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

To: lorne who wrote (67264)	4/6/2001 9:38:35 PM
From: lorne	Respond to of 116753

Supply restraint may not benefit gold. MUMBAI, April 6 " ARE low gold prices here to stay? Prices have been hovering around $260 an ounce and are testing lower." Full story >>> hindubusinessline.com

To: lorne who wrote (67264)	4/6/2001 10:20:41 PM
From: Square_Dealings	Respond to of 116753

If China wanted to put pressure on the "arrogant US" they could buy up the physical gold and then yell fire. Wonder if they ever thought of that -g- Evidently the Japanese have some interest... Harmony Gold: Komanani Takes 10% In ZAR 400M Deal >HGMCY 04/04 5:04 AM (DJ) Story 1157 (AU, HGMCY) JOHANNESBURG (Dow Jones)--Black empowerment group Komanani Mining Ltd. has taken a 10% interest, for 400 million rand ($1=ZAR 8.0750), in South Africa's Harmony Gold Mining Ltd. (HGMCY), said the companies Wednesday. In a joint statement they said the transaction means Komanani, an investment group, will become Harmony's single-biggest shareholder. Harmony is South Africa's third-largest gold miner after AngloGold Ltd. (AU) and Gold Fields Ltd. (GOLD), while Komanani is a consortium of empowerment investment groups, particularly women's groups, chaired by Mashudu Ramano. The Industrial Development Corp., a development bank, is providing ZAR 392 million to Komanani, while the empowerment group is adding ZAR 8 million of its own cash. This is for a subscription of 10.96 million new Harmony shares at an issue price of ZAR 36 a share. This price represents a 6.0% discount to the 30 -day volume weighted average trading price, and a 3.5% discount to Harmony's closing price April 3 on the JSE Securities Exchange South Africa, it said. The IDC will subscribe for 10.95 million convertible preference shares at a par value of 50 cents a share. These will be convertible in five years and when converted an additional top-up payment of ZAR 41.50 -a-preference-share will be made. This will allow Komanani to keep a significant equity position without having to dilute its original stake, said the statement. Harmony will use the ZAR 400 million cashflow from the deal to lower debt through a reduction in capital and interest payments by ZAR 140 million a year over the next four years. It said this saving on interest payments will offset the dilution of earnings from the new issues. -By Andi Spicer, Dow Jones Newswires; +27 11 726 7903; andi.spicer@dowjones.com (END) DOW JONES NEWS 04 -04 -01 05:04 AM M.