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

Scharfes Pic,wir schossen als Buben so wie der Cowboy die Fliegen von der Stallwand.

cu DL

Eine Goldminen-Aktie mit Haken und Ösen;

nur für Kenner.

Quartalsbericht per 30.09.05
======================

Aus MININGMX.com vom 20.10.05

Western Areas in profit, hedge weighs
================================

[miningmx.com] -- WESTERN Areas posted a quarterly profit prompting management to say its South Deep joint venture gold mine was finally starting to deliver. However, the mine’s performance is still weighed down by a hedge book which saw gold prices 24% below the spot price.

Western Areas, once led by mining entrepreneur, Brett Kebble, shot dead earlier last month, posted a R32m profit for the three months to end-September versus a R125.3m loss in the previous quarter.

The South Deep joint venture, shared equally with Canada’s Placer Dome, is Western Areas’ main operating asset. The South Deep mine is one of the world’s richest gold deposits.

"South Deep is starting to deliver on the promise that prompted a multiple billion rand investment a decade ago", said acting Western Areas CEO, Chris Lamprecht. In the year to date it has recorded a R280m loss. Last year it notched up a small profit of R13.5m.
This emphasises the urgent need to restructure the derivative structureDespite receiving a better price for the gold it sold, which increased 17% to R74,352/kg, that figure could have been R92,229/kg if it weren’t for the hedging commitments.

"This emphasises the urgent need to restructure the derivative structure and thus improve the company’s cash flow. The directors are paying particular attention to this and we hope to have resolved matter within the next few months."

South Deep’s year-end reserve declaration is being finalised by an “independent international” panel. Western Areas’ shares were pounded at the end of August when it said it might cut its reserves estimate by 18% to 45 million ounces.

“Details of the possible reduction in mineral reserves anticipated in the previous quarterly report would be reported to shareholders in the 2005 annual financial statements,” Western Areas said in a statement to its results.

Western Areas will begin its R640m rights issue shortly, which is being underwritten to the tune of R250m by its largest shareholder and another Kebble company JCI.

Eine Goldminen-Aktie mit Haken und Ösen; nur für Kenner !

annähernd 3.000m untertage

[Blockierte Grafik: http://www.westernareas.co.za/images/gallery_ar03_3lrg.jpg]

Man sieht jetzt schon das die keinen Bock zum arbeiten haben Tambok.

Kann schon sein.

Aber man sieht , wie sehr der Abbau mechanisiert ist.

Da brauchen keine Kompanien mit Preßlufthämmern auf den

Knien zu rutschen.

Perfekt für Schildvortrieb geeignet, Da braucht demnächst

kaum noch jemand hin.

Aus MININGWEB 20.10.05

Gold company continues to be hammered by hedges
==========================================
Jim Jones
'20-OCT-05 14:00'

JOHANNESBURG (Mineweb.com) --Misjudged hedge contracts cut the average price of gold received by Western Areas to R74,352/kilogram in the September quarter against an average spot price of R92,229. CEO Chris Lamprecht says, perhaps not surprisingly, that this underscores the need to restructure the derivatives structure. And while he hopes that this will be completed by December, he has given no indication of the likely outcome.

On the brighter side, the 50:50 South Deep joint venture with Placer Dome is, Lamprecht says, starting to deliver as promised by the multi-billion rand development initiated ten years ago. Under Placer Dome’s management, establishment of South Deep has fallen some two years behind schedule and exceeded budget by several hundred millon rands.

South Deep is Western Areas’s principal asset and the mine’s production and costs are divided equally between Western Areas and the mine’s manager Placer Dome.

Mining profit for the quarter came in at R20.1 million, but this was insufficient to restore the company to overall profitability. In the September quarter the operating loss including hedging ran at R31 million, about half of the June quarter’s R60 million.

