RE:This is a boring stock nowUrsusbrumae, I like your posts. I agree, IVN already had a gazillion ounces, announcing another bazillion gazillion ounces, doesn’t really change the story. I sold my stock except for a small speculative amount a few months back. Many mornings in the shower did I contemplate - what should I do? How much should I risk? In the end I was certain of 3 things: (1) the IVN assets in Congo are huge; (2) I am biased and the easiest to fool with my own money; and (3) If Kabila doesn’t honour constitutional law, IVN has problems with its claim on the deposit.
I had a problem....he didn’t step down as per the constitution and Congo didn’t hold elections. RF is a great salesman, but that’s a tall order: how do you finance a huge mine in a jurisdiction that has the most UN peacekeepers with a leader that does not recognize the Rule of Law? The pool of institutions willing to pony up capital dwindles drastically with these circumstances.
painfully, I sold almost all of my holdings. Buying and holding was so obvious in 2016: IVN was sub 1.00, DRC was tracking to hold elections, it would be a first peaceful transition in DRC ever, IVN would prove up the reserves and we would makes an enormous fortune. But the calculus had to change when Kabila blew off elections. I can tell you it was unquestionably the most difficult investing decision of my life. It’s the Saudi Arabia of copper. It really is. But I could no longer risk the weight of my positions with the most basic, fundamental concept in capitalism: private property rights. particularly in the face of most egregious of activities by Kabila and his government.
It still makes me shake my head. Kabila. What a moron.
I’m watching. Like a hawk. I’ve got my eye on the Congo. If there is a new government coming and it looks even like the most basic of peaceful transitions, I’ll come piling back in (likely on margin).
GLTA