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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Tom Byron who wrote (42811)	10/12/1999 7:36:00 PM
From: Jim McMannis	Read Replies (2) \| Respond to of 116759

like down 75 on the nasdaq comp.

To: Tom Byron who wrote (42811)	10/13/1999 5:36:00 AM
From: Alex	Respond to of 116759

10/12/99 - Gold sale phased out <Picture> Lusaka (Times of Zambia, October 12, 1999) - The Southern African Development Community (SADC) ministers of mines and the G7 have agreed to phase out the sale of gold to finance debts in the Highly Indebted Poor Countries (HIPC). SADC chairman for the ministers of mines Syamukayumbu Syamujaye said in an interview in Lusaka yesterday that major banks in the developed world had finally agreed to phase out the sale of gold. The major banks in the G7 countries and the International Monetary Fund (IMF) had resolved to sell gold to finance debts in the developing countries. But the countries in the SADC region felt that development would have impacted negatively on the HIPCs because it would have escalated the overall cost initiative as a result declining exports of gold producing countries. Dr Syamujaye said the resolution was reached after protracted negotiations between the SADC ministers of mines and the major banks of the developed world. He said his members in the organisation were happy that their plight had been heard and hoped this would further coordinate development between SADC and the developed countries in the G7. "We only hope that the G7 will maintain the agreement to phase out the sale of gold. In the earlier negotiations we had agreed to sell gold to finance debts of the poor countries but the move turned out to be inimical to the gold mining countries in the region," Dr Syamujaye said. He noted that if the trend had been allowed to continue many gold mines in the region would have been forced to close because of competition from the minerals auctioned by the Bank of England. This would have forced the developing countries to borrow more money from the industrialised world increasing their indebtedness. Dr Syamujaye appealed to the ministers of finance in the SADC region to dialogue with the G7 to find alternative ways of financing debts. by Times Reporter Copyright 1999 Times of Zambia. Distributed via Africa News Online. -0-