Western Areas WKN 854 633 ISIN ZAE000016549 WAR Oder Kebble´s Trojanisches Pferd

Aufstieg ist relativ (zu Konkurrenz-GM)

Relativ steigen die Chancen der WAR wie jeck:


PoG in $ fällt. Ist gut für total Gehedgte WAR

Rand fällt auf 7,95 R/USD. Prima für WAR.


Wer kann es sich leisten 100 Mio Unzen Reserven/Resourcen

ausseracht zu lassen?


Es gibt massive Mankos bei WAR. Hedges grausam aus dem Geld...

Neuer Schacht demoliert .................

Doch der Saldo ist positiv. Und wie!!!


gogh

Wie das auf einmal alles flutscht

Gogh

Quelle MINING JOURNAL vom 01.12.06

Gold Fields takes Barrick South Deep stake
==================================

Ian Cockerill: South Deep "A world-class gold asset"
=========================================

Gold Fields Ltd has completed its acquisition of Barrick Gold Corp`s stake in the South Deep gold mine at the same time as Harmony Gold, which holds a 29% stake in South Deep`s other owner, Western Areas Ltd, said it would tender its shares to Gold Fields` all-stock bid - despite initially demanding cash.

The Barrick transfer is one of three interlinked transactions, worth US$2.5 billion, by which Gold Fields sought to take control of South Deep mine - the world`s biggest gold deposit. South Deep was previously a joint venture between the Canadian miner and Western Areas.

Gold Fields, the world`s fourth-biggest gold producer, said on Friday that buying Barrick`s stake had cost it US$1.525 billion - US$1.2 billion in cash and 18.7 million of its own shares.

Shares in Gold Fields rose 1.99% to R135.07/share, while Western Areas stock jumped 2.73% to R47.00/share with the Johannesburg gold mining index gaining 1.23%.

"The Barrick deal gives us effective control of the operations and allows us to begin the process of realising the full potential of this world-class gold asset," Gold Fields chief executive Ian Cockerill said in a statement.

Last week, Gold Fields concluded the first transaction and bought 34.7% of Western Areas from JCI Ltd. The second deal, to acquire the other half of South Deep held by Barrick, effectively sees Gold Fields control 67.35% of South Deep.

Western Areas` major shareholder, Harmony Gold with a 29% stake, had been unhappy with Gold Fields` all-share offer of 35 shares for every 100 Western Areas shares and instead wanted to be paid cash.

But Harmony chief executive Bernard Swanepoel today said: "Accepting the Gold Fields shares in lieu of Western Areas shares will facilitate the liquidation of our investment which although already approved by Harmony`s board of directors, will only be concluded at an opportune time."

In a statement issued today, Gold Fields said it is seeking to expand South Deep`s output from an expected 800,000 oz/y to 1 Moz/y in 2011 when it reaches full production, by sharing services and development costs with its nearby Kloof mine.

Kloof is the second-largest gold mine in Africa with 1 Moz/y of gold production behind the Driefontein facility which is also owned by Gold Fields. (December 1)

So wie´es im Text steht, ist das

Hedge Book von WAR 3,88 Milliarden Rand in den Miesen.
==============================================

Nach ALDI_Logik ist das viel Geld.

Gogh

Gold Fields Offer for Western Areas to Close Friday, 29 December 2006

, Offer Consideration Finalised and no Increase to Offer Consideration

2006-12-08 09:48 ET - News Release

JOHANNESBURG, South Africa, December 8 /PRNewswire-FirstCall/ --
Gold Fields Limited
(Reg. No.1968/004880/06)
(Incorporated in the Republic of South Africa)
JSE Share Code: GFI
NYSE Share Code: GFI
ISIN Code: ZAE000018123
("Gold Fields" or the "Company")
Announcement of the closing date of the offer to acquire the entire issued share capital of Western Areas Limited, finalization of the offer consideration and no increase to offer consideration.

1. Introduction

On 11 September 2006 Gold Fields issued an announcement detailing the terms of the offer by Gold Fields to acquire the entire issued share capital of Western Areas Limited ("Western Areas") (other than those shares already held by Gold Fields and JCI Limited (together with its subsidiaries "JCI"))("the offer").

2. Terms of the offer

In terms of the offer, the consideration payable is 35 ordinary shares in Gold Fields ("Gold Fields shares") for every 100 ordinary shares held in Western Areas ("Western Areas shares"). Western Areas shareholders were advised on 23 November 2006 that the only remaining condition precedent to the offer had been fulfilled.

