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

To: brian krause who wrote (1036)	8/3/1998 2:29:00 PM
From: Leigh McBain	Read Replies (1) \| Respond to of 1248

Brian, as I indicated in my earlier posts, there are definitely other issues that need to be cleared up as well. However, the only way they get the cease-trade lifted is to have the financials completed and filed, so in reality this is "the" major issue. And with the suggestions about the state of the company's finances, the financials are also of more importance than they might be at other times. Now as far as the company's ability to negotiate financing, JV's, acquisitions, etc. I would have to double check what the official verbiage used is. My understanding however, is that they are limited as to what they can do, in that respect, but not totally hand-tied. A straight financing (no shares, warrants, convertibles, etc.) I believe can be done. However, anything that would require any form of share issuance could not be. That's my current understanding of how it works. As for just the negotiating, I don't see how that could be stopped, they simply would not be in a position to "ink" the deal until reinstatement had occurred. I also do not believe that there is anything preventing a prospective partner of any sort, from continuing their own DD, during the cease-trade. I'll try and verify my understanding tomorrow. Salut, Leigh McBain

To: brian krause who wrote (1036)	8/7/1998 12:21:00 PM
From: CIMA	Respond to of 1248

From the Worldwide Minerals thread: To: +Klaas de Rooy (570 ) From: +Klaas de Rooy Friday, Aug 7 1998 11:00AM ET Reply # of 573 Kazakhstan's top privatisation official dismissed 04:30 a.m. Aug 04, 1998 Eastern ASTANA, Aug 4 (Reuters) - Kazakhstan's top privatisation official has been dismissed, a senior government source said on Tuesday, but the reasons for the removal of Maksutbek Rakhanov remained unclear. ''Maksutbek Rakhanov has been removed from his position,'' said the source, who asked not to be identified. ''It is so far unclear whether he will get a new (government) position. The explanation was that this was connected with his moving to a new job.'' Orazaly Yerzhanov was named in his place to head the finance ministry's privatisation and property department, while retaining his current position of deputy finance minister. Government sources said Rakhonov's dismissal was unexpected, although President Nursultan Nazarbayev regularly reshuffles his officials. Privatisation revenues have fallen short of targets so far this year and the sale of state stakes in five or six key companies, including metal and oil enterprises, has run far behind schedule. Government officials are worried that the impact of the Asian crisis on investor appetite for emerging market equity, combined with low world oil and metal prices, would devalue the stakes were they to be sold quickly. Without the 45 billion tenge ($580 million) earmarked from privatisation revenues in 1998, the oil-rich Central Asian state will find it hard to make ends meet. First Deputy Prime Minister Uraz Dzhandosov said in June that Kazakhstan would raise the targeted 45 billion tenge despite the apparent difficulties. Nazarbayev said in June that privatisation revenues were expected to fall to 42 billion tenge in 1999. ((Murat Buldekbayev, Almaty Newsroom +7 3272 509 +reuters.com)) --------------------------------------------------------------------- The Privatization Department of the Ministry of Finance was originally called the Committee for the Management of the State Property (or "GKI") and was responsible for the privatization efforts of the Government of Kazakhstan. In a March 1997 consolidation of the Government of Kazakhstan Administration GKI was merged into the Ministry of Finance. World Wide's Management Agreement, which was illegally cancelled in August 1997, was with GKI. What is interesting is that Yerzhanov, who takes over Rakhanov's duties, is also Deputy Minister of Finance - and is the chairman of the working group of GOK officials established in June 1998 to resolve the dispute with World Wide. It is understood that meetings are being held on a continuous basis. Regards, Klaas