You are here
How Goldman Sachs screwed Ghana by bankrupting Ashanti
9:25p ET Wednesday, April 21, 2010
Dear Friend of GATA and Gold:
A news site sponsored by the government of Ghana today tells an old story but tells it well. It's headlined "How Goldman Sachs Screwed Ghana" and it describes how the New York investment bank miscounseled the great Ghanian gold mining company, Ashanti Gold, into huge hedges at the bottom of the gold market in 1999 just a few weeks before the Western European central banks announced, via the so-called Washington Agreement, that they would curtail their gold sales and leases, spiking the gold price. Then Goldman Sachs helped Ashanti's South African rival, AngloGold, acquire the Ghanian company at a distress price, impoverishing its shareholders. The authorship of the essay isn't clear but let's see if Goldman Sachs files suit for libel in Accra. You can find the essay at GhanaWeb here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Private Placement Offering for Silver Phoenix Resources Inc.
Each flow-through unit consists of one common share in the capital of the corporation (a "flow-through share") and half of one non-flow-through common share purchase warrant (a "warrant"). Each whole warrant shall entitle the holder to acquire one non-flow-through common share in the capital of the corporation (a "warrant share") until 5 p.m. Vancouver time on the date 24 months following the closing date (as defined herein) at a price of $0.70.
The proceeds raised from the offering will be used for general exploration and to drill the 100-percent-owned River Jordan Property. This historic property hosts the King Fissure [aka River Jordan] lead, zinc, and silver deposit.
Following a comprehensive field program in 1991, a structural re-interpretation of the complex folds hosting the King fissure deposit resulted in a major increase in potential mineralization to 20 million tonnes of 7.5 percent lead, 7.5 percent zinc, and 100 g/t silver [Laird and Clark, 1991]. The estimated tonnage of the light rare earth and niobium-bearing extrusive carbonatite unit is on the order of 33,750,000 tonnes, with no ore grade currently established. This historical estimate predates National Instrument 43-101 legislation.
Interested parties can contact:
For more information about the River Jordan Property, please visit:
Support GATA by purchasing a colorful GATA T-shirt:
Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon:
* * *
Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
Free Booklet from Centennial Precious Metals on Pre-1933 Gold Coins
You can register for your free hard copy here:
A printer-friendly version is available here:
Or you can order by telephone by calling Marie Ballard at Centennial Precious Metals at 1-800-869-5115x106.