3. No increase to the offer

Western Areas shareholders are advised that Gold Fields will not be increasing the offer of 35 ordinary Gold Fields shares for every 100 ordinary shares held in Western Areas.

4. Closing date of the offer

Shareholders are advised that as at 17:00 on 7 December 2006, valid acceptances of the offer have been received in respect of a total of 56,445,831 Western Areas shares (66% of the offer shares). Combined with the 66,122,050 Western Areas shares already held by Gold Fields, these shares will give Gold Fields an effective voting interest of 75.8 % in Western Areas.

5. The Western Areas Derivative Structure

It has been public knowledge for some time that in 2001 Western Areas entered into a long-dated derivative structure ("the derivative structure") in respect of gold production from South Deep. Under the terms of the derivative structure a change in control of Western Areas without the consent of the derivative counterparties constitutes an event of default by Western Areas which may entitle the counterparties to close out the positions under the derivative structure. The latest available published marked to market value on a close out of the derivative structure including the deferred premium is negative R3.88 billion.

In anticipation of acquiring control of Western Areas, Gold Fields took the following actions:

(a) requested Western Areas to seek the consent of the three derivative counterparties to the change of control;

(b) reached an agreement with two of the counterparties namely Investec Bank Limited ("Investec") and Barclays Bank PLC ("Barclays") (Barclays having recently acquired one of the previous counterparties position under the derivative structure) and hence thereby becoming a SAT participant the salient principles of which are that they would vote in favour of waiving such change of control and that they will not, provided Gold Fields retains control of Western Areas for a period commencing on 7 December 2006 and terminating on the first anniversary of the date on which Gold Fields acquires control of Western Areas vote in favour of any exercise of any of their rights following any event of default or termination event whether pre-existing or not and will not exercise such rights

Barclays and Investec confirmed that they had sufficient votes between them in terms of the derivative structure to secure the required majority to agree to the change of control and to agree not to exercise their rights subject to the terms outlined in this release. Accordingly Western Areas has now been notified that the consent has been granted.

(c) In consideration for these undertakings Gold Fields has agreed that it will subject to acquiring control of Western Areas and subject further to any necessary regulatory approvals it may require to do so, fund (and/or procure one or more third parties to fund) any cashflow shortfalls of Western Areas that arise during the 12 month period commencing on the date upon which Gold Fields acquires control of Western Areas which result from the conduct by Western Areas of its current business in the ordinary course including, without limitation, the incurral of operating and capital expenditure, the payment of taxes, and the performance of scheduled delivery and payment obligations under the derivative structure but expressly excluding any cashflow shortfalls of Western Areas which result from the exercise by any of the counterparties of any rights against Western Areas following any Event of Default or Termination Event under the derivative structure whether as a result of a Change of Control Event or otherwise and/or the exercise against Western Areas by any of the counterparties of any similar rights in respect of any other liability or borrowing of Western Areas.

The terms upon which Gold Fields will fund or procure funding for Western Areas will have to be agreed with the Board of Western Areas.

Wer das Goldfields Umtauschangebot ignoriert und

seine WAR Aktien vorzieht, dem droht Knüppel aus

dem Sack: Nachschusspflicht fuers desolate hedge book

und Einzug der Kosten fuer Reparatur am Schacht

sowie eine Übernachtungswoche auf der tiefsten Sohle.

Au- Wei-A, der Hahn hat dicke Eia

gogh

Gold Fields may delist Western Areas
==============================

Quelle: miningmx.com Thu, 14 Dec 2006
================================

[miningmx.com] -- GOLD Fields may apply to delist Western Areas, the 47-year old company for which it tabled a $1bn share offer earlier this year. This was after capturing about 82% of the company including acceptances from Harmony Gold, which owned 29% of Western Areas and 5% shareholder, the Government fund management company, PIC.

In order to 'squeeze out' extant minority shareholders, Gold Fields would have to control about 94.1% of Western Areas.

One fund manager not yet to have tendered his company's shares is Piet Viljoen of Regarding Capital Management (Re:Cm) which owns about 5% of Western Areas.

He said that Re:Cm continued to assess its position: 'Liquidity is not an issue for us, and it never has been.

"It's a question of whether there's value in having a stake in Western Areas, and whether Gold Fields will allow to accrue to all shareholders over time." he said. "So, we've still not made up our minds," he said.