At present, Western Areas is in the process of putting together a R640 million and offer documents will be sent shareholders soon. The funds will be used to repay borrowings and to contribute Western Areas’s share of capital expenditure needed to complete the South Deep capital programme. There had been some doubts as to whether Western Areas’s main shareholder JCI would have been in a position to follow its rights and to underwrite the rights issue, but that has been resolved by a loan from investment bank Investec. JCI, it is now well known, had been looted by its former CEO, the late Brett Kebble, and possibly by his associates.

Das schweigen im Wald....

Weiss irgend jemand wann man nun bekannt gibt wo die Randgold Resources von RE gelandet sind ?

Da sollte doch ein Audit gemacht werden, da ist ein shareholder meeting am 11 November angesagt wenn ich mich nicht irre.

In JHB geht gar nichts mit JCI und Rangy, der Kurs steckt seit Wochen sowie kein Volumen zu sehen.

Nur WAR wird gehandelt, z.Zt. 22 Rand, down -4.3 % heute..

Das wird eine Ueberraschung, hoffentlich keine schlechte die den Kurs noch weiter purzeln laesst. Ich will da raus so schnell wie moeglich.

Das Erbe von Kebble an uns wird es werden, wenn er die RR nicht an andere schon vererbt hat vor seinen Tod.

Mal schaun was er uns uebrig laesst.

Mfg

XAX

"Ich will da raus so schnell wie moeglich."

Man könnte meinen Du wärst im Chateau d´If eingesperrt..

Es steht im Graf von Monte Christo von Alxandre Dumas wie man da raus kommt

(und sogar noch nen Schatz findet).


Expext the Unexpected!

""Es steht im Graf von Monte Christo von Alxandre Dumas wie man da raus kommt ""

Baden bin ich schon gegangen mit Rangy und Kebble, da fehlt noch schnelles schwimmen bis ich wieder Festland sehe bei der Aktie.

Wenn ich gewusst haette wie weit Kebble da seine fetten Griffel darin hatte waere ich nie rein in das Verlies.

Aber das verstehts du nicht als Hippofan, bis es zuschnappt sieht alles ganz nett aus.

Nix fuer ungut

XAX

@ Hallo Aladin,

dann müssen wir jeht JCI und Rangy als " Totalverlust " endgültig abschreiben? Oder gibt es noch etwas Hoffnung?

gruß hpoth

Wieder einer ? X(...die liste wird immer groesser, Hoffnungsschimmer ?, ich weiss es nicht Hpopth.
Bei Brett Kebble ist nun alle Hoffnung verloren, der hat sich verabschiedet. Einen Tag vor seinen Tod hatte er das Finanzamt am Hintern, sein Auto wurde vor der Untersuchung schnellstens gereinigt, man fand natuerlich keine Spuren. Wird auch nichts mehr darueber geredet, alles schon vergessen, Schwamm drueber, auch ueber die RR Aktien schaetze ich mal, die sind auch futsch, gegen Diamanten gestauscht, ...fuer die Familie, zum Abschied !

Gruss

XAX

ODER

Wo sind die RR-Aktien?

[Blockierte Grafik: http://www.projects.ex.ac.uk/trol/grol/dumas/zchat8.jpg]

[Blockierte Grafik: http://www.kulmbach.net/~MGF-Gymnasium/bilderdaten/mittelalter%202/Bilder/hieronymus%20bosch%20haywain_jpg.jpg]

Western Areas - The Price of Hedging!

Western Areas has just reported just how bad poor hedging of future production can knock the income of a mine and how currencies can move against what appeared to be a prudent policy at the time.

65% of their production of 62,000 ounces of gold has been sold at $292 an ounce and the balance at the spot market price, in the last quarter.

The hedging loss on its own was R51 million loss on the call options. In addition there's an option premium payable, which is around $5 million a quarter. This will rise next year and the year after, by a small amount. All in all, the position looks tenuous because of hedging. However, with the plans they have, IF the gold price holds or rises and IF the Rand holds its present levels or falls, the mine will turn the corner in 18 to 30 months time! In real prices this means that Western Areas made a loss of R13 million, instead of a profit of R50 million. This same opportunity cost may well not be so stark at other mines but it is growing by the day and in many cases will be greeted with some shock.

