise and the company does well, Mali will just take more or take over the mine all together and hand it out to another company. If gold falls in price, then the company will struggle. RSG is just way too big a risk to invest in today. If you want exposure to gold then there are way better companies out there to do it, in safer regions and with way lower AISC.

Https://www.consumerfinance.gov/about-us/newsroom/cfpb-orders-wise-to-pay-25-million-for-illegal-remittance-practices/

Well I suppose back down to 14p again with sf having another 5% to sell. More tr1 to come until they are under 3%. Keep adding on the drops.

I think people expect companies to turn over and produce them an instant profit too quickly. Companies like these can take years before a bigger company comes along and buys out.

I see no reason for C Mills to mention VRCI on the interview. Though they do own 15% of the company, it is a relatively small position for them currently worth just £1.5m. Even if their average is 20p then that’s still only £7.5m or so.

The sp has been walked down by pi selling out of boredom and the odd forced ii selling. If you believe the company has the potential all you can do is wait and grab more at a low price. The company has enough cash to se it through the year and while it has a low liquidity it will move quickly both ways on low volume. So when some thing good does happen it will motor very quickly, or you will loose if bad news. Still, worth the punt imo with a smallish holding as 40p+ is doable.

Yep I agree with Hulse on this company. Probably will be taken over at some time. I got lucky with WNWD having bought in with a big stake 8 days before the offer of the take over.

Yvonne, that is exactly the way I see it. Normally when an II sells the price will drop a lot, but there is a buyer mopping up the sells as well as constant pi buying. I don't think Whitehall will completely sell out either. More like trimming for what ever reasons. I can sell my whole holding also, which is over £35k, which I wouldn't be able to do normally without it going to NT, which suggests there is a buyer also. A few weeks back I did some dummy buys and was only able to buy £9k without it going to NT, while at the time I was able to sell all.

I think todays rally was from Paul Hill's last VOX video where he was arguing the case for AGFX.

So if the sp got back to 40-50p then an offer came in the II’s would probably accept an offer of 60p+

I’m sure they would but end of day they hold just 15% of the company. What was the price they paid for that, 40p?

Why would you get excited about 10p? It potentially could be many multiples of 10p in time.

As for £1, I don’t see that either as the company would really need to be doing well to get there and it would likely be brought out before £1.

I was just about to say that. Typical of a sp to jump upon open, then retrace to fill gap. Will likely end up at close as people buy in now.