Miners respond to Goma rebel capture as share prices fall
Toronto-listed Loncor Gold has said that its operations and logistics for the Adumbi gold exploration project remain unaffected by developments in Goma, Democratic Republic of Congo (DRC), located about 750 km away.
Two drill rigs are actively advancing the deposit toward a five-million-ounce resource target.
Despite the unaffected operations, Loncor’s share price plummeted nearly 19% in Toronto on Monday following reports that M23 rebel fighters had seized control of Goma on Sunday.
The insurgency also impacted other miners with operations in the region. The share price of Alphamin Resources, which operates tin mines about 200 km from Goma, dropped 13% on the TSX-V.
Similarly, London-listed Rome Resources, with activities about 200 km from Goma, confirmed on Monday that its on-site operations, including drilling, were unaffected by the developments.
The DRC has been plagued by conflict for over 30 years, dating back to the 1994 Rwandan genocide. Armed groups continue to vie for power and control, undermining stability in the resource-rich nation.
Notably, M23 rebels previously captured Goma in 2012 but withdrew days later under an agreement brokered by neighbouring countries.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation