Gull,
My mistake. Maybe you don't follow Randgold as closely as it first appeared. If this is true, then you'll find these old news of interest in clearing up your confusion on this sudden new direction
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From a september article....
Randgold , however, one of the big six, has now ended this arrangement. Since he took over in 1994, Peter Flack, its boss, has freed the firm's various mines from all management contracts with head office. The mines are now grouped in two separately listed mining companies, Harmony and Durban Deep, whose managers can take their own decisions. The payroll at Randgold 's head office has been trimmed from 128 employees to just 14. 'Ultimately,' says Mr Flack, 'I can't see the point of a head office at all.'
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Randgold completes unbundling process
By Mark Ashurst in Johannesburg
10/28/97
Financial Times
London Edition
Page 35
Copyright Financial Times Limited 1997
Randgold , the South African mining group which has pioneered reforms at marginal gold mines over the past three years, has completed the unbundling of its individual mines.....
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Harmony sings its own song (A NOVEMBER 1997 ARTICLE)
At a time when many gold mines in South Africa are being rationalized into new corporate entities (see previous story), one mining company is growing to join the ranks of the new independents. Harmony Gold Mining Company (Harmony) has evolved in the space of two years from a large but moribund single-lease mine into a vibrant, multi-mine operation with significant growth potential. As from October 1, 1997, the service agreement with Randgold & Exploration (Randgold) was terminated leaving the company truly independent. Former parent Randgold continues, however, to hold a passive 13% interest in Harmony....
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and from January 1998
RANDGOLD, which last year transformed itself into a surface gold mining company from a deep-level miner, was ready for takeover bids, chairman Peter Flack said yesterday....
bday.co.za
Gull, hope this all helps. I've got over 80 other RANGY articles on my hard drive I'd be willing to send you if you need more assistance in clearing up this matter.
Good luck with your investing.
PB
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