Beiträge von gogh

so nennt man eine Zone erhöhten Erzvorkommens
in einer Platinmine.


Würdeie Bohreergebnisse bei Starfield Resources so einschätzen;

mit anderen Worten dem Braten trau ich nicht.



gogh

an diesem Aufsatz sind nur die obiter dicta interessant.

Ghost buster jagen Kebble, altes Märchen für Goldbugs, neu erzählt


gogh

Kebbles regain Western Areas control
=====

By: Stewart Bailey

Posted: '10-JUN-04 19:00' GMT

© Mineweb 1997-2004

JOHANNESBURG (Mineweb.com) -- Anglo American has sold its 19% share in Western Areas, half-owner of the world’s largest gold ore body, to Randgold & Exploration and a black-controlled South African company at a 30% premium to the market price. At a stroke, the deal allows the Kebble family to regain its control of Western Areas, while making the company compliant with legislation that requires 15% of mining assets be sold to black companies in five years.

The deal will see Randgold spend R197-m in borrowed cash to buy a 5% stake in Western Areas. Meanwhile Inkwenkwezi, an unknown firm headed by the chairman of Western Areas, will buy 13% of Western Areas for R515-m. That will also to be funded by debt.

A possible result of the deal, however, could be that JCI is forced to make a bid for the whole of Western Areas if the empowerment company cannot raise the cash it needs to buy the shares.

Randgold has agreed to stand behind Inkwenkwezi’s participation in the deal. If the empowerment group cannot stump up the cash for the shares by November, Randgold will buy the shares in its stead. For that pleasure it will pay Anglo an extra R70-m.

Western Areas and JCI chief executive Brett Kebble, confirms that if that scenario were to transpire, JCI would have to make a bid to the minorities of Western Areas by dint of the combined shareholding of JCI and Randgold going above the 50% mark.

Nevertheless, an offer to minorities will hardly be necessary given that the shares now under JCI’s control is 40,6%. That number would be closer to 54% if Inkwenkwezi’s shares are taken into account, given that Kebble wields some influence over the empowerment company; he was instrumental in Inkwenkwezi’s inclusion in this deal and the appointment of Mafika Mkwanazi, Ikwenkwezi’s chairman, to the Western Areas board. The two also work from the same offices in Johannesburg.

In any event, it is unlikely that JCI could fund the purchase of Western Areas, even at the current price which Kebble argues is half what Western Areas is really worth. If he is forced to make a bid, those are words that may haunt him.

Kebble, however, remains confident that Inkwenkwezi will secure the financing it needs. He says the aim of the deal was never to cement control, but rather to facilitate black empowerment, a legal requirement for mining in South Africa.

“It is not about control, that is just not an important issue for us,” he said. “The black empowerment aspect is the most important part of this deal.”

It is a view that chimes with that of Western Areas’s other major shareholder, investment manager Alan Gray, which holds 25% of the company. “It is empowered now, and that is a major plus for us,” says Sandy McGregor, Alan Gray’s resource fund manager.

Randgold & Exploration will have an easy job raising the finance. It holds more than a third of London-listed Randgold Resources, which will be handy collateral for any loan. Kebble says Randgold & Exploration will sell no Randgold Resources shares to fund the deal. For Inkwenkwezi, however, the task is harder. It has bought the Western Areas shares at 30% more than the current market price and it has nothing to offer as surety. Randgold & Exploration is certain to help out in that regard.

Though the empowerment of Western Areas may be good news, Anglo’s exit is not positive for the company. South Deep, the half share of which is Western Areas only asset, has a reserve of 75-m ounces and should have been a mouth-watering prospect for Anglo’s local subsidiary, AngloGold. But the mine’s development is behind schedule and has been dogged by budget overruns and in-fighting between Western Areas and Placer Dome, its joint venture partner, and a hedge book that is underwater at the current gold price. Also, losing Anglo’s technical input will hardly be a bonus for Western Areas.

Kebble is confident that management issues around South Deep have been solved, and is sanguine about the hedge. “The cheapest way to get rid of it is to deliver into it,” he says. Those deliveries against the hedge commitments might come from South Deep itself or from other sources. While altering the “quality profile” of Western Areas by buying more marginal mines is not on the cards, he says Western Areas could assist in financing other gold projects in exchange for a “gold return”. That gold, he says, could be used to pay into the hedge.

[Blockierte Grafik: http://www.scit.wlv.ac.uk/~ps1908/Julie2.jpg]


Wer sich für GM´s mit geringer MKP interessiert

benötigt eine eigene Sichtweise.

