andlogold to acquire mid tier producers

GODSELL SAYS ANGLOGOLD (WHO CURRENTLY HAS A JV WITH OXR) LOOKING TO ACQUIRE MID TIER GOLD PRODUCERS - I WONDER WHO HE MAY HAVE IN MIND!?!?!?!

Godsell sees bullion price rising to $500
April 12, 2005

By Matt Chambers

AngloGold Ashanti, the world's second-biggest gold mining company, may seek to acquire and partner smaller companies to help replenish its reserves and maintain production as prices climb as high as $500 (R3 030) an ounce.

Chief executive Bobby Godsell said at the Australian Gold Forum in Perth yesterday: "Our focus of attention has moved from big bang consolidation to looking at mid-tier and junior and local companies" to replace the gold it produced.

He forecast gold prices at between $400 and $500 an ounce "for the foreseeable future".

AngloGold bought Ashanti Goldfields for $1.5 billion last year to add deposits in Ghana and to compete with Newmont Mining, the world's biggest gold producer. Godsell said it was hard to make a profit buying larger companies, which were usually "fully valued", and joint ventures might be more profitable.

He said gold might rise higher than $500 as the dollar fell further.

Gold for immediate delivery rose to a 16-year high of $456.89 on December 2 as the dollar declined against the euro.

Declines in the dollar make gold cheaper for buyers with other currencies.