Randgold & Exploration Ltd.
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A Closer Look At
Randgold & Exploration Ltd.
(The RANGY Report is not affiliated in any way with Randgold & Exploration Ltd.)
South Africa is, by far, the biggest gold producing country in the world. It also has the world’s largest gold reserves. However, our research team discovered Randgold & Exploration Ltd.* ( RANGY ) while searching for reasonably valued uranium stocks. We learned the firm held shares of many publicly traded company's in a manner similar to a closed-end mutual fund. An in-depth review revealed the value of these assets appeared to far exceed the current stock price for RANGY. For example, according to the Randgold & Exploration Ltd. June 30, 2004 Interim Report, we learned:
http://therangyreport.com/
- A Gold Story Like No Other
Randgold and Exploration Limited (symbol: RANGY), the South African-based ADR, is an unusual animal in the Nasdaq jungle. First, because it is a gold company, second, because it is a holding company, and third, because of its blinding obscurity. With no PR department and listed on an exchange dominated by visible, high-tech players like Microsoft and Cisco, it is an unassuming elephant in the land of the lions.
Moreover, should you bother asking this elephant where he's been, he'll tell you a swashbuckling tale unique to the annals of gold mining.
Randgold used to be a motley collection of mines, each plodding along under management contract, paying out dividends until their orebodies were exhausted. In 1994 Peter Flack and Roger Kebble led a shareholder revolt at Randgold, toppling a management committed to shutting down their high-cost, aging mines in a "closure with dignity" policy. Rather than accepting defeat, their team implemented a sweeping plan to reorganize into more rational, autonomous units. By shedding outmoded management contracts, they sparked what some observers have called a revolution in the manner in which South African gold mining organizations conduct business. Over the next four years, through a dizzying series of mergers, acquisitions, reorganizations and spin-offs, Randgold has emerged as a holding company with primary assets in its favorite child Randgold Resources, in its refurbished megamine Durban Deep, and a mineral rights package throughout Africa.
Today, Durban and her sister mine Harmony are thriving profit centers, with more ounces in the ground through shrewd acquisitions, and ever declining costs in an environment in which even goldbugs have thrown in the towel.
If that weren’t enough to interest the average investor, Rangy's underlying holdings represent some of the most attractive opportunities in gold today. To wit, consider Randgold's 60%+ ownership of Randgold Resources, an exciting, high grade, low cost surface operation with a producing mine at Syama in Mali and with exploration and development interests throughout a swath of middle Africa. Consider also its 12% ownership in the dynamic new Durban Deep, possibly the world’s most leveraged mine to the price of gold.
Yet the biggest anomaly may be Rangy's market price relative to its conservatively stated net asset value (NAV). This is a stock selling for $1.50 a share with a conservative book NAV based on its holdings of over $3, and a moderately bullish estimate north of $4.
hxxp://www.gold-eagle.com/south_africa/regional_analysts/azzola010699.html
Posted: '20-JAN-05 09:11' GMT © Mineweb 1997-2004
MINEWEB: Well, today was a momentous occasion in the Kebble household. Brett Kebble’s father, Roger, who appeared on this programme, you might remember going back to the 12th of November 2002, the day after he came out of jail – he was jailed when he arrived back from an international trip – that whole charge has now been struck off the roll. We welcome Brett Kebble, Western Areas chief executive, to the programme again. Brett, it's a long story and one that I guess we don’t really have time to go through chapter and verse, but the celebrations must be intense in your household.
hxxp://www.mineweb.net/radio/classic_mining/404999.htm
Posted: 20/01/2005 RANDGOLD & EXPLORATION said on Wednesday, that they had made around R120m from the refinancing of AFLEASE, on the back of its rescue sale of shares in the past couple of months, by way of a R175m share swap and a R50m convertible loan, bringing their total shareholding in Aflease down to between 4% and 8% from around 33%.
David McKay
Posted: Mon, 07 Feb 2005
[miningmx.com] -- ROGER Kebble’s ability to spring surprises knows no bounds as demonstrated by the proposed refinancing of Simmer & Jack Mines, a gold mining pennystock that he chairs. According to Gordon Miller, newly appointed CEO of Simmer & Jack Mines, the plan is to inject net cash of R54m into the company by means of a R129m rights offer, scheduled for March.
...
