Ann: Goulamina on Schedule Post Discussions with Mali Government, page-628

I have similar questions to those you raise. The problem is we just don’t have the clarity to form a definitive view, hence discussion here (that others might describe as ranting), and Leo skirting around this (as imo they did on the call) isn’t that helpful either. The changed equity structure appears to be a primary reason for the market revaluation occurring now, especially when you see who is leading the sell-off according to the broker data from Monday that @chrisman referred to, and then lining those sellers up with the views some of them articulate in their client notes, particularly Macquarie who clip 35% from their 12mth price target, highlighting upfront the changed equity structure and share of earnings. I haven’t seen any UBS commentary.

The only thing I’d change to your final sentence is GF “doing their best to protect and opportunistically increase their investment”. I’d do the same if I was in their shoes - their loyalty lies with customers and their own shareholders. Not great for us though, and being called a downramper by others simply for expressing that view is pretty wild stuff.