Anglogold rises above South Africa's crisis
Article Abstract:
South Africa has been hit by the Asian financial crisis which has hit the value of the rand in relation to the US dollar and pound sterling. Titi Mboweni has been appointed as successor to Chris Stals, Reserve Bank head, and financial markets are nervous about his experience. Meanwhile, Anglogold has been set up by Anglo American Corp and was floated on the Johannesburg and London stock exchanges in Jul 1998. Anglogold includes Freegold and Western Deep Levels. The company has hedged against drops in the gold price, and has sought to maintain good labor relations.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1998
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Losing its shine
Article Abstract:
Bakyrchik Gold floated in 1993 after gold prices had risen, but the company faces problems in 1997. Gold prices have dropped, and the company lacks funds to develop its Kazakhstan mine. An agreement with Indochina Goldfields reduces Bakrychik's stake to 20%, while Indochina's stake in the mine will be 80%. The refinancing deal will mean the company's stocks will be delisted, if the deal is approved by stockholders. The stock could be transferred elsewhere, but investors may be better off selling before the delisting occurs.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1997
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New Mediterranean frontier for gold
Article Abstract:
Gold Mines of Sardinia (GMS) has exploration rights for Sardinia and has begun production on the island. The company's Furtei mine has low production costs and mining makes a profit at Oct 1997 gold prices. The company holds a 70% stake in the Sardinian holding company and is seeking to increase this stake. GMS could be a takeover target and Minorco and BHP have already shown interest in its activities in Sardinia. The stocks represent a specualtive investment.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1997
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