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Thu, 10 Jan 2002, 12:26am EDT AngloGold, Vying For Normandy, Has a List of Other Targets, CEO Says By Dudley White Melbourne, Jan. 9 (Bloomberg) -- AngloGold Ltd., vying with Newmont Mining Corp. for control of Normandy Mining Ltd., said it`s exploring other takeover opportunities as it tries to reduce its dependence on South Africa`s high-cost mines. The top gold miner has a list of assets and companies it would like to buy, though won`t be panicked into paying too much for acquisitions, AngloGold Chairman and Chief Executive Bobby Godsell said in an interview. Godsell is in Australia lobbying investors to accept its bid for Normandy, due to close Friday. AngloGold has made three bids for Normandy to increase gold output outside South Africa where deposits miles underground make costs the world`s highest. Analysts have speculated AngloGold may also bid for South Africa`s Gold Fields Ltd., Ghana`s Ashanti Goldfields Co. or Melbourne-based Newcrest Mining Ltd. ``Even in the age of contemporary transparency, you are able to explore deals before announcing them, it`s a smart thing to do,`` Godsell said, declining to name the companies or assets. ``Some (of those possible transactions) have been more serious than others. Normandy was never the only company on the list.`` AngloGold`s bid is valued at almost A$1.84 a share, based on current prices, less than Newmont`s offer, valued at more than A$1.87 a share. Newmont has said it expects to complete the takeovers of Normandy and Normandy`s biggest shareholder, Franco- Nevada Mining Corp., by mid-February. ``We`ve got a small list of assets and a small list of companies, in four or five places in the world, including Australia,`` Godsell said. ``Normandy was never the only company on the list. The sun will rise and we`ll carry on doing these things.`` Small Gap AngloGold has until late Friday to decide whether to increase its offer for Normandy, Godsell said. ``People haven`t made up their minds, they do see the gap as very small,`` he said. ``I think it remains wide open.`` Investors holding less than 1 percent of Normandy stock have accepted AngloGold`s bid, Godsell added. Arbitragers hold between 40 and 45 percent of Normandy, Newmont Chief Financial Officer Bruce Hansen said yesterday. Franco owns almost 20 percent. ``We`re keen to bring this to a head as soon as possible,`` Godsell said. ``Of let`s say the 12 or 15 key institutional holders of Normandy, if we got five or six of those accepting during this week it would create a psychology ... that would be very positive for us.`` AngloGold also has expansion opportunities at existing mines as well as through exploration, Godsell said. Among the miner`s exploration projects, drilling at the Coyote zone in the western part of Australia`s Tanami desert has been encouraging, he added. ``We`re very excited about the Tanami,`` Godsell said. The company has had ``some very exciting drillhole intersections in the last quarter.`` AngloGold may also find more reserves around its Sunrise Dam mine in Western Australia state, he said. Normandy shares dropped 3 cents, or 1.6 percent, to A$1.83. |
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| aus der Diskussion: | Fusion |
| Autor (Datum des Eintrages): | gholzbauer (09.01.02 14:34:16) |
| Beitrag: | 23 von 23 (ID:5291967) |
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