John Dizard in the Financial Times on Newmont''s ultimatum to the bullion banks


Yandal hedge drama -- it's not over yet

By Tim Wood
June 4, 2003

NEW YORK -- One bullion bank, believed to be Goldman
Sachs, has so far rejected Newmont's 50 cents-on-the-dollar
offer for its stake in the Yandal gold hedge book. Six other
banks have accepted the offer, including, say sources, JP
Morgan, suggesting the offer was fair given the perilous
state Yandal is in.

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