Alles was medial angepriesen wird, kann man vergessen.

gogh

[Blockierte Grafik: http://www.kkz.at/images/2003/cikl_Kluppe_Waschekind-v.jpg]


gogh

[Blockierte Grafik: http://www.jci.co.za/images/group_structure.gif]

Schema von JCI-homepage kopiert


gogh

Thu, 10 Jun 2004 Official Announcement [ST]
=============

JCI- acquisition of Wes Areas shares by Randgold

JCI owns 35.6% of the issued share capital of Western Areas Ltd
============================================
(`WAL`) and 21.9% of the issued share capital of Randgold.
=====================================

On 5 February 2004 and 2 March 2004, it was announced that WAL would proceed with a rights offer of 13.2m new shares at 3 050cps, in the ratio of 12.5 new WAL shares for every 100 existing WAL shares, to raise R401.7m.
In February 2004, JCI agreed:
-to advance a bridging loan of up to R400m to WAL, repayable out of the proceeds of the WAL rights offer;
-to follow its rights entitlement in respect of its entire 35.6% shareholding in WAL; and
-to underwrite the balance of the WAL rights offer for which irrevocable undertakings to subscribe for rights offer shares are not received (36.1%).
Subsequent to the above, shareholders of the above-mentioned companies are advised that Inkwenkwezi Gold Mining Consortium (`Inkwenkwezi`) a broad based empowerment consortium, majority owned and controlled by historically disadvantaged South Africans (`HDSA`s`) and led by Mafika Mkwanazi, the non-executive chairman of WAL, and Randgold have agreed to acquire from Anglo South Africa Capital (Pty) Ltd and Tawny Eagle Holdings (Pty) Ltd (collectively `Anglo`), wholly-owned subsidiaries of Anglo American plc, their entire 18% shareholding of 19m WAL shares at 3 750cps, subject to certain adjustments.

In terms of the acquisitions:

Inkwenkwezi will acquire from Anglo 13.7m WAL shares at a price of 3 750cps, for a consideration of R515.2m subject to certain adjustments, payable in cash by not later than 1 November 2004. The WAL shares to be acquired by Inkwenkwezi represents approximately 13% of WAL`s issued share capital before the WAL rights offer;
Randgold will acquire from Anglo 5.3m WAL shares at a price of 3 750cps, for a consideration of R197.6m subject to certain adjustments, payable in cash by not later than 25 June 2004 (`the Randgold acquisition`). The WAL shares to be acquired by Randgold represent approximately 5% of WAL`s issued share capital before the WAL rights offer and will be pledged by Randgold to Anglo in order to secure Inkwenkwezi`s obligation to Anglo pending completion of the Inkwenkwezi acquisition by not later than 1 November 2004. Inkwenkwezi has a call option on the 5.3m WAL shares at cost plus interest for 12 months from date of payment to Anglo for the Inkwenkwezi acquisition;

JCI and Randgold will facilitate Inkwenkwezi by raising the required funding for the Inkwenkwezi acquisition by lending WAL shares to Inkwenkwezi on the basis that such shares will be returned upon payment by Inkwenkwezi of the purchase consideration by not later than 1 November 2004, and the delivery by Anglo of the 13.7m WAL shares to Inkwenkwezi;
Randgold has undertaken to Anglo that should Inkwenkwezi, for whatever reason, fail to complete the Inkwenkwezi acquisition by not later than 1 November 2004, Anglo has the right to require Randgold to sell to Anglo the 5.3m WAL shares acquired for a consideration of R70m less than the consideration paid by Randgold for such shares including interest;

If during the period from the signature date of the Inkwenkwezi agreement to 180 days after the closing date, Inkwenkwezi or any concert party of Inkwenkwezi acquires or sells any ordinary shares or rights to ordinary shares in WAL or any offer is made to shareholders of WAL generally, or should any scheme of arrangement be entered into between WAL and its shareholders generally, at a price per ordinary share of WAL in excess of the purchase price payable by Inkwenkwezi and the interest purchase price, the purchase price per share payable by Inkwenkwezi will be increased by 50% of the amount of such excess. A similar provision applies to the purchase price of the WAL shares acquired by Randgold.

Randgold has undertaken to the Securities Regulation Panel for the benefit of the WAL minority shareholders, not to exercise the voting rights attaching to the 5.3m shares acquired by Randgold, unless and until Randgold and its concert party, JCI, shall have acquired the majority of the shares of WAL or shall have made a mandatory offer in terms of the Securities Regulation Code to the minority shareholders of WAL. The Securities Regulation Panel has given dispensation from the requirement that a mandatory offer to WAL shareholders is required as a consequence of the acquisitions. The Randgold acquisition will be notified to the Competition Commission and, if necessary, to the Competition Tribunal for approval.

