Resolute Mining $RSG.AX hit hard on the news their CEO has been detained by the military government in Mali. Mining executives were kidnapped and held hostage in 2016 as well, so these risks are well known. They're just not priced in until after they happen.
Previously, Mali threatened Barrick $GOLD that they will lose their Loulo Gounkoto mine in 2026. They changed the mining code to grab a 35% equity stake in new Malian mines.
You could have totally seen this coming if you paid attention to the fundamentals instead of the angle of the chart. Here's $BTG way back on the Q1 call talking about Mali risk:
“So the issue there is that the government wants to take too big a piece of the pie in 2023. The big question is who's going to go explore for the next Fekola in Mali, if the economic terms are much less attractive than they have been. Just a reminder, we built Fekola mine for over US$500 million, 100% of our risk.
To date, the government of Mali has realized a little over 50% of the economic benefit of the Fekola mine, with no risk. I think that's a deal anybody would take all day, every day. If someone wants to spend all the risk capital, we get 50% plus of the upside. So I'm worried that the new code is going to change those economics. So it doesn't speak to what we're doing, but it speaks to -- because of our very robust economics and the trucking opportunity, but it does speak to the future of gold mining in Mali”.
For me, Mali is a jurisdiction to avoid. I'm okay with DRC but not Mali.
Alors que le #Mali prend des mesures contre des responsables de Resolute Mining, la question se pose : comment un pays peut-il accepter que des entreprises détiennent 80% de ses ressources naturelles ? Une réflexion sur la justice #économique et la souveraineté.
#Geopolitics
A little background on Australia’s Resolute Mining’s troubled history mining gold in Mali, which goes back far before the current military government there.
https://t.co/pUhwRGVNEL
rest in power to the song in dance, the cry made corporeal poetry, a soaring shriek.
Judith Jamison, the muse and heir of Alvin Ailey, the artistic director and world renowned choreographer has leapt to the other side. give Ailey our love.
we asë your ancestral ascension.
Sad to lose this elegant and majestic spirit, Judith Jamison, at age 81. For decades she danced for and led the Alvin Ailey dance troupe and moved audiences along the way. Rest in Peace!
We are deeply saddened to hear of the passing of producer, songwriter, composer and arranger Quincy Jones.
As a master inventor of musical hybrids, he has shuffled pop, soul, hip-hop, jazz, classical, African and Brazilian music into many dazzling fusions, traversing virtually every medium, including records, live performance, movies and television.
His career spans over six decades, with a record 80 Grammy Award nominations and 28 Grammy Awards. Jones’s contributions to the jazz world include his iconic recordings and arrangements for Frank Sinatra (including “Fly Me To The Moon”), the Count Basie Orchestra, Ray Charles, Sarah Vaughan, and Dizzy Gillespie, in addition to his 39 recordings as a leader.
Quincy Jones, who distinguished himself over the course of a 70-year career in music as an artist, bandleader, composer, arranger and producer, has died. He was 91.
Read more about his life and legacy here: https://t.co/koC2PB0Abs
Today the legendary Quincy Jones passed away at age 91…
He was record producer, songwriter, composer, arranger, and film and television producer. His career spanned over 70 years, with 28 Grammy Awards won out of 80 nominations, and a Grammy Legend Award in 1992…
What’s your favorite Quincy Jones project?