The end game is to shut down Randgold & Exploration by driving its extant assets into JCI, companies that are related by means of a crossholding. Even Randgold’s historic Selby buildings, designed by Herbert Baker and listed as a national monument, have been sold and now stand empty.
hxxp://www.miningmx.com/gold_silver/410860.htm
David McKay
Posted: Wed, 19 Jan 2005
[miningmx.com] -- DRDGOLD, the South African gold producer, today expressed an interest in settling all outstanding legal battles, totalling R140m, with the Kebbles, a well-known South African gold mining family.
DRDGOLD and the Kebble family, led by 65-year old Roger Kebble, have been at loggerheads since mid-2000 when Roger was ousted from DRDGOLD by Mark Wellesley-Wood, the company's current chairman. In November 2002, Roger Kebble was arrested and imprisoned for a night on fraud charges levelled by DRDGOLD.
“We are getting tired and they (the Kebble family) are clearly running out of money,” Wellesley-Wood told miningmx. “It has been suggested that we settle the matter. The only people who make money out of this are the lawyers,” he said.
Wellesley-Wood's comments follow a judgement today in Johannesburg’s Magistrate’s Court in which fraud charges against Roger Kebble were struck from the roll. During the process, the state prosecutor had been refused postponement of proceedings, according to a Kebble family spokesman in an interview with Bloomberg News. It was the fourteenth time a postponement had been requested by the prosecution.
...
Roger Kebble is chairman of Randgold & Exploration, a Johannesburg listed company.
...
hxxp://www.miningmx.com/gold_silver/404862.htm
December 2004 Final estimated to be released on Friday , 22 April 2005
hxxp://iafrica.sharenet.co.za/v3/quickshare.php?scode=RNG
12:17 PM ET April 29, 2005
Edited Press Release
LONDON (Dow Jones)--Randgold & Exploration Company Ltd. Friday announced a net profit of R120 million for the year ended 31 December 2004, which is a decrease of 32% from the net profit of R177 million for the previous year.
The profit decline was mainly as a consequence of the lesser income from Randgold Resources Limited (Randgold Resources), both in terms of the attributable earnings and sale of shares in Randgold Resources.
The lower profit stems largely from reduced gold production by Randgold Resources, where gold production dropped to 204 194 ounces in 2004 from 317 597 in 2003.
Randgold Resources attributable production declined to 204 194 ounces of gold in 2004 from 317 597 in 2003 and cash costs increased to $158/oz in 2004 from $76/oz in 2003. Randgold Resources net profit declined on the back of the poorer production results to $20.1 million in 2004 from $47.5 million in 2003.
Randgolds attributable earnings from Randgold Resources declined in line with the fall in earnings of Randgold Resources, and also because of the decline in shareholding from 37% to 31%. Randgold disposed of 3.2 million Randgold Resources shares during the year at a net profit of R134 million. Randgolds interest in Randgold Resources now stands at 31%.
As a consequence of the further appreciation of the Rand during 2004, the investment in Randgold Resources was affected by an unrealised foreign exchange loss on conversion of R57 million.
On the back of the increased funding provided to the Angolan joint venture partners, the interest earnings of Randgold have increased to R30 million relative to 2003s R9 million. Following the acquisition of Free State Development and Investment Corporation Limited (FSD) last year, FSD finalised the mineral swap with Anglogold Ashanti and realised a profit of R39 million on the transaction.
FSD is subject to tax on the transaction, but the retention of the rights is still subject to Ministerial approval under the new Minerals and Energy Bill. JCIs retention of its interest in FSD, accounts for the increased minority interest following the Anglogold Ashanti mineral right swap.
Randgold disposed of some surplus equipment acquired in Angola and is due to receive the proceeds in the third quarter of 2005, representing the bulk of the outstanding accounts receivable. In line with Randgolds strategy of investing in Angolan diamond projects, the acquisitions and loans are mirrored in the additions to fixed assets. During 2004, Randgold entered into various transactions with Aflease Gold and Uranium Resources Limited (Aflease), and on the 31 December 2004 held some 78 million shares in Aflease worth R139 million.
During the year, the Company lent 9.9 million shares in Randgold Resources to Bookmark Holdings, an Empowerment Entity. This transaction was structured to finance the purchase by Inkwenkwezi Gold (Pty) Limited (Inkwenkwezi) of 19 million shares in Western Areas Limited (Western Areas) from Anglo American Plc (Anglo). Inkwenkwezi is currently in the process of finalising this transaction with Anglo and exercising its option against Randgold for 5.3 million Western Areas shares. Bookmark Holdings is due to return the shares by June 2006. In addition to this loan, Randgold had provided funding for the Angolan initiatives of R150 million and JCIs loan to FSD is still owing, accounting for the R268 million of other assets.
