Mal wieder was neues zu Ashanti - 500 Beiträge pro Seite

[Sovereign]

Folgendes kam gerade über Mining.web:


CAPE TOWN -- Ashanti Goldfields has raised expectations that the Ghanaian government`s one fifth holding in the gold producer could end up in private hands. The Ghanaian government has long held a stake in Ashanti which it has termed a national asset. However, a recent change in government has thrown the spotlight on privatisation of state assets.

Ghana`s president Gerry Rawlings relinquished his position recently in favour of a new head of state, John Kukuor. This is the first time in Ghana`s history that one democratically elected government has handed over to another.

Speaking at the Indaba Mining Conference, held in Cape Town, Ashanti Goldfields chief executive Sam Jonah, said the company planned to take advantage of the new government`s interest in developing the private sector. The Ghanaian government holds 20 per cent of Ashanti Goldfields and has been resistant in the past to sell this stake to interested buyers.

Theoretically, the move could dovetail with plans by another Ashanti Goldfields shareholder, Lonmin, to free up its stake. This would mean just over half of the company`s share capital is in weak hands.

"The new government appears totally committed to the private sector, and has been promoting the philosophy that the private sector should be the engine for Ghana`s growth, and should be empowered to usher Ghana into a `golden era`," Jonah said at the conference.

"They have even appointed a Minister in charge of private sector development," Jonah said. "Ashanti plans to take advantage of these developments and work actively with the government to explore ways in which Ashanti`s true potential can be realised," he added.

Future hedging targets
Ashanti Goldfields is the company that flirted with bankruptcy last year when its hedge book was found to be hundreds of millions of dollars under water amid a charge in the spot gold price. Commenting on the company`s ability to keep afloat, Jonah said that significant progress had been made in restructuring the hedge book.

The level of Ashanti Goldfields` committed ounces had been reduced by two million ounces over and above those ounces that had matured normally, Jonah said. The company`s lease rate exposure had also been reduced by over three million ounces. However, more work needed to be done to the hedge book, he said.

Jonah said Ashanti aimed to reduce the level of committed ounces to less than two-thirds of production: "We would like to reduce the level of committed ounces to less than 75 per cent of our annual production over the next three years, thereby increasing Ashanti`s ability to participate in an upswing in gold price, whenever that may occur," he said.

Over the same period, Ashanti wanted to lift annual production 40 per cent to ensure that debt-obligations can be met.

"Finally, we have pegged our lease rate exposure to less than 60 per cent of planned protection levels," Jonah said.

By: David McKay

Tja, noch ist der Kurs zwar nicht in die Gänge gekommen, ich bleibe aber nach wie vor investiert und warte auf die Bekanntgabe der Q4 zahlen (soll am 7. März erfolgen).
Im Gegensatz zu den Aussi-Minen, die ihre hedges immer weiter ausdehnen, hat Ashanti die Gefahr von bad hedges ja schmerzlich erkennen müssen und arbeitet mit Hochdruck daran, daß hedge book zu verringern.

Gruß

Sovereign

[Sovereign]

Und nochwas zum selben Thema:

Ashanti hopeful new Ghana govt will end veto
(Recasts after interview with Ashanti chief executive)
By Mark Bendeich

LONDON, Jan 31 (Reuters) - Ghana`s biggest goldminer, Ashanti Goldfields Ltd , on Wednesday raised hopes that the country`s new government could relinquish its golden share in the company and free it up to take part in mergers.

Chief Executive Sam Jonah, speaking after Ashanti reported record annual production, said the new president, former opposition leader John Kufuor, was genuinely committed to the private sector, much more so than the previous administration.

"We intend to capitalise on this new mood and enter into a new dialogue with him on restoration of Ashanti`s value," Jonah said, adding that Ashanti wanted to play a part in the consolidation of the global gold mining industry.

The Ghana government holds a 20 percent stake in Ashanti, one of Africa`s biggest gold miners, but can block a merger through its holding of a single golden share.

Jonah said that the veto, "much more than anything else", was hurting the company`s share price, in decline for years.

The stock took a big tumble in October 1999, after a sudden spike in the gold price sank its hedge book and brought the company close to collapse. It has since come back from the brink but now faces a weak gold price and pressure to consolidate.

The company`s American Depositary Receipts have not traded above $4 since November 1999, when Africa`s third biggest platinum producer, British-based Lonmin Plc (LSE: LMI.L - news) , withdrew a $7 per share offer for Ashanti. The stock last traded at $2.50.

The Ghana government sank the Lonmin deal. Lonmin still owns the 32 percent Ashanti stake it held before the aborted merger.


CHANGE IN THE AIR

Jonah said no merger proposal was currently on the table.

"We are here to look after the interests of all shareholders and any option which will realise value for shareholders, we would have to progress at some stage," he said.

"We are not in the market saying `Please come and merge with us`. What we are saying is that we ought be available for merger, takeover... and all sorts of things," he added.

Kufuor was sworn in as Ghana`s president this month, ending the 19-year rule of former military ruler and twice-elected President Jerry Rawlings. Kufuor, who trained as a lawyer, vowed to fight corruption and try to revive Ghana`s flagging economy.

Jonah was very upbeat on Wednesday at the prospects of seeing eye to eye with Kufuor on taking the fetters off Ashanti.

Jonah said it was up to the government to decide what it did with its 20 percent stake in the longer term but added:

"There are competing demands for hospitals, schools, roads and all of that. And one will have to ask the question whether retaining a 20 percent share in a risky business is the best way forward to use your money."

Ashanti has shored up its balance sheet by selling half of its prized Geita mine in Tanzania to AngloGold Ltd last October. Ashanti is also turning in improving operating results.

On Wednesday it reported an 11 percent rise in gold production to 1.74 million ounces for calendar 2000. Cash operating costs fell seven percent to $190 per ounce.