"This delisting will have severe implications for the liquidity of Western Areas stock," Gold Fields said in an announcement. There would also be funding obligations if Gold Fields were not to establish 100% control of the company.

This included the possibility that minority shareholders would have to
======================================================
contribute their share of R1.6bn in capital required for the mine and the
=======================================================
hedge book financing between 2007 and 2011, the company said.
====================================================

In 2007 alone, some R300m was required to finance premiums payable on Western Areas hedge book, said Gold Fields. Western Areas owns 50% of the South Deep mine, a 28 million oz gold resource west of Johannesburg.

Gold Fields said that assuming the mine achieved planned build up of 300,000 tons/month by 2012, and given certain price and currency considerations, it is likely Western Areas will become cash positive, notwithstanding its hedge commitments.

However, the required funding shortfall over this five year period is some R1.6bn," the company said in its announcement.

John Munro, business development director for Gold Fields, said the announcement was necessary to jog the memories of "moms and pops" shareholders before they headed off to their holidays.

"We've found that residual shareholders have a poor understanding of the process and they think they've accepted already," he said. "Then they find they're part of a company they didn't want to be in," he said.

"We want to get this tied up and start putting the mine back on track. It's had quite a history," he said.

WAR sind seit ca. 5 Jahren -mal mehr mal weniger- im Depot.

Meinetwegen kann Goldfields Delisten oder Kreativ_Buchen.

Hab´mal was ähnliches bei Harmony versus Abelle durchlaufen.


Nur weil eine Company ein Klasse_Asset ist, glauben die Majors

die Privatiers muessten daraus und mit Duennbier vorlieb nehmen.


Gogh

» Gold Fields may delist Western Areas
» Gold Fields not seeking JV drama
» Gold Fields wraps up South Deep deal

» JSE:WESTERN AREAS LIMITEd

Gold Fields kept waiting
===================

Posted: Fri, 12 Jan 2007
[miningmx.com] -- ATTEMPTS by Gold Fields to vacuum up the last shares in Western Areas, the listed gold stock it controls, may be frustrated by fund management firm, Re:Cm. Its chief investment officer, Piet Viljoen, says it’s not certain his company will take up Gold Fields’s share offer even if the company is delisted.

Gold Fields has extended its offer of 35 Gold Fields shares for every 100 Western Areas shares, equal in value to about $1bn, to January 26. In terms of JSE regulations, Gold Fields requires 90% to delist Western Areas.

As of end-December it had about 85% so it’s likely to be able to delist the firm. But Gold Fields needs 94.1% of Western Areas share capital to force other shareholders to tender their shares, which is a different matter. Re:Cm owns between 5% and 6% of Western Areas.

“We’re undecided and we’re applying our minds. Thankfully, Gold Fields has extended the date of the offer which probably indicates it is having trouble coming up with the last shareholders of which we are one,” said Viljoen.

The removal of outstanding shareholders in Western Areas is more than just a technicality for Gold Fields. Western Areas represents half of the joint venture board that manages the South Deep gold mine on the west Rand of Johannesburg. Gold Fields wants this joint venture board removed because it has been responsible for decision making logjams in the past. Structurally, the joint venture board is not optimal.

“It’s termination would immediately pave the way for improved operational efficiencies,” an analyst said.

Viljoen said one concern, however, was whether his clients would be prejudiced by remaining invested in Western Areas. “I think we’d prefer to be invested in Western Areas but we don’t want to be open to potential Gold Fields oppression.
With accounting you can do wonderful and weird things,” he said.
============================================

Aus Mining Weekly vom 15.01.06

Gold Fields says repairs done at South Deep mine
--------------------------------------------------------------------------------

Repairs to the damaged South Deep mine in South Africa have been completed and normal output should resume in February, majority owner Gold Fields Ltd said on Monday.

Gold Fields, the world's fourth biggest gold producer, is in the process of buying the remaining shares in South Deep, which has the world's biggest gold deposit.

An accident last May forced the closure of one of the mine's two shafts, slashing production. A loaded skip fell 1 600 m down a shaft, but no one was injured.

"The repairs to the skip that fell down the shaft were concluded at the end of December. They are now in the process of recommissioning the whole shaft system," Gold Fields spokesperson Willie Jacobsz said.

"It should be back to normal production as it was before the accident, probably by February."

