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

    Mark Wellesley-Wood, CEO, DRDGOLD

    AUS MiningMX vom 26.04.05


    » Pumping cost will sink mine, Harmony
    » AngloGold digs in heels over pumping
    » AngloGold, DRDGOLD in pumping dispute



    Gold mines that die
    David McKay
    Posted: Tue, 26 Apr 2005
    [miningmx.com] -- THE dispute between DRDGOLD, Harmony Gold and AngloGold Ashanti regarding responsibility for pumping water out of mines is a reprise of a long-standing, unresolved dilemma. The question is why hasn’t responsibility for pumping water from closed mines yet been nailed down? After all, dewatering old mines is hardly a new phenomenon.



    The argument between the mining firms is surely heading for a prolonged court debate. Perhaps a structure for deciding who is responsible for the liability will finally be established. Given the mature nature of South Africa’s gold mines – and the speed with which the strong rand is hurrying old mines to their watery graves – the matter will continue to surface.


    Marc Watchorn, a geologist and CEO of Wits Gold, said that South Africa’s gold mines are effectively conduits to one another along a series of ore bodies. “Dolomites overlay the ore bodies. As soon as the dolomites are punctured, water is released,” he says. And since ore bodies often outcrop and then descend, the water gently trickles through the system like a distillery.


    Harmony Gold spokesman Brenton Saunders said that the South African government is the ultimate custodian of the mines and carries the environmental liability in the long run. In the case of ERPM, a 110-year-old mine on the East Rand, government has for years subsidised the cost of pumping water from the region, a function it justifies on the basis that it gives the mine a chance to remain profitable and therefore saves jobs.


    A similar decision was made in 1996, when government allocated about R8,5m to the Minerals & Energy Department to pay for operating costs of a settling pond. The pond was built to filter corrupted water flowing to the surface from Grootvlei Proprietary Mines into the Blesbokspruit, a prized bird sanctuary in the East Rand basin.


    At the time, government said the need to save 6 500 jobs and the many tens of thousands of people dependant on those jobs was a primary concern. However, in the case of DRDGOLD, which controversially announced in February that it had placed its North West Province mines into provisional liquidation, the jobs are likely to be lost and the mines closed. By implication, that makes government strong on job retention but weak on the environment.


    It’s an enormously vexed question. Ferdi Dippenaar, Harmony Gold marketing director, said that the companies that have derived most value from the mine ought to carry the majority of the liability. But how is that to be calculated? According to the raft of legal argument marshalled by AngloGold Ashanti, responsibility for dewatering mines is a question tackled in health and safety provisions of the Mine Health & Safety Act, the Minerals Act and the National Water Act.


    A number of solutions have been submitted. One of the most inventive was the Amanzi water project, backed by Roger Kebble while CEO of Durban Roodepoort Deep (DRD). That was a plan to turn “dirty” mine water into potable supplies and store it underground. Even in 2002, DRD had provided R660 000 to investigate ways of treating its urgent water problems.


    John Handley, former stockbroker and geologist, said that mining has removed more than 1,100 million tonnes of ore from the East Rand alone, creating space equivalent to 407 million cubic metres, about 20% the volume of the Vaal Dam, the prime water supply for the entire Witwatersrand region. Can dead mines become living dams?


    Mark Wellesley-Wood, CEO of DRDGOLD, the company responsible for reigniting the latest contretemps, said that government has set an important precedent. That was after it delivered an interim arrangement, stating that dewatering the North West Province mines was a matter for all regional operators. “That’s ground-breaking stuff by government,” he said.

    Aus MINEWEB vom 03.05.05


    Kebble's bid for DRDGOLD's mines
    ============================
    Jim Jones
    '03-MAY-05 14:00'



    JOHANNESBURG (Mineweb.com) -- South African mining entrepreneur Roger Kebble has made good on his promised bid for the two gold mines formerly owned by DRDGOLD in North West province. However terms have not been disclosed and liquidator Barend Petersen would not be drawn on the offer’s likely terms.


