Semafo (SMF.TO) seems competent, though
The last press release said:
"The Samira Hill gold mine is Semafo's second mine following the construction and operation of the Kiniero mine in Guinea and just like its predecessor, Samira Hill has been built respecting the original budget and timetable."
If true, it sounds to me as though Semafo can certainly develop and run a gold mine in remote francophone West African hinterlands. Not everyone can do it right. At a cash cost of US$177/ounce, won't they make good money even during a short $345 hedge period? (Assuming that they haven't hedged beyond their ability to produce gold.)
Semafo has recently declined a bit choppily on low volume, but not as badly as it its Samira Hill partner Etruscan (EET.
TO). I think Semafo has been growing "under the radar" of investors. Same for Birim (BGI.TO) in Ghana. I've never seen Semafo or Birim pushed by Canadian hypesters like some other stocks on this board. SMF and BGI just quietly go forward with competent management and gold-rich properties. Their managements honestly seem more interested in finding gold than in playing games with investors. Also, I think the in-and-out gold stock traders may be "Managem-shy" (Morocco's Managem has a controlling interest in, and operates for, Semafo. For anglophone Joe Six-Pack, Morocco=too weird.)
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