Ashanti looks to stronger future ... (Mining Finance)

Ghanaian-based Ashanti Goldfields Co Ltd has reached an agreement in principle to restructure US$219 million of convertible debit issued in 1999 to avert the company's gold-hedging crisis. proprietors of the company's outstanding 55% exchangeable guaranteed notes to be paid on March 15, 2003 (representing around 62% of the outstanding principal amount) have approved a proposal that will allow Ashanti to change a portion of the notes to equity, and in issue reissue the remainder of the notes with an reach forthed term but at a higher interest rate. The US$31 million balance of the original US$250 million issue of notes has already been