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Gold/Mining/Energy : Franco-Nevada (FN - TSE) - zero debt, cash rich royalty co. -- Ignore unavailable to you. Want to Upgrade?

To: Traveling Man who wrote (486)	12/27/2001 1:08:51 AM
From: Jim Bishop	Read Replies (2) \| Respond to of 511

1-AngloGold ups Normandy <NDY.AX> bid by 10 cts/shr (Updates with detail, shares) SYDNEY, Dec 27 (Reuters) - South Africa's AngloGold Ltd <ANGJ.J> said on Thursday it had raised its bid for Normandy Mining Ltd following talks on possible co-operation with world number two gold producer Barrick Gold Corp <ABX.TO>. AngloGold said it had upped its offer by ten cents per share, valuing Normandy at A$1.84 a share based its New York closing price Wednesday. AngloGold is fighting a rival bid from Newmont Mining Ltd <NEM.N> for control of Australia's largest gold miner. Newmont's offer values Normandy at A$1.87 a share based on Wednesday's close. Normandy shares crept three cents higher to A$1.85 on turnover of 6.7 million in a higher overall market when the stock resumed trading at 1:45 p.m. (0245 GMT). AngloGold's revised offer followed talks on possible cooperation with Barrick which took control of Super Pit, Australia's largest gold mine, this month through its Homestake Mining Co <HM.N> purchase. "AngloGold has cooperated with Barrick in the past, and is presently engaged in discussions with Barrick aimed at identifying synergies that the two companies can realise in regard to their mining operations globally, but specifically in Australia, and Tanzania," AngloGold said in a statement. AngloGold's cash and scrip bid is now made up of 2.15 AngloGold shares for every 100 Normandy shares and 30 cents cash per Normandy share. AngloGold said it would continue to share half ownership of the giant Super Pit mine in outback Australia with Barrick if its bid for Normandy was successful, but management control would be handed to Barrick. AngloGold said it would also offer Barrick participation in the Boddington gold ore project. AngloGold's stake in Boddington would lift from 33 percent to 77 percent if it won control of Normandy. If AngloGold wins Normandy it keeps its position as number one gold producer in the world, while Newmont or Barrick would take the top spot if they were to capture the Australian miner. Normandy has recommended its shareholders accept the Newmont offer, which also has the support of its 19.99 percent stakeholder Franco-Nevada Mining Corp <FN.TO>. AngloGold's offer has been extended until January 11, while the Newmont offer is open until February 15. ((Michael Smith, Sydney newsroom 61-2 9373-1800, michael.j.smith@reuters.com)) REUTERS * end of story *