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

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To: Sans Souci who started this subject	12/31/2003 4:05:46 PM
From: ild	Read Replies (1) of 7235

biz.yahoo.com Rand surge halts SouthernEra S.Africa diamond mine Wednesday December 31, 2:29 pm ET (Amounts in U.S. dollars unless noted) VANCOUVER, British Columbia , Dec 31 (Reuters) - SouthernEra Resources Ltd. (Toronto:SUF.TO - News) said on Wednesday it has halted mining at its Klipspringer diamond venture in South Africa because a surge in the value of the rand has made the operation unprofitable. ADVERTISEMENT The small Toronto-headquartered group said it has retrenched nonessential employees at the Klipspringer joint venture, which SouthernEra owns in partnership with diamond giant De Beers and a black empowerment group. Stockpiled ore will continue to be treated during January, after which the mine in South Africa's northern Limpopo Province will be placed on care and maintenance. SouthernEra's stock dropped nearly four percent on the Toronto Stock Exchange (News - Websites) on Wednesday but recovered by mid afternoon to trade down 0.9 percent or 5 Canadian cents at C$5.45. Last year diamond sales from Klipspringer brought in $3.1 million for SouthernEra, which owns 50 percent of the venture. The firm said mine costs have surged due to a 30 percent appreciation in the rand against the U.S. dollar this year. Its diamond revenues are earned in dollars. SouthernEra's chief asset is its in-development Messina platinum mine, also in South Africa. ($1 = $1.29 Canadian)

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