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

[Blockierte Grafik: http://www.sueddeutsche.de/sport/weltfussball/artikel/392/71321/image_kopfzoom-1141631061.jpg]

SIEGEL analisiert heute 6 März 2006 die bekannten
Zahlen des Dez-Quartals 05 von Western Area

gogh

Quelle: SIEGEL INVESTMENT "GOLD HOTLINE"

Analyse

06.03.06 Western Areas
==================

(SA, Kurs 5,60 Euro, MKP 1.386 Mio A$)

meldet für das Dezemberquartal einen Rückgang der Goldproduktion

auf 63.841 oz, was einer Jahresrate von etwa 250.000 oz entspricht. Aus

dem aktuellen Quartalsbericht geht nicht hervor, ob Western Areas die

geplante Steigerung der Produktion auf eine Jahresrate bis 2007

umsetzen kann. Bei Nettoproduktionskosten von 354 $/oz und einem

Verkaufspreis von 366 $/oz konnte Western Areas eine marginale

operative Gewinnspanne von 12 $/oz erzielen. Der operative Verlust

erreichte 34,3 Mio A$ oder 398 $/oz. Auf der Basis einer jährlichen

Produktion von 400.000 oz erreicht die Lebensdauer der Reserven 69,5

Jahre und die Lebensdauer der Ressourcen 93,6 Jahre, woraus sich

ein gewaltiges Wachstumspotential ergibt. Western Areas gibt das

Volumen der Verpflichtungen aus Vorwärtsverkäufen mit 2,9 Mio oz an,

was auf der Basis einer jährlichen Produktion von 400.000 oz einen

Produktionszeitraum von 7,3 Jahren abdeckt. Die unrealisierten Verluste

aus den Vorwärtsverkäufen erreichen 632,0 Mio A$ oder 161 $/oz. Am

31.12.05 (31.12.04) standen einem Cashbestand von 46,2 Mio A$ (2,9

Mio A$) Kreditverpflichtungen über insgesamt 873,0 Mio A$ (683,6 Mio

A$) gegenüber. Beurteilung: Western Areas bleibt durch die

umfangreichen Verpflichtungen aus Vorwärtsverkäufen extrem belastet,

so daß wir derzeit kein besonderes Aktienkurspotential erkennen

können. Die Verluste konnten in den letzten Jahren jeweils nur mit

umfangreichen Kapitalerhöhungen abgefangen werden, die

überraschenderweise den Aktienkursanstieg nicht gebremst haben, so

daß Western Areas trotz dieser Problematik teuer bewertet wird. Sollte

eine Gewinnspanne von 100 A$/oz umgesetzt werden können, würde

das KGV einen Wert von 34,7 erreichen. Die vorgesehene

Produktionsausweitung auf jährlich 400.000 oz bis 2007 erscheint

unrealistisch. Bei einer Lösung der Problematik der Vorwärtsverkäufe

ergeben sich durch die umfangreichen Reserven und Ressourcen

interessante Wachstumsmöglichkeiten. Wir stufen Western Areas

wegen der schwer kalkulierbaren Risiken aus den Vorwärtsverkäufen

als Verkaufsempfehlung ein.

Empfehlung: Verkaufen,
===================

aktueller Kurs 5,60
================
Euro. Western Areas (WKN 854633) an mehreren deutschen Börsen

notiert

(vgl. Verkaufsempfehlung vom 29.03.05 bei 3,42 Euro).
==========================================

Harmony erwirbt Schachtel an Western Areas

WAR Kurs steigt bei Eröffnung an JSE 16%

gogh

Harmony buys 29% WAR stake2006-03-09
===================================

22:04:12
Quelle: news24

Harmony Gold has bought a 29% stake in Western Areas for R900m

cash and R1bn debt, Harmony CEO says. Johannesburg - Harmony

Gold has bought a 29% stake in Western Areas for R900m cash and

R1bn debt, Harmony CEO Bernard Swanepoel told Miningmx on Thursday.

Harmony bought investment manager Allan Gray's 24.5% in Western

Areas, with the remainder of the shares being bought on the open

market, he said, adding the average price of the transaction was R44 per share.

There are no immediate plans, he said, to increase the stake in Western

Areas, which has as its primary asset half of the South Deep joint

venture mine it shares with Barrick.

"Western Areas was a value proposition, we liked the price. It was

available. On approaching the people they were prepared to sell," he

said. "We effectively established some decent exposure to a great ore body."

"Having had exposure to an orebody not too dissimilar, and a mining

method not too dissimilar, to our own Target mine, we like these types of orebodies," he said.

