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Gold/Mining/Energy : SOUTHERNERA (t.SUF)
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To: Confluence who wrote (3189)5/6/1999 8:32:00 AM
From: Gord Bolton  Read Replies (1) of 7235
 
Your friend in Omaha likes to invest about 500 million at a shot just to keep things tidy. We might be a little too much of a small fry at this point so we would have to argue for an exception.
I think that there is a lot more to the dispute over the diamonds than what appears up front-price and taxes.

Angola, Sierra Leonne and the DRCongo are all in a state of war with diamonds being a major bone of contention. THe U.N. has sanctions against the purchase of diamonds from UNITA in Angola and the rebels in Sierra Leonne. Significant measures have been put in place to monitor the diamond trade and enforce the sanctions.

With De Beers proclaiming itself to "be the diamond market" the U.N. needs some cooperation or controls on De Beers to be effective in controlling illegal trade in hot diamonds.

If the controls are effective that should be very positive for legitimate diamond prices and should put pressure on for peace in S.L. and Angola-or at least reduce incentives for war.
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