Rationale for the acquisitions

In terms of the Mining Charter, the ownership of WAL by HDSA`s as defined in terms of the Minerals and Petroleum Resources Development Act (`the MPRD Act`), is required to be no less than 15% within five years of 1 May 2004, from which date the MPRD Act became effective. The 11.6% shareholding of Inkwenkwezi flowing from the direct acquisition from Anglo, in addition to the call option on the Randgold WAL shares of 4.5% based on the increased issued share capital of WAL after the proposed rights offer, will enable WAL to comply with its ownership obligations in terms of the Mining Charter. The existing HDSA shareholding in JCI and Randgold, together with Inkwenkwezi`s shareholding in WAL flowing from the acquisition of the shares from Anglo, will result in WAL being in excess of 15% prescribed in the Mining Charter.

Randgold and JCI will lend WAL shares to Inkwenkwezi to facilitate the Inkwenkwezi acquisition, and in so doing, are acting in accordance with the objectives of the Mining Charter.

The Randgold acquisition not only facilitates the Inkwenkwezi acquisition, but is consistent with its strategy of acquiring quality assets in the mining resources sector in pursuit of its stated mission of being a leader in the development of mineral resources in alignment with the principles of the MPRD Act and the Mining Charter.
The acquisition by Inkwenkwezi facilitates the conversion of WAL`s old order mining rights to new form mining rights in terms of the MPRD Act.
Compliance in terms of the MPRD Act enables WAL, JCI and Randgold to apply for the conversion of other mineral rights contiguous with South Deep to new form prospecting rights.

A 12.5% participation in the Inkwenkwezi acquisition has been included to replace the existing WAL share incentive scheme, which scheme it is intended will be discontinued in its entirety, in the near future.
Should the acquisitions be successfully implemented and should Inkwenkwezi exercise its call option, the Randgold acquisition will have no financial effect on Randgold. The salient dates of the WAL rights offer will be announced shortly. The WAL rights offer circular will now be submitted to the JSE for formal approval. After its registration by the Registrar of Companies it will be posted to shareholders. The necessary underwriting guarantees have been obtained.

BATAVIA hat nur eine geringe MKP.

Der Kurs ist deshalb wenig aussagefähig und

dürfte in Zukunft enorm schwanken.

Im Artikel werden durch die Blume Kapital-

erhöhungen angekündigt. Ob dadurch allerdings

das jetzige Kursniveau nochmals nach unten gehen

wird?

In D werden selten welche gehandelt WKN 813531.

Die Gründungshistorie ist einigermaßen außergewöhnlich.


Mir gefällt der Wert.


gogh

aus MineBox vom 10.06.04
=================

Batavia on Course to Commence Mining in 2004
=============================

Gullewa Project


Batavia Mining Ltd is on track to achieve key objective of recommencing mining operations at its Gullewa Project in Western Australia later this year, after announcing a 33 percent increase in the project’s global resource inventory.

The emerging gold-copper group is set to make a final decision on project development after completing the current Bankable Feasibility Study, with results scheduled to be announced in its June 2004 Quarterly Report.

Batavia Mining Managing Director Alan Downie said the company has set

new objectives for the 2004/05 year including completing funding
=========================================

arrangements during the September Quarter, recruiting a skilled

operations team and commencing mining operations during the December Quarter.

"This follows the achievement of all our short-term goals for 2004, including the establishment of a five-year mine life for the Gullewa Project through the significant resource upgrade announced today," Downie said.

The upgraded global resource inventory, of 438,000 ounce gold

equivalent, represents a 33 percent increase over the global resource

of 329,000 ounces of gold equivalent announced in February this year.

It follows a recently completed program of infill, extensional and geotechnical drilling and includes re-evaluation and new resource estimates for the Deflector Deposit, Michaelangelo and King Solomon/New Phoenix Prospects at Gullewa.

At the flagship Deflector Deposit, Snowden Mining Industry Consultants completed a revised global resource estimate incorporating the latest infill and geotechnical drilling of 1.83 mega tonne at 5.83 grams per tonne gold equivalent for 342,000 ounces of gold equivalent.

Downie said the resource upgrade had been one of the key objectives in the company’s 2004 Corporate Plan, where it had set out to achieve a minimum of 300,000 gold equivalent ounces prior to the recommencement of mining.

"We have already commenced negotiations with potential project financiers in parallel with the Bankable Feasibility Study on the resumption of mining and treatment at the Gullewa Project, which is now well advanced," he said.