South Deep is a deep-level mechanised mine. The orebody is seen as

one of the last great untapped gold deposits.

In February, South Deep revised its reserve estimate down to 29.3

million ounces from a previously reported 55.6 million ounces. The mine has a 25 year life.

Asked whether Harmony would increase its stake, Swanepoel said: "It is

simply premature to comment. We've just built up this stake. We are very happy with this stake.

"We'll engage with the company and see if there's anything we can do.

There are no immediate plans to go beyond this," he added.

Harmony has not had any talks with Barrick, which recently acquired

Canada's Placer Dome. Placer Dome and Western Areas set up the South Deep joint venture in 1999.

Development of the mine, which is 45km southwest of Johannesburg,

was marked by strong differences of opinion between Western Areas

management and that of Placer Dome. The project overran on budget

and time.

Hochzeitsglocken läuten

gogh

[Blockierte Grafik: http://www.olgabaclanova.com/pictures/freaks/29_roscoe_in_drag_6.jpg]

[Sundaytimes.co.za -

Western Areas up on news
=====================

Friday March 10, 2006 12:09 - (SA)
===========================

Shares in gold mining company Western Areas (WAR) climbed 16% on

the news that South Africa's third largest gold miner Harmony Gold

(HAR) had acquired a 29.2% interest in the company.


At 09:40, Western Areas shares on the JSE were quoted up 16% or 5.67 rand at 41 rand.

"Western Areas is up on the Harmony news. The implication of

Harmony's acquisition is that the company may make an offer to Western

Areas minorities. I'm sure that it is not part of Harmony's strategy to only

hold about 30% in Western Areas," an analyst said.

Should Harmony increase its stake in Western Areas to 35% or higher,

then the company would be required to make a mandatory offer to

Western Areas' minority shareholders, in terms of Securities Regulation Panel rules.


"I think that Harmony could make an offer to Western Areas' minorities," the analyst said.

The acquisition of the stake in Western Areas provided Harmony with a

14.6% interest in the South Deep gold mine, which is a 50:50 joint

venture between Western Areas and Barrick Gold.

Harmony bought the Western Areas shares at a 7.4% premium to the 30-

day volume weighted average price of 41.07 rand.


The transaction would be funded through utilising cash of 985 million

rand and a loan facility of one billion rand provided by Rand Merchant Bank.

Harmony had cash and equivalents of 2.914 billion rand as stated at the

end of the December 2005 quarter.

The only outstanding short-term debt is a bond repayment of 970 million

rand, which is due in June 2006.

I-Net Bridge

Quelle: FIN24.co.za vom 20.03.06

South Deep relooks growth goals
==========================
20/03/2006 13:18 PM

Johannesburg - South Africa's South Deep gold mine has chosen a new general manager and is undertaking a sweeping study to rethink ambitious growth targets, the head of its 50% partner Western Areas said.
Gill Marcus, the former deputy central bank governor who became chairperson of Western Areas in November, also told Reuters she had held "very good" initial talks with new major shareholder Harmony Gold.

South Deep, one of the world's richest and deepest ore bodies, has been plagued by delays and high costs, but investors are hopeful about new leadership among joint venture partners.

Marcus said a feasibility study due to be finished in July would take a hard look at previous expansion plans, hinting they might be scaled back.

"We are doing a feasibility study at the present, really looking at envisaged plans... how real is all of that," she told Reuters late on Friday.

Previous management at South Deep, jointly owned by Western Areas and Canada's Barrick Gold, aimed to boost output above 800 000 ounces by 2010, a jump of 70% from 469 168 ounces last year.

"...(The study will) take account of what our reality has been over the previous few years, versus the plans you had in place and what are the reasons why you didn't quite achieve what you have planned."

A new chief executive for South Deep has been chosen to replace John Bredenhann, who resigned last month.

"We have headhunted a replacement and there should be an announcement in due course as soon as the arrangements are finalised," she said.

South Deep has been criticised in the past for not having enough deep-level mining expertise when Canada's Placer Dome, recently taken over by Barrick, was the joint venture partner.

"I have every confidence in the person we have found," Marcus said.

Harmony stake

Harmony, the world's fifth biggest gold producer, recently purchased a 29.2% stake in Western Areas for around R2bn and analysts said it would probably want to later make a full takeover bid.

When asked about a possible bid for the firm, Marcus noted the firm had two major shareholders, Harmony and South Africa's JCI Ltd, accounting for over 60% of the shares.

"Our approach is what is in the best interests of the company and all its shareholders," she said.