    Kebble's bid has come through Simmer & Jack Mines and is for the entire assets of the mines owned by Buffelsfontein in the North West province. It was made clear that the bid was dependent on Simmers acquiring all of the assets, and Kebble cautioned against any attempt by the liquidator to sell assets piecemeal. Gordon Miller, Simmer's chief executive, said that the mines could be returned to operation given "commitment from all stakeholders". This includes settlement of the current differences with neighbouring mines over the pumping of underground water. Miller added that restoring the mines to operational profitability would require a pact between capital, labour and the state. The sub-text would appear to be that state-assistance is being sought to help cover the cost of pumping and that unionised labour will be expected to moderate future wage demands. Some weeks ago, DRDGOLD declared its wholly-owned subsidiary Buffelsfontein, which owns the two mines, to be insolvent. It handed the mines over to an official liquidator and, in a contentious move, declared that it would no longer be responsible for pumping underground water that threatened to flow into and out of its properties and, possibly, inundate neighbouring mines managed by Harmony Gold and AngloGold Ashanti.


    The resultant legal dispute over responsibility for the pumping promises to be protracted and complex, subject as it is to South Africa’s corporate, mining and environmental laws.


    Kebble controls the old Stilfontein mine, which is the source of most of the offending water. During his earlier tenure as chairman of the now re-named DRDGOLD, Kebble had put in place an agreement that had Buffelsfontein taking responsibility for pumping the water from Stilfontein’s Margaret shaft.


    In another development, DRDGOLD today announced the details of its own capital-raising exercise, the sale of as many as 17 million new shares at Rands 5.50 apiece to clients of asset manager Baker Steel Capital Managers. Additional capital became necesary after DRDGOLD’s auditors stated in February that the company’s liabilities exceeded its assets. DRDGOLD has said that the funds will be largely used in South Africa to restructure its balance sheet and to fund other mining opportunities.


    The share issue has to be approved by shareholders attending a general meeting to be held on May 20. Baker Steel is managed by David Baker, a former director of DRDGOLD.





    Simmer makes play for DRDGOLD mines
    ==================================
    David McKay
    Posted: Tue, 03 May 2005
    [miningmx.com]
    =============
    -- SIMMER & Jack Mines has submitted its long expected bid for shafts placed in liquidation by DRDGOLD in March. The offer carries conditions, however. According to Gordon Miller, CEO of Simmer & Jack Mines, the cost of dewatering the mines must be shared. Shaft pumping costs were formerly the sole responsibility of DRDGOLD, a cost estimated at R85m/year.



    At the moment, costs are being shared between DRDGOLD, Harmony Gold and AngloGold Ashanti. Harmony lodged an appeal with the courts to have this judgement, motivated by the Water Affairs and Forestry department, set aside. AngloGold Ashanti has accepted the judgement as an interim measure, but intends to submit legal argument against having to share costs in the long-term.


    “A sustainable solution is only possible with a consensual approach,” Miller said. Such an approach would also involve Water Affairs and Forestry department, he said.


    A “new pact” between Simmer & Jack Mines and labour was another condition of the purchase, Miller said without disclosing details. In terms of Simmer & Jack’s offer, the price of which is undisclosed, a total of 3,600 jobs would be retained. Short term project work would be the remit of some 750 contractors. This compares to the 5,900 jobs provided while DRDGOLD ran the shafts with annual production of some 300,000 oz/year.


    “We can’t engage with labour until we know the outcome of the bid,” Miller said.


    “We have adopted an approach that does not extract the entire resource or reserves in the statement of the North West province shafts,” Miller said. “It will be a smaller mine with improved margins and a longer life,” he said.


    In a statement, Simmer & Jack said the mine plan would extend the shaft’s life of mine by another 10 years.


    “Nothing will give me greater pleasure than to see the mills at Harties [Hartebeesfontein] turning again,” said Roger Kebble, chairman of Simmer & Jack Mines in the statement. Kebble negotiated the purchase of Harties in 1999 from Avgold for a knock-down price of R45m when he was chairman of DRDGOLD [formerly Durban Roodepoort Deep].