The resource upgrade comes as Batavia also today reported very encouraging results from its regional exploration program, including an outstanding high-grade intersection of 8m at 66.8 grams per tonne from the Michaelangelo Prospect.

Downie said the results from recent exploration work had been very pleasing, underlining the potential for further increases in the global resource base at the Gullewa Project. This forms one of the Company’s 2005 key objectives, which is to achieve a resource base exceeding 600,000 ounces.

"A deep drilling program at the Deflector Deposit is scheduled to commence in late July to test depth extensions of the known mineralisation to a depth of 300m," he said. "This program is designed to increase the underground resource base."

- 10 Jun 2004

mir gefallen am besten die Beiträge, die aus dem

"Rahmen" fallen. Konformistische Sicht der Dinge

kann ich überall lesen.


Wer individuelle Denkansätze formuliert wird es immer

schwer haben. Da passieren natürlich auch Fehler.

Der Fehler ist aber der Weg aus dem Tunneldenken.



gogh

und die Auswirkungen auf die großen Kaffern
============================


aus Mineweb vom 09.06.2004
===================

Die Aufschlüsselung nach einzelnen Minen-

standorten ist das interessanteste am Artikel.

gogh

Two in five South African gold mines unprofitable
==============================

By: Stewart Bailey & Gareth Tredway

Posted: '09-JUN-04 16:48' GMT © Mineweb 1997-2004

JOHANNESBURG (Mineweb.com) -- Two of every five South African gold mines owned by the country’s major producers are operating at a loss at the current rand gold price, while almost another third are making margins of less than 10 percent.

Mining executives have been vocal critics of the strong rand and the devastating effect it has had on their operations. A look at the latest set of numbers shows that their threats of shaft closures and pending job losses could soon materialise, as they redouble their efforts to bring 2.2 million ounces of annualised production back to profitability. Jobs are likely to come in for the chop, given that the price of gold is unlikely to come to the rescue; analysts reckon a weak rand and a high dollar gold price, which would give the industry some respite, is unlikely to occur any time soon.

Using a gold price of R82,000/kg, a level close to that at which local producers are selling their gold at the current dollar gold price and exchange rates, eight of the 19 South African mines owned collectively by AngloGold, Gold Fields, Harmony, Durban Roodepoort Deep are mining gold at a loss. In all, those unprofitable mines produce 2.2 million ounces of gold each year of a total of 9.3 million ounces.

Shocking as that analysis is, it may be on the generous side, given that Mineweb has used the end of the March quarter as its cost base. Once wage increases of about seven percent are implemented next month, raising total costs by more than 3.5 percent, even more production will find itself underwater – figuratively at least.

Among the worst affected is DRD.
=====================

Its 40 percent-owned Crown Gold Recoveries (57,340 oz during the March quarter) and the Blyvooruitzicht operation (56,858 oz) are both in loss territory, while its North West unit (87,711 oz) has a perilous margin of only 5 percent. The company, which resents being called marginal, has had its bacon saved by a smart acquisition of a 20 percent share in the Porgera mine in Papua New Guinea, which enjoys a margin of almost 50 percent.

Among the big three, Harmony’s situation is dire.
==============================
The group’s earlier strategy of buying cheap, loss-making assets and turning them around, has fallen foul of a strengthening currency, rampant producer inflation and a rand-denominated gold price that cannot seem to rise above R85,000/kg. Its acquisition of the Free Gold assets from AngloGold in 2001 has saved the group from total ignominy. The division is the group’s most prolific operating division and also its most profitable; it produced 233,435 ounces of gold during the March quarter at R72,240/kg for a margin of 12 percent at the current gold price. Orkney, at 65,622 ounces during the March quarter is also in the black if only just. But the rest of the operations are in varying states of despair, with Evander which has costs of R89,919/kg, the worst off.

Harmony has already flagged job losses and the possible closure of six shafts, but that could be optimistic if the current price environment persists.

Gold Fields is profitable at an operating level, if only just.
==================================

Its flagship Driefontein mine is the most profitable with an 18 percent margin, while its Beatrix operation which produces more than 600,000 ounces of gold a year is sailing close to the wind, at a margin of less than 5 percent. Even Kloof, regarded as one of the country’s largest and finest ore bodies, has a margin of less than 10 percent.

What the margin analysis does reveal, though, is that AngloGold is in good shape. Not only does it have the largest proportion of its gold mined from jurisdictions with dollar-based costs, but it has by far the most profitable mines locally. Its Tau Tona mine, which produces 585,338 ounces of gold using the March output as a benchmark, is the best performer, with a margin of 41 percent. The Great Noligwa mine, the company’s largest at an annualised production of 755,880 ounces, has a margin of 38 percent. Predictably, the Savuka mine, which is in the process of closing down, lost more than R14,000 for each of the 1,100 kg or gold it mined in the March quarter.

