Africa Economy FA Gold Government Mali Mining

Mali’s gold miners carry on digging despite coup, shares hit

Companies mining gold in Mali said they were operating as usual while monitoring a political crisis that caused the country’s borders to shut and hit their share prices on Wednesday.

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

B2Gold, Resolute Mining, Anglo Gold Ashanti, Hummingbird Resources and Cora Gold said operations and staff were unaffected, but traders sold shares because of increased political risk.

Also read: The history of Gold and Dollar as the World’s reserve currency

Barrick Gold, the biggest miner in Mali, did not immediately reply to requests for comment.

Resolute Mining shares fell by more than 14%, Hummingbird dropped 8%, B2Gold fell 6%, Anglo Gold Ashanti lost 3% and Barrick fell 1.2%.

“I have always monitored how much exposure I have in West Africa and in each country in the region because there is more risk and this coup reminds you of that,” a London-based gold investor said.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: