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South Africa: Anglogold Seeks 100 Percent of Cripple Creek
Business Day (Johannesburg) ^
| 15 Jan 2008
| Charlotte Mathews
Posted on 01/21/2008 9:21:09 AM PST by VxH
South Africa: Anglogold Seeks 100 Percent of Cripple Creek
15 January 2008
Charlotte Mathews
GLOBAL 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.
"Successful completion of this transaction will enable us to consolidate the full mineral endowment at CC&V over the remainder of the mine's life, while simplifying the ownership of this long-life North American asset," said AngloGold executive vice-president Richard Duffy.
AngloGold has acceptances from 44% of Golden Cycle shareholders to the deal, and needs a two-thirds vote in support. It is offering 29 of its American d epositary s hares, listed on the New York Stock Exchange (NYSE), for every 100 Golden Cycle shares held, a 29% premium to the 30-day volume weighted average price of Golden Cycle's shares on the NYSE Arca exchange, an online exchange for trading shares and options.
AngloGold and Golden Cycle entered into a joint venture over Cripple Creek in 1991. Golden Cycle provided the land and AngloGold the loan financing. In 2006, Cripple Creek produced 283000oz of gold, which was 5% of AngloGold's total production, at a cost of $248/oz.
TOPICS: Business/Economy; Front Page News
KEYWORDS: buygold; firesale; goldbugs; subprime
Weakened dollar makes American assets cheap?
1
posted on
01/21/2008 9:21:12 AM PST
by
VxH
To: VxH
2
posted on
01/21/2008 9:22:07 AM PST
by
cripplecreek
(Duncan Hunter, Conservative excellence in action.)
To: cripplecreek
To: cripplecreek
Given the considerable acreage involved, one would certainly hope so. ;-}
4
posted on
01/21/2008 9:33:15 AM PST
by
VxH
(One if by Land, Two if by Sea, and Three if by Wire Transfer)
To: VxH
Too many claims have been steaked already.
5
posted on
01/21/2008 9:34:17 AM PST
by
cripplecreek
(Duncan Hunter, Conservative excellence in action.)
To: VxH
>>Given the considerable acreage involved
In the transaction referenced by the article, I mean.
6
posted on
01/21/2008 9:36:43 AM PST
by
VxH
(One if by Land, Two if by Sea, and Three if by Wire Transfer)
To: cripplecreek
>>Too many claims have been steaked already. Rumors of a mother-lode within. Could be quite a deposit.
7
posted on
01/21/2008 9:39:06 AM PST
by
VxH
(One if by Land, Two if by Sea, and Three if by Wire Transfer)
To: cripplecreek
>>Too many claims have been steaked already.
Rumors of a mother-lode within. Could be quite a deposit.
8
posted on
01/21/2008 9:39:33 AM PST
by
VxH
(One if by Land, Two if by Sea, and Three if by Wire Transfer)
To: cripplecreek
. . .have been steaked already. As opposed to cubed, sliced or coarsely ground?
9
posted on
01/21/2008 9:55:02 AM PST
by
skeptoid
(A.A. U.E. M.B.S. [with clusters})
To: VxH
Weakened dollar makes American assets cheap?The dollar isn't weak against the rand. It's been a better rate in the past, but still not weak.
10
posted on
01/21/2008 9:58:21 AM PST
by
squidly
To: squidly
Cecil Rhodes, founder of De Beers, must be smiling down in hell.
"The idea gleaming and dancing before ones eyes like a will-o-the-wisp at last frames itself into a plan. Why should we not form a secret society with but one object, the furtherance of the British Empire, for the bringing of the whole uncivilized world under British rule, for the recovery of the United States, for the making [of] the Anglo-Saxon race but one Empire . . . .[20] --- Cecil Rhodes
Cecil Rhodes acquired the major gold and diamond mines of southern Africa and used his wealth to pursue his dream. In 1891, he established a secret society. When he realized that he wouldn't live to see his vision fulfilled, he left his vast fortune to the Rhodes Trust to fund his secret society and the Rhodes Scholarship Fund.[21]"
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Anglo American - De Beers Diamonds, Anglo Platinum, Coal Copper Nickel Zinc, Mineral Sands |
Stock Symbol AAL (London), AAUK (ADR), AGL Africa |
|
20 Carlton House Terrace London (UK) SW1Y 5AN
|
|
|
Phone: |
44 20 7968 8888 |
Fax: |
44 20 7968 8500 |
Company Description |
Anglo Amercan $32 Billion US Dollar revenue, 195,000 employees 45% ownership De Beers Diamonds 42% owns AngloGold Ashanti, 75% owner Angloplatinum, World's largest Diamonds 40% market share Mining metals Copper, Zinc, Nickel, Carbon Steel, Iron Ore.
======================================================
|
11
posted on
01/21/2008 10:09:35 AM PST
by
VxH
(One if by Land, Two if by Sea, and Three if by Wire Transfer)
To: VxH
“Cecil Rhodes, founder of De Beers, must be smiling down in hell.”
Kind of judgmental, don’t you think?
To: Comparative Advantage
[Kind of judgmental, dont you think?]
I see no epiphany in the homosexual architect of apartheids behavior to make me believe he was headed in any other direction.
13
posted on
01/21/2008 1:59:26 PM PST
by
VxH
(One if by Land, Two if by Sea, and Three if by Wire Transfer)
To: VxH
I just last night finished reading “Men of Men” by Wilbur Smith...good novel on the finding and development of the Rhodes empire.
To: VxH
Nah, they’re going for an extension of their use permit to continue operations beyond 2012. My guess is it has something to do with streamlining the capital structure as they’re getting ready to pump a big amount of cash into the operation.
15
posted on
01/21/2008 6:51:59 PM PST
by
x1stcav
(If you continually have to say you support the troops, you probably don't.)
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