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Gold/Mining/Energy : Gold Price Monitor

GDXJ 101.44

+3.5%

Nov 12 4:00 PM EST

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To: long-gone who wrote (48763)	2/10/2000 9:57:00 AM
From: Gord Bolton	Read Replies (2) of 116758

Ashanti on brink after court ruling REYNT-JAN SLOET VAN OLDRUITENBORGH, Accra \| Thursday 12.15pm. -------------------------------------------------------------------------------- A COURT in Accra, Ghana on Wednesday ordered Ashanti Goldfields to convene an extraordinary general meeting to consider the composition of its board, in a ruling which Ashanti lawyers said could destroy the company. They are particularly worried by the court's order to Ghana's biggest company to refrain from new financial undertakings until after the meeting, which must be called within 21 days. "The consequences of this decision are very drastic and may destroy the company," lawyer Kwame Tetteh told the court. Ashanti has been taken to court by a group of shareholders led by Adryx Mining & Metals who want the board to resign because of a financial crisis caused by losses on its gold hedging book. It has been negotiating to secure a $100-million loan to complete work on its promising Geita gold project in Tanzania for which it intends to find a 50% joint-venture partner. It needs the money to pay bills now falling due. Tetteh, who said he was advising Ashanti to appeal against the ruling, said that Ashanti had been due to sign for the loan on Thursday. "If Ashanti does not sign the new loan agreement, the directors will be compelled by the laws of the various jurisdictions to declare Ashanti insolvent and that is the consequence of this decision," he said. -- Reuters ZA*NOW:

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