As the gold price rises, most hedged positions of future gold production are delivered to the other side of the hedge the Bullion banks. The perception this gives is that the loss is not one purposely taken, but an inevitable earning of less income because the price of gold rose since the hedge was established. But when the gold price rises as much as it has in the last year or so, the opportunity cost rises alongside it. As you can see from the above, this can look horrendous and threaten the continuation of the operation. We expect the rise in the gold price to continue. This will exert heavy pressure on the Producers with outstanding hedged positions to unwind them or face embarrassment over this policy of hedging. After all prudence may well not be good management in this rapidly changing world. Fortunately most producers have had an aggressive policy of de-Hedging, so the fair lady may be caught despite the faint hearts?

Having said that, Western Areas is looking at the worst picture it can at the moment. It is a tremendous mine [South Deep operation in particular], tightly held between J.C.I. and Allan Gray [an Investment house of good repute], so the remaining shares will react quickly to good news [and not so badly to bad!]. This could be a good time to buy some on a two-year + view!
Oct 28, 2005
Julian D.W. Phillips

Brett Kebble's Messy Tax Situation

By Rob Rose
01 Nov 2005 at 08:20 AM EST

JOHANNESBURG (Business Day) -- It is high time South African Revenue Service (SARS) boss Pravin Gordhan broke his silence on the messy tax affairs of the late Brett Kebble.

The day after Kebble died, Business Day published a story saying that Kebble owed more than $29.9 million (R200 million) to SARS in back taxes. We also said that Kebble had paid some of this, but he still owed more than $14.95 million (R100 million).


Although the figures were based on information from sources, SARS had actually confirmed certain details in a statement that day, which included the line: “Kebble has paid some amounts with regard to those issues that have been resolved.”

Gordhan himself stood up in Parliament on October 19, and declared that “some moneys have been paid” by Kebble.

But investigative magazine Noseweek, which has clearly had the inside track on this investigation for some time due to what it terms “some honest SARS officials”, believes SARS is fibbing. This month, Noseweek speaks of a “dirty-tricks media campaign” from within SARS, and records that SARS’ version of events “couldn’t be further from the truth”.

“Brett Kebble did not pay one cent in income tax — not this year, not last year, not in any of the past 12-years,” it said in its new edition.

It says that it got these facts “directly from Brett Kebble’s income tax file at SARS”.

These documents apparently show that Kebble’s tax returns show he made no income, and hence owed nothing to Gordhan’s men.

So what is the true story? The clear accusation is that Gordhan lied, and to Parliament, no less.

This is a serious charge, and one that should be answered.

Surely now is the time for Gordhan to reveal all, rather than have piecemeal information sprinkled into the public domain — information it seems may be less than perfect.

This is especially important since one of the accusations leveled at SARS is that its own senior officials deliberately buried the Kebble investigation.

While this is an accusation that can easily be made, it deserves special consideration when it comes to Kebble.

A term bandied about in relation to the slain mining boss was “largesse”, stemming from his support of both the ruling party (remember the R500000 donation in January last year?) as well as his cosying up to families of certain cabinet ministers through his business dealings.

There is an obvious link that will be drawn between the death of the tax probe into Kebble and his support for the government which appointed Gordhan.

Although the Kebble camp will scream about the secrecy provisions of the Income Tax Act, which forbids SARS from revealing personal details, this is an issue larger even than Kebble.

The accusation that the revenue service is willing to treat the well-connected with special favours when it comes tax time is a serious one that simply can’t be allowed to go unanswered.

And it should be pointed out that if Kebble had paid all the tax he owed initially, as one imagines a “good patriot” would, then this issue would never have cropped up in the first place.

Given that Noseweek has apparently already printed everything but Kebble’s actual payslips, there is a strong case to be made that the matter has all but entirely leaked into the public domain anyway.

