The gold price traditionally thrives on geopolitical drama.

Heightened tensions in eastern Ukraine, the recent incident at an Iranian nuclear site, and news of an unofficial US delegation visiting Taiwan are recent reminders that 2021 will be yet another year when geopolitical risks abound.

These potential flareups – in a world still knocked about by COVID-19 – could benefit the gold price, and by extension, gold stocks.

However, history shows us that the positive impact is short-lived, Metals Focus says.

>>> scroll down for the performance of ASX-listed gold & silver stocks over the past week >>>

“We think it unlikely that such events will have a lasting effect on gold and other precious metals prices,” it says.

“This assessment is based on how gold has often reacted to crises over the past 30-40 years.

“In most cases … gold did achieve some healthy upside, in some cases quite dramatically.

“However, this often proved to be a knee-jerk reaction, with prices quite often returning to pre-crisis levels in a relatively short period of time.”

An outlier was the Soviet Union’s invasion of Afghanistan in December 1979, Metals Focus says.


“Who Are You?” “Your Worst Nightmare.”   (Rambo III (1988), TriStar Pictures)

 

“Although the price had been rising for some time before the invasion (as the second oil crisis unfolded), this saw gold more than double in a matter of days to a then all-time high of around $850/oz,” it says.

“Gold then remained strong for an extended period, but this owed more to the oil crisis and its impact on the global economy, including the US dollar, which at that time had weakened to multi-year lows.”

The emphasis — and  ‘Rambo fighting Russians in Afghanistan’ gif — are ours.

It indicates that the macro backdrop is more important to the gold price than Rambo’s geopolitical posturing.

The backdrop is positive in 2021, Metals Focus says.

“Monetary and fiscal policies, including the persistence of ultra-low interest rates and negative real yields, and concerns about future inflation will continue to make the case for strong gold investment for the foreseeable future,” it says.

“Partly related to this, we are sceptical that the recent strength in the US dollar will continue as we progress through this year.

“We believe all this will eventually help gold to recover, with the price expected to strengthen later this year and into 2022.”

$USD gold price over the past 12 months.

 

Winners and Losers

Here’s how ASX-listed gold and silver stocks are performing:

Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop

CODE COMPANY 1 WEEK RETURN % 1 MONTH RETURN % 6 MONTH RETURN % 1 YEAR RETURN % PRICE MARKET CAP
ANL Amani Gold 50 0 -25 -25 0.0015 $ 10,786,996.75
NPM Newpeak Metals 50 50 0 0 0.003 $ 17,022,483.89
LCY Legacy Iron Ore 47 47 340 2100 0.022 $ 128,094,770.34
PNM Pacific Nickel Mines 33 5 15 -40 0.06 $ 8,986,475.28
FFX Firefinch 33 36 74 578 0.305 $ 226,854,714.73
NAE New Age Exploration 31 31 6 750 0.017 $ 18,293,143.65
E2M E2 Metals 27 13 90 525 0.4 $ 54,057,026.16
ARN Aldoro Resources 25 128 359 256 0.445 $ 29,955,553.32
ONX Orminex 24 68 108 44 0.052 $ 25,524,429.26
BBX BBX Minerals 21 -15 -48 109 0.23 $ 88,982,476.10
KCC Kincora Copper 20 0.265 $ 12,000,000.00
GTR Gti Resources 19 25 9 400 0.025 $ 16,757,467.95
VRC Volt Resources 19 12 58 217 0.019 $ 45,226,233.92
AME Alto Metals Limited 18 35 -5 72 0.105 $ 42,324,415.09
GWR GWR Group 17 17 49 336 0.305 $ 89,322,000.69
RED Red 5 Limited 17 7 -33 -14 0.19 $ 409,998,317.57
PDI Predictive Disc 16 27 46 80 0.089 $ 84,416,966.21
GBZ GBM Rsources 15 5 -23 77 0.115 $ 51,962,167.20
TLM Talisman Mining 14 24 4 62 0.12 $ 19,595,980.43
PNX PNX Metals Limited 14 14 -27 14 0.008 $ 27,391,451.33
BRB Breaker Res NL 14 23 4 20 0.24 $ 74,943,413.67
HRN Horizon Gold 14 2 2 144 0.44 $ 38,631,448.68
SKY SKY Metals 13 10 -6 -38 0.17 $ 40,697,221.62
AMI Aurelia Metals 13 20 -8 33 0.46 $ 549,275,303.63
MM8 Medallion Metals. 13 0.27 $ 20,447,019.71
RDN Raiden Resources 13 23 -27 575 0.027 $ 32,732,185.89
SNG Siren Gold 13 -4 1 0.405 $ 24,824,347.02
SRN Surefire Rescs NL 13 -4 -10 1250 0.027 $ 26,331,849.84
RSG Resolute Mining 12 -16 -46 -46 0.52 $ 557,465,816.53
CAZ Cazaly Resources 12 9 -4 124 0.047 $ 16,630,347.02
CMM Capricorn Metals 12 13 -2 47 1.79 $ 623,221,866.13
STK Strickland Metals 12 7 -73 71 0.022 $ 9,686,484.98
KAU Kaiser Reef 11 -6 -17 100 0.34 $ 30,010,589.74
PRU Perseus Mining 11 10 -4 27 1.33 $ 1,563,732,509.25
AQX Alice Queen 11 -23 -38 -9 0.02 $ 20,834,707.81
AYM Australia United Min 11 0 -47 400 0.01 $ 18,425,774.85
DGO DGO Gold Limited 11 23 1 89 3.55 $ 255,960,083.04
NAG Nagambie Resources 10 56 48 100 0.086 $ 42,994,181.76
FFR Firefly Resources 10 -8 -31 456 0.11 $ 32,270,650.65
RMX Red Mount Min 10 0 -15 267 0.011 $ 13,764,547.38
PF1 Pathfinder Resources 10 17 0.275 $ 13,674,152.25
EM2 Eagle Mountain 10 74 124 795 0.895 $ 150,275,096.66
MBK Metal Bank 9 9 9 151 0.012 $ 13,029,591.34
BTR Brightstar Resources 9 -25 29 800 0.036 $ 14,511,775.21
CDT Castle Minerals 9 0 -8 100 0.012 $ 7,325,008.18
KRM Kingsrose Mining 9 0 37 66 0.048 $ 34,310,345.54
SPQ Superior Resources 9 0 0 540 0.012 $ 15,194,693.70
DEG De Grey Mining 9 33 2 325 1.3 $ 1,598,795,315.64
SLR Silver Lake Resource 9 15 -23 4 1.86 $ 1,573,611,937.28
SFM Santa Fe Minerals 9 -9 25 100 0.1 $ 7,281,878.90
GBR Greatbould Resources 9 3 -41 48 0.038 $ 10,520,899.37
KWR Kingwest Resources 8 -4 -32 -14 0.13 $ 21,388,534.83
ZNC Zenith Minerals 8 0 18 217 0.13 $ 38,266,803.90
WAF West African Res 8 21 -4 99 1.04 $ 900,708,832.50
RML Resolution Minerals 8 17 -39 -73 0.027 $ 11,438,385.33
FML Focus Minerals 8 -1 -22 28 0.31 $ 54,824,569.50
AMG Ausmex Mining Gp 8 8 17 27 0.056 $ 31,040,563.62
AUT Auteco Minerals 8 9 -32 206 0.098 $ 148,881,998.92
OKU Oklo Resources 8 -20 -52 -44 0.14 $ 68,044,024.62