@Bytewurm,

wenn die Frage nicht nur rethorisch gemeint ist.


Der Begriff Kaffern im Minenzusammenhang wurde

im W+O Forum vor ca. 1-2 Jahren ausführlich

besprochen. Die anspruchvollsten Beiträge stammen von

ANGLO und SOVEREIGN.

Danach bin ich der Überzeugung, daß der Begriff nicht

diskriminiert.


gruss


gogh

Ich-AG

[Blockierte Grafik: http://www.funfocus.net/bilder/diverse/pc.jpg]


der kommt ganz groß raus



gogh

Wenn man das liest, versteht man einiges

von "Belgischen" Verhältbissen (an der Maas

und am Congo).

gogh

Kölner Stadtanzeiger vom 09.06.2004
=======================

Diamanten, Mord und Entführung
=====================

VON JÖRG RECKMANN, 06:58h

Kongos ehemaliger Außenminister Jean-Charles Okoto 1998 auf einer Konferenz der „Bewegung der blockfreien Staaten“.

Die belgische Bank Belgolaise soll über ihre Konten rund 80 Millionen Dollar Schwarzgeld des kongolesischen Ex-Ministers Okoto gewaschen zu haben.
Brüssel - Der Brüsseler Untersuchungsrichter Michel Claise lebt gefährlich. Seit einigen Tagen achten deshalb Polizeibeamte verstärkt auf seine Gesundheit. Die ist in Gefahr, seit er Ende vergangener Woche in die Direktionsetage einer Brüsseler Geschäftsbank marschierte und vier führende Mitarbeiter der Geldwäsche beschuldigte, darunter den Vorstandsvorsitzenden Marc-Yves Blanpain. Die Kriminellen mit den weißen Kragen haben zudem blutige Hände, wenn stimmt, was die Fahnder zusammengetragen haben. Der Bank Belgolaise, einer Tochtergesellschaft der hoch angesehenen Fortis-Gruppe, wird vorgeworfen,

rund 80 Millionen Dollar an Schwarzgeld über ihre Konten gewaschen zu haben. Die Millionen stammen den Ermittlern zufolge nun nicht aus kleinen Betrügereien, sondern von dem kongolesischen Ex-Außenminister Jean-Charles Okoto. Ein Viertel der Summe wurde für Waffenkäufe verwandt - der

Krieg im Kongo, der gerade wieder an Gewalt zunimmt, also zum Teil über die belgische Bank finanziert.

Denn seine Exzellenz Okoto war nicht nur enger Mitarbeiter des amtierenden Präsidenten Kabila und zwischenzeitlich übel beleumundeter Fußballfunktionär, sondern er war auch Chef der Miba, der größten Diamantengesellschaft des Kongo. Der Wert der edlen Steine, die in den Minen der Gesellschaft auf den Abbau warten, wird von Spezialisten auf rund 30 Milliarden Dollar geschätzt. Ein einträgliches Geschäft also, bei dem

Okoto sich, wie vor ihm so viele andere, offenbar fleißig bediente. Kein Wunder, dass der Mann zornig wurde, als er seinen Job und damit seine lukrativen Nebeneinkünfte verlor. Und an dieser Stelle verbindet sich der Bürgerkrieg, der seit Jahren im Kongo um die Bodenschätze des Landes geführt wird, wie in einem

Krimidrehbuch mit den feinsten Brüsseler Finanzkreisen.

Denn zunächst, so die Vorwürfe, beschloss Okoto, an dem Mann Rache zu nehmen, den er für sein Unglück verantwortlich machte: Etienne Davignon, Verwaltungsratsmitglied mehrerer Finanzgesellschaften, Ex-Aufsichtsratsvorsitzender einer großen belgischen Bank, ehemals EU-Kommissar und eine graue Eminenz des europäischen Finanzwesens, sollte im Auftrage Okotos umgebracht werden. Das war vor etwa drei Jahren, kurz nachdem der Minister seinen Job verloren hatte.

Anteilseigner an der Miba, vertreten durch Davignon, hatten damals bemängelt, was auch in einem Bericht an den UN-Sicherheitsrat (CS / 2229) vom Dezember 2001 nachzulesen war: Bei der Miba wurden Diamanten in großem Stil unterschlagen und heimlich verkauft. Namentlich im UN-Papier genannt: Jean-Charles Okoto und als Waschanstalt die Brüsseler Bank Belgolaise. Warum die Brüsseler Justizbehörden drei Jahre und einen geplanten Mord lang warteten, ehe sie zuschlugen, gehört zu den Geheimnissen dieser verwickelten Geschichte, in der Waffenhandel, Unterschlagung, Mord, Entführung, Hochfinanz und Politik sich seltsam mischen.

