Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

Wishbone Gold undershoots shipping target

The gold market remains extremely strong in volume terms, it said
picture of gold bullion
Moving from west to east currently

Wishbone Gold PLC (LON:WSBN) shifted 25 kilos of the precious a week in December as demand for the precious metal remained strong in the wake of Donald Trump’s presidential victory.

This was below its target of 100 kilos a week, but in line with its budget said the company.

In a clarification after the original RNS, Wishbone said: “The budget has thus been exceeded while the target was missed by the failure of one supplier to ship on time.

“There is no reason to believe that these shipments will not take place in the future.”

Wishbone is a gold shipper based in Dubai that matches buyers with small producers in Africa and South America.

It began operating in August and shipped 105 kilos (3,380 ounces) in total in December.

India and China are the two largest physical markets for gold such as jewellery, bars and coins.

Richard Poulden, chief executive, said that overall it had been a successful year for Wishbone with volumes good, though changes to India’s import rules had affected the market.

“The gold market remains extremely strong in volume terms which makes us believe that the oft quoted decline in production is failing to monitor the small producers which is our target supplier market.

“The traffic is inexorably east with small premiums over the world spot price appearing from time to time in India and Hong Kong."

Wishbone has supply agreements with miners based in Peru, Ghana, Chile and Colombia.

Subsidiary Black Sand’s management visited Peru and Chile recently, which would provide more opportunities for the company said Poulden while its early stage projects in Honduras and Ghana should move forward.

Wishbone is visiting Ghana in February to discuss other potential opportunities while it is also mulling a move into equipment finances to help deepen its ties with small gold mining companies.

Shares fell 23% to 0.63p.


-- Amends for company’s correction to gold shipment target, effect of India, share price --

View full WSBN profile View Profile

Wishbone Gold PLC Timeline

February 12 2018

Related Articles

Gold bars
July 18 2018
The drill results had returned wide zones of mineralisation, the company said
July 12 2018
Series of off-market transactions have seen a 28.7% interest and strategic position in Mongolian copper-gold explorer Kincora transition from weak to strong hands, strengthening its existing exploration and expansion strategy. Despite significant uncertainty and shareholder overhang removed following new cornerstone investor Kincora’s share price has not re-rated – yet.
man standing in front of piles of bauxite ore
September 05 2018
Metro is targeting around two million tonnes of production this calendar year.

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use