    Other conditions to Simmer & Jack Mines’ bid is that all the assets were sold by the liquidator. “We believe that any attempts to asset strip the operations or sell them on a piece-meal basis would compromise the establishment of the business as a going concern which in turn could prevent the commencement of underground operations,” the company said.


    Completing the purchase of the North West mines would turn Simmer & Jack Mines into “a serious player”, Miller said. “The shafts we are hoping to buy will be a large producer by international standards. Currently, size of the mine is difficult to say,” he said.


    The deadline for offers for the shafts was May 3. Simmer & Jack Mines said a decision would be made in seven days.

    W Areas shares near 4-yr low



    May 13 2005 09:11:43:523PM


    Western Area reports R186m loss

    Johannesburg - South African gold miner Western Areas on Friday fell close to a four-year low, after the group reported a loss for its March 2005 quarter and announced that it would seek to raise funds via a rights offer, brokers said.
    At 14:45, Western Areas' shares on the JSE Securities Exchange South Africa (JSE) were quoted down 12.1% or R2.75 from its previous close of R22.75.


    Earlier in the day, Western Areas fell to R19.90, the lowest level for the stock since July 31, 2001.


    On Thursday, Western Areas reported a headline loss per share of 160.2 cents for the March 2005 quarter, from a profit of 160.7 cents for the December 2004 quarter.


    The group attributed the decline in earnings to a fall in output from its 50% stake in the South Deep mine.


    The decline in production was attributed to pump and water column failures in the old South Shaft system that interrupted services for both the South Shaft and Twin Shaft complexes for 10 days, Western Areas said.


    "Production problems were compounded by the loss of working time during the January start-up and the Easter holidays," the group added.


    The group also announced on Thursday that it directors had resolved to proceed with an renounceable rights offer of about 35.5 million ordinary shares at a ratio of 3 to rights offer shares for every 10 existing ordinary shares.


    The group is looking to raise R816m from its rights issue, with the proceeds of the rights offer to be used by Western Areas to fund its share of the balance of capital expenditure at the South Deep Twin Shaft Complex to develop 100, 105 and 110 Levels, the group said.

    Posted to the web on: 17 May 2005
    Kebble may shed diamond mine
    John Fraser


    --------------------------------------------------------------------------------

    Resources Editor


    THE Kebbles’ JCI may sell its entire stake in the Letseng diamond mine in Lesotho, leaving it to focus on gold.


    The move reflects the belief of JCI boss Brett Kebble that gold may soon be uncoupled from the dollar, and thereafter soar in value.


    Kebble has already said the company that houses the stakes in Letseng of JCI and its empowerment partner, Matodzi Resources, is to be listed in Johannesburg and London, while the Lesotho government will retain its 24% stake.


    He said at the weekend that JCI could sell its entire 38% stake, which, with the repayment of loans from Matodzi, could bring in about R1bn.


    This would be used to reduce JCI’s gearing, and also to follow its interests in a R816m Western Areas rights offer that was announced last week.


    Western Areas needs the cash to finance the capital expenditure required to increase production at its South Deep joint venture with Placer dome of Canada.


    Kebble said the rights offer would not be underwritten, as 85% of shareholders, including JCI, had said they would follow their rights.


    Instead of paying an underwriting fee, there would be a discount of 0,5% to those following their rights.


    The proceeds of the rights offer would be used by Western Areas to fund its share of the balance of expansion costs at the South Deep Twin Shafts complex. This investment will double production to about 800000oz of gold a year, with cash costs falling to R57000/kg.


    The funds raised through the rights offer would also be used to pay back the R174m that Western Areas had borrowed from JCI.


    “JCI is disposing of its interests in diamonds and putting it into the South Deep project,” said Kebble.


    He said relations with Placer Dome were better than they had been since the late 1990s and the mine has “one cracker of an ore body”.


