This may partly explain the price action in recent days. Apologies if news of this has already been posted in another thread. I suspect it may take a long while for the Burkina Faso government to pay Endeavour for this "purchase."
16 February
"Burkina Faso forcibly purchased 200 kilograms of gold from a unit of Endeavour Mining Plc as the West African nation faces a worsening food crisis and its military leaders fight an Islamist insurgency. Endeavour shares fell 3.8% in Toronto on Wednesday after reports the government had issued a decree to take the gold from the company’s Semafo Burkina Faso SA unit to cover “public needs.” Endeavour confirmed it had signed a contract to sell about 7,000 ounces from its Mana mine at current market prices. “This sale is in line with the country’s mining code which stipulates that it may acquire gold directly from mining companies, in exceptional circumstances for reasons of public necessity, subject to fair and pre-agreed terms,” Endeavour said in a statement...."
https://www.bloomberg.com/news/articles/2023-02-16/burkina-faso-regime-forcibly-purchases-gold-from-endeavour-mine?leadSource=uverify%20wall
Burkina Faso Regime Forcibly Purchases Gold from Endeavour Mine
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Last
$1.44 |
Change
-0.040(2.71%) |
Mkt cap ! $1.477B | |||
| Open | High | Low | Value | Volume |
| $1.46 | $1.47 | $1.43 | $2.176M | 1.505M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 26 | 45199 | $1.44 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.44 | 39193 | 51 |
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| Last trade - 14.13pm 30/05/2024 (20 minute delay) ? |
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Last
$1.44 |
Change
-0.040 ( 2.79 %) |
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| Open | High | Low | Volume | ||
| $1.45 | $1.46 | $1.43 | 859400 | ||
| Last updated 14.32pm 30/05/2024 ? | |||||
| WAF (ASX) Chart |