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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Resolute Mining Limited    RSG   AU000000RSG6

RESOLUTE MINING LIMITED

(RSG)
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Mining companies in Mali say gold production continues despite crisis

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08/19/2020 | 06:01am EDT

JOHANNESBURG, Aug 19 (Reuters) - Gold mining companies in Mali reassured investors on Wednesday that their operations were continuing as normal despite a deepening political crisis in the West African nation.

President Ibrahim Boubacar Keita resigned on Tuesday and dissolved parliament hours after soldiers detained him at gunpoint and seized power in a coup.

Foreign companies mining in the gold-rich country said they were monitoring the situation but operations were unaffected by the coup in the capital Bamako and staff were safe.

Canadian gold miner B2Gold said no operational days had been lost at its Fekola mine, in which the Malian government holds a 20% stake, and all mine personnel were safe.

B2Gold said Fekola had sufficient supplies to maintain activities through the end of the third quarter "and beyond if needed".

Australia's Resolute Mining said the crisis had "no impact" on production at its Syama mine in the south of the country, or on the safety of employees and contractors.

London-listed Hummingbird Resources said its Yanfolila mine was operating as normal.

"The company's security team is in regular contact with the operational and management team regarding the ongoing safety of Hummingbird's staff, operations and assets," Hummingbird said in a statement.

Analysts said, however, that the continued political uncertainty in Mali, which is also battling a jihadist insurgency in the north of the country, could pose risks for the mining industry in the future.

"In the longer term, there are more clouds for mining investors as this is the second coup in eight years. It will add to an already very high risk premium that people associate with Mali," said Vincent Rouget, analyst at Control Risks Group.

Mali produced 61.2 tonnes of gold in 2019, according to the World Gold Council, making it Africa's fifth biggest producer of the precious metal. (Reporting by Helen Reid in Johannesburg and Zandi Shabalala in London; Editing by David Clarke)


Stocks mentioned in the article
ChangeLast1st jan.
B2GOLD CORP. 0.86% 8.25 Delayed Quote.58.35%
GOLD 0.40% 1875.623 Delayed Quote.23.88%
HUMMINGBIRD RESOURCES PLC 0.00% 33.8 Delayed Quote.59.06%
RESOLUTE MINING LIMITED -3.01% 0.805 End-of-day quote.-36.11%
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Financials
Sales 2020 834 M 587 M 587 M
Net income 2020 45,6 M 32,1 M 32,1 M
Net Debt 2020 291 M 205 M 205 M
P/E ratio 2020 22,0x
Yield 2020 2,15%
Capitalization 889 M 623 M 625 M
EV / Sales 2020 1,42x
EV / Sales 2021 1,03x
Nbr of Employees 1 256
Free-Float 90,6%
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Mean consensus BUY
Number of Analysts 8
Average target price 1,47 AUD
Last Close Price 0,81 AUD
Spread / Highest target 161%
Spread / Average Target 82,8%
Spread / Lowest Target 49,1%
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NameTitle
Stuart Gale Chief Executive & Financial Officer
Marthinus John Botha Non-Executive Chairman
David Nicholas Kelly Chief Operating Officer
Peter Ross Sullivan Non-Executive Director
Mark Potts Independent Non-Executive Director
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