And the public clamour for answers is growing.

How come, for example, Kebble got away with not filing an accurate tax return for more than a decade?

From January, increasingly agitated letters begin arriving at my door from SARS reminding me to not miss the deadline lest millions die of starvation. So how did SARS miss R200m?

And how did it fail to piece together that the deal maker on the front page of all the newspapers was the same person apparently not making enough money to be taxed?

But it is not as if the Kebble information will remain secret for all that long anyway. SARS will have to lodge a claim with Kebble’s estate if they want to be paid, and once they do, one imagines the details will become public in any event.

Gordhan should waste no more time, especially given the serious accusations against him.

Brett soll ja auch kleinen Kindern den Lolly

weggenommen und den Lolly dann selbst gelutscht haben.

Der hatte eine Ferrari Flotte, alle teuren Sorten Bordeaux Wein

und Havanna Zigarren im Humidor.

Als das raus kam, hat er sich erschießen lassen.


Na, dann kann aus WAR nichts werden!

""Als das raus kam, hat er sich erschießen lassen.""

Der wurde erschossen weil er zuviel genossen hat und einige dabei gelinkt hat Tambok.

Welcome to Africa !

Ich wuensche es Dir das noch was wird aus WAR wie mir bei Rangy die heute eine weitere Watsche bekommen hat.

Schoene Aussichten sind das ja.

Cést la vie, eben in den Scheiss gegriffen.

Er hat gut gehedged der Brett.

The show must go on, Herr Graf.

Bin gespannt wie wir ans Ufer kommen, ist eine grosse Strecke von der Insel.

Mfg

XAX

@ Aladin,

gebe Dir recht, in SA sollte man nur noch in wirklicher Qualität investieren dazu gehört für mich eigentlich nur noch Anglogold und Gold Fields.
Die Negativen Posten häufen sich und zwar:
HIV-positiv, hier sind schon 20% der Minenarbeiter erkrankt, was erhebliche Probleme für die Gesellschaften aufwerfen ohne die menschliche Tragödie zu bewerten die ja schon alleine schlimm genug ist.
Die Kriminalität, so sollen ca 10% vom geförderten Gold illegal verschwinden!
Dann von der Regiereungseite, die sich immer was neues einfallen läßt um den Gesellschaften das Leben zu erschweren.
Ein weiterer Gesichtspunkt ist auch schon bei vielen Minen das Alter sowie die Tiefe, was mehr Kosten verursacht und auch gefährlicher ist.
Aber auch die Währung die sehr schlecht kalkulierbar ist.
Das sind alles Punkte die man bei einer Anlage in Sa berücksichtigen sollte.

gruss hpoth

Hallo hpoth,

hoffe Du bist wieder voll unter allen segeln

Anglogold?? verstehe eigentlich nicht das es dazu keinen Thread gibt?

Anglo ist bereits das Papierkartell in Europa,natürlich unter anderem Namen und im Baustoff Sektor sind sie auf bestem Wege dies kurzfristig zu werden.Tony ist jeden Monat eine Woche in London(10 mill.teure Wohnung) und prüft persönlich seine europäischen Beteiligungen.
Da kann man eigentlich nichts Falsch machen

Gruss

kalle

hpopth

Gut erkannt, du hast viel gelernt, nur so geht mit dieser Einstellung was RSA angeht.
Bin zwar noch ein GFI Fan habe aber nichts mehr ausser der sh... Rangy.

Vielleicht kaufe ich kurzfristig GSS zum spekulieren.

Afrika ist leider ein Fass ohne Boden, egal wo !

Bei AU ware ich vorsichtig, da ist eine Klage in der Pipeline laut meiner Bank gegen die alte Ashanti.

Anglo American hat nicht umsonst ihre Anteile bei AU gekuerzt.

Ich spiel lieber Lotto in Venezuela, Columbia, Peru.

Cheers

XAX