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Gold/Mining/Energy : Pangea Goldfields T.PGD

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To: timbouctou who wrote (976)	5/19/2000 9:40:00 AM
From: russwinter	Read Replies (1) of 1178

Tim, your second paragraph hit it. One scenario could be the carve up whereby ABX and ANGLY/ASL get the pieces they want. Does this happen bit by bit, starting with the main course, Tulawaka? Maybe it makes sense for PGD to serve a delicious appetizer like Golden Ridge and keep Tulawaka for more results and higher POG? The ultimate would be to sell Tulawaka to ANGLY, or even better a third player. Injecting a third player into the scenario would send a message to ABX about being so smug (as illustrated in their news release about "not being compelled to make acquisitions"). But to me ANGLY is the company with fire in their eyes. The other approach no one has mentioned on the thread is the Imagold model, where ANGLY buys 50% or more of Tulawaka, takes it quickly into production, and presents PGD with a horde of cash. PGD then aggressively attacks the rest of it's property portfolio. That's why I agree that PGD wants all these expiring JV's back. They won't need JV's in this scenario. To me that might be the one that makes the most sense for management and shareholders, especially if they force a price that ABX won't match.

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