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Gold/Mining/Energy : Gold and Silver Mining Stocks
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To: russwinter who wrote (610)2/15/2001 3:06:07 AM
From: goldsheet  Read Replies (2) of 4051
 
Here's a new name on the potential gold mine buyer (or maybe seller ?) list:

WMC says reviewing nickel and gold assets

SYDNEY, Feb 14 (Reuters) - Australian miner WMC Ltd said on Wednesday it was reviewing its nickel and gold assets as part of a rationalisation programme. In gold, managing director Hugh Morgan said the preferred route would be a merger to help offset a weak bullion market and declining production from the company's three mines, all in Australia. "The preferred course would be a merger of the (gold) group over the coming months," Morgan told a media and analyst briefing.

WMC closed up 15 cents or a whisker under two percent at A$7.61 in a slightly higher overall share market as traders digested Tuesday's record annual profit. The copper, uranium, alumina, nickel and gold group reported a net profit of A$741 million for calendar 2000 and also said it may double the size of its share buyback scheme.

Morgan said gold output from the company's Central Norseman, St Ives and Agnew mines had declined to around 700,000 ounces a year from 1.25 million ounces in the nineties at a time when bullion prices were not showing improving signs. He indicated the company would look outside of Australia, the world's number three gold producing nation and already highly prospected, for fresh opportunities. "The sort of deposits important to a company of our size are unlikely to be in Australia," Morgan said
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