Output at South Deep was 107 946 oz during the three months to end March 2006, the last full quarter before the accident, sliding to 65 064 oz in the quarter to end September.

Gold Fields also told Reuters on Monday it held 89,2 percent of shares Western Areas Ltd, which owns half of South Deep.

The Western Areas offer is part of three related deals worth $2,5-billion by Gold Fields to gain control of South Deep.

Shares in Gold Fields rose 0,45 percent to R123,66, underperforming a 1,22 percent gain in the gold mining index.

Gut dass auf meine paar WAR_Aktien keine Vergnuegungssteuer erhoben wird.

Gogh

Gold Fields may adopt R3.5bn mine capex
=================================

Quelle:
Mon, 15 Jan 2007 [miningmx.com] --
===========================

GOLD Fields is considering adopting a feasibility report for the South Deep gold mine developed by Western Areas last year. One of the recommendations is that R3.5bn be spent to about 2010 building production; it is thought a further R2.3bn could be saved over the life of mine by Gold Fields.

According to the report, South Deep’s mill must be upgraded to 330,000 tons/month from its current 220,000 tons. At current rates, the milling rate is only high enough to produce about 500,000 oz/year of gold production. Gold Fields has already stated ambitions to take production to 800,000 oz/year over time.

The mill expansion must therefore be a necessary step, estimated in the report to cost about R450m in modular additions. How Gold Fields achieves this is the subject of its current investigations, tragically interrupted by the death of Brendan Walker, Gold Fields head of South African operations.

Said Willie Jacobsz, Gold Fields spokesman: “We have inherited Western Areas report which we are considering. But in addition, Gold Fields needs to complete the work it is doing to determine potential synergies between existing South Deep and Kloof mine. Only once this is completed can we really comment".

In addition to increasing the milling capacity, a R500m shaft modification is also required so that South Deep is able to transport more rock out of the mine than currently.

As for the cost-savings, some R1.1bn could be taken off the expenses sheet over the life of mine by better logistics. Part and parcel of this, is the removal of the joint venture management structure that currently exists at South Deep, representing the interests of Western Areas and former owner, Barrick.

Gold Fields owns Barrick’s stake in South Deep, but as of the year-end, Gold Fields did not yet own enough of the Western Areas share capital to delist the firm. This raises the prospect that the joint venture, which interfered with decision making in the past at the mine, could continue.

Other cost savings would be derived by Gold Fields accessing deeper levels of South Deep available by virtue of the underground development of adjacent mine, Kloof. Again, more hoisting capacity would be the main benefit. (There’s also a tax shield from accumulated assessed tax losses and unredeemed capital expenditure of some R3bn to R4bn under which the mine can operate until about 2014).

In all instances, the focus of the improvements is to take production from South Deep higher from an estimated 200,000 oz in the 2007 financial year to about 500,000 oz, and eventually 800,000 oz/year.

However, the prospect that Gold Fields has to plough capital expenditure into South Deep raises the obvious question of its funding capability.

Buying the South Deep mine from Barrick Gold and Western Areas was a major acquisition by world standards. After arranging a credit facility of $1.8bn, Gold Fields’ balance sheet carries some R11.6bn in debt compared to just under R1bn prior to the purchase of the mine.

The expectation, therefore, is that Gold Fields may have to consider dipping into equity markets sooner rather than later to help control some R11.6bn it currently has in debt up from R991m previously. An unwanted consequence of the debt is that it will restrict Gold Fields’ ability to capitalise on other business opportunities. So it must be tackled.

But issuing shares may compound the short-term overhang said to be present for Gold Fields. This relates to the issue of new shares equal to 11.6% of its share capital to part pay the $2.5bn price tag South Deep carried.

“It’s not a question of if but when,” said Georges Lequime, an analyst for RBC Capital Markets commenting on the possibility of Gold Fields issuing shares for cash. “The time bomb starts ticking as soon as Gold Fields transfers the money [about $1.5bn] to Barrick Gold,” he said.

Click Here to subscribe to our daily newsletterGold Fields’ share price has not really recovered since the risk of a major overhang became evident last year. It has underperformed Harmony Gold since the last weeks of October (but not AngloGold Ashanti which is also suffering the effects of an overhang).

One interesting aspect of Gold Fields’ purchase of South Deep is the extent to which it directs the company’s future back to South Africa. South Deep takes Gold Fields proven and probable reserves to about 93 million oz, the second largest owner of reserves

Was Gogh schon immer wissen wollte;

aber nie zu fragen wagte:


Kann ein Squeeze Out mit einer Sachspende erfolgen?


