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

To: Alan J. Levie who wrote (322)	10/4/1998 9:28:00 PM
From: sea_urchin	Read Replies (1) \| Respond to of 472

Alan : AU is AU -- on the NYSE St Helena is a 50 year old mine in the Orange Free State which, in 1997 according to Goldfields prelisting statement for Goldco, had a life of eight years. It is stated that "Mining is predominantly from remnant pillar areas with a significant contribution from old areas sweepings." For tax reasons, Oryx was fairly recently joined to St Helena so that its development could take place, presumably using the cash flow of St Helena. Oryx physically adjoins St Helena. With the creation of the new Goldfields (or Goldco) group Oryx, being a new mine as you say quite correctly, was incorporated into the group but the original St Helena was left out, I believe because its costs were too high. It may also have been because the required number of shareholders did not want to join (75 or 80%). It is now on its own and is anomalous, being the last of all the Gencor mines which did not find a new home. The other Gencor mining "group" which was left out is Evander. Here the required number of shareholders did not want to participate (including me!). Gencor recently made a deal and sold out its interest to Harmony for a pittance. This compelled the other shareholders to sell, as well. Of the other old Gencor mines, Stilfontein, in the Klerksdorp area, which actually had closed down, is now part of Durban. And so is Buffels. I trust this info will be of some use to you. I am sorry if the details are a bit sketchy. There have been so many permutations that it is very hard to keep up with all of them.