Heliostar Metals stock gains on Mexican asset buys
Heliostar aims to reach production of more than 500,000 oz. of gold a year by 2030.
A “lightning 72-hour advance” by Tuareg separatists over the weekend gave them control over key towns including the ancient city of Timbuktu in the north of the country.
The rebels aided by Islamists ransacked bars, banned Western-style dress and music and called for the imposition of Sharia law.
The landlocked country’s neighbours on Monday shut their borders after a meeting in Senegal to discuss sanctions following a bloodless military coup in the capital Bamako. Bamako is more than a 1,000 kilometres south west of Timbuktu by road.
Reuters reports events in Mali is threatening the stability of the entire West Africa region:
The push by rebels, whose ranks were swelled by fighters returning from the Libyan conflict, has also deepened insecurity across the Sahara-Sahel band, already awash with Islamists, traffickers and bandits. France and Britain have advised their citizens to leave the country due to the insecurity.
Mali is no.3 in Africa for gold production after South Africa and Ghana.
Randgold, which relies on Mali for roughly two-thirds of its output said last week it is operating in the country as usual after its fuel supplies were restored.
However, top 10 global gold producer Gold Field’s said last week its drilling operations in Mali has been temporarily suspended.
Other miners active in the country include Iamgold, Avion Gold, Cluff Gold and AngloGold.
4 Comments
Fehertom64
Africa’s wealth is owned by its inhabitants…namely. Why are You so surprised when They want to own these values for themselves? Right of them, not? Would You be patient if a blackman would pull out under Your legs Your European/American property?
Hey! Wake up, it is time now! Classical imperiums are faded at least.
Tamas Feher, who is a geologist and not a nice investor.
drift123
I used to own stock in Avion Gold (AVGCF) in Mali. It was a decent stock with good a balance sheet etc.It was probably the only place in Africa that I would invest in.
South Africa and Zimbabwe are a mess. There is a gold mine in Ethiopia that had stock that cost about $6.00 and paid a dividend. However who knows what could happen in that part of Africa from day to day. I guess what I am saying (writing) in a long winded way is that none of my investment money will find its way into Africa.
Bbwak
Your statement’…..none of my investment money will find its way into Africa’ means you are putting the whole of Africa into a basket. Africa is a continent not a country. There are a lot of succcess stories there for investors- Some of the richest people on the planet are making their money through investment in Africa and especially in mining.
Good luck with your investment.
drift123
Fortunately, I was awake the day they explained the difference between a continent and a country. An individual investor would have to be a nut job to invest in Africa.
If you can name a country in Africa that is not threatened by civil war, ‘Indigenisation and Empowerment Legislation” corruption or nationalization I would be impressed.
Money is money, and if a company in Africa had a good financial situation and was not threatened by any of the circumstances I listed above I would have no problem investing in it.The problem is that the whole continent of Africa is a mad house when it should be a utopia.