We sold positions in junior mining companies Blackthorn Resources, Gryphon Minerals,
PMI Gold and Resource Generation. Their balance sheets are likely to become increasingly pressured and all four companies might need to secure new funding, which we believe could be problematic in the current environment. Financiers have become cautious about smaller mining stocks with African exposure.
Blackthorn is active in zinc development in Burkina Faso and copper in Zambia, while counterparts Gryphon Minerals and PMI Gold have gold projects in Burkina Faso and Ghana, respectively. Resource Generation is involved in thermal coal in South Africa.
BTR Price at posting:
54.0¢ Sentiment: LT Buy Disclosure: Held
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