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Gold/Mining/Energy : Pangea Goldfields T.PGD
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To: salva who wrote (300)10/19/1999 12:40:00 AM
From: LaFayette555  Read Replies (2) of 1178
 
Hi Salva,

Interesting parts of a Reuters article on Ashanti-Barrick:

Ashanti Goldfields Co Ltd won a breathing space from hedging
counterparties on Monday and said it would consider all options after Lonmin Plc cut its offer for the troubled group by 20 percent.

After a day of intensive discussions in London, industry sources said the Ghanaian gold miner had secured an extension to a temporary standstill agreement of >>>>> ''no more than a week.''<<<<

An original agreement under which 17 derivatives counterparties agreed to postpone claims against Africa's third largest gold producer expired at 5:30 p.m.

''In that period of time we'll be looking at all viable alternatives,'' said one person close to the team advising the Ghanaian government, adding that South Africa's AngloGold Ltd and Barrick Gold Corp of Canada were among companies likely to be contacted.

Ghana's government has a 20 percent stake and a veto vote in the country's biggest company.

AngloGold has long coveted Ashanti's rich gold mines while Barrick is keen on the Geita gold project in Tanzania which would fit well with its existing assets in the east African country...

Ashanti is Ghana's biggest company by far and the possibility that it will fall into foreign hands is a sensitive political issue for President Jerry Rawlings."

end

Well then Ashanti could sell assets to Barrick for example and remain an independent concern... saving face for those concerned..

A possibility worth considering ???

Regards.
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