The main reason for the original delay was that HUM needed to get the project fully funded before they could commence the mine construction. They originally had an agreement with Taurus to finance the mine when they originally acquired the Mali project. Taurus let HUM badly down by not coming up with the promised funding and stringing HUM along - something that HUM could not permit to go on indefinitely. In the end they lost patience and managed to raise lots of cash by a big share sale at 22p a share: that was enough to fund most of the mine and have enough equity in the company for private finance to make up the difference. So the mine build started in earnest and is scheduled to have first gold pour 1 year after the start of the construction. Only last week there was an update saying that the construction is still on schedule and budget.
The AGM should be this month or early June, so we should get another update then
Well if I can believe what the Far East market is doing, then the answer is yes - it appears to be around $1294oz at the moment. Very early days yet - probably helped by the closure of stop loss positions. Many markets are closed or probably thinly populated with traders due to Easter. I think that N Korea is the main market worry at the moment. Throw in China apparently now doing more to reign in N Korea (eg cancelling an air route) - so things might start to settle down again and the price of gold steady a bit.
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