African Gold looks out of Africa

African Gold has said its future investments will not be in gold and are unlikely to be in Africa. "There is a growing consensus that the dark continent will remain just that - dark and forbidding and hostile to investors," according to a statement accompanying the company's interim results. The AIM-listed company run by Dr John Teeling has sold three of its four mines in Zimbabwe, citing increasing economic and political instability. African Gold is looking at investments outside the sector. The sale of the mines allowed the company to return a nominal profit of £88,000 instead of a loss of £210,360.