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Gold/Mining/Energy : Gold Price Monitor

GDXJ 104.49

-2.1%

Dec 8 4:00 PM EST

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To: IngotWeTrust who wrote (49039)	2/15/2000 9:01:00 AM
From: Gord Bolton	of 116801

Finance minister resigns from Ashanti OWN CORRESPONDENT, Accra \| Monday 2.00pm. -------------------------------------------------------------------------------- GHANA's Minister of Finance Kwame Peprah has resigned as chairman of the board of directors of Ashanti Goldfields, a ministerial statement said on Monday. The statement, signed by Peprah on Saturday, said his departure was due to the "pressure of implementing the challenging targets set out in the country's budget" for the year 2000. Peprah's replacement has yet to be announced. Observers said the action is linked to the current management crisis of the debt-strapped gold producer. The government, which owns 20% of Ashanti stock, has traditionally held effective veto over major changes in the company. But Peprah's resignation has meant the government currently has no seat on the board. Fred Ohene-Kena, Ghana's former minister of mines and energy, is still a board member. In early December, Ashanti Goldfields submitted a financial restructuring plan to its creditor banks. It has also been seeking additional funding of $100-million and a freeze on potentially crippling exposure to derivative contracts from its creditors. Ashanti was badly caught out by a rise in gold prices last September. It was reported in early October it faced calls for about $270-million after betting the wrong way on price movements. -- AFP ZA*BUSINESS:

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