Marcus said she has had no talks with Gold Fields regarding potential cooperation on adjacent mines, but she was aware this was a potential issue for the future.

A Barrick official last month told Reuters he wanted discussions with Gold Fields on possible cooperation since Gold Fields' Kloof mine was next door to South Deep.

"Gold Fields can access Phase Two of our mine from Kloof... and if there is thinking along those lines, then that would be something to discuss between Barrick, ourselves and Gold Fields."

In annual results last month, Western Areas warned shareholders it would need further cash towards the end of the year, but Marcus said the amount was as yet unclear.

The firm wants to make sure a comprehensive study is undertaken now so that any fund raising would cover all the firm's needs, including a possible restructuring of the hedge book.

Western Areas is still struggling with a legacy of hedging - gold sales in advance at fixed prices - done in 2001 when the price was much lower. The hedge book has a net negative value of around R2bn.

"We're trying to understand it better, to look at what options there are, and the options would also include doing nothing if that's the best choice," she said.

Heute srieg WAR mit gutem Grund um 5,5% an der JSE

[Blockierte Grafik: http://www.herzattacke.de/images/books/aletheia/ale7-gb-elle01.jpg]

Wer vorm Teufel keine Angst hat, kann da noch lange mitspielen.

Mehr als 3000 m tief, ist dicht dran.

Hab´das volle Programm gebucht.


gogh

Quelle: REUTERS vom 24.03.06

Western Areas' shares jump after Anglogold interest

Fri Mar 24, 2006 4:36 PM GMT

JOHANNESBURG (Reuters) - Shares in South African gold producer

Western Areas surged on Friday after the Chief Executive of AngloGold

Ashanti said the firm was "attractive".

The shares raced 6.9 percent higher to 46 rand, the highest level in nine

years, according to Reuters data.

On Friday, in an interview with Reuters, AngloGold CEO Bobby Godsell

discussed the possibility of acquisitions and was asked whether he

thought Western Areas was attractive.

"Western Areas is of course attractive for two important reasons.

Firstly it represents long-life ounces and secondly it requires both capital

and underground mining skills in order to bring those ounces to account.

In a way there's an analogy there with the Obuasi mine in Ghana."

AngloGold, the world's third biggest gold producer, now owns Obuasi

through its last big acquisition of Ghana's Ashanti Goldfields for $1.44 billion in 2004.

Western Areas' main asset is a 50 percent stake in the South Deep

mine, one of the world's richest and deepest ore bodies. The world's

biggest gold producer Barrick Gold is the other joint venture partner in South Deep.

Godsell declined to say if AngloGold was interested in making a bid for

Western Areas, replying: "We're interested in all long-life ore bodies."

When asked if he had made any contacts with Western Areas or South

Deep, Godsell said: "When we do deals we announce them, and until

we've done them we tend to shut up."

Earlier this month, rival Harmony Gold bought a 29.2 percent stake in Western Areas for about 2 billion rand.

...................gekürzt....................

Stellt Euch mal einen Moment lang vor,

dass sich Harmony und Anglogold um WAR kloppen.

[Blockierte Grafik: http://www.spiegel.de/img/0,1020,600614,00.jpg]

Einig ist man sich nur, dass der Schurke in dem Krimi der "Brett" ist.

Das ist aber weniger als die halbe Wahrheit.

Deshalb gibt es noch viele Fortsetzungen. Ohne Schurken?

Keine Sorge!

gogh

Aus BUSINESS DAY
Posted to the web on: 20 April 2006

Western Areas at crossroads after Kebble’s damage
--------------------------------------------------------------------------------

GOLD miner Western Areas may have survived its former CEO Brett

Kebble but the next year is likely to dictate whether it becomes a player of

substance in its own right, or whether it ends up under Harmony.

The company’s annual report released on Tuesday illustrated the

financial poser the company is facing — despite owning half of one of

the richest gold deposits in the world, South Deep.

Barrick Gold owns the other 50% of South Deep, which at 2993m is one

of the deepest gold mines in the world, providing access to 29,3-million

ounces of gold reserves.

Auditors KPMG warned in the report that Western Areas may be in

trouble unless it can raise funds, as its short-term liabilities exceed its

short-term assets by R177m.

With a rights issue last year failing to raise enough money, Western

Areas warned its cash resources would not last out this year. So it is

considering various options, including selling issued shares for R675m,

getting a bridging loan or restructuring its hedge book.

But the company’s prospects also depend on Harmony CEO Bernard Swanepoel.

