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

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To: Confluence who wrote (3326)	5/12/1999 3:56:00 PM
From: russet	Read Replies (1) of 7235

Just reread the third quarter report. This statement pops out,.."under the Joint Venture arrangements, production is marketed through De Beers' CSO. The Company (Suf) recognizes revenue from diamond production, net of marketing charges, on completion of on-site processing. This backs Georges interpretation. Revenue is recognized in the month of production, not month of sale. Unless a change has occurred, I assume the yearend and 1st quarter 1999 will be presented in the same way.

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