first quantum minerals FM on TSE Message Board

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Gold/Mining/Energy : first quantum minerals FM on TSE

FM 27.19

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Jan 8 4:00 PM EST

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To: DRT who wrote (163)	8/6/1997 10:18:00 PM
From: Tim Davies	of 385

This was in today's Zambia Post: (go to the end of the article for FM info.) "Anglo, govt in deadlock over ZCCM By Chilombo Mwondela The government is beginning to opt for alternative buyers after negotiations between its team and the Anglo American Corporation led Kafue Consortium for the purchase of some ZCCM assets reached a deadlock. The Kafue Consortium, according to sources in the Ministry of Mines, is sticking to its offer and the Zambian team is beginning to "realise its mistake" and considering the further unbundling of the 'A' package. "We realise that some of these packages were just too big. It would have been better to have smaller units all around so that we widen the field of investment," said an official from the mines ministry. "In fact, the smaller companies such as Cyprus Amax and Noranda are proving more aggressive. Instead of dealing with one big entity we could have had a lot more participating. If this deal falls through we have no option but to unbundle the 'A' package and make it more accessible to potential investors." The Kafue consortium is made up of Anglo American Corporation, Commonwealth Development Corporation (CDC) and Falconbridge. The apparent reaction of the Zambian team to the adamant stand of the Kafue Consortium has been to slowly start unbundling the 'A' package which includes ZCCM's Nchanga and Nkana divisions. Leader of the Zambian negotiating team Francis Kaunda could not be reached for comment yesterday. However, ZCCM in reply to a recent query said negotiations over the Nchanga and Nkana mines are still in process. And the Ndola Precious Metals Plant which was also bid for by First Quantum Minerals Limited is said to be leaning towards a management buy-out because of the company's heavy liabilities. The Post / Post Newspapers / post@zamnet.zm" .....what is going on?! TD

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