Last month, Harmony bought 29% of Western Areas, and Western Areas

chairwoman Gill Marcus said her company has since held “a number of

fruitful meetings” with Swanepoel.

When asked yesterday about his intentions with Western Areas,

Swanepoel said: “All honourable”.

He said Harmony had been in talks with Western Areas “to understand

the short-term opportunities and issues” it faced.

“For us to go further, we have to be convinced this specific route (of

buying more stock in Western Areas) is the best route to go and we

haven’t taken such a decision yet.”

But analysts feel Harmony is one step away from launching an offer to

Western Areas minorities.

But how would it do this? Western Areas is trading at R45,50 now, after

climbing 8,6% last month. Harmony paid an average of R41,07 a share

for its 29% of Western Areas, and one analyst said “they would have to

make an offer of at least R50 a share”.

“The way I see it, Harmony will offer shares to the minorities of Western

Areas in exchange for their stock. The hold up, however, could be the

stake that (Kebble’s former companies) JCI and Randgold still hold in

Western Areas,” the analyst said.

But Swanepoel says Western Areas still has a “lot of balls in the air”,

specifically its toxic hedge book and its underperforming ore body.

Mining South Deep is a complicated, technical business and pro-duction

has fallen behind schedule in recent years, putting pressure on Western

Areas to sell gold under its costly hedge structure.

Kebble put the hedge in place in 2001 to protect Western Areas from a

falling gold price but he came unstuck as the dollar gold price climbed,

reaching $500 an ounce last year.

Effectively, Kebble committed Western Areas to selling future gold

production at prices below the current gold price — which meant

Western Areas lost out on the upside of the recent gold price rise.

The silver lining is that, as production increases, Western Areas is

selling a lower percentage of its gold through the hedge.

Up!

[Blockierte Grafik: http://www.undergroundhumor.com/videos/images/trouble_with_harry_dvdlarge.jpg]

Bei WAR ist ein Container in den Schacht gefallen.

3.000m tief und hat dabei die Leitungen rasiert.


Das muss der Brunnen gewesen sein aus dem der Froschkönig sprang.

Ihr werdet sehen, wer demnächst wen küsst.


Und wie schön die Prinzessin sein wird...........wunderhübsch

[Blockierte Grafik: http://www.georgetown.edu/faculty/irvinem/visualarts/Image-Library/Koons/Koons-Pink-Panther-porcelain-1988-41x20in.jpg]


gogh

Quelle:MINING WEEKLY 19.05.06

Battle for South Deep intensifies as Gold Fields buys into Western Areas
--------------------------------------------------------------------------------

The battle for what is arguably South Africa's best remaining golden

prize, the South Deep joint venture on the West Rand, heated up on

Friday with gold major Gold Fields acquiring an additional 18,2-million

Western Areas Limited shares, at a price of R40 a share.

This acquisition, completed on Wednesday May 18, brings Gold Fields'

total stake in Western Areas to 23,27-million shares, or 15,47% of the

company's total issued share capital.

Gold Fields archrival, Harmony Gold, which failed in its hostile bid for

Gold Fields last year, has also taken a significant 29% position in the

company, and its CEO, Bernard Swanepoel, has been given a seat on

the Western Areas board.

Gold Fields CEO Ian Cockerill, said: “South Deep is a very significant

gold project and we are pleased to have increased our exposure to it

through this purchase.

“We believe that there is significant potential for regional cooperation

between our Kloof gold-mine and South Deep, in particular, as it relates

to the Phase Two development of that orebody, as we have stated on

numerous previous occasions. We aim to play a role in achieving that cooperation.”

Western Areas owns 50% of the developing South Deep gold-mine,

adjacent to Gold Fields' Kloof mine, near Westonaria, in South Africa.

The other 50% of South Deep is owned by Barrick Gold of Canada.

Eldo,

während Deines Urlaubs wurde diskutiert,

dass JCI und Rangy fusionieren sollten.

Das gibt einen Sinn, weil da Darlehen

zwischen beiden "über Kreuz" existieren.


Dass jetzt WAR gefragt ist, hilft JCI/Rangy sehr.


Gruss

Gogh

WAR produziert zur Zeit nicht, weil der Schacht

beschädigt wurde. WAR ist mit 300$ gehedgt.

Und trotzdem kloppt man sich um WAR; absolut zu Recht..

WAR ist das Flaggschiff

gogh

Scrap for Western Areas heats up

Quelle:
Wed, 12 Jul 2006 08:00 | Moneyweb Holdings Limited,


THE scramble for one of the world’s largest gold reserves took a new

turn yesterday as 2% of Western Areas changed hands.
===========================================

Shortly after 1pm, two trades totalling 3m Areas shares were booked at

R41 a share. The stock price hopped 5,5% yesterday to R42 a share.

