Loading ...An aussie miner, Resolute, also has/had a mine in Mali. When the Barrick thing happened I got Mrs F’s family to sell their shareholdings at 87¢. A week later three Resolute e/ees are taking an extended stay in a hotel in the capital until they agreed to pay US160m in back taxes which coincidentally was only $15m more than their net cash balances. Sure, Resolute still own 80% of the mine, or 70%, or something, but there are additional royalties/taxes/bribes/gifts etc in the new agreement the implications of which will only become clear over time.
Unlike Barrick Resolute are a two trick pony with another mine in Ghana, so losing one mine is not good. SP now 40¢.
This is sovereign risk.