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Gold/Mining/Energy : Ashanti Goldfields: ASL -- Ignore unavailable to you. Want to Upgrade?

To: John Dally who wrote (336)	4/25/2002 12:26:26 PM
From: Bilow	Respond to of 342

Hi John Dally; So that's why ASL is up so much. I never thought it should have gone so far down. They hadn't sold forward that great a percentage of their reserves. -- Carl

To: John Dally who wrote (336)	5/16/2003 7:52:38 AM
From: John Dally	Read Replies (1) \| Respond to of 342

AngloGold Offers $983 Million in Stock for Ashanti (Update4) Johannesburg, May 16 (Bloomberg) -- AngloGold Ltd., the world's second-biggest gold producer, offered $983 million in stock for Ashanti Goldfields Co. to increase its assets outside of South Africa. AngloGold offered 26 of its shares for every 100 Ashanti shares, Ghana-based Ashanti said in a statement to the stock exchange in London. The bid values Ashanti shares at $7.98 each, 12 percent more than yesterday's closing price for the company's American depositary receipts. The purchase of Africa's fourth-biggest gold miner would help AngloGold Chief Executive Robert Godsell expand outside South Africa, which accounts for more than half its output. AngloGold last year paid $90 million to double its stake in the Cerro Vanguardia mine in Argentina. ``It's a very good strategic move for AngloGold,'' said Patrice Rassou, who manages the 400 million-rand ($51 million) Gold Fund at Old Mutual Asset Managers. ``Investment in Africa is increasingly attractive for South African players because the strong rand is making South Africa less attractive.'' The South African currency has gained 29 percent against the dollar during the past 12 months, cutting margins at many of AngloGold's mines. AngloGold, which has a gold mining joint-venture with Ashanti in Tanzania, said talks were at an early stage. ``Anglogold confirms that it is in negotiations with Ashanti and certain of its stakeholders, but there can be no assurance that agreement will be reached,'' the company said in statement to the stock exchange in Johannesburg. AngloGold shares fell as much as 5.1 rand, or 2.1 percent, to 238 rand and traded at 239 rand at 11:07 a.m. in Johannesburg. Ashanti's U.S. GDR has gained 36 percent this month, closing yesterday at $7.10 a share. Lonmin Plc, which this week said it planned to sell its 30 percent stake in Ashanti, said it's in talks with AngloGold. Denver-based Newmont Mining Corp. is the world's largest gold producer. South Africa's Finance Ministry last October more than doubled to 2 billion rand the amount of money companies can spend on purchases in Africa without seeking central bank approval, easing the way for AngloGold and other miners to invest on the continent. AngloGold is 51 percent-owned by Anglo American Plc, the world's second-biggest mining company. Last Updated: May 16, 2003 06:11 EDT