Vielleicht war es die Entführung eines Brüsseler Mitarbeiters der Miba Anfang April, die das Fass zum Überlaufen brachte. Die beiden inzwischen gefassten Täter gaben nach Zeitungsberichten an, im Auftrage Okotos gehandelt zu haben.

Sie folterten ihr Opfer, um Einzelheiten der Brüsseler Finanztransaktionen zu erfahren. Vielleicht war es aber wirklich nur eine banale Kontrollmitteilung der Finanzaufsicht, die den Ermittlern bestätigte, was seit drei Jahren bereits in offiziellen UN-Dokumenten nachzulesen ist.

Wie dem auch sei, die Bank Belgolaise bestreitet jede Schuld, Okoto wird bisher erfolglos mit internationalem Haftbefehl gesucht, und im Kongo gehen die Gemetzel marodierender Banden weiter, die über Konten mancher großer Banken mit Erlösen aus den Blutdiamanten bezahlt werden.

(KStA)

aus der Sicht von IAMGOLD kann da garnichts

schief gehen.

IAMGOLD ist letztlich eine reine Holding für GM.

Geleitet und Betrieben werden die Minen von

den Seniors wie Goldfields und Anglo.

IAMGOLD ist immer mit einem ordentlichen

Prozentsatz an diesen GM - vornehmlich in

Westafrika- beteiligt.


Die anderen merger-Aktivisten wie Coeur und Wheaton

stehen lange nicht so gut da, anders ausgedrückt

sind weniger etabliert und haben weniger speck auf den

Rippen. Am ehesten kann Golden Star mithalten.

Deshalb werde die Aktivitäten von Golden Star wohl

letztlich ausschlaggebend sein.

gogh
--------------------------------------------------------------------

Artikel: 09-06-2004 aus Bloomberg

Court delays Iamgold vote on Wheaton
========================

Wheaton shareholders approve rival merger plan

By Myra P. Saefong, CBS.MarketWatch.com

Last Update: 5:48 PM ET June 8, 2004

SAN FRANCISCO (CBS.MW) -- Golden Star said Tuesday that a court has granted its request to postpone Iamgold's vote on a merger agreement with Wheaton River Minerals, allowing Golden Star to move ahead with a formal offer to buy Iamgold

At the same time, during an annual meeting Tuesday, Wheaton (WHT: news, chart, profile) shareholders approved the merger plan with Iamgold (IAG: news, chart, profile).

The news also comes just a day after Vancouver-based Wheaton rejected a revised takeover bid from Idaho-based Coeur d'Alene Mines (CDE: news, chart, profile).

"The postponement of the Iamgold vote is appropriate," said Brien Lundin, editor of Gold Newsletter.

While "the merger between Iamgold and Wheaton River would be beneficial to both companies' shareholders, Iamgold's shareholders do deserve a chance to fully analyze the Golden Star proposal," he said. Lundin doesn't own stock in any of the companies involved.

"Golden Star's offer for Iamgold makes more sense than Coeur d'Alene's bid for Wheaton River," he said, at "least on the face of it."

Golden Star will likely have to increase its offer "if it wants to successfully take over Iamgold," Merrill Lynch analyst Brad Humphrey said in a note to clients.

But Ben Johnson, president of Portland, Ore.-based investment firm First Securities Northwest, remained confident that the "previously planned friendly merger of Wheaton and Iamgold will take place."

"It made good sense to both companies before Golden Star and Coeur d'Alene entered the picture," he said. Johnson and his firm do not currently own shares in any of the mining companies involved, though some of his clients do.

On Tuesday, Golden Star shares fell 25 cents, or 5.1 percent, to close at $4.61.

U.S.-listed shares of Wheaton closed at $2.84, down 14 cents, or 4.7 percent. Iamgold's stock fell 34 cents, or 5.9 percent, to end at $5.42. Coeur d'Alene shed 19 cents to close at $4.35.

Golden Star's bid for Iamgold

Under Littleton, Colo.-based Golden Star's (GSS: news, chart, profile) proposed bid for Iamgold, Golden Star will offer 1.15 common shares of its company for each common share of Iamgold -- a 13 percent premium over the closing price of Iamgold on May 27, the date of the proposed offer. At the time, the deal was valued at around $883 million.

