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

To: IngotWeTrust who wrote (49088)	2/15/2000 12:19:00 PM
From: long-gone	Respond to of 116762

OT(?) Parliament Imposes Huge Fine on Kohl's Party Reuters Photo By Erik Kirschbaum BERLIN (Reuters) - The German parliament slapped a huge fine on former chancellor Helmut Kohl's conservative party on Tuesday for breaking campaign financing laws and hiding undeclared donations in Swiss bank accounts. Wolfgang Thierse, speaker of the parliament, said the opposition Christian Democrats (CDU) would have to return more than 41 million marks ($21 million) in state campaign support because of widespread financial transgressions under Kohl. The fine, the largest punishment in German history, is half the sum parliament gives the CDU each year to run its operations and was far heavier than the party that has been in power for 37 of the last 50 years had expected. The CDU had appealed for leniency, cautioning that excessive penalties could jeopardise its chances in future elections. ``This is a hard day for the CDU,' said the party's general secretary Angela Merkel. She said the CDU had made ``grave mistakes' but would nevertheless challenge the decision in court it viewed the amount as excessive. Fine May Rise But Thierse said the fine, roughly the amount the CDU spent on its losing 1998 federal election campaign, could be raised even further once more light was shed on the murky labyrinth of slush funds set up during Kohl's 16-year reign. ``There are still many questions (cont) dailynews.yahoo.com

To: IngotWeTrust who wrote (49088)	2/15/2000 12:57:00 PM
From: IngotWeTrust	Read Replies (1) \| Respond to of 116762

Further Fodder for Goldbug Thot: Fair Use, etc. Again, Emphasis Mine Posted: 2000/02/10 08:56 AM EST Western Areas moves to reduce hedge book [editor: Old story...new info] Western Areas Limited continued to rein in its hedge book announcing on Thursday that it had bought back a portion of its forward positions. Although the transaction costs the company a relatively minor R19m, it suggests Western Areas is wrapping up its affairs ahead of a possible sale. The company indicated it was actively seeking ways of taking advantage of market conditions to further reduce its hedge positions having already buying back roughly R58m worth of forward sales last year. Western Areas' main asset is the South Deep project which it shares with Canadian group Placer Dome. Recent ructions at Western Areas executive level, culminating in the resignation of deputy chairman Brett Kebble, has led to speculation that it will sell the stake in South Deep, mainly to service debt. One expectation is that the company will be sold rather than just the stake in the South Deep mine. [editor: Can this be the speculation now re: Ashanti?] Suitors for Western Areas are now likely to view the company as a much more attractive proposition. The buy-back of gold sees Western Areas retrieve 40,000 ounces of gold from the open market leaving it with some 654,000 still locked in. "Forward sales for the remaining eight years of the company's hedge book totalled 654,000 ounces and represents 18% of attributable output over the same period and 2% of attributable reserves," the company said in a statement. Western Areas also has call options struck at a relatively safe gold price of $325 per ounce. [editor: safe according to whom?] The forward sales, however, were committed at $301/oz, a level which the spot price of gold has recently exceeded. "Bidders for Western Areas would not want the liability of a seriously negative hedge book," one analyst said. "This must be a preamble to wrapping the company up," he added. Gold Fields, thought to have been interested in buying into the South Deep project, has expressed an aversion to hedging. Western Areas has a troubled hedge book with financial director David Kovarsky saying at the group's recent December quarter results that the company's hedge book carried a marked to market value of negative $55m. This was after several attempts to restructure the book. Analysts believe the company bought at the bottom of the gold price cycle (somewhere around $254/oz) and [again] at its recent zenith [editor: $339ish and I wondered who got suckered in at the recent September '99 top!!!] in two misjudged panic purchases. *[editor: and this worlds central bankers through the fleecin' Goldman's et al* have loaned HOW MUCH gold to HOW MANY "panicky mismanagers?"] Commenting on the recent sale, Western Areas Limited MD John Brownrigg said the close out was in line with the company's policy of actively managing its hedge book. "It would continue to review the hedge position and take advantage of market circumstances,*" he said. Gold was recently trading at $312/oz. [editor: sounds to me like they are more involved in "trading than mining" and possibly because they have been "taken advantage OF" instead of carpe diem!!!*] By: David McKay MY COMMENTARY: Folks, this pretty much explains to me: Ashanti is up for grabs, not just 50% of Geita, which, BTW, leaves 20% for Ghanian Govt and 30% for whomever buys Ashanti??? And the HEDGEBOOK WILL HAVE TO BE CLEANED UP FIRST! Does this leave a backdoor for a Geita carrot to be extended to a consortium, say of Placer Dome and Goldfields? Stranger bedfellows have been known....hmmmmm. 100 million bridge financing for Ashanti...yeah right...whom are they trying to kid here? $100m plus a bus token will buy you a cuppa of Ghanian Java! Hrmph! O/49r