Tuesday, September 27, 2016

B2 Gold - The Masbate Mine Is On The List (Of Philippines Government Officials)

According to Rappler, Filminera Resources Corp, a company which owns the Masbate Mine in Philippines, is among 20 mining companies recommended by the Philippines environment officials for suspension.

B2 Gold holds a 40% stake in Masbate through Filminera so it is Filminera that should be followed by B2 Gold shareholders (me included). Well, although the mine has not been suspended yet, it is on the list (together with Oceana Gold and other, mainly nickel-related companies). 

Both stocks are crashing now:



Well, shit happens....as Lou Bega sings...

The story is developing and here is what I have found:

"Based on the reference to the three findings indicated in the brief received today and based on our subsequent meeting with the Secretary of DENR, B2Gold is confident that these issues will be resolved by working with the government agencies, in the time frame provided. 

None of the findings involve any environmental or social issues. They are related to administrative issues only.

Meanwhile operations continue uninterrupted and guidance remains unchanged.

The company awaits formal notification from the Mines and Geosciences Bureau (MGB) and details of the Show-Cause Order"


Well, well, let us see but maybe today's B2 Gold share prices crash was a nice buying opportunity...

2 comments:

  1. BTG is a buy if it's suspension is only due to admin issues

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    Replies
    1. Yes, it is (no matter whether there is suspension)

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