Iamgold's annual and special shareholder meeting will be postponed until June 29, under the court's ruling, Toronto-based Iamgold said. Iamgold was due to vote on the merger Tuesday.

For now, Humphrey expects to see "volatility in Golden Star's share price as the market digests the various aspects of the transaction and weighs it against the alternative Iamgold/Wheaton River merger," he said.

Wheaton's OKs merger with Iamgold

During Wheaton's meeting Tuesday, more than 79 percent of the voting shareholders approved a merger with Iamgold.

Under the terms of agreement, each Wheaton River share will be exchanged for 0.55 of an Iamgold share, which represented a 22 percent premium over the five-day average closing price of Wheaton as of March 30.

Following the vote results, Iam Telfer, chief executive of Wheaton, said his company looks forward to "completing the transaction with Iamgold following their shareholder vote on June 29."

Based on Monday's closing price of $5.76 for Iamgold's U.S.-listed shares and Wheaton's 568 million shares outstanding, the deal is worth around $1.8 billion.

Coeur criticizes Wheaton board

Coeur d'Alene criticized Wheaton late Tuesday for going ahead with its shareholder meeting despite Iamgold's meeting postponement.

The Ontario court decision requiring Iamgold to delay its meeting, had "provided Wheaton River an opportunity to give its stockholders three full weeks of additional time to consider our increased -- and superior -- proposal," said Dennis Wheeler, chief executive of Coeur.

He argued that Wheaton "chose to accept the affirmative vote of only about one-third of its total shares as representative of the sentiment of all of its stockholders."

Coeur had added another $206 million last Thursday to its original takeover offer for Wheaton.

The original offer, valued at $1.8 billion, was made on May 27, the same day Golden Star announced a proposed offer for Iamgold. See full story.

Coeur's new offer for Wheaton -- the one Wheaton rejected Monday -- represents a 16-percent premium to the June 2 closing prices. See full story.

Wheeler said Coeur will continue to pursue its merger proposal, and that it's "carefully considering all of our options."

Myra P. Saefong is a reporter for CBS.MarketWatch.com in San Francisco

Australischer GM-Produzent, der auf Druck der

Großaktionäre gründlich "Aufräumen" muß.

Da fliegen die Fetzen!

Sehe das ganze eher positiv.

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

Aussie gold boardroom war to spill blood

By: Peter Gonnella

'09-JUN-04 02:35' GMT © Mineweb 1997-2004
=============================

PERTH (Mineweb.com) -- Institutional mining investor Resource Capital Funds (RCF) is tired of struggling high-cost Aussie gold producer St Barbara Mines’ [ASX:SBM] poor results and is going for the chairman’s jugular.

The private US-based equities investment firm – St Barbara’s biggest shareholder (with a 22.6 percent stake) – had lost all faith and patience in the ability of St Barbara chairman Stephen Miller to increase value for shareholders, senior RCF partner James McClements told reporters during a teleconference in Perth today (Tuesday). “We have lost confidence in what Stephen tells us,” he said.

Miller’s sacking is paramount to St Barbara’s recovery, according to RCF. Consequently, it has sent out a letter to St Barbara shareholders urging them to team up to get rid of Miller and fellow board member Kevin Dundo in a vote to be conducted at the planned extraordinary general meeting expected to be held in mid-July. RCF has no desire to manage or take over St Barbara but wants to see the Perth-based company directed by new management led by endorsed board replacements, Aussie mining stalwarts Ed Eshuys and Colin Wise.

Other substantial St Barbara shareholders include London-based funds RAB Europe Fund (7.8 percent), St James’s Place Recovery Trust (seven percent) and Ocean Resource Capital Holdings (six percent), while Miller-chaired and Perth-based Strata Mining Corp [ASX:STT] was next largest shareholder (at 5.6 percent). McClements suggested that initial feedback RCF had received from the UK funds, which hold a combined 20.8 percent of St Barbara, had been encouraging, though there were no indications provided as to which way they would vote.

In the hope of participating in the gold industry’s consolidation, RCF first invested in St Barbara about two and a half years ago. But McClements pointed out there had been a lot of “over-promoting and underperformance” by St Barbara and, while RCF had been tolerant and patient, in the ensuing period almost 85 percent of the stock’s value had been wiped out since its February 2002 peak. Against the background of a robust gold market, “Mr Miller has presided over the worst performing pure gold producer on the ASX”, he declared.

McClements revealed to Mineweb that last year St Barbara was in danger of defaulting on the RCF loan facility – which was originally intended for the miner’s consolidation strategy but ultimately also permitted to be drawn on for working capital purposes – and that from last July continued to roll it over on a weekly basis. “Technically we had grounds to issue default notices,” he said. However, instead of standing to potentially lose its total investment by doing that, the resources fund decided to convert the secured debt into about A$8 million of St Barbara equity last November.

