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Gold/Mining/Energy : SOUTHERNERA (t.SUF)
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To: DavidA who wrote (1203)5/22/1998 11:20:00 AM
From: INFOMAN  Read Replies (1) of 7235
 
I think that one should look at the De Beers 'angle' as you put it.

De Beers was not a party to any of the legal proceedings in the Transvaal Provincial Division of the High Court of South Africa in the matters between SouthernEra Resources and NGS Minerals (Pty) Ltd / the heirs to the Marsfontein mineral rights.

De Beers interest in the court proceedings stemmed firstly from the fact that SouthernEra had sought to interdict the heirs to the Marsfontein mineral rights from alienating or burdening their mineral rights.Had SouthernEra been successful , De Beers would be prevented from taking transfer of these mineral rights in terms of the prospecting and option agreement which it had concluded with NGS.

Secondly , on the strength of its prospecting contract with NGS , De Beers applied to the Director : Minerals Development , Pietersburg for the issue of a prospecting permit in terms of section 6 of the Minerals Act , No 50 of 1991.The Director had , however , indicated that he would not process the application until the Court had provided some direction on the matters relating to the Marsfontein mineral rights.

As stated in its earlier announcement De Beers intends , subject of course to a satisfactory technical due diligence programme being completed , to exercise its options in terms of its contract and to commence mining the Marsfontein kimberlite as soon as possible.
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