Tuesday
Dec302008
Crew Gold in Crisis
Tuesday, December 30, 2008 at 08:00AM
Crew Gold came to my attention as their mining operations in Guinea were briefly halted due to a military coup.
Crew, which mines gold in Greenland and the Philippines, noted that its Guinean mine had a net book value of $354 million US, according to its latest financial statements.
Their market cap is currently $41 million and that may not be a bargain. While there has been insider buying in December, the amount of cash put up is relatively minor... they probably spend more on parking than what they've bought in shares. It will be interesting to see if they can get this company back on its feet.
Crew, which mines gold in Greenland and the Philippines, noted that its Guinean mine had a net book value of $354 million US, according to its latest financial statements.
Their market cap is currently $41 million and that may not be a bargain. While there has been insider buying in December, the amount of cash put up is relatively minor... they probably spend more on parking than what they've bought in shares. It will be interesting to see if they can get this company back on its feet.
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