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Exploration|Gold|Logistics|Power|PROJECT|Resources|Drilling|Operations
Exploration|Gold|Logistics|Power|PROJECT|Resources|Drilling|Operations
exploration|gold|logistics|power|project|resources|drilling|operations

Miners respond to Goma rebel capture as share prices fall

Security forces in Goma, DRC.

Security forces in Goma, DRC.

28th January 2025

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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Toronto-listed Loncor Gold has said that its operations and logistics for the Adumbi gold exploration project remain unaffected by developments in Goma, Democratic Republic of Congo (DRC), located about 750 km away.

Two drill rigs are actively advancing the deposit toward a five-million-ounce resource target.

Despite the unaffected operations, Loncor’s share price plummeted nearly 19% in Toronto on Monday following reports that M23 rebel fighters had seized control of Goma on Sunday.

The insurgency also impacted other miners with operations in the region. The share price of Alphamin Resources, which operates tin mines about 200 km from Goma, dropped 13% on the TSX-V.

Similarly, London-listed Rome Resources, with activities about 200 km from Goma, confirmed on Monday that its on-site operations, including drilling, were unaffected by the developments.

The DRC has been plagued by conflict for over 30 years, dating back to the 1994 Rwandan genocide. Armed groups continue to vie for power and control, undermining stability in the resource-rich nation.

Notably, M23 rebels previously captured Goma in 2012 but withdrew days later under an agreement brokered by neighbouring countries.

Edited by Creamer Media Reporter

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