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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: long-gone who wrote (27979)	2/10/1999 6:53:00 PM
From: IngotWeTrust	Read Replies (1) \| Respond to of 116753

Well, I personally hope they have a nice big freezer in that bank some where, and NO, I don't mean for keeping our 'hard cash COLD'<g> Sounds like they haven't gotten the word about the bank holiday already in store for them 01/00/ You see, Jan 3rd is now a new federal holiday designate, and we already know of the first full week of Jan 2000 is a bank holiday, acc'd to current fed govs who've let that cat outta de'bag. O/49r

To: long-gone who wrote (27979)	2/10/1999 7:19:00 PM
From: Zardoz	Read Replies (2) \| Respond to of 116753

So you think there is gold manipulation going on in the world, and you want to know what the largest producer/hedgers think. Then here's your chance to send your questions, comments to the CFO { Randall Oliphant } Of Barrick Gold Corporation. He'll appear on Canadian Investor on Feb 12, 1999. If enough of you gold bulls send them questions, then I'm sure they'll be forced to answer. Ask where gold is going, and why too if you want. mailto:newsworld@toronto.cbc.ca newsworld.cbc.ca

To: long-gone who wrote (27979)	2/10/1999 7:42:00 PM
From: goldsnow	Read Replies (3) \| Respond to of 116753

Contract miners join forces By Mark Drummond Mining contractors Eltin Ltd and Henry Walker Ltd have agreed to a $300 million merger, almost four years after Eltin's $105 million deal to absorb fellow competitor Roche Brothers collapsed. The deal, under which Henry Walker will offer six shares and 84¢ for every seven Eltin shares through a Part A offer, continues a rationalisation of the contract mining industry. It follows last week's purchase by Downer Group Ltd of CSR Ltd's contract mining and civil contracting businesses, AWP Contractors and CSR Contracting. The merged group will be known as Henry Walker Eltin and will have a combined sharemarket capitalisation of about $300 million. Henry Walker managing director Mr Richard Ryan said there was compelling logic behind the merger, which would increase management and technical depth while generating savings in efficiencies and overheads. It would enhance growth opportunities and give the combined group a more diversified earnings base, he said. Mr Ryan said the merger would lead to an increase in earnings per share this financial year. He suggested the merged group would also be more endearing to the investment community and create extra trading liquidity. The merger received a warm reception from the sharemarket, with Henry Walker shares up 13¢ to $1.80 and Eltin rising 13.5¢ to $1.625. Eltin shares are valued at $1.662 under the offer terms. Henry Walker Eltin will have a $1.86 billion order book and annual revenues of $1.3 billion from contracts in Australia, New Zealand, Africa, Indonesia and South America. Mr Ryan, who will be chief executive of the merged group, said he expected further rationalisation in the industry, mainly among the many smaller contract drilling companies. The merger was announced as Eltin reported a 4.3 per cent slip in interim profit to $6.09 million from sales revenue which fell 19.4 per cent to $208.19 million. The company maintained its interim dividend at 5¢ a share, to be paid on April 9. Eltin has been an underperformer in recent years, but managing director Mr Nick Bowen said the merger was not an act of desperation in the face of a shift towards owner mining. "It's got nothing to do with survival," said Mr Bowen. "We see it as the ability to grow and the ability to take on bigger projects." Mr Bowen said the trend towards owner mining was a cyclical trend in Australia. He said the group's best prospects were in South America, Africa and in the Brazilian iron ore industry. He also revealed that Eltin's 50 per cent-owned Salsigne gold mine in France would be closed because its forward sales were exhausted and the mine could not produce gold above the current spot price. Eltin withdrew from a $105 million deal to buy Roche Brothers in 1995 after an agreement to sell its half of the Salsigne gold mine for $48 million. Roche has since been absorbed by the Downer Group. afr.com.au