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Gold/Mining/Energy : Gold Price Monitor

GDXJ 92.99

+2.9%

Nov 7 4:00 PM EST

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To: goldsheet who wrote (61440)	11/28/2000 2:46:24 PM
From: long-gone	Read Replies (1) of 116753

<<Many other firms have acquired property under this law, but it is more fun to bash those nasty Canadians >> I think the goal was to bash a Bush - or better the Bushes. Posted: 2000/11/27 03:39 AM EST Harmony bid for AngloGold mines to exceed R1 billion - Swanepoel Harmony Gold is bidding to buy two gold mines from AngloGold in a deal estimated by Harmony chief executive Bernard Swanepoel to cost "upwards of $128 million (R1 billion)". The two companies issued cautionary announcements on the Johannesburg Stock Exchange News Service (Sens) Monday morning (27 November) that negotiations to sell the mines were underway. The mines in question are Elandsrand and Deelkraal, contiguous properties on South Africa's west rand. In the nine months to September, Elandsrand and Deelkraal produced an operating loss of $2.3 million and $6.1 million respectively for AngloGold. It is also believed that AngloGold is negotiating to sell other mines including its Savuka operation, also on the west rand. Harmony is not in the running for that mine. However, Swanepoel confirmed his company was showing additional interest in a number of assets in South Africa's Free State province. He identified the former Freegold mines are potential targets for Harmony: "But it will depend on what is on offer," he said. If the bid is successful, Elandsrand and Deelkraal would add 600 000 ounces to Harmony's annual gold production taking the group's total output to about 2.8 million ounces a year. However, the key question was how Harmony will pay for the assets. Commenting on raising the funding for the acquisitions, Swanepoel said: "It will depend on what we are buying and what market conditions are at the time. As an unhedged gold producer we have to follow a fairly conservative balance sheet policy while issuing shares will not be that bright at the moment," he added. Estimations today suggested that Harmony would pay R750 million for the Elandsrand and Deelkraal mines. "That's a bit of a thumbsuck," Swanepoel said. The two mines have spent R700 million in capital over the last three years which AngloGold would like to recoup and more. mips1.net

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