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

To: Ptaskmaster who wrote (356)	2/4/1999 4:56:00 PM
From: sea_urchin	Read Replies (3) \| Respond to of 472

I'm glad you read the article. I saw it today in its original printed form and thought about posting it but didn't for the reason that readers might have thought I had some kind of campaign going against the gentleman concerned. I am aware he has a TREMENDOUS following in the US, for whatever reason. In particular, I liked this : "Kebble effectively propped up the Western Areas share price using Randfontein's cash. With this kind of dealing going on how do you know, when you look at the quoted share price, that you are seeing an accurate reflection of the company's worth?" Clearly, the question begs an answer. In fact, it has been my view that the same answer applies to ANY company in which the particular gentleman is involved. Call it nose power! Is Placer a shark? I think not. Bait neither. We know the company is seriously hunting for high class gold mining reserves. Western Areas has just such a reserve. Probably, it is the richest mining property in SAf. May even be in the world! But, it is cash strapped. Mr Kebble hasn't any money --- in fact, he is hungry for money. So, the deal is obvious. He gave Placer what it wanted (50% of an outstanding property) and they gave HIM (personally, one way or another) what he wanted --- cash in the pocket, above and under the table --- and in US dollars. The money didn't even come to SAf. Clearly, the money paid by Placer for WAreas will NOT be used by WAreas to develop the mine. Nor will it be used by JCIGold to develop WAreas. When people realized this, the price of WAreas shares would have crashed. That is why Randfontein money was used to prop them up. Simple.