GSN Great Southern 8 -2 -38 33 0.057 $ 25,481,143.52
HMX Hammer Metals 7 9 139 425 0.105 $ 78,759,113.16
MRZ Mont Royal Resources 7 15 -12 114 0.3 $ 9,963,261.00
GOR Gold Road Res 7 9 -14 -26 1.3 $ 1,114,314,007.07
DCN Dacian Gold 7 -6 1 -4 0.385 $ 308,318,263.38
YRL Yandal Resources 6 9 -1 151 0.495 $ 44,075,993.70
RMS Ramelius Resources 6 14 -21 54 1.75 $ 1,400,109,697.52
M2R Miramar 6 19 0.25 $ 9,923,467.20
WGX Westgold Resources. 6 11 -16 11 2.32 $ 957,912,910.20
ARL Ardea Resources 6 1 6 91 0.525 $ 66,388,702.64
SVL Silver Mines Limited 6 -1 6 147 0.22 $ 249,342,240.63
OKR Okapi Resources 6 0 0 227 0.18 $ 8,856,137.16
HAW Hawthorn Resources 6 -28 -49 -43 0.056 $ 18,676,874.33
RXL Rox Resources 5 3 -35 56 0.039 $ 89,836,338.73
BAR Barra Resources 5 -5 -26 43 0.02 $ 12,874,553.92
MAT Matsa Resources 5 -10 -45 -27 0.08 $ 21,420,590.01
CLA Celsius Resource 5 -13 8 300 0.04 $ 33,448,287.08
IDA Indiana Resources 5 12 38 343 0.083 $ 23,845,070.14
NCM Newcrest Mining 5 14 -12 -5 27.7 $ 21,944,228,230.20
CBY Canterbury Resources 5 0 -21 57 0.11 $ 12,305,171.67
PAK Pacific American Hld 5 -8 5 50 0.022 $ 7,008,867.80
CHN Chalice Mining 5 47 112 526 6.48 $ 2,227,107,197.56
HRZ Horizon 5 15 -4 77 0.115 $ 70,996,900.00
TMZ Thomson Res 5 -18 44 535 0.115 $ 52,269,108.97
CYL Catalyst Metals 5 -2 -21 -5 2.09 $ 205,438,061.07
DEX Duke Exploration 4 11 0.35 $ 20,212,898.69
KCN Kingsgate Consolid. 4 10 12 103 0.935 $ 209,258,994.50
KZR Kalamazoo Resources 4 0 -27 -11 0.47 $ 58,054,230.96
AL8 Alderan Resource 4 -10 -45 373 0.071 $ 21,153,817.53
ARV Artemis Resources 4 17 -37 296 0.095 $ 105,719,081.48
AAJ Aruma Resources 4 29 -40 140 0.072 $ 7,629,186.74
TAR Taruga Minerals 4 6 -31 456 0.05 $ 21,945,672.29
ICG Inca Minerals 4 18 141 351 0.13 $ 46,392,426.00
MTC Metalstech 4 -21 -21 -16 0.135 $ 18,320,954.75
NST Northern Star 4 20 -30 -14 11.19 $ 12,669,889,031.91
CWX Carawine Resources 4 -19 2 45 0.275 $ 28,855,824.03
GML Gateway Mining 4 -6 38 123 0.029 $ 53,301,796.80
CEL Challenger Exp 3 2 41 182 0.31 $ 168,490,289.60
TSO Tesoro Resources 3 0 -62 319 0.19 $ 94,909,562.85
EVN Evolution Mining 3 13 -25 -7 4.59 $ 7,552,308,515.70
BMO Bastion Minerals 3 -3 0.195 $ 10,916,309.40
TBR Tribune Res 2 9 -26 -5 5.41 $ 284,376,977.34
HCH Hot Chili 2 -4 18 144 0.045 $ 141,566,272.59
GUL Gullewa Limited 2 2 -16 104 0.092 $ 16,778,325.20
WWI West Wits Mining 2 -12 142 736 0.092 $ 126,095,076.45
SSR SSR Mining Inc. 2 5 -24 20.48 $ 357,561,580.26
ALK Alkane Resources 2 1 -47 -17 0.735 $ 428,679,936.00
BC8 Black Cat Syndicate 2 5 -8 86 0.745 $ 78,357,493.57
M24 Mamba Exploration 2 14 0.28 $ 9,990,000.00
A1G African Gold . 2 12 81 218 0.28 $ 25,496,196.32
ADT Adriatic Metals 2 2 2 83 2.26 $ 408,446,864.28
PGD Peregrine Gold 2 0.285 $ 7,796,661.21
BDC Bardoc Gold 1 -5 -5 11 0.073 $ 123,203,273.70
XAM Xanadu Mines 1 45 76 147 0.074 $ 80,796,272.63
LCL Los Cerros Limited 1 50 -9 650 0.19 $ 84,825,189.00
MOH Moho Resources 1 -1 -27 0 0.08 $ 8,244,612.16
MKG Mako Gold 1 -6 -17 107 0.091 $ 23,408,985.78
BGL Bellevue Gold 1 17 -26 64 0.91 $ 762,088,277.07
SBM St Barbara Limited 0 5 -30 -16 2.12 $ 1,465,609,243.23
OZM Ozaurum Resources 0 -8 0.18 $ 9,883,800.00
DLC Delecta Limited 0 0 0 50 0.006 $ 7,060,348.44
TRM Truscott Mining Corp 0 0 5 320 0.021 $ 2,686,772.42
GMR Golden Rim Resources 0 25 -44 67 0.01 $ 26,703,496.79
