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Gold/Mining/Energy : Gold Price Monitor

GDXJ 121.93

+0.8%

Jan 9 4:00 PM EST

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To: Alex who wrote (64176)	2/22/2001 5:58:12 AM
From: sea_urchin	Read Replies (1) of 116845

Alex: Re "What's in South Africa's best interest? The government issues mining licenses, not sell-all-your-reserves-forward licenses." Now that the SA government intends to expropriate all the mining reserves it's not a question about SA's best interests, but how the mining company can best exploit the reserves, which it clearly has only the temporary use of, for the benefit if its shareholders. "However, in terms of the proposed legislation, in the event of a mining concern being liquidated, the mineral rights revert to the state. This leaves financial institutions with few options to obtain security when providing financing for mining deals." bday.co.za Clearly, the SA government has shot itself in the foot by wanting its cake and eating it.

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