    Kebble did not say whether JCI might retain a residual stake in Letseng “but we do have buyers for the whole thing”.


    “We have a very clear plan to unlock the value in the group, and that starts with the Letseng transaction,” he said.


    “We are then able to capitalise Western Areas, and the project will roar ahead.


    “We had the chance to reduce JCI’s stake (38,2%) in Western Areas or to hang on to diamonds, and my position on gold has changed and improved,” Kebble said.


    In its results for the March quarter last week, Western Areas reported a sharp fall in gold produced to 1402kg, from 1891kg in the December quarter.


    Cash costs shot up to R87278/kg and the gold price achieved fell to R58193/kg. The loss for the period was R159,9m, down from a profit of R160,4m in the December quarter.

    Western Areas faces a cash crunch and could sell South Deep stake
    John Fraser



    Resources Editor


    GOLD producer Western Areas has informed shareholders that its current liabilities exceed assets by R394m, and there is doubt that the company can proceed as a going concern. 8o


    Analysts say that unless the company can reverse its cash bleed it may be forced to sell a stake in its main asset — the South Deep mine.


    The warning about Western Areas’ cash problems is contained in the company’s annual report, published yesterday.


    However, the company’s directors also said a turnaround was under way, and that Western Areas remained a going concern.


    Western Areas’ main asset is its 50:50 joint venture in South Deep mine with Placer Dome of Canada. The R4bn Twin Shaft complex was commissioned in November, and is expected to boost output from the mine, and also to help with the turnaround of Western Areas.


    The company, which is headed by mining magnate Brett Kebble, said in the report that its current liabilities consisted partly of a derivative funding structure related to the hedging of its gold production, as well as a bridging loan from JCI, which is another Kebble company.


    “The derivative structure was put in place in 2001 to fund the then estimated residual capital expenditure relating to the completion of the South Deep project, based on the mine plan at the time,” said Western Areas, noting that it was restructuring this hedging setup.


    However, the company said there had been an “excessive cash outflow, primarily as a result of the delays and overruns that occurred at South Deep”.


    It also said cash outflows “will place a burden on the cash resources of the company for the next few years”, and as a result the restructuring of the derivative structure and other measures are under way.


    These include boosting funding through an existing bridging loan with JCI by an additional R100m to R300m, the raising of about R730m through a rights offer, and an additional loan facility from JCI “to repay the funds borrowed in the event that the rights offer is not concluded timeously”.


    Western Areas directors said that should these initiatives not be successful in meeting forecast cash outflows, “there is significant doubt that the company will be able to meet its obligations in the normal course of business, and therefore a material uncertainty exists that the company will continue as a going concern without undertaking further borrowings and/or the partial disposal of a portion of its assets”.


    An analyst said: “It is not a very comforting picture, with Western Areas needing cash, while its parent JCI also needs more cash.”

    Ulfur,

    dankenswert, daß Du den Thread rausgesucht und

    die "Botschaft" gepostet hast.

    War mir beides zuviel Arbeit.


    Immer eine feine Sache, wenn der Teufel los ist und das

    gleich 6 Monate lang.

    Hatte die letzten Tage etwas Goldfields verkauft.

    Vielleicht leg ich den Erlös beim Teufel an.

    Da hat man erst nen Freischuß und wird später abgeholt!


    Gruss

    Tombak

    aktueller Kurs am 01.07.05


    damit wir den Teufel besser verstehen können


    Western Areas Limited Symbol: JSE:WAR - 13:39
    =======================================
    Last Price: 2,100 ZAR
    ==================


    Previous Close: 2,100


    $ Change: 0 % Change: 0.00%


    High: 2,200 Low: 2,075


    52 Week High: 3,500
    52 Week Low: 1,895


    Volume: 22,673 Traded in: JSE



    (Gerade mal im Thread geblätter. Den Teufel

    hatte ich wohl Ende März 05 selbst ins Spiel gebracht.

    Und jetzt ist er da.

