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Ashanti Goldfields Co. (ASL) Message Board

  • modoufall modoufall Mar 29, 2000 3:14 AM Flag

    Oil - POG connection

    Well, I don't take the story I quoted in my post
    5032 too seriously, but there is half a confirmation
    in this news
    story:

    http://dailynews.yahoo.com/h/nm/20000328/ts/energy_opec_37.html

    The oil price is actually coming down, and if the 20
    to 1 theory holds, oil at 20 would correspond to a
    POG of 400.

    This is not even a forward looking
    statement, its just BS-ing!!!!!!!!!!

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • 1. No the Bogosu roaster is still where it has
      always been. Prestea is still running the 1924 top blown
      harth, 5 tonnes a day arsenic trioxide + 30 tonnes a day
      sulpher dioxide up the stack at full
      production.

      2. The rigs AGC is moving onto TGL are owned and
      operated by West African Drilling Services (WADS),
      although it will be AGC geos doing the sampling. It might
      ease some concerns though that the rigs are not doing
      exploration work, the orebody is well defined and modeled,
      the rigs are to do grade control sampling to enable
      selective mining of higher grades to feed the mill (always
      a tough job in the Banket formation, where nugget
      effect (high sample variance) is a major
      problem.

      3. If Goldfits post is accurate, and Barrick was the
      front runner only was not offering 'joint management',
      how much $$ did AGC leave on the table in order to
      save their pride and retain the right to manage the
      place through 50% participation on a management board.
      I can just picture trying to get a decision out of
      management under that arrangement.

      4. IMHO, the whole
      trouble with AGC is the fact that although it is a public
      company, its primary concern is pandering to Ghanain
      political interests, not it's shareholders.

      Oh well,
      Rapid, you'll like this, I'm outta West Africa in a very
      short time, and will thus be unable to post the latest
      gossip.

    • Ghanaian gold miner Ashanti to continue hedging
      after Anglo deal London--Apr 5--Ghanaian gold miner
      Ashanti's Chief Executive Sam Jonah said
      Wednesday that
      Ashanti had no immediate intention of reducing its
      hedging activities in the near future. (Story
      .19281)http://www.crbindex.com/news/story2203.html

    • ******* can fix up any project. Think of syn-fuels. Everything looks great when you can sell your product for top dollar.

    • I heard a similar line regarding the roaster. The
      float con had to have 23-24% sulphides. Doable, but
      that means you need good flotation circuit control and
      good ore blending control. Also, I don't think there
      was much hold up between the float con production and
      the filters and the roaster. No hold up time
      mininizes capital cost (a Minproc trademark) but means that
      any flotation upset went straight to the roaster.


      Didn't Bogosu sell the roaster to Prestea? Last I heard
      it was sold but not moved? Also I thought that the
      site was going to look at stirred tank biooxidation
      again. Putting in a roaster now will cost big $$. Did
      anyone ever resolve the sulphide resource issue /
      litigation?

      Fundamentally, I have always had doubt
      about this mine because AGC didn't snap it up. AGC was
      / is on an acquisition spree and AGC has the
      extensive sulphide processing experience.

      The
      problems are nothing that a big increase in the price of
      gold couldn't fix, but I don't see that coming.


      Regarding AGC moving drill rigs onto Teberebie concession.
      I've never heard of AGC running s decent exploration
      program. Their successful ones seem to be with
      contractors. Just thinking of AGC trying to collect and assay
      samples makes me shiver. -- Let alone analyze the data.


      Obviously, it doesn't surprise me that Barrick won't buy
      Gieta without being the operator. And as I have stated
      before, I am sure that AGC wants to be operator
      (patronage jobs and all that) --- hence an impasse in the
      discussions. Barrick can wait and bide their time. AGC will
      soon be under severe financing pressure to sell and
      will need to meet Barrick's terms. I suspect that
      Barrick can offer a better price than Anglo, because they
      already have a bunch of infrastructure in place nearby.


