Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: crudestope who wrote (5084)	11/28/1999 11:17:00 AM
From: gg cox	Respond to of 7235

Press release from Implats dated aug 31/99 sounds like a done deal...3 months ago. implats.co.za "The sale of a 54% stake in Messina Limited to SouthernEra Resources with effect from July 1999 has facilitated an entrance for the Canadian company into the business and has provided Implats with additional metals to smelt, refine and market. Said Steve Kearney, "Another exciting new growth area for us has been the start of exploration outside South Africa. It is our intention to identify and support those mining juniors who have access to promising projects to which we can contribute materials, expertise and funds for a share in the resulting profits. A consultant has been appointed in Canada to act in Implats' interest in this regard." edit see spud's post 4446

To: crudestope who wrote (5084)	11/28/1999 11:47:00 AM
From: Confluence	Read Replies (2) \| Respond to of 7235

Hello Mr. Crudestope, Thank you for your comments. I, like many others on this thread, am well aware of just how fast things move in RSA. If you are referring to the sign-off of the Mines and Energy minister on the Messina deal, while I don't pretend to understand politics, it was precisely this lack of SUF just getting it done that led to the upset of Marsfontein. Maybe I'm gun-shy, but SUF has known for many weeks about this "sign-off", has had a director meet the minister, and it is still not done. On this issue I'm from Missouri: "SHOW ME" the finished deal. It was on a teleconference about two years ago that a director and officer of SUF told me that all was well at Marsfontein except for the "dotting of the i's and the crossing of the t's". Implats speaks of the deal as if its completed, and gave nice coverage to it in their AR, but Randgold also spoke of Marsfontein being done. And SUF is late in delivering this news to us. I'm not saying that this isn't just a bureaucratic delay, but if so, its clearly one SUF should have anticipated and dealt with, so as not to be late yet again. To my knowledge, the 8200 carats from the Leopard fissure have been valued by De Beers. Apparently SUF has some concerns, and there is some "negotiating" or whatever going on. Something about an acid wash, and the like. De Beers issues with the GDV are pure politics, and would seem un-related to its usual course of business, which includes its dealings with SUF. But don't beleive me. Ask SUF. They'll tell you the dispute has nothing to do with their working relationship. As for Camafu-up, I sincerely hope that I have to eat my words. But I'm not an expert in this, so I'll defer to Hilton Ashton and De Beers. I really hope that we don't find out that all the money paid for Camafu-up and all the dough poured into the ground their are not complete write-offs. Again, I refer to SUF and their lack of data so far. At the AGM, we were told bulk sampling data by end of August, about two months from that statement. Surely, after several years in Angola, SUF could not make such a bold statement and then disappoint? I hope I'm wrong, but every day that goes by without an independent source confirming a value for the Angolan assets erodes my confidence even further. It is truly a pity that the money SUF paid just this spring for Camafu**-up was enough to handle the Messina acquisition, without need for further financing. So now, instead of using the M1 revenue stream to pay for Messina, we'll end up with debt/dilution and still no positive news in Angola. Kinda makes you wonder how both mgmt and the board could've made such a decision only 8-9 months ago. Best Luck, Confluence