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Gold/Mining/Energy : Steppe Gold (SPE:V)

SPE 15.24

+0.3%

Nov 7 4:00 PM EST

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To: Robert Dydo who wrote (729)	3/11/1998 12:25:00 PM
From: John Menzies	Read Replies (2) of 1248

Agree with you that words are cheap - but here is an unrelated matter - interesting timing so close to WWS announcmenet. The president clearly understands the importance of resolving these matters - small deals - big deal for the companies concerned. But these small deals clearly impact on vastly more significant transactions including the appetite forsoverign note issues, country and soverign credit rating and oil and gas deals in the billions. It is not as though this company is merely entering into discussions they are at least for a time setting aside their legal action. The president is smart, realistic and has the longer term view of Kazakstan very much in mind - that some of his ministers may not hold the same vision or not fully understand how to impliment it is understandable in an economy emerging into a market economy - much will change and change rapidly in this country and it will be driven by the economic fundamentsl of the vast oil and gas and mineral wealth which lies beneath the steppe. (Where did I see that last word before?) Kazakstan Goldfields & Government of Kazakstan to negotiate settlement The company has accepted an offer from the Government of Kazakstan to begin a dialogue with the intent of reaching a settlement to its dispute with the Government of Kazakstan. Both the Ministry of Energy, Industry and Trade and the Department of State Property and Privatization of the Ministry of Finance have offered to Gold Pool LLP, a 75% owned subsidiary of KGFC to open discussion with the purpose of reaching a negotiated settlement of its dispute. In accepting this offer, KGFC has agreed to temporarily suspend its US$28.6 million claim against the Government of Kazakstan which was filed in the International Court of Justice in The Hague Netherlands on November 17 1997. Regards John Menzies

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