Introduction
As discussed in one of my latest articles, during a bull market in precious metals, the shares of West African mining companies seem to outperform their peers operating in different jurisdictions (represented by GDX or GDXJ). And, that is exactly what is happening now. For example, since the end of 2018, the West Africa index has returned 15.5%, while GDX, one of the most popular gold mining ETFs, delivered a profit of 10.7%.
Note: the West Africa index, constructed by the author, is comprised of the following plays: Teranga, Roxgold, Semafo, Perseus,