Will heissen:

Fragt mich ein Baecker, ob ich ihm mein Fahrrad zum

Broetchenausfahren verkaufe.

Und ich sage: nein, will selber rumradeln.


Kommt der Handelsrichter und drueckt mich aus. Klar.


Aber muss ich mich mit der Lieferung von Broetchen

fuer 1 Jahr abfinden?


Oder ist mit Fiat zu bezahlen?

Wissende und Ahnende moegen Ihre Meinung kundtuen.


Gogh

Ulfur,

Harmony hatte mir fuer Abelle puenktlich Fiat ueberwiesen.
Die "Freiwilligen" hatten aber damals auch Fiat (in gleicher Hohe) erhalten.

Bin mal gespannt; aber kein Traeumer. Da muessen schon
andere die Sammelklage in USA initiieren. Da wuerd ich mich anschliessen.

Ansonsten gibt´s Ebenholz; weil es eben Holz ist.

Gruss

Gogh

Zitat aus langem Artikel MINING WEEKLY vom 19.01.2007

".............................
Gold Fields' ownership is enough for it to invoke section 440K of the Companies Act, which will force the remainder of Western Areas shares to sell into the offer resulting in the delisting of Western Areas.

"We are delighted to have reached this significant milestone," said Gold Fields CEO Ian Cockerill. He said that, subject to the completion of the 440K, Gold Fields could proceed with the full integration of the entire South Deep Gold Mine as an operating division of Gold Fields, which would result in a simplified management structure for that operation.

There were concerns that Gold Fields might not be able to obtain 100% control of Western Areas after capital management company, Regarding Capital (Re:cm) would not sell its 5%-6% of Western Areas to Gold Fields.

Re:cm was on Thursday still undecided on the offer, the capital management company's response to Mining Weekly Online coinciding with a separate, unrelated JSE updating of the Gold Fields-Western Areas position, which told the new story of Gold Fields' unassailable position, through the JSE replacing an earlier announcement that the shares in issue increase was 554 697 409 and not 583 844 057, as had been stated. Re:cm chief investment officer Piet Viljoen indicated to Mining Weekly Online then that matters relating to the Gold Fields' offer continued to require finalisation: “I would still rather not comment on the transaction, as there are still some loose ends we are tying up,” he said in a written electronically mailed reply from Re:cm's Cape Town Waterfront office.

The capital management 's failure to accept the Gold Fields' offer contributed to the delay of overall acceptances falling slightly short of the 94,1% mark, after Reuters reported last week that Gold Fields had acquired only 89,2% of Western Areas' total share capital.

The Gold Fields' offer closes on January 26, one day after next week's January 25 Gold Fields' presentation."

Artikel sagt was über die Bewertung von HAR, Goldfields und WAR 05.02.07

gogh

Harmony seeks to roll over loan

Johannesburg - Bernard Swanepoel, chief executive of Harmony Gold, on Friday said he has had discussions with Rand Merchant Bank to extend the payback date on a R1 billion loan, taken out a year ago to purchase the company's stake in Western Areas.

"We have had constructive discussions about rolling it," Swanepoel told journalists at the company's December quarter results announcement.

This waylays ideas of pressure on Harmony, with R904 million in cash in the bank as at end-December, to sell its shares in Gold Fields at a loss in order to pay back the loan by its mid-March due date.

Gold Fields purchased its stake in Western Areas last September by using cash and its own shares to close the deal.

A large overhang of shares became available when Barrick, Harmony and JCI became large shareholders, while Gold Fields itself was expected to sell its own shares to pay down debt.

On Wednesday Gold Fields completed the sale of 1.2 billion shares, leaving Barrick, Harmony and JCI as the remaining large potential sellers.

If Harmony sold any of its Gold Fields shares now it would do so at a loss, with the shares currently trading at about R120.50 compared with the R135 a share that they were recorded at when the company tendered its shares on December 1.

Harmony owns about 15.745 million Gold Fields shares. - I-Net Bridge

Quelle: Business Report on February 5, 2007.
=====================================

Eldo,

mag schon sein, dass die Bank absahnt.


Was mich mehr interessiet. Es gibt eine Riesenmenge

GFI Aktien, die verkauft sein möchten. Das haut den

staerksten Neger um, wie man im Rheinland sagt.


Gruss

Gogh