Under African Skies: A Gold Miner Thrives in Hard Times

Macro conditions seem primed for the recent gold rally to extend itself. So how to play it? An intriguing possibility is Randgold, which operates in one of the riskiest locales on the planet: West Africa. Despite geopolitical storms, the company can claim an absolutely stellar track record due to a combination of management discipline, quality assets, and technical savvy. It’s consistently overcome obstacles that have hobbled miners operating in far “safer” places, which bodes well for its long-term outlook.

Jurisdictional risk is part of mining. You can’t pick up the assets and move them. That’s why places like North America command premium prices. West Africa, then, would hardly seem like a good place to be in the gold business. The region …

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