By Ben Hirschler

LONDON, Nov 1 (Reuters) - Troubled Ghanaian mining company Ashanti Goldfields Co Ltd, subject of a takeover bid by Lonmin Plc, said on Monday it had a won a three-year reprieve on margin calls from its gold hedging counterparties.

In exchange for its exemption from posting collateral against some $280 million of margin calls, Ashanti is issuing counterparties with warrants convertible into Ashanti shares, entitling them to around 15 percent of the company.

Africa's third biggest gold producer, which was caught out by a sharp rise in gold prices which flipped its hedge book from profit into loss, said 15 counterparty banks had exempted it from posting margin on its hedge contracts until December 31, 2002.

Thereafter, for 2003, Ashanti's margin limits will be twice ,tthe current levels, about $560 million, and for 2004 they will be 1-1/2 times the current limits, or some $420 million.

In return, the counterparties will receive warrants to subscribe for notes which exchange into Ashanti shares at a price of $4.75 a share, the closing price of the stock in New York on Friday. If exercised in full, the warrants would generate $94 million for Ashanti.

``In taking warrants in return for potentially much higher margin risk, our counterparties are demonstrating their confidence in Ashanti's vision and capacity to deliver its future plans,'' said Chief Executive Sam Jonah.

FORMAL LONMIN OFFER?

Industry sources said the long-term standstill deal could also pave the way for Lonmin -- which already owns 32 percent of Ashanti -- to post a formal offer, possibly this week.

Lonmin's informal offer, made last month, was conditional on resolving the hedging problem and on support from the Ghana government, which has a 20 percent stake and veto vote in the country's biggest company.

Lonmin is offering 16 shares for every 27 Ashanti shares, equivalent to $6 per Ashanti share, valuing the company at $670 million.

Other mining companies, including South Africa's AngloGold, are waiting in the wings should Lonmin not succeed. One industry source said the Ghana government -- which has been actively pursuing alternatives -- was still in discussions with a number of parties.

``There are more than two other potential bidders interested in all or part of Ashanti's assets,'' said one person familiar with the situation.

Ashanti said it was in talks with existing lenders and others over funding for its promising Geita mine in Tanzania, due to start operations in the third quarter of 2000. Ashanti needs additional funding of $100 million.

Ashanti's case for a stay on margin calls has been helped by a decline in gold prices which has reduced the losses on its hedge book to a more manageable level.

News that it had secured a long-term reprieve reduced the pressure on gold bullion, which was fixed at $293.85 an ounce on Monday morning from Friday afternoon's $299.10.

Initial fears that Ashanti might have to close its hedge helped fuel gold's rally to $340 on October 5, as dealers anticipated enforced short-covering.