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

To: Alex who wrote (44206)	10/28/1999 11:56:00 AM
From: Ken Benes	Read Replies (1) \| Respond to of 116764

I believe that whatever gold is required to complete the closing out of the producers hedged positions will be made available one way or another. This is a good indication that gold supply is available in a crunch and the market is not as tight as some have speculated. If this feeding of required supply into the market continues, a 300.00 trading range seems probable. Ken

To: Alex who wrote (44206)	10/28/1999 12:14:00 PM
From: Enigma	Respond to of 116764

Financial Post re Ashanti: Thursday, October 28, 1999 Ashanti in talks to sell troubled gold mine Placer Dome, Barrick Keith Damsell Financial Post Gold giants Placer Dome Inc., Barrick Gold Corp., and AngloGold Ltd. have expressed an interest in acquiring an African gold project owned by troubled Ashanti Goldfields Co. Ltd., the Ghana-based company said yesterday. Specific details of the three proposals to buy the $165-million (all figures in U.S. dollars) Geita project in Tanzania were not disclosed. The mine is scheduled to begin gold production late next year and will eventually produce 500,000 ounces of gold annually. Vancouver's Placer Dome confirmed it has "expressed an interest in looking at [Ashanti's] assets," said Hugh Leggatt, a Placer Dome spokesman. Toronto's Barrick and AngloGold of South Africa declined to comment. The three are cash-rich and have not ruled out potential acquisitions. Gold's rise to $339 an ounce earlier this month has left Ashanti struggling to cover $270-million in creditor's claims resulting from the company's failed hedging strategy. It won a fourth reprieve from its 17 gold hedging counterparties yesterday. Negotiations are continuing in London. "We're on standby," said a company insider. "We're hoping we'll hear tomorrow what's been negotiated." The financial crisis prompted a $454-million all-stock takeover bid from London's Lonmin PLC. The platinum producer owns 32% of Ashanti. The government of Ghana, owner of 20% of Ashanti and the holder of key veto rights, will consider all options to save the company.