Hello Vaughn and to ALL: The following news from the Bloomberg wires:
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SOUTHERNERA CLOSE TO SETTLING SOUTH AFRICA DISPUTE, HEIR SAYS
Toronto, March 25 (Bloomberg) -- SouthernEra Resources Ltd. is close to settling with a group of heirs that is disputing the company's rights to a South African diamond deposit, according to one of the heirs.
Toronto-based SouthernEra has been unable to start mining on the Marsfontein M1 property since the heirs filed to prevent a rights transfer to partner Randgold & Exploration Co., a Johannesburg mining company. At issue is who owns the mining rights to the site, in which SouthernEra has 65 percent stake and Randgold a 35 percent interest.
Jacobus Jordaan, an heir, said the group of 29 claimants are "negotiating with SouthernEra and Randgold to finalize the matter and reach a solution in the next day or two."
SouthernEra Chief Executive Christopher Jennings said in an interview that it's more likely the sides will come to an agreement "in the next week or so." Jennings is in South Africa.
Attorneys for SouthernEra, Randgold and Miliar Investments Pty., a company set up to represent the heirs, met yesterday at Randgold offices, Jennings said. Neither side would say whether they're discussing a cash settlement.
Shares of SouthernEra, 16.9 percent-owned by U.K. based Rio Tinto Plc, have lost almost half their value since October, partly because the dispute delayed the start of mining at Marsfontein.
SouthernEra shares fell C$.65 (US$.46) to C$11.20 in early aftertoon Toronto trading. Randgold & Exploration fell 20 rand (US$4.02) to 540 in Johannesburg.
--Kristen Fogg in the Toronto newsroom (416) 364 7300
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Well, it looks like the M1 settlement is near -- all seems to indicate a fast-tracking towards a final resolution ...!!!!!
Regards to all. Goalie |
