Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Nice rise today after that US unemployment number - could almost feel maximum despondency on gold was being reached and that it would turn shortly there after. Fingers crossed it's the start of the long climb back to $2k+, or rapid rise if they keep blocking the US debt ceiling rise
Playboy why do we need to know that? Mali insurgents - yes we know they've been there since hummingbird built the mine - c'mon guys try to add value.
Might have to wait a while Jan2 - So is the bottom in now for Price of Gold? Nice rise today. Surely with debt ceiling impasse, record FED debt, worsening employment figure today (US) and persistent inflation the tide has to turn soon?
...and as a gold sector investor so should you! GLA
We think alike Anon - I would only say if you're intelligent and don't understand crypto fully or at least its merits don't touch it because it's likely you're not wrong. Like me i see no advantages to it over other electronic payment methods (though I see a future for Central bank issued digital currencies but not BTC, ripple Litecoin etc), . Personally it makes no sense at all, they all stink of ponzi schemes / tulip mania, all kicked off by criminal money and now drawing in the desperate and the gamblers. Institutions are diving in simply because there's money to be made (like the shovel sellers in a gold rush ironically) like in any craze can't blame them for that, but last similar craze I remember was for anything with .com at the end of the company name in 1999 and that ended well for investors within 2 years, not) . Add on top just BTC mining alone produces more C02 than the Netherlands each year, against a backdrop of a world on fire from climate change, so surely governments must ban them eventually (?) and that money (seeking alternatives to fiat currencies) should come back to Gold. Hopefully!
To be fair anon it is the whole Gold sector and the metal itself that can't catch a bid at the moment, rather than HUM specific. I think maybe I spend too long in my gloomy echo chamber convinced the world markets are screwed in the next 6 months (convergence of one or more of ; extreme gov debt levels, sustained inflation, china tensions, ongoing global supply chain issues, delta variant waves etc etc) Also don't believe that central banks will be able to raise interest rates to any meaningful levels, or at least high enough to turn 'real interest rates' positive, which would admittedly hurt gold price/ holders. Still obviously rest of the market currently thinks different. Just going to have to stick to my guns and tough it out. That all said, I do now feel motivated to send HUM my first 'concerned shareholder' email, mainly that they should consider pulling the trigger on the some share buybacks. Doesn't have to be much, as this share price is ridiculous, so I don't think [DiM] they'd even have to drop as much as $2-$4m on a share buyback to have an effect, just aim to buy 1m shares a month, which at current prices is surely a very manageable £170,000 pcm. It would at least go some way to soaking up panicky PIs selling and put a floor under the price, then only then I might buy some more. GLA
Sorry below was nonsense I was going to edit to show since I've held HUM it has gone from zero sales and profits to $26m PreTax Profit last year, yet the SP is 40% down - if this is contrarian investing? it sure sucks! Should have stuck to momentum investing. Still pay day tomorrow, so more averaging down to come lol. GLA
31 Dec '20 31 Dec '19 31 Dec '18 31 Dec '17 31 Dec '16
Revenue 185.07 156.87 116.54 n/a n/a
Operating Profit / Loss 31.97 13.26 (4.94) (6.78) (7.62)
Net Interest (7.27) (6.04) (4.32) (0.36) (0.82)
Pre Tax Profit 26.28 9.40 (11.65) (5.34) (8.44)
Post Tax Profit 25.15 7.84 (12.81) (5.34) (8.44)
Profit for the Period 25.15 7.84 (12.81)
Placing of Hummingbird Shares
Hummingbird Resources plc’s (HUM.L) entire holding of 23.3m shares has been placed with investors at 7.75p. In our opinion, Hummingbird’s shareholding had become non-core as it is busy running its own operating mine and further to that a commitment to shortly construct a new mine in Guinea. Following the Subscription in Cora Gold announced on 3rd June,
Turner Pope Investments bid Hummingbird to satisfy demand from its proprietary clients who wished to trade on the same basis as the Subscribers. Turner Pope has subsequently placed the shares with its High Net Worth Professional and Family Office clients, in addition certain existing shareholders invested further in this transaction, which we consider to be a
clear signal of confidence in the Company and its Sanankoro Gold Project going forward.