    Habe übrigens noch einen Bestand

    von WAR-Belzebub im Depot.)

    aus MINEWEB vom 01.07.05


    This is definitely the last rights issue - Kebble
    ====================================


    Posted: '01-JUL-05 10:46' GMT © Mineweb 1997-2004



    MINEWEB: We are talking about a quality gold mine this evening, Western Areas, and Gareth Tredway has got some interesting background on the next story, before we pick up with Brett Kebble.


    GARETH TREDWAY: Thanks, Alec. Well the quality gold mine you speak of is South Deep – it’s one of the biggest gold deposits in the world, and Western Areas owns half of it. Today they released an annual report and, along with an unqualified audit opinion that contained an “emphasis of matter” paragraph attached to it. Now, according to most definitions an emphasis of matter paragraph points to an important matter in the report, even though it has been disclosed elsewhere, kind of saying that if this issue isn’t resolved, it could be a problem in future. In Western Areas’ case the issue is whether the company can continue as a going concern or, to put it simply, stay in business, because at year-end its current liabilities exceeded its current assets by R394m.


    MINEWEB: Wow! Brett Kebble, that doesn’t sound terribly encouraging?


    BRETT KEBBLE: Alec, the rights issue which we have announced, or at least alluded to, and the terms of which will be announced shortly, is really what is going to cover the short-term issues at Western Areas. As you know, the capital project was delayed by a period of time and so, in order to cover the liability, we have announced the rights issue.


    MINEWEB: You’re going to raise R730m. What kind of commitments do you have from shareholders that they will support you?


    BRETT KEBBLE: Well, look, we’ve had discussions with most people, with most of the shareholders, and most of the big shareholders have alluded to the fact that they are likely to follow their rights.


    MINEWEB: That means that they will put their money in?


    BRETT KEBBLE: Well, I can’t speak for them, obviously, but certainly in our case, that being JCI and the JCI Group, we are going to be very keen to put money into the project at this share price.


    MINEWEB: How much will you be injecting, from the JCI perspective?


    BRETT KEBBLE: Our commitment is around R290m, of which R200m has already gone in, but we are likely to take quite a lot more than that.


    MINEWEB: And no problem in raising that funding?


    BRETT KEBBLE: No.


    MINEWEB: Where is it coming from, Brett?


    BRETT KEBBLE: Well, we have a few assets left in the larder. We have an asset, 50% of the Letsing Mine, which has been doing very well. So we have assets against which we can raise cash to put behind Western Areas.


    MINEWEB: It’s been disappointing for Western Areas shareholders, apart from this emphasis of matter statement, which I think you have now explained very well. Since the beginning of May the gold index has gone up strongly, but the Western Areas share price has been bumping along. Do you think that this issue has been the reason?


    BRETT KEBBLE: There’s no question that, when you announce a rights issue in a company, you always develop short players, people who will come in, short the shares ahead of the rights issue, and then try and pick them up at a lower level. And I think that that has been a feature of the market in Western Areas for a while. Look, this is definitely the last rights issue that we are going to be having in the company. We have seen a big turnaround in the last quarter, compared with the last quarter, and I think that the mine is on track for much better days.


    MINEWEB: Brett Kebble is the chief executive of Western Areas Gold Mine. Wayne McCurrie, just to put it in perspective, if the Western Areas share price had followed the all-gold index, in other words if it hadn’t underperformed since May, that’s only, what, two months, the share price would not be R21 today, it would be R33. It would be 50% higher. So quite a lot of truth in what Brett Kebble had to say.

    aus MINING WEEKLY vom 04.07.05


    Simmers, NUM deal opens way for North West bid
    --------------------------------------------------------------------------------

    Gold hopeful Simmer & Jack Mines has reportedly reached agreement with the National Union of Mineworkers (NUM) over the re-employment of some 3 800 workers, who were retrenched following DRDGold's decision in March to liquidate the Buffelsfontein and Hartebeesfontein mines.


