/ 7 December 1999

ASHANTI PRESENTS RESTRUCTURING PLAN

DEBT-strapped Ghanaian gold producer Ashanti Goldfields said Friday it had submitted a financial restructuring plan to its creditor banks, which have extended it another two weeks’ grace. In a statement issued at the London stock exchange, Ashanti said that while the banks are preparing their response, it will attempt to reach an agreement with the Ghanaian government, which holds a 20% stake.