According to McClements, one of the undertakings St Barbara made to RCF for the equity-for-debt swap was the appointment of an independent chairman, which hasn’t happened. Other instances of failures to achieve promises have included falling short of forecasts and showing little signs of meeting targets (such as becoming a 500,000 ounces per annum gold producer by 2005). In addition, RCF expressed concerns over the dilution of St Barbara’s ownership in a core project, lack of disclosure in relation to possible merger/scheme of arrangement plans and corporate governance practices regarding related party transactions between St Barbara and Strata Mining.

“RCF’s decision (to invest) was supported by promises and representations made by Mr Miller,” RCF stated in the letter to shareholders. “These promises and representations have been repeated by Mr Miller to RCF, shareholders and the public on a number of subsequent occasions.”

McClements said that after an accumulation of disappointments over the past couple of years and continued frustration this year, “RCF has finally formed the view that Mr Miller is unable to deliver value to St Barbara shareholders”. The letter to shareholders added that “on Mr Miller’s record to date, RCF believes that he is unable to restore that value and that while he stays in control, the investment of all shareholders is at risk”.

Miller is no stranger to a stoush, having emerged victorious or survived a few previous corporate encounters, and certainly won’t be going without a fight. He has already launched a counterattack, advising that a resolution to remove the two RCF-nominated St Barbara directors – RCF chairman Hank Tuten and director Mark Wheatley – is proposed to be put before the shareholders meeting.

Shares in St Barbara, which posted a net loss of A$6.8 million in the December 2003 half and produced only 4,660oz of gold in the March 2004 quarter, finished the day at a paltry A$0.043, which equates to a market capitalisation of just under A$25 million.

gogh

Stillwater (USA-Palladium-Mine) WKN 893759

hat vom Norlisk-Einstieg mächtig profitiert.

Da hatte es vorher schlimme Befürchtungen

gegeben.


Denke daß sich Norlisk die Mehrheit

an Goldfields krallen wird.


[Blockierte Grafik: http://www.cine4.de/images/grimms.jpg]

wer ist Zwerg und wer Schneewichen!?

gogh

... wer den ganzen Tag als Konditor Pralinen und

Sahnekuchen herstellt, ißt abends vielleicht etwas

ganz anderes.

Nachvollziehen kann man, daß dem Immateriellen

etwas Handfestes gegenübergestellt wird.


Mir persönlich ist Silber nicht ganz geheuer.

Kann gut verstehen, wenn jemand zum gleichen

Schluß kommt.


Ob ein Herr Baha das so macht, weiß ich nicht.

Kannte den bis jetzt garnicht.


Es geht ja auch nur um eine mögliche "Moral"

der Geschichte.


gruss

gogh

Zitat

Original von Warren

Was ich mich auch frage: Warum nur Gold und nicht auch Silber, oder
habe ich hier etwas überlesen

Zwei Gründe bieten sich an:


1. Silber hat eine andere Bewertungsprognose als Gold


2. der logistische Aufwand ist 60x höher ( 1 kg Gold kauft

60 kg Silber)



gruss


gogh

[Blockierte Grafik: http://sabrinastuff.com/pix/sabrinaoz.jpg]


Hätsch-fonds?

[Blockierte Grafik: http://www.jackbishop.com/images/bushbook.jpg]


gogh

Und selbst wenn der Rand stark bliebe.


Avgold hat es vorgemacht. Man hat z. B. bei der

Schweizer Hilti spezielle Preßlufthämmer bauen

lassen. Das bessere Equipment konnte mit dem

starken Rand "leichter" bezahlt werden.


Überhaupt ist die Situation geeignet "Innovationen"

durchzusetzen. In der Verarbeitungsphysik und

-Chemie.


gogh

nehmen wir mal an, der Rand bleibt stark.

Kommt dann der Niedergang der GM in Südafrika?



Wer sehr einfach gestrickt denkt, mag zu diesem Schluß

kommen.

Wer kreuz und quer denkt, dem fallen Lösungen ein.


Nicht übersehen: Die S t ä r k e soll die Schwachstelle sein.



gogh

Niedergang einer Zivilisation wird durch andere (Miß)handlungen manifest.

[Blockierte Grafik: http://a.relaunch.focus.de/img/gen/I/I/HBIIA1qaO4g_Pxgen_rc_Ax348,Ax348+0+0.jpg]


Südafrika und Rußland sind aktuell nicht das Problem.