I just read the write up in the AFR on the company. The part where the AFR states that after they asked the company why it had not disclosed the loss of the licences, they soon after disclosed it. It appears the company drags its feet on disclosure, or at least in this instance it did, which isn't a good look.
Losing the licences is obviously terminal for the company, or at least the current valuation. This may turn into litigation watching for shareholders, maybe a long time as in years, who knows.
It appears interests more powerful than the company have the DRC's Gov's ear, and "rule of law" in these places is often the highest bidder and/or the most connected.
Fascinating story, which I think I can summarise as this, a company gets very lucky and hits it big on the biggest deposit of the hottest commodity, only to have it taken from them at the hands of what appears to be "effective lobbying" by rival interests.
Another great lesson for investors on investing in dubious juristictions lacking rule of law.
This is a future delisted.com addition, sorry folks.