      Later.

    • Bogosu was rumoured to be moving forward with
      financing to try the roasting route again. Don't know the
      details, but seems to me that the whole problem with the
      original Minproc roaster was inconsistant sulphide content
      in the feed, one minute too cold, the next minute
      the grates were melting. Also heard that they were
      having trouble getting $$$, and without it they would be
      out of oxide this year (which has been the story for
      the last 5 years). Also posibility of them getting
      surface rights to neighboring Prestea, JCI pulled out
      after thier decision to shut the underground didn't go
      over so well. Ghana Mineworkers Union is currently
      operating Prestea U/G at ~1500 Oz/month (pillar
      robbing).

      As far as Teberebie goes, it is a fact that the last
      expats left on 31 March, and AGC took over sercurity and
      ADR operations. Rumour is that AGC is moving R/C rigs
      onto TGL concession....

      The guy I talked to at
      Barrick said there was no way they would buy into it
      unless they were the operator. That should be good news
      for AGC investors, Barrick knows how to run a
      mine.

      Okerb, IMHO Ghana government will never give up interest
      in AGC. It would be political suicide. Jonah is
      rumoured to be on Rawlings bad side, both due to the
      hostile bid from Lonroh at the time of crisis, and also
      because Jonah is rumoured to have split from the
      mainstream NDC. He hasn't gone over to the opposition, but
      is supposedly forming a disedent NDC fractionDeep
      Enough

    • Well, actually, km's pretenious analysis is just
      as bad as bug's fantasies. See, the news today was
      panic investors buying gold and mining
      stocks.

      Why the problem with the posts? Look, there is no
      evidence of a hang-up of Gieta negotiations. Just
      manipulative suggestion from some funny lunny-toons.

    • Goldbug234-

      Having spent some time in
      Ghana, it is clear to me that you are over there and
      unless expat society has changed in the last couple of
      years (and I doubt it, as nothing changes rapidly in
      Ghana)I am sure that you are tuned in to the prolific
      gossip network. Thank you for your posts and please
      continue to contribute and ignore the pointless barbs
      directed your way.

      I find your observation sadly
      amusing that Barrick and AGC are hung up over value and
      who will be the operator. I speculated on the
      operator issue a while back (Posts 5041, 5042). Seems like
      the gold industry is still the same.

      "I would
      hope that the purchaser of 50% of Geita also becomes
      the operator. That would be good for ASL shareholders
      but probably is being oppossed by Ashanti - and that
      might be the thorn in the sale negotiations," Post
      5042

      Off Topic - Have you heard anything about what Golden
      Star is going to do witht he refractory ore at Bogosu?


      KM's Dad

    • Hey golddung, a hedge on one end and a new reserve on the other end, is a balance.

    • Well, silly me to think that AGC would actually
      inform its shareholders of what its up to!!!

      This
      much I can confirm as it is public knowledge over
      here. On 31 March 00, AGC assumed operational control
      of Teberebie Goldfields Limited. TGL boarders AGC's
      Iduapriem mine in Ghana. The loss making TGL operation has
      been shut down since December, 99. It is (was??) owned
      by the Pioneer Group of the United States
      (PIOG).

      This acquisition? should allow Iduapriem to continue
      to loose money well into the future (IMHO).
      Financial details of the deal are not availiable, but are
      rumoured to include the assumption of TGL debt resulting
      from their ~$70,000,000 expansion a couple of years
      ago.

      Also well known that TGL had gutted the orebody before
      shutting down, doing little stripping in the last 1 - 1.5
      years.


      Was talking to a friend at Barrick who says they
      are in the running for Gieta, but only as operator.
      Indicated that hold up may be AGC's unrealistic valuation
      of property. Don't forget, low POG lessens AGC's
      hedge problem, but also lowers value of
      Gieta

      Deep Enough
      LOL

    • Oh c'mon, jump back in - African waters are lovely this time of year . . .:-) I am now going to check out SYKE . . .

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