GMN Gold Mountain 0 3 -2 -20 0.04 $ 29,006,734.54
GNM Great Northern 0 -9 -50 100 0.01 $ 10,579,196.04
ERM Emmerson Resources 0 9 -15 7 0.075 $ 36,371,409.70
ALY Alchemy Resource 0 33 -27 49 0.016 $ 10,755,895.25
FAU First Au 0 0 -16 100 0.016 $ 9,814,060.06
WCN White Cliff Min 0 -5 -28 500 0.018 $ 9,309,535.18
AWV Anova Metals 0 4 -11 184 0.025 $ 35,827,355.00
PRS Prospech Limited 0 -7 0 0 0.125 $ 8,127,573.63
BYH Bryah Resources 0 25 15 169 0.07 $ 10,747,835.56
MEG Megado 0 -3 0.17 $ 6,935,795.66
MAU Magnetic Resources 0 2 23 126 1.58 $ 341,550,775.66
DCX Discovex Res 0 0 0 133 0.007 $ 17,980,648.53
KGM Kalnorth Gold 0 0 0 333 0.013 $ 11,625,120.78
KTA Krakatoa Resources 0 -8 -41 45 0.058 $ 16,737,000.00
LNY Laneway Res 0 0 -14 33 0.006 $ 22,650,395.60
MLS Metals Australia 0 -20 0 100 0.002 $ 8,454,376.09
TNR Torian Resources 0 -22 80 291 0.045 $ 36,060,788.02
XTC Xantippe Res 0 -33 -33 -33 0.002 $ 8,149,128.80
MEU Marmota Limited 0 -4 -6 19 0.044 $ 43,584,016.05
PNR Pantoro Limited 0 -5 -17 70 0.195 $ 274,637,654.46
MML Medusa Mining 0 -6 1 54 0.84 $ 171,495,473.33
NXM Nexus Minerals 0 -5 -37 128 0.091 $ 22,217,802.06
EMR Emerald Res NL 0 0 30 105 0.81 $ 412,317,765.60
TTM Titan Minerals 0 -9 -26 49 0.1 $ 110,526,886.10
MHC Manhattan Corp 0 -22 -52 180 0.014 $ 21,367,901.70
BAT Battery Minerals 0 -16 50 320 0.021 $ 42,866,744.36
CTO Citigold Corp 0 -8 -20 200 0.012 $ 36,140,000.00
RND Rand Mining 0 8 -30 -6 1.62 $ 97,440,529.50
CAI Calidus Resources 0 -10 -37 39 0.42 $ 165,970,441.98
MTH Mithril Resources 0 -5 -40 200 0.018 $ 42,304,194.74
VAN Vango Mining 0 18 -14 -39 0.085 $ 86,797,855.28
MCT Metalicity Limited 0 -13 -43 275 0.013 $ 22,972,615.32
WMX Wiluna Mining Corp -1 -7 -44 -9 1 $ 126,215,506.00
STN Saturn Metals -1 17 -44 19 0.415 $ 46,110,449.10
AGG AngloGold Ashanti -2 -1 -26 -23 5.77 $ 500,455,561.65
TIN Tnt Mines Limited -2 -6 -30 223 0.155 $ 14,945,596.00
WRM White Rock Min -2 2 9 50 0.6 $ 42,897,297.56
CST Castile Resources -2 38 -39 132 0.255 $ 50,926,080.86
AUC Ausgold Limited -2 4 -7 257 0.05 $ 65,017,477.05
PRX Prodigy Gold NL -2 10 -4 25 0.045 $ 26,708,869.88
AXE Archer Materials -2 -15 76 433 0.88 $ 201,172,525.94
REZ Resourc & En Grp -2 11 37 310 0.041 $ 16,835,550.77
ZAG Zuleika Gold -2 -5 -2 86 0.041 $ 16,813,828.29
HWK Hawkstone Mng -2 14 215 583 0.041 $ 67,023,792.24
NSM Northstaw -3 -11 -8 0.39 $ 15,600,000.00
NWM Norwest Minerals -3 -7 -22 -54 0.076 $ 8,707,214.32
ANX Anax Metals -3 4 203 412 0.074 $ 25,213,240.08
VMC Venus Metals Cor -3 -3 -29 -3 0.18 $ 27,194,162.94
TRY Troy Resources -3 1 -54 -14 0.071 $ 53,029,463.76
AGC AGC -3 0 0.17 $ 11,513,638.28
AGC AGC -3 0 0.17 $ 11,513,638.28
AOP Apollo Consolidated -3 -8 -3 53 0.33 $ 92,358,588.80
AGS Alliance Resources -3 -11 -24 98 0.165 $ 34,322,827.11
MZZ Matador Mining -3 8 -29 103 0.325 $ 55,586,978.88
CY5 Cygnus Gold Limited -3 -6 -18 290 0.16 $ 17,347,215.68
TIE Tietto Minerals -3 -11 -43 16 0.315 $ 141,107,491.36
S2R S2 Resources -3 -9 -50 50 0.15 $ 45,659,220.96
MEI Meteoric Resources -3 -15 4 287 0.058 $ 74,943,117.72
NML Navarre Minerals -3 -6 -28 65 0.145 $ 79,205,111.90
MKR Manuka Resources. -3 14 -12 0.435 $ 40,121,951.52
BRV Big River Gold -3 8 -15 102 0.42 $ 89,922,456.65
PUR Pursuit Minerals -4 40 625 2074 0.081 $ 71,355,868.36
ASO Aston Minerals -4 65 202 900 0.13 $ 113,320,665.77
