It's PNG, and rampant resource nationalism is at play.
Here is a stock that falls from 53c to 34c when gold goes to USD $1,760 - so be wary!
The new PNG mining act (may) rip the hell out of PNG gold projects, and funds won't invest until they see some transparency from the PNG government, and some confirmation of permissible profits being allowed.
It's an unstable jurisdiction, with high risk, the politicians are throwing each other in prison at every chance they have.
It's clear now that the recently resigned CEO of GPR dropped the ball, imagine expecting to relocate those villagers to those tiny little one bedroom piss-huts, no wonder they revolted, I would have too. You need to respect the local people, and treat them decently. Both the mining companies, and the government need to do this.
The problem now is, have the local villagers and workers, and government, completely lost faith in the company, to the extent where they don't trust anymore what the company says or promises? How do you claw back the support of the local community after this debacle? I can only put myself in the position of a local villager, and if that is so, then I wouldn't trust anything this company says, and I wouldn't want to work for them in the local mine. And I wouldn't want their cheap colonialism, and paltry housing either. In fact, if I was a local villager, I'd tell this company to go to hell.
The problem here really is, no-one knows how much of the project the government may (in the end) decide to take as a free carry. Investors need transparency and certainty, and the PNG government don't have the greatest reputation when it comes to that, unfortunately, they are too busy fighting in parliament amongst their tribes and clans, and throwing former prime ministers into prison. It's dire.
Invest at your own peril - and do your own very (in-depth) research here. This stock should be valued, in my opinion, at around 5 or 6 cents.
Sell
Not Held - Anymore.
Gw
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