Don’t want to bombard you with posts, but wanted to note this trade hot off the press for once. Sold a further 450 shares in Semafo at C$6.80 a share, leaving Contrarian with just 450 shares.

I continue to like almost everything about Semafo. Mana is a solid mine with a reasonable life left and AISC of c$750/oz. Natougou looks like a great project and for once an acquisition that seems to add value- AISCs expected to be <$550/oz for the life of mine and significantly lower than that in the first three years with production 225koz per annum.

But the shares are up 118% since I bought them and the market cap of US$1.6bn looks to me a little punchy. If the gold price continues to rise, shares would most likely continue up, but with gold currently at a two year high I am willing to bet this won’t continue to move in a straight line.

Share price performance relative to gold price below…