    Having earlier lifted its pumping conditions, the deal with the NUM was the last condition precedent for Simmers' bid, given that, on June 22, it signed a labour deal with the three other unions at the mine: Solidarity, South African Equity Workers Association (SAEWA) and the United Association of South Africa (UASA).


    The other key condition, that a pumping agreement be reached between mines in the Klerksdorp-Orkney-Stilfontein-Hartebeesfontein (Kosh) area was dispensed with in the last couple of weeks.


    Pumping was carried out by DRDGold at its North West mines and, after those stoped operations, the Department of Water Affairs and Forestry sought a High Court order to force the mines - Harmony, AngloGold Ashanti, DRDGold and Stilfontein - to comply with directives that pumping costs be shared.


    Subsequently, Stilfontein applied for liquidation in a move that was opposed by AngloGold Ashanti and Dwaf.


    Its directors, who had been advocating the mine's use as a pumping utility as it had ceased active operations, subsequently resigned after AngloGold Ashanti implied the liquidation was not legal.


    AngloGold Ashanti also alleged that the liquidation was for nefarious means as Simmers and Stilfontein had three directors in common.


    Dwaf and AngloGold Ashanti have also applied for the Stilfontein directors to be held in contempt of court for failing to pay its portion of the costs in the Kosh area.


    The matter of contempt was held over until July 25, while the liquidation was successfully opposed as the mine had no directors to continue the liquidation application.


    Simmers had then indicated that a pumping arrangement was no longer key to its bid being finalised and indications are that operations will resume shortly now that all the labour agreements are in place.


    The deal with NUM was signed late last night after almost four weeks of negotiations between the parties.


    In terms of the agreement, NUM's members have accepted the new, restructured conditions of employment to which the other unions have agreed.


    Simmers chairperson Roger Kebble said that this "is an important step for us".


    He indicated that, without buy-in from organised labour, it would not have been possible to turn the marginal operations around.


    Almost 3 800 people will be employed at Hartebeesfontein under a new conditions of employment structure, where the same principles of remuneration will apply across the board.


    “This means that everyone will be entitled to the same employee benefits."


    The next step is to finalise an interim arrangement with the liquidator as a precursor to the purchase agreement.


    Water and electricity at the mine's hostel were almost cut off before the agreement was reached.


    Additionally, the catering contract to feed the former workers was also due to expire today.


    An interim agreement with the liquidators will allow Simmers to resume operations for its own account, subject to regulatory approval.


    The holding costs will be deducted from the purchase price.


    The new business model is designed to extend the life of the North West operations by ten years and it is expected that ore will be produced in the next few weeks.

    Randgold & Exploration faces US delisting


    Controversy-stricken Randgold & Exploration (R&E) -- the South Africann gold company not to be confused with the international Randgold Resources -- has been notified that its securities are subject to delisting from the Nasdaq Stock Market, based in the US. According to a statement filed with the JSE Securities Exchange on Wednesday, a Nasdaq notification to R&E concerns R&E’s failure to comply with Nasdaq’s requirements for R&E to file its Form 20-F timeously for the year ended December 31, 2004.
    ...
    Earlier this month, the JSE announced that R&E had failed to submit its annual report for the 12 months to December 31, 2004. The stock is now annotated with an "RE" and faces suspension on July 29, failing filing compliance by that date.
    http://www.mineweb.net/sections/mining_finance/463486.htm


    Mögliches Delisting in den USA und ev. Suspendierung in SA. Was fängt man dann mit den Papieren an?
    Kebble wird´s schon richten.




    Bei WAR hat sich RBC Capital Markets sogar zu einer gewagten Empfehlung hinreißen lassen:


    Western Areas wins outperform rating
    http://www.mineweb.net/columns/curve_ball/462549.htm

    • Offizieller Beitrag

    Ulfur


    Zitat

    Original von Ulfur
    Randgold & Exploration faces US delisting


    Mögliches Delisting in den USA und ev. Suspendierung in SA. Was fängt man dann mit den Papieren an?
    Kebble wird´s schon richten.



