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

To: GEORGES who wrote (6700)	10/29/2001 4:17:45 PM
From: gg cox	Respond to of 7235

From Stockwatch... Author: Dunning21 -- Date:2001-10-29 06:51:04 Subject: Listing in London soon??? Information from ZA bday.co.za Oct 24 2001 12:00:00:000AM Julie Bain Business Day 1st Edition SouthernEra considers listing in UK Eyes on Alternative Investment Market Resources Correspondent SOUTHERNERA Resources, a platinum and diamond mining company listed in Toronto, Canada, is considering listing on London's Alternative Investment Market. The miner has a number of interests in SA including a 70,4% stake in Messina Platinum. Earlier this month it bought a 100% stake in Millennium Platinum Group Metals on the eastern limb of the Bushveld complex, which is rich in platinum group metals. SouthernEra has started to carry out a feasibility study on phase two of its Messina Platinum project. CE Patrick Evans said he was not suggesting "for a moment" that it would move its major listing from Toronto. "That is where it will remain for an eternity." "There is a lot of interest in SouthernEra coming to