By Joanne Hart, Financial Mail
The Betts family has been in the gold industry for 250 years. Based in Birmingham, they smelt gold, refine it and produce bars, coins, jewellery, and even alloys for dental crowns. Just over ten years ago, Dan Betts, then aged 31, decided to go back to the source, when he founded Hummingbird Resources, a gold explorer with a huge mine in Liberia.
Hummingbird listed on AIM in 2010 at 167p and Midas recommended the stock in March 2011, by which time the shares had fallen to 147½p. Today, the price is just 22½p.
The company has been hit by factors both general and specific. Between 2011 and January this year, the gold price plunged from more than $1,800 (£1,365) to just over $1,000 an ounce.
SOURCES: News Now/Daily Mail