    Das frage ich mich auch.Halte meine vorerst durch.
    Heute zumindest in Joh. schöne Erholung.


    "Die Märkte haben nie unrecht, die Menschen oft." Jesse Livermore, 20.Jh.

    "Die Demokratie ist das Paradies der Schreier und Schwätzer, Phraseure, Schmeichler und Schmarotzer, die jedem sachlichen Talent weit mehr den Weg verlegen, als dies in einer anderen Verfassungsform vorkommt." E.von Hartmann

    Dieser Beitrag ist eine persönliche Meinung gem. Art.5 Abs.1 GG und Urteil des BVG 1 BvR 1384/16

    Mining Empire on Shaky Ground


    By Rob Rose
    25 Jul 2005 at 07:37 AM EDT


    JOHANNESBURG (Business Day) -- Brett Kebble’s mining empire looks shakier than ever after the Nasdaq threatened last week to boot his Randgold & Exploration off the bourse for failing to file its F20 annual report.


    For Kebble, an enthusiastic litigant with a reportedly stormy relationship with the tax man :D , this capped a bad week. On Tuesday, the JSE threatened to suspend a number of Kebble’s other companies — the once-mighty JCI, and JCI empowerment partner Matodzi — if they don’t submit their results for the year to June by the end of this week.


    Doubts have also emerged in recent weeks over the brightest spark in Kebble’s Byzantine empire :D , Western Areas, which owns 50% of one of the richest gold deposits in the southern hemisphere in South Deep.


    Amid production hiccups, Western Areas’ liabilities outweigh assets by R394m — a clear red flag.


    Last week, Kebble reassured investors that he was putting the finishing touches on Randgold’s report, saying there were delays in getting information from subsidiaries.


    The auditors will surely have struggled to acquaint themselves with an empire that at times resembles the board game Risk, with an interwoven mesh of cross-shareholdings and stock being shifted across imaginary lines.


    So what is delaying Randgold & Exploration’s financials?


    Could it be the R2bn worth of unaccounted-for shares Kebble claims to own in Mark Bristow’s company, Randgold Resources, a separate company despite the confusing name?


    Kebble told the US Securities and Exchange Commission (SEC) in February he “beneficially owned” 30,6% of Randgold Resources, but Bristow says he can find no proof that Kebble owns anything close to that.


    Bristow says an Ilios audit puts Kebble’s shareholding at 6,6% of Randgold Resources. “I asked Kebble to demonstrate that he owned the shares, which he could not do.”


    So where are these shares? Kebble’s answer is that the shares have been lent to his empowerment partners to allow them to raise money to buy a stake in Western Areas.


    Bristow says this is unlikely, as his company is keenly aware of where its shares are going.


    The endgame will be fascinating. No matter how notoriously soft the JSE is on its listed companies, the SEC is an animal of far sharper tooth.


    For Kebble’s Randgold & Exploration, this is crucial. If it owns more than 30% of Bristow’s company, it can consolidate some of the earnings into its financials. If it owns less than 30%, it cannot.


    But this dispute could not come at a worse time for Kebble. The profits and share prices of his companies appear to be languishing dangerously, creating the impression Kebble is in more need of pulling a rabbit out of his hat than ever before.
    http://www.resourceinvestor.com/pebble.asp?relid=11574

    "The endgame will be fascinating. No matter how notoriously soft the


    JSE is on its listed companies, the SEC is an animal of far sharper tooth.


    For Kebble’s Randgold & Exploration, this is crucial. If it owns more than


    30% of Bristow’s company, it can consolidate some of the earnings into


    its financials. If it owns less than 30%, it cannot"


    Ob der Redakteur was von Konzernrechnungslegung versteht?

    Und wenn, ist die Konsolidierung der GuV´s des Pudels Kern?


    Wer sich ernsthaft interessiert kann bei den archivierten

    Kitco-Kommentaren folgenden Aufsatz lesen:

    "Another Gold Share Sleeper"

    von Alf Field

    Jan. 8 2003

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