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Gold/Mining/Energy : SOUTHERNERA (t.SUF)
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To: Frankly Speaking who wrote (7197)11/30/2004 11:55:03 AM
From: seventh_son  Read Replies (1) of 7235
 
For those who missed the conference call here are some key points:

- November will show an operating profit for Messina!
- November tonnage will be more than 90,000
- full capacity for phase 1 will be 115,000 tonnes which will be reached in Q3 2005, with projected tonnage for 2005 of 1.3 million tonnes
- several unsolicited discussions have occured with platinum majors which apparently range from possible takeover, joint-venturing, and sale of particular assets, but no specific bids have occured at this point
- mechanization and increased tonnage will drop per tonne operating costs (from my memory, might be off slightly) about 370 rand/tonne now to as little as 10% less than 270 rand/tonnes (about 250 tonnes?) -- about 1/3 less
- cash on hand of $12 million US is expected to be sufficient to cover 2005 requirements, however if funding is required it will definitely not come through private placement; in fact, a company approached SPC to do a private placement at current prices and it was turned down
- Southern Platinum can terminate without penalty its offtake agreement with an unnamed automobile company in the event that it winds down its Messina debt; the company has been actively pursuing options to do this

All in all no home run in terms of takeover bid, but a lot of other very positive news, which gives me personally a lot of comfort and relief in holding the stock at current prices.
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