Cons Gold falls 25%
NZPA-AAP London British mining group, Consolidated Goldfields, has announced a 25 per cent fall in half year profits to £137.7 million (5NZ396.5 million). Consgold, which owns 48 per cent of Australian mining company Renison, is currently the subject of a £3.2 billion (SNZ9.2I billion) takeover bid by South African-controlled investment group, Minorco. Analysts attributed the
decrease in profits to falling gold prices and said the underlying figures were encouraging. “They are very good figures and they show the way forward,” said Mr Alan Richards, mining analyst for Barclays de Zoete Wedd (BZW). Mr Richards valued Consgold shares at about £2O, ($NZ57.60) compared with the £l4 ($NZ40.32) offer which Minorco made earlier this week. “We think (these
figures) will see Minorco off,” Mr Richards said in a televised interview. Consgold announced an interim dividend of 12.5 pence up from 10 pence last year. Its shares rose 3 pence to £14.61 ($NZ42.07) after the announcement, while Minorco dropped 19 pence to £7.55 (5NZ21.74). Minorco has said it will sell Renison if its takeover bid for Consgold is successful.
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Press, 25 February 1989, Page 32
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180Cons Gold falls 25% Press, 25 February 1989, Page 32
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