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

To: Gord Bolton who wrote (5695)	2/15/2000 10:40:00 PM
From: gg cox	Read Replies (1) \| Respond to of 7235

SouthernEra Shares Rise With Platinum and Palladium Prices By Pav Jordan SouthernEra Shares Rise With Platinum and Palladium Prices Toronto, Feb. 15 (Bloomberg) -- SouthernEra Resources Ltd. shares rose 6.9 percent, rising for a fifth day as investors bet rising palladium prices will boost the value of its stake in a platinum-palladium project in South Africa. SouthernEra rose C$0.19 ($0.13), or 6.9 percent, to C$2.94 in Toronto trading of 358,850 shares, nearly three times the three- month daily average of 123,131. The stock rose 63 percent since it closed at C$1.80 last Tuesday. Toronto-based SouthernEra is scheduled to complete its US$10 million purchase of a majority stake in the Messina platinum- palladium property in South Africa this month. SouthernEra bought the 54-percent stake last May from Impala Platinum Holdings Ltd., the world's second-biggest platinum producer. Palladium is the metal used in catalytic converters for automobiles. ''Certainly at the kinds of platinum-palladium prices we have currently, the project would be extremely economic,'' said Kerry Smith, an analyst with National Bank Financial in Toronto. He ranks the stock a speculative buy. Palladium surged almost 9 percent today, the biggest gain in 19 months, as export restrictions by Russia limited supplies for automakers and other users from the metal's biggest producer. Palladium for March delivery rose US$52.85, or 8.7 percent, to a record US$658.35 an ounce on the New York Mercantile Exchange, the biggest one-day gain since July 1998. Palladium prices, which rose 47 percent this year, were at or near record highs since November as rising car sales and stricter clean-air laws boosted demand for the metal.