PUA Peak Minerals -4 4 -24 134 0.026 $ 15,982,268.95
SMI Santana Minerals -4 -4 -38 -38 0.13 $ 14,824,242.68
NUS Nusantara Resources -4 0 -13 16 0.26 $ 59,610,981.82
TAM Tanami Gold NL -4 -10 7 81 0.076 $ 89,307,375.50
OBM Ora Banda Mining -4 2 -26 49 0.25 $ 214,766,599.04
MGV Musgrave Minerals -4 9 -37 204 0.365 $ 197,292,491.13
BNR Bulletin Res -4 -3 -3 89 0.07 $ 12,550,515.18
GED Golden Deeps -4 15 -26 64 0.0115 $ 8,523,365.84
MRR Minrex Resources -4 0 -19 57 0.022 $ 11,573,878.16
IPT Impact Minerals -5 -19 -16 200 0.021 $ 37,398,615.26
SVY Stavely Minerals -5 -15 9 45 0.63 $ 157,881,678.46
OAU Ora Gold Limited -5 -9 -16 62 0.021 $ 20,180,285.33
NMR Native Mineral Res -5 -3 0.29 $ 8,355,915.00
DRE Drednought Resources -5 12 -42 280 0.019 $ 45,476,948.82
GRL Godolphin Resources -5 -5 -24 73 0.19 $ 15,980,980.18
ADN Andromeda Metals -5 -34 104 733 0.275 $ 594,200,152.43
GIB Gibb River Diamonds -5 -10 -45 163 0.071 $ 15,863,208.38
LEX Lefroy Exploration -5 120 412 731 1.33 $ 162,613,098.79
BCN Beacon Minerals -6 -6 2 10 0.034 $ 121,693,088.29
ADV Ardiden -6 -15 -47 467 0.017 $ 34,389,667.46
IVR Investigator Res -6 -8 53 440 0.081 $ 107,239,675.17
BNZ Benzmining -6 3 0.8 $ 26,676,529.43
ENR Encounter Resources -6 3 -50 60 0.16 $ 50,490,192.48
NVA Nova Minerals -6 -6 55 288 0.155 $ 250,491,997.05
EMU EMU NL -6 -21 -4 142 0.046 $ 19,948,237.73
THR Thor Mining PLC -6 7 0 275 0.015 $ 7,543,343.91
TRN Torrens Mining -6 -17 0.145 $ 9,843,243.37
GSM Golden State Mining -7 -3 -53 57 0.14 $ 11,584,770.12
CHZ Chesser Resources -7 -21 -49 101 0.135 $ 60,952,786.88
DTM Dart Mining NL -7 -29 -21 179 0.135 $ 13,492,639.26
CXU Cauldron Energy -7 8 14 111 0.04 $ 18,079,980.48
VKA Viking Mines -7 -3 114 800 0.039 $ 36,405,892.80
AAU Antilles Gold -7 -19 141 305 0.089 $ 16,587,040.17
MVL Marvel Gold Limited -8 4 -32 102 0.049 $ 25,940,846.96
SIH Sihayo Gold Limited -8 0 -52 -4 0.012 $ 44,225,536.96
RDS Redstone Resources -8 0 -20 200 0.012 $ 7,908,989.69
RVR Red River Resources -8 -10 19 233 0.22 $ 111,321,488.91
SAU Southern Gold -9 6 -29 -37 0.085 $ 18,132,944.26
G88 Golden Mile Res -9 102 54 304 0.105 $ 13,206,741.16
AWJ Auric Mining -9 18 0.2 $ 8,098,567.60
AAR Anglo Australian -9 8 -41 -26 0.1 $ 58,900,838.40
PKO Peako Limited -9 15 -9 192 0.03 $ 5,761,625.31
MDI Middle Island Res -10 -11 -36 2 0.235 $ 28,762,999.61
RRL Regis Resources -10 -5 -45 -31 2.73 $ 1,380,698,061.95
DDD 3D Resources Limited -10 -9 -9 263 0.0045 $ 18,101,860.46
DTR Dateline Resources -10 29 80 125 0.0045 $ 35,324,312.30
KSN Kingston Resources -10 0 -12 57 0.22 $ 62,422,128.12
SI6 SI6 Metals Limited -11 -16 23 700 0.016 $ 23,681,216.99
KAI Kairos Minerals -11 28 -59 243 0.032 $ 51,969,668.64
SLZ Sultan Resources -12 -3 -12 177 0.18 $ 12,863,861.97
RGL Riversgold -12 2 -22 525 0.05 $ 19,977,109.80
AQI Alicanto Min -13 0 -48 94 0.105 $ 34,326,333.41
AVW Avira Resources -13 0 -13 250 0.007 $ 9,625,280.00
CGN Crater Gold Min -14 -21 58 73 0.019 $ 24,549,917.34
SBR Sabre Resources -14 33 -40 500 0.006 $ 10,098,381.89
MSR Manas Res -14 0 -25 200 0.006 $ 19,321,915.19
TSC Twenty Seven Co. -14 -8 -25 0 0.006 $ 11,707,034.07
AZS Azure Minerals -14 9 -8 286 0.355 $ 104,749,145.14
HXG Hexagon Energy -15 -18 129 59 0.094 $ 37,016,768.15
TMX Terrain Minerals -15 10 -21 175 0.011 $ 8,829,132.11
NES Nelson Resources -20 -24 8 169 0.084 $ 11,928,801.74

