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Gold/Mining/Energy : Steppe Gold (SPE:V) -- Ignore unavailable to you. Want to Upgrade?

To: S. E. Baker who wrote (1015)	7/11/1998 2:04:00 AM
From: bill718	Read Replies (1) \| Respond to of 1248

Re. your comment about Antares... "I came away from my quick survey with a fairly firm understanding that ANZ is not into merging or taking over other companies." Perhaps, but given the opportunity to get a better deal Antares mgmt. will RUTHLESSLY go for it. For example.... CLL:ASE and ANZ each had a 45% share in a great Indonesian property early last year, but when CLL ran into financial problems ANZ paid the Indonesians and then made a NEW deal with CLL (and the Indos) increasing ANZ's portion to 76.5%! It took months to do this as CLL was not exactly pleased with the new deal, but Antares mgmt. stood their ground and eventually won. Just a little food for thought, and if Steppe can indeed get their act together as has been implied by previous postings, perhaps the existing deal between the 2 companies will remain as it is and be a win-win situation for both companies, particularly in '99 when production begins.

To: S. E. Baker who wrote (1015)	7/11/1998 12:07:00 PM
From: CIMA	Read Replies (1) \| Respond to of 1248

Good post Steve. However, I have to take issue with one opinion you voiced. I heard Dennis Gray state, in Calgary last year, that ANZ is only interested in JV's, mergers, takeovers, etc when ANZ can be the operator of the mining project. That is why they are shedding their minority positions in Rappa and Lady Lina. Being the operator usually implies majority ownership. IMO we will see ANZ with a 50%+ share of the properties involved with Steppe.