RANDGOLD’S $1.46 billion (?910 million) offer for Ashanti Goldfields was dismissed last night as “uneconomic” by its rival bidder, AngloGold. Randgold’s offer had topped the $1.1 billion bid by AngloGold. AngloGold, however, is the preferred bidder of Lonmin, the British-based minerals group that controls 28 per cent of Ashanti. Neither offer has a cash element and either would be met with shares.

Sources close to AngloGold said that Randgold’s shares did not have enough liquidity to be attractive to Lonmin, which is looking for cash to finance other ventures.

Ashanti Goldfields, which is 17 per cent owned by the Ghanaian Government, is currently valued at about $950 million.

An insider said that Randgold’s maths “don’t make sense”, with Randgold valued at only $550 million.

The source said: “Randgold says their offer is worth $1.46 billion but I’m not sure there’s enough economic value to back it up.”

The Ghanaian Government is not expected to decide which bidder it prefers until next month.