South Africa: Anglogold Seeks 100
Percent of Cripple Creek
15 January 2008
Charlotte MathewsGLOBAL gold producer AngloGold Ashanti was offering to buy Golden Cycle Corporation, its co-shareholder in the Cripple Creek & Victor Gold Mining Company in the US, for $149m in shares, the companies said yesterday.The transaction would increase AngloGold's ownership to 100% of Cripple Creek, its only US operation, from 67% previously, although it had a 100% interest in the mine's production until the initial loan it made to the joint venture was repaid. At the end of September the outstanding value of the loan was $336m.
It seems that some people in America needed to raise some money: and they did this by selling something they owned rather than by getting the Government to bail them out.
I wonder if that spirit of rugged independence will catch on?
Probably not. Apparently at least one FReeper denies the right of Americans to freely dispose of their own property:- likening their basic freedom of association to prostitution.