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The
purpose of this investor relations workshop in Hong Kong was
to: -
- Provide market and industry leaders the opportunity to
indicate present and future trends affecting all aspects of
mining.
- Give well-established mining companies the chance to outline
to significant investors their company’s plans.
- Offer Fund Managers a platform to pitch for further
investment.
The
Hong Kong conference was a follow-up on the Shanghai
conference. However,
the scope was broader to include Gold, Diamonds and Precious
Metals, so appealing to Hong Kong’s enormous pool of
institutional and private investors; large concentration of
financial institutions; and bullion traders.
The
conference, which drew over 100 delegates, was opened by The
Honourable Henry Wu King Cheong, Honorary Permanent
President of The Chinese Gold & Silver Exchange Society.
Other presenters included:
Miss
King Chi Au, Deputy Secretary for Financial Services and the
Treasury, HKSAR
Ian Cockerill, CEO, Gold Fields Limited
Dr.
Lam Sai Wing, Chairman, Hang Fung Gold Technology Limited
Robert Friedland, Chairman and President, Ivanhoe Mines Limited
Juerg Kiener, MD / Chief Investment Officer, Swiss
Asia Capital Singapore Pte Limited
Charles Mostert, Managing Director, Crown Diamonds NL
Bradley Greenfield, Regional Credit Manager, ABSA Bank (Asia)
Limited
The
Honourable Mario George Masher, Consul-General, South
African Consulate-General Hong Kong
Norman Lowenthal, Chairman, SSC Mandarin Group
Dr.
Denis Worrall, Chairman, Omega Investment Research and
Chairman of Crown Diamonds NL
Should
you wish to receive a copy of any of the above
presentations, please e-mail me at teresab@omegainvest.co.za
and I will see that you receive a copy without delay.
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'BUSINESS
REPORT' News
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Gold Fields to build
up its interests in China
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November 11, 2003
By Reuters
Hong Kong - Gold Fields aimed to step up its investment in
China's gold mining sector, Ian Cockerill, the chief
executive, said at the weekend.
The company would like to acquire a majority stake and some
operational control over one or more gold mining projects
there.
"From what we have seen in China, the industry is
well advanced," Cockerill said on the sidelines of the
Hong Kong Gold, Diamonds & Precious Metals Investor
Relations Workshop 2003 organised by South African Omega
Investment Research.
He said more large western gold mining companies would
invest in China, which he called the world's next major gold
province.
Gold Fields' licensed pretreatment technology and mining
expertise could be used in mining deep, complex deposits in
China. Although the mines in China that he had visited were
top quality, many Chinese miners had to date focused only on
shallow mining.
Gold Fields already has a 50 percent stake in a joint
venture with Australia-listed Sino Gold for exploration in
Shandong province in eastern China. Gold Fields also holds a
10 percent stake in Sino Gold.
"The project is still in its early stages," said
Cockerill of the Shandong joint venture.
"We are looking
for sites for drilling."
Sino Gold and local authorities in the Guangxi autonomous
region of southwestern China had a joint venture for a local
exploration project.
"It's in the final stage of a feasibility study,"
he said.
Sino Gold had a gold mining joint venture in Jiangchaling in
the central province of Shaanxi, he added. It produced about
90 000 ounces of gold a year.
Cockerill expected gold prices to continue rising beyond the
threshold of $400 an ounce.
"The trend is still positive."
The latest price rise could slow down mergers and
acquisitions in the global gold industry, as sellers'
incentives weakened on the improved price outlook.
Spot gold opened higher in Asia yesterday as traders covered
short positions after the weekend's bombing in Saudi Arabia.
Sapa-AP reports that gold opened an ounce at $384.15
yesterday in Hong Kong, up $4.10 from Friday's close. The
price retreated somewhat to $382.85 at the London morning
fix.
Gold Fields closed R3.29 up at R90.89 yesterday.
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Please contact Teresa Botha
for further information
on this
event or to be added to our mailing list.
Teresa Botha - Omega
(South Africa)
Tel: +27 21 689-7881
Fax: +27 21 686-4361
Email:
teresab@omegainvest.co.za
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