Swampy - I don't think enough people are thinking of your third option - but even if it is wildly speculative needs to be said to balance the derampers endless conspiracy theories on here - If someone was sniffing around HUM and about to make an offer for all the shares, they probably would say hang on HUM don't issue another 10% more shares, pay them in cash and sell non-core CORA and then we might make an offer....
Anyway about as likely as some of the negative ******s you see on here, but nice to think about on this fine morning. GLA
Cora this morning - Final results from phase 1 ('P1') drilling at Selin
? 56m @ 3.54 g/t Au from 22m
o including 21m @ 8.17 g/t Au in hole SC0360
Adam - Yan's initial Terms for comparison were:
The signing of the Shareholder Agreement confirms the terms of the Government of Mali's participation in SMK and enables the Company to proceed with the process of issuing the Government of Mali its 10% free carried shares, which are non dilutable and carry the right to a priority dividend. The Government of Mali has also confirmed that it is exercising its right to acquire an additional 10% of SMK for a consideration of CFA6,624,516,660 (approximately US$11 million). The first instalment of CFA600,000,000 (US$1 million) payable by the Government of Mali will be satisfied in settlement of an equivalent sum owed by SMK to the Malian Government in respect of historical costs and payment terms for the balance are expected to be agreed in due course. Once the consideration is paid in full, these additional shares will rank pari passu with all other shares (except the 10% free carried shares). Additionally, the Government of Mali has the right to appoint two directors to SMK.
The key terms of the fiscal regime for SMK also include:
· Royalty of 3%
· Tax rate of 30% (minimum tax of 1% of gross revenue) after deduction of depreciation, recovery of historic costs, carry forward losses
· Fuel duty exemption
· VAT holiday until three years post commencement of production
Good luck with that thinking Dropinmonkey (a 'glass half empty' guy I guess) - 1) what's your point? they want to build! and will raise debt to build it! 2) If you're worried that Cassidy want to take a £2m loss selling their shares at today's share price then that could be an issue...but back in the real world! 3) Little bit of truth there but frankly we'd all rather get 95% of what we consider an idealised gov contract than nothing at all?
Still does make me laugh - Current scene in the Cassidy Gold Boardroom - "Hey Guys, some good news, we're finally getting that £10m in shares from HUM, although bad news they're now worth about £8m" "What even after they made the announcement?" "Yeah no love for the sector at the moment, but it's coming"
Still as a 'glass half full guy' I was expecting 3 to 5p jump on this excellent news. I'm going back to bed for another 6 months then see what's what. Hopefully, company keeps doing what it's doing and gold keeps rising. GLA
Probably going to get shot down in 'not true' flames, but I understood SC took their position when HUM SP last tanked down to 15p - so even selling at 22.5p they make 50%. If I made min. 50% on all my investments I'd be buying out Berkshire Hathaway next year haha. So I don't think we need restless nights wrestling with why they're selling - it's just taking profit, and moving on to find the next small company in SP distress, etc. Or who knows, maybe they were late to the crypto party and have sold all their gold holdings in the last few months to buy bitcoin and as I type their head of investments is rightly being fed to the sharks off Mauritius. What I mean is I'm comfortable in seeing/understanding why they would be selling and yet I understand why I remain invested - so each to their own. GLA
Below article was in French, out yesterday (Thanks to Google Translate) - Kouroussa Gold Mining = HUM subsidiary, looks like it might come down to six old dudes from Kouroussa liking our ESG work at Yanfolila. Fingers crossed. (And that's why we spend on ESG people)
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"The youth center of Kouroussa served as a setting on Sunday May 9, 2021 for a meeting between the emissaries of President Alpha Condé and the gold miners of this locality who demand from the authorities, the obtaining of a piece of land to mine for gold. .
The delegation of Alpha Condé emissaries in Hamana was made up of executives from Kouroussa, and the budget minister, the chief of staff of the mining ministry, MPs Aly Kaba and Mory Condé.
Instead of discussions, the meeting revolved around a video projection showing the achievements made by the company ”Kouroussa Gold Mining” (KGM) in Mali and what it plans for the prefecture of Kouroussa in the next three months.
Speaking after the screening, Budget Minister Ismaël Dioubaté informed the gold miners that the company is in Kouroussa "only for youth, women, farmers, breeders, fishermen, prefectural and municipal authorities. . The company will provide financial and material support to all your layers, ”he argued while adding that the company intends to employ several young people from Kouroussa.
The artisanal miners, who waited in vain to be authorized to speak, ended up joining their camp located in the mine.
