Hedge funds slash bullish wagers on gold over Trump election win
Hedge funds and other large speculators boosted net-long positions by 11% to 197,362 as of Nov. 12, the lowest in 14 weeks.
West Africa-focused gold miner Avesoro Resources (TSX, AIM:ASO) said on Thursday that its majority shareholder has formally submitted an offer to acquire shares in the company it doesn’t already own.
The bidder, Avesoro Jersey, already has a 72.9% stake in the bullion producer and is offering £1 (about $1.20) per share of Avesoro Resources.
The company has faced several issues at its Youga mine in Burkina Faso and New Liberty in Liberia this year
Minority investors have until Nov. 22 to let go of their shares in Avesoro Resources, which has faced several issues at its Youga mine in Burkina Faso and New Liberty in Liberia this year.
In August, a security guard at Youga shot and killed an illegal miner found on the premises, which led to a break-in by an armed group of fellow artisanal miners.
The Toronto-based miner had to halt operations as a precautionary measure and government security forces currently remain in order to protect the company’s assets.
Avesoro also had to suspend work at its New Liberty mine this year due to heavy rainfall flooding the pit, which hindered gold shipments from the mine.
In early October, a pit wall collapse forced the company to halt production again at the Liberian mine.
As a result, Avesoro cut annual output guidance for both mines and said its gold production and cost guidance remained under review.
