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Gold/Mining/Energy : SOUTH AFRICAN MINING -- Ignore unavailable to you. Want to Upgrade?

To: POLARBEAR who wrote (133)	9/6/1998 10:35:00 AM
From: Jon Matz	Read Replies (1) \| Respond to of 472

How does one go about getting the financial statements? <eom>

To: POLARBEAR who wrote (133)	9/9/1998 12:36:00 AM
From: Wade	Read Replies (1) \| Respond to of 472

Here is an news I saved from a SA mining news letter (or newspaper) several months ago. Please take a read. This could be the reason for the weakness of Randgold. Looks like Randgold did not own DROOY and Harmony before Feb. 6. I have to do some digging to find the web site. Good luck. Sincerely, Wade 06 February 1998 RANDGOLD Takeover target It could be the basis of a new business structure for the Kebbles Randgold is up for grabs. Chairman Peter Flack confirms he has talked to the four most likely candidates to take it over.--> He won't name them, but the most obvious is Consolidated African Mines (CAM), already the largest shareholder, with 8%. CAM also has 34,9% of Saflife and will be the largest shareholder in JCI once Saflife unbundles its 30%. There lies the other driving motivation for a deal, as Brett Kebble, Roger's son and an executive director at both CAM and JCI, tries to extricate himself in as good a shape as possible from JCI's collapse. This week should, finally, determine JCI's fate, depending on whether Lonrho accepts the package deal that's on the table and whether the various shareholder bodies ratify it at general meetings. That could take until the end of March. The deal involves the sale of Western Areas and Joel gold mines to Anglo for Anglo's 26% of Lonrho and cash. The Lonrho shares will be immediately sold on to Lonrho with JCI's Tavistock coal division. At the end of the day JCI ends up with around R4,2bn cash, with another R500m or so to come from the sale of ferrochrome producer CMI. These funds will be paid out to shareholders in a special dividend of around R35/share. With the exception of CMI it all has to go through together in a linked sequence: if one leg falls off, then it all falls apart. Then, according to Saflife executives, the break-up would proceed through a sale of individual assets, which would allow other bidders in. These could include Gold Fields Coal for Tavistock and the new Gold Fields Ltd for Joel and Western Areas. What Kebble is eyeing is the "rump" company worth around R1bn that will be left once all these and CMI are sold. That will comprise Randfontein Estates gold mine, various gold exploration companies and projects in Barnex and Freddev, and the projects division, which controls the Beira hot briquetted iron and Moatize coal projects. One suggestion is for black business groups to buy into the rump company and try to achieve the original goals of the black economic empowerment scheme for JCI, though in much reduced form. The other obvious buyer is CAM, and the Kebbles are already working on a deal. Roger Kebble confirms it's under consideration and that it would "make sense" for CAM to own these assets outright. Should it buy the rump JCI, and then take over Randgold, the Kebbles would have pieced together a business structure based on gold, from which they could start growing again. The question is, will the Saflife directors overseeing the break-up of JCI accept CAM stock or will they insist on cash? Having disposed of stakes in Durban Deep and Harmony, Randgold is now focused on dump retreatment operations through 50,6% of Crown Consolidated Gold Recoveries and African gold production and exploration through Randgold Resources. Analysts are concentrating on Syama gold mine in Mali, where Randgold Resources is battling to get the redesigned plant commissioned and up to full speed in the teeth of the grim gold price, which is generating hefty operating losses. Flack stresses the key is that the group has the financial resources to bring both Syama and Crown through to full, profitable operations. "Syama needed US$31m this year to complete its capital expansion at a gold price of $290/oz and, following the IFC funding arrangements, $68m is available to us," he says. By: Brendan Ryan

To: POLARBEAR who wrote (133)	9/9/1998 12:52:00 AM
From: Wade	Respond to of 472

The source of the news of Randgold can be found at this URL: fm.co.za It is still there. Good luck. Sincerely, Wade