Old Gits18 May 2020 16:14
Hi everyone. This my first post. I have been watching these posts for a few weeks and signed up yesterday to vote in the poll. Just to let you know that I am young!
My first mining investment was in BHP in 1985 when it was called Broken Hill Proprietry. I had just spent 8 weeks in Oz and wanted an Australian stock as I had a bank account which could be used for the divs. Next came Antofagasta in 1995. My wife and I 'did' South America a couple of years before and we really liked Chile. At the time it was a conglomerate that owned virtually everything in Chile. The company was then and is still is owned 65% by the Luksic family. After a few years most of the subsidiaries were hived off leaving the railway , water supply and the mines. Subsequently these expanded and the share has become my most profitable.
That said I know little about mining other than the stuff comes out of big holes in the ground. I invested in Solgold for a bit of excitement. My average purchase price is 26.66p (because my first 2 tranches were bought at c39p. I put my wife into 10000 shares at 27.53p, but haven't told her yet!
I'm looking to stay the course. I reckon in 20 years or so the share price will be £20 plus and I will be rolling in it. Unfortunately, I will be in my 90s by then, but my wife and daughter will enjoy spending it on a world cruise, if people are back cruising by then. Of course my daughter, who is 17 now, will probably have long since flown the nest by then. She says I'm old and stupid now, except when she tells me that she loves me - when she wants to spend my money!
The question of holding on in being worthwhile of course depends on how much the shares are watered down. I want Solgold to survive, but I fear that it will need a partner of some sort which could result in a TO.
With Antofagasta, the share price rocketed when the mining income soared as did the divs. I believe, therefore, the Solgold share price will really take off when Alpala is in production and the dividends start coming; before then it will just drift, upwards I hope!
Oh, I am 72.
Best wishes everyone.