Bock sale lets Anglo in

Article Abstract:

Anglo American has acquired a stake of 18% in Lonrho from Dieter Bock, chief executive of the company. Anglo backs Bock's plans to split up the company and a trade sale of Lonrho's hotels is near completion. Anglo may seek full control of Lonrho's mining interests but there may be opposition from the European Union over consolidation in platinum mining. This could be tackled by selling Lonrho's platinum interests. Anglo is also seeking to reassure than government of Ghana which may be concerned about allowing Anglo to control Ashanti, the main gold producer in Ghana.

Mining & Extractive Industries, Mining, Investments, Mining industry, Securities, Anglo American Corporation of South Africa Ltd., Lonrho PLC

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Critical times

Article Abstract:

The price of gold has dropped in 1997 to levels previously seen in 1985, and this has hit mines that were only just profitable before the price drop. There are particular problems in S Africa due to the depth of the mines which adds to costs. JCI and Randgold are especially badly hit. JCI has laid off a third of its employees at its Randfontein mine, and Randgold's East Rand Proprietary Mines could be closed down. Mines cannot be opened once they are shut down.

Prices and rates, Gold industry, South Africa

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