The issuance of 9.4 million Randgold shares to Aflease and 2.1 million shares to Pan Palladium account for the increase in share capital and premium of R314 million during 2004. The market value of the Western Areas shares at 31 December 2004 was some R233 million less than the acquisition price. The directors are of the view that this diminution in value is not permanent, and have accounted for this against the equity reserves, in accordance with fair value accounting standards.
Despite a difficult start in Angola, the Angolan ventures are now coming on stream which will certainly benefit the bottom line. RG&E chief executive Brett Kebble said that RG&E now effectively owns a 45.5% interest in the Cassanguidi alluvial diamond mining venture, in the Lunda Norte area of Angola, a concession with a history of successful mining. Operations began in December 2004 following significant investment in infrastructure, plant and equipment by Randgold, and already profitable. In addition, work has started on further concessions at Luxinge and Dando Cuanza, which has several known kimberlite pipes. Exploration and geological work is underway to develop these high quality deposits, and both concessions are expected to start producing in excess of 10 000 carats per month by the end of 2005, said Kebble. The diamond potential of Angola is well documented and Randgold, together with its strategic partners in Angola, is ideally positioned to benefit directly in the expansion of formal mining operations in the country.
RG&Es earnings from interest increased to R30 million, up from R9- million in 2003 because of funding advanced to RG&Es joint-venture partners in Angola, Inkwenkwezi, a BEE company headed by former Transnet head Mafika Mkwanazi. RG&E has also assisted and continues to assist the acquisition by Inkwenkwezi of 19 million shares in Western Areas.
Through the funding of Inkwenkwezi which is beneficial to both the empowerment consortium and the company, RG&E continues to be exposed to Randgold Resources and Western Areas. Kebble says the South Deep mine is a long-term asset of considerable quality, nearing the end of its development stage and about to increase production. The unveiling of the South Deep Twin Shafts in February this year should see gold production double over the next few years, he said. The board is mindful of the current discount to net asset value and is examining methods of unlocking shareholder value.
Kebble said that within two weeks an announcement would be made regarding the replacement of two current RG&E directors with independent directors.
(END) Dow Jones Newswires
04-29-05 1217ET
Junior miner Aflease Gold and Uranium is calling for a board meeting at Randgold & Exploration to clarify issues that the company has with the way Randgold is being run, while Randgold & Exploration spokesperson David Barritt has indicated that the company has received the letter from Aflease CEO Neal Froneman and Randgold's lawyers are dealing with it and no decision has been taken as yet.
http://www.miningweekly.co.za/?show=72722
Swashbuckling miner and financier Brett Kebble has lost control of his empire, and the future looks bleak for the network of empowerment companies he has cobbled together.
weiter:
http://www.mg.co.za/....aspx?articleid=249138&%3barea=%2finsight%2fin
By: Barry Sergeant
Posted: '30-AUG-05 17:00' GMT © Mineweb 1997-2004
JOHANNESBURG (Mineweb.com) -- It is official: the embattled Brett Kebble has stepped down as CEO of Western Areas, Randgold & Exploration (R&E) and JCI Limited, but has clung to a non-executive directorship at JCI.
mehr:
http://mineweb.net/sections/mining_finance/477832.htm
Brendan Ryan
Posted: Tue, 30 Aug 2005
[miningmx.com] -- Brett Kebble has officially quit as CEO of JCI, Western Areas and Randgold & Exploration (Randgold) in return for Investec Bank putting up R460m to re-capitalise JCI and allow the Western Areas’ rights offer to go ahead.
mehr:
http://miningmx.com/mining_fin/477782.htm
Randgold RANDGOLD & EXPLORATION COMPANY LIMITED
mehr:
http://www.randgold.co.za/news_detail.asp?article_id=176464
"Randgold & Exploration (R&E), one of three companies where Brett Kebble quit as CEO on August 30, is trading at a discount of roughly $350-m to its underlying value of $450-m. While it has been demonstrated that certain companies carry a premium rating due to the track record, status or charisma of their CEO, in the R&E case, investors have chosen instead to vote with their feet."
mehr
http://www.moneyweb.co.za/investing/insights/482117.htm
Newly-installed JCI and Randgold & Exploration (R&E) CEO Peter Gray – who took over executive responsibilities from Brett Kebble in August – has hinted to a number of possible asset disposals as a new board and management team seeks to stabilise matters at the two cash-strapped companies.
mehr:
http://www.engineeringnews.co.za/eng/news/thisweek/?show=73694