SOUTHERNERA (t.SUF) Message Board

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Gold/Mining/Energy : SOUTHERNERA (t.SUF)

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To: m.philli who wrote (4726)	10/14/1999 2:43:00 PM
From: gemsearcher	Read Replies (1) of 7235

Hi Mike. The International Mining Desk of CIBC World Capital Markets in London issued a review of the diamond sector in September. Employing an 8% discount rate , it valued SUF assets @ c. $150 million (or $190 million if you include $40 million expansion potential associated with those assets). This valuation did not include Angola , Messina or "other exploration activity"; inasmuch as the valuation was DCF NAV based , and it is premature to ascribe cash flow to NWT or Brazil , I take it that those assets were not included either. As well, the report was prepared before announcement of the expanded Marsfontein resource last month. SUF has no debt. The European market would host the most likely range of buyers. So , excluding Angola , Messina , Brazil , NWT and improved Marsfontein , the valuation is roughly in the 6 - 8 dollar per share range. Regards

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