Before adjourning the meeting, Ismaël Dioubaté indicated that on the basis of a choice which will be made by the wise men of Kouroussa, he will send six (6) people to Mali for a study mission on the site of the company in order to see, he said, the achievements of the company."
Swampmonster you'll need to buy 4.177m shares to make it into the top 25 shareholders - by all means crack on! :)
Thanks to the those who organised some shareholder activism recently. Admittedly I only lent you my shareholding and name as I thought the quest to getting face time /direct answers from the CEO / Board was a little 'optimistic', but I reckon your efforts helped push HUM to generate their most 'informative' quarterly update yet. Much appreciated, cheers!
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 :(
Am so beaten up by this share, that an 'up day' starts to feel like a April Fools joke but nice intersect RNS and dare I say price of gold seems to have made a double bottom at $1680? Still guess it needs to punch through $1740 and $1760 to show this bounce has legs.
Delay on Guinea license my main concern at the mo, I know it's Africa where hours to get stuff done become days, days become weeks quite easily but would be nice to see that get that done in April too. Quietly accumulating/averaging down. GLA
March 4 (Reuters) - Chinese gold mining companies are on a buying spree in West Africa and South America, outbidding rivals for assets in less familiar regions as the governments in their usual hunting grounds turn against them.
China’s overseas mining M&A activity fell overall in 2020, Refinitiv data shows, but the number of acquisitions in the gold sector tripled from 2019 even though a surge in the gold market to record levels inflated premiums.
Bankers and lawyers predicted the focus would continue on the emerging economies that welcome Chinese investment as Australia, Canada, and the United States increase scrutiny of Chinese acquisitions.
Gold-rich regions in West Africa and South America have a particular draw for Chinese companies faced with dwindling resources at home and they are not limiting themselves to gold as they seek to become diversified global companies.
“We’ve seen China mining deal activity double over the past 12 months,” said Hilary Lau, partner and head of Asia energy at Herbert Smith Freehills in Hong Kong.
“Interest is now more evenly split between traditional targets such as gold and iron ore, and new economy metals such as lithium, cobalt and graphite.”
A Johannesburg-based banker, who declined to be named, said Chinese buyers were for the first time aggressively pursuing gold deals in Africa.
State-owned Shandong Gold Mining last year won a nine-month bidding war for Ghana gold mine developer Cardinal Resources, outbidding Russia’s Nordgold with a A$1.075 per share all-cash takeover offer – 134% more than Nordgold had initially offered for the company.
By contrast, its bid for Canada’s TMAC Resources, which mined gold in the sensitive Arctic region, was rebuffed by the Canadian government on national security grounds in December.
Shandong Gold Mining did not respond to a request for comment.
Chifeng Jilong Gold Mining has also ventured into Ghana, sealing a deal to buy Resolute’s Bibiani gold mine in December.
In a statement to Reuters, Chifeng Jilong Gold Mining said investment in developed countries, such as Australia and Canada, is “not active” because assets there are 10% to 30% more expensive than those in West Africa and South America, and mining companies in the less developed regions can do deals more quickly.
State financing is one of China’s advantages in carrying out overseas acquisitions, Chifeng Gold said, adding that it believes the Bibiani mine was bought at a “fully competitive price”.
‘THEY KEEP BIDDING’
China has also stepped up its activity in South America, where Zijin Mining acquired Guyana Goldfields and Colombia-focused Continental Gold in the space of five months last year.
Zijin outbid Silvercorp by 35% to clinch the purchase of Guyana Goldfields, and paid a 29% premium for Continental.
Zijin did not respond to a request for comment for this article.
2 years now and still nothing to show for it.... almost so fed up today when I saw the AISC numbers that I nearly sold out. Then those wise words 'be greedy when others are fearful and fearful when others are greedy' and also I can just about believe that AISC reflects all costs going in this year to open up the new pits, go underground and do more D&E so I've ended up buying some more! - got my average buy-in price down by 0.1p - result! lol.
Anyway was really torn between putting my capital to better use elsewhere, least for next 6 months or sticking with it. Obviously you can tell what i decided, news flow for year should be excellent and I still reckon Gold will stay above $1800 and head back up, if nothing else I hope they're swinging round to under-promising and over-delivering going-forward. Least i hope so, as so far its been the other way round and not served them well. 1 more year.....GLA