Dutch Central Bank Sale Announcement Imminent? Message Board

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Politics : Dutch Central Bank Sale Announcement Imminent?

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To: sea_urchin who wrote (20580)	4/4/2004 7:43:48 AM
From: sea_urchin	Read Replies (2) of 81693

Down the drain: Gold is generating less money as the rand strengthens sundaytimes.co.za >>>Thousands of miners face axe Up to 5 000 jobs are at stake at Harmony Gold after the country's third-biggest gold producer said on Friday it might have to close six of its mine shafts. Harmony said the strong rand had made the mines unprofitable. The news is further evidence of the difficulties in gold mining at South Africa's ageing operations, and one analyst said it vindicated Anglo American's decision to sell its stake in Gold Fields. AngloGold had been criticised in some quarters for being too hasty in selling its Free State operations in early 2002 - ironically to Harmony and ARMgold. John Clemmow, emerging markets analyst at Investec in London, added that here had been a consistent pattern of diversified mining companies selling gold assets over the past 12-18 months, culminating in Rio Tinto disposing of its stake in gold and copper producer Freeport McMoRan. "At this level, gold shares never repay your investment via dividends. You only really make money by capital appreciation," Clemmow said. <<<

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