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Gold/Mining/Energy : Canmine resources

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To: Ralph Kern who started this subject	3/15/2001 8:10:39 PM
From: Marshhawk	of 2769

Anglo takes $165m hit from writedown By BARRY FitzGERALD Friday 16 March 2001 Anglo American has taken a $US82 million ($A165 million) permanent-value hit on its 26 per cent stake in Anaconda Nickel, adding to the gloom surrounding the Western Australian laterite nickel industry. The writedown spooked the market in Anaconda, with the group's shares diving 16 per cent to $1.35. That compares with the $3.15-a-share average paid by Anglo before the full extent of the troubles at Anaconda's $1 billion Murrin Murrin project were fully appreciated. Anaconda's share price fall came the day after the appointment of receivers and managers to Joseph Gutnick's cash-strapped laterite nickel and gold producer, Centaur Mining & Exploration. The appointment was prompted by US bond holders owed $US225 million by Centaur, which used the funds to develop its Cawse laterite nickel project near Kalgoorlie. The receivers, Allan Watson and David McEvoy from PricewaterhouseCoopers, said yesterday that it was their intention that Cawse and Centaur's gold operations remain in production. They have formally taken control of Centaur's mining assets

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