Western Areas shares are becoming increasingly short in supply, as a

few big shareholders seem intent on bolstering their stockpile.

Fund managers and retail investors now
================================
hold less than a quarter of the company.
==============================

Industry commentators think that Gold Fields could be behind

yesterday’s transaction. By 18:00 yesterday Willie Jacobsz, head of

investor relations at Gold Fields, had not returned calls and was

apparently still in a meeting. Other possible suspects, Aflease Gold and

Harmony Gold, said they were unaware of the trades.

Harmony and Gold Fields have become serious shareholders in

Western Areas, the gold miner whose principal asset is a 50% stake in

South Deep, which has one of the world’s largest gold reserves.

In March Harmony Gold, paid R2bn for a 29% stake in Western Areas for

an average of about R44 per share. Gold Fields followed suit by

increasing its own stake in the company to 15,5% in May. Gold Fields

topped up its shareholding by spending R730m on 18,3m shares at a price of R40 a share.

Harmony CEO Bernard Swanepoel was appointed to the board of

Western Areas as non-executive director in May. Gold Fields has not yet

received a board appointment.

If Harmony and Gold Fields compete against each other for further
===================================================
parcels of Western Areas stock,
========================
it will not be the first time the two companies have butted heads. In

2004/5 Gold Fields spent seven months defending a hostile takeover bid by Harmony.

Apart from Gold Fields and Harmony,
a third player has entered the scrap for Western Areas.

Aflease Gold, which houses the gold assets of the old Afrikander Lease

(now SXR Uranium One), has plans to acquire an indirect interest in Western Areas.

Aflease Gold recently entered into a share swap agreement with Trinity

Asset Management,

whereby it could acquire up to 17,4% of Randgold and Exploration
(R&E).

R&E owns 3,5% of Western Areas, but this interest could rise
================================================
substantially if its claim of roughly R1,1bn against suspended JCI is
=====================================================
settled in JCI shares. JCI owns an effective 28,5% of Western Areas.
======================================================

Gold Fields ups ante with further Western Areas purchase

'12-JUL-06

QUELLE: Mineweb 1
==================

JOHANNESBURG (Mineweb.com) -- The scramble for a participatory

stake in one of the world’s largest unexploited gold reserves took a new

turn yesterday as Gold Fields acknowledged that it had bought a further

2% of Western Areas. Western Areas owns half of the South Deep

project, And though South Deep is managed by its other half owner,

Barrick, gold output is divided equally.

On Tuesday two trades totalling 3 million Western Areas shares were

booked at R41 a share. The acquisition brings Gold Fields’ total stake in

Western Areas to 29.16 million shares or 18.9% of issued capital. The

transaction was brokered by Frankel Consulting.

.....................gekürzt.....................

Gold Fields opens door to South Deep
=================================
David McKay
Posted: Thu, 07 Sep 2006

[miningmx.com] -- THE extension of Gold Fields’ Kloof gold mine could give it flexibility to access the neighbouring South Deep operation, owned jointly by
Western Areas and Barrick Gold, it said.
===========

Presenting a R1.4bn decline shaft proposal at Kloof mine, Brendan Walker, head of Gold Fields’ South African operations, said: “The decline will not give us access to South Deep. But it does free up sub-vertical 4 shaft from a strategic point of view.”

This means Gold Fields would be able to transport ore through the sub-vertical 4 shaft. Walker said, however, that Gold Fields “... does not own that land.”

The interest in potential synergy between Gold Fields’ Kloof mine and South Deep is only likely to intensify amid speculation, reported by Miningmx, that Barrick Gold could be willing to sell its 50% stake in South Deep.

South Deep has total gold reserves of 30 million ounces and many more at deeper levels that fall in the resource category. Analysts have observed that Gold Fields could provide cheaper access to these deeper levels through Kloof.

It’s understood that Barrick Gold has invited interested parties for its South Deep stake to conduct due diligence studies ahead of submitting binding offers. Gold Fields and Harmony Gold are understood to have undertake the studies. AngloGold Ashanti may also complete a due diligence.
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Nick Holland, chief financial officer, said he was “in no doubt” South Africa’s revenue services would offer a tax break were Gold Fields to mine Kloof and South Deep as a single entity. Gold Fields already qualifies for a tax shield owing to the capital it is spending on Kloof and Driefontein, another R3.3bn project.

However, South Deep has an assessed taxed loss against which capital could be offset.