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Gold/Mining/Energy : RANDGOLD and EXPLORATION (RANGY)
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To: Bob Dobbs who wrote (431)4/6/2000 1:25:00 AM
From: Bob Dobbs   of 448
 
Anglogold expands in Tanzania and Mali
OWN CORRESPONDENT, Johannesburg | Wednesday 4.00pm
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ANGLOGOLD, the world's biggest gold producer, said on Wednesday that it was expanding its operations in Africa with the acquisition of stakes in two promising gold projects in Tanzania and Mali.
AngloGold, which is majority-owned by Anglo American Plc, is paying $205-million in cash for a 50% stake in Ashanti Goldfields Co Ltd's Geita gold mine in Tanzania. It will also procure or provide project financing of $130-million.
Ashanti -- Ghana's biggest company and Africa's third gold miner -- has put the stake in Geita for sale to help resolve its financial problems after running up huge losses on its gold hedging book when prices spiked higher last autumn.
In a second smaller deal, AngloGold is acquiring a 50% share in Randgold Resources Morila gold mining project in Mali for $132-million in cash. Morila is located in southern Mali and construction, which began in 1999, is 30% complete. The resource is estimated to contain some 5,9-million ounces of gold. AngloGold Chief Executive Bobby Godsell said the deals are examples of increased cooperation between gold producers worldwide.
"This cooperation is vital, both to secure the future of producers in continuing tough market circumstances, and to enable them to create value for their shareholders," he said.
AngloGold and Ashanti said the deal on Geita -- which could see plant capacity increased from four million ounces a year to seven million by 2004 -- is just the first step in a broader African partnership between the two companies.-- AFP

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