Which US presidential candidate does gold prefer?
Gold loves chaos and should be hitting new highs, especially with inflation coming down and with it, two rate cuts likely before year’s end.
Workers at Endeavour Mining’s (TSX, LON: EDV) Houndé mine in Burkina Faso, the company second-biggest gold operation, have walked off the job on Tuesday, blocking the access road to the site.
A memo seen by Bloomberg revealed that an “illegal” and “unplanned” strike began affecting operations at Houndé on Sunday, in the latest setback for the Canadian miner, which earlier this month fired its chief executive over a hefty irregular payment.
Share in the company have lost nearly more than 23% of their value since Jan. 4, when Endeavour dismissed Sébastien de Montessus.
Neither the company or the former executive have disclosed the asset in question or its location.
Endeavour said it became aware of the payment instruction during a review of acquisitions and disposals, which is ongoing. In the past two years, Endeavor has sold mines in Burkina Faso and its stake in an Ivory Coast gold project.
The Houndé gold mine, which began production in 2017, is one of Endeavour’s cornerstone assets. It accounted for almost 30% of the 1.1 million ounces of gold produced by Endeavour last year.
The operation is located southwest of Ouagadougou, Burkina Faso’s capital. It is accessed by a 250km paved highway, currently blocked.
