Canadian gold mining Semafo Inc. (SMF.TO) said it bought a new fleet of mining Samira Hill mine in Niger ITS expected to cut mining costs by 30 percent, sending shares as much as 7 percent. Semafo said that 19 million U.S. dollars invested in equipment compromise, which is expected to make money through lower operating costs $ 70 per ounce. The payback period is expected to be approximately three and half years. Moreover, Samira Hill will benefit from significant cost savings associated with civil works contracted Previously the company said in a statement.
Semafo stock, which rose 57 percent in the last six months, up 43 Canadian cents at C $ 6.44 Thursday were at the Toronto Stock Exchange.
source:reuters
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Gold prices are stabilizing.Why is SEMAFO hit with such a drop in stock value?
Thank you