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Gold/Mining/Energy : SOUTHERNERA (t.SUF) -- Ignore unavailable to you. Want to Upgrade?

To: Peter Bourgeois who wrote (4296)	8/11/1999 2:38:00 PM
From: PHILLIP FLOTOW	Read Replies (1) \| Respond to of 7235

Some good news: JOHANNESBURG (Dow Jones)--South Africa's De Beers Consolidated Mines Ltd. (DBRSY), the world's biggest diamond producer and distributor, said Wednesday it believed a damaging disagreement with the government's diamond valuator had been overcome. Earlier this year De Beers halted exports from South Africa for more than three months when the valuator questioned the company's valuation of some of its exported precious stones. "Agreement has been reached in respect of the outstanding diamonds from the first half of this year," said Gary Ralfe, De Beers' managing director at a media briefing. He said "we've reached a compromise and I dare to hope that a new path of cooperation between ourselves and government's valuator has been established." De Beers has backed down on its insistence that the valuator accepts its pricing, and agreed to value some of the diamonds - those called specials which are 10.8 carats and above - at 4.0% above De Beers' normal valuation. Ralfe said he now thought the normal monthly exports and sales of precious stones from South Africa would resume. "It's been a bruising experience and I wouldn't like to say that everything is totally solved. It will take a few more shipments to do that," said Ralfe at the release of the company's half-year results Wednesday. PHIL