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Gold/Mining/Energy : WWS.T World Wide Minerals -- Ignore unavailable to you. Want to Upgrade?

To: Nicholas Rainford who wrote (547)	7/2/1998 9:04:00 AM
From: traacs	Respond to of 784

INTERVIEW-Kazakh budget problems growing -reformer 07:15 a.m. Jul 02, 1998 Eastern By Mike Collett-White TASHKENT, Uzbekistan, July 2 (Reuters) - Growing pressure on Kazakhstan's budget could soon affect its people, and a weak opposition may look to exploit financial woes to its advantage this autumn, a top reformer said. ''I think in the fall of 1998 the political battle will heat up,'' said Akezhan Kazhegeldin, a former Kazakh prime minister now advising the resource-rich Central Asian state's President Nursultan Nazarbayev. ''Prices of raw materials which Kazakhstan exports fell, so the economy gets less money, so does the budget,'' he told Reuters in a telephone interview from Kazakhstan's financial centre Almaty late on Wednesday. ''When there is no money, this leads to social problems.'' Kazakhstan's economy relies heavily on exports of crude oil and metals. Plunging world prices are estimated to have robbed state coffers of hundreds of millions of dollars so far in 1998. Pension reform this year has been costly, and privatisation revenues have fallen behind targets as investors have shunned emerging markets and the government dithers on what to sell. The high cost of borrowing on capital markets has pushed the government towards austerity measures rather than plugging gaps through Eurobond issues. Kazhegeldin, who flung the doors open to foreign investment during his term in office from 1994 to 1997, said Kazakhstan should continue along that economic path. ''We need to work actively with investors,'' he said. ''We need to make the system transparent, but the main thing is for stability. Investors must trust that the legislative system here ensures stability.'' Nazarbayev has blamed Kazhegeldin's government for past privatisation failures. Rows with large investors have dented confidence in Kazakhstan, Kazhegeldin said. ''Scandals with previous investors mean that investment in Kazakhstan is being delayed,'' he said. Kazakhstan has already won tens of billions of dollars in promised income from firms tapping its huge oil and gas reserves. Nazarbayev has halted further energy sell-offs, saying he wants to preserve some wealth for future generations. The government had pinned its hopes this year on minority stakes in 13 so-called ''blue-chip'' , in the hope that this would revive the ailing stock . The original list has been reduced to five or six firms, comprising telecoms, oil, mining and banking . Kazhegeldin said the stakes may not be sold at all this year. ''Investors have waited for a year so far (for the sales), and this has undermined their trust,'' he said. ''I think that enthusiasm for the sale of these stakes this year is not high.'' Kazhegeldin, one of Kazakhstan's most popular public figures despite being removed from the government in October last year, has been tipped as a future presidential candidate. Russian news agencies reported recently he may form a party to boost opposition to Nazarbayev, which is pitifully weak. While agreeing that a stronger opposition was needed, Kazhegeldin was tightlipped about his own intentions. Nazarbayev himself has paid lip service to the need for a stronger opposition. But Kazhegeldin was less sure that the president, who enjoys sweeping executive powers, really wanted to be challenged seriously. ''I think that up until now there has never been an opposition, and I think that now he does not want one,'' he said. Copyright 1998 Reuters Limited. All rights reserve -- Klaas de Rooy

To: Nicholas Rainford who wrote (547)	7/2/1998 4:17:00 PM
From: tango	Read Replies (2) \| Respond to of 784

i think a deal will be cut soon and you will see a move into the .50-.75 range. the problem remains funds still won't touch the stock in this market.(they are dumping financially stronger companies in the same industry. iuc) they still may feel there is considerable risk here until mongolia is producing(which is more likely when they would buy) . There is also the upside of the gold play which should see an announcement on next week. I think .25-.30 over the next couple of weeks, around .60 on a settlement, 1.00 once production is reached and mutuals move back in. I am not so sure Dundee runs the best deals to get involved in 1. Breakwater was a disaster with a zillion to one cut back 2. Eurogas is finished 3. Black hawk is a stunning .25 4. WWS has seen better days 5. Dundee stock is feeling the heat as their stock trades at 52 week low in a bullish financial sector. -ever heard of the NED factor?he still seems to make the bucks!