The security article is relevant to the individual events that...

The security article is relevant to the individual events that occur - but, perhaps remarkably, side-effects of events don't flow onto other operators from an investor viewpoint. The article tends to bundle and simplify a number of security issues that are going on simultaneously in different regions.

When Baul got tapped in Davao (the subject of much of the article) which I don't believe was NPA, but a personal vendetta, IRN price spiked down. When Tampakan took an NPA hit on site last month IRN's share price moved down a bit and then recovered. When the Claver nickel shows had $70m worth of equipment burnt by the NPA (while the army were conveniently on "vacation") Nickel Asia shares plummeted and their partner Sumitomo was affected too. That hit was just over the range from Siana, but Red5 remained unaffected.

The NPA are extortionists who smell money and hit any vulnerable targets - agricultural conglomerates, miners, business people, telecommunications infrastructure, anyone with money. The NPA's modus operandus is to over-power in house security with men and weapons, steal weapons, and then arson. I know of listed companies that have been hit but don't report it to the market. The security risk is real, but manageable and nothing to be alarmed about, and for Siana's part of Mindanao it doesn't include the Moslem movements. Both Red and Medusa have, in the past, had minor equipment burnt, but not in a way to affect investors, and I assume both companies are managing the risk well.