 

Small Cap Standouts

NEW AGE EXPLORATION (ASX:NAE) +31%

The explorer has kicked off an early stage, pre-drilling survey in the Central Pilbara gold district in WA.

This tenure is next door to Novo’s (TSE:NVO) Egina gold project and less than 50km from De Grey’s (ASX:DEG) colossal Hemi discovery.

Most of the ground is under cover and has received little attention from historical gold prospectors, NAE exec director Joshua Wellisch says.

“We are excited to see the results in the coming weeks in the lead up to our maiden drill program to the North,” he says.

 

ORMINEX (ASX:ONX) +24%

In December, this former struggler sold 50% of its undeveloped 248,000oz Penny’s Find gold mine for $1.5m to Horizon Minerals (ASX:HRZ), which will shell out another $1m to fund early development.

The JV has now reported multiple significant drilling intercepts testing for the edges of this gold system, including 5m @ 5.27g/t gold from 180.3m and 3.7m @ 7.46g/t gold from 215.3m.

“The first round of high-grade drilling results demonstrating multiple areas of significant width are a testament to the calibre of the Penny’s Find gold deposit and we very much look forward to receiving results for the remaining 8 holes of this program, expected in the current June quarter,” Orminex director Dean Hely says.

 

RESOLUTE MINING (ASX:RSG) +12%

Another goldie which has struggled over the past year.

The share price of gold miner Resolute was spanked last month when Ghana decided to cancel its mining licence at the undeveloped Bibiani gold mine.

This happened just as Resolute was in the process of selling it to Chinese company Chifeng for ~$US105m.

That mining licence has now been restored “to maintain investor confidence globally and in particular maintain Ghana’s reputation as the preferred destination for mining investment in Africa”, the company says.

The share price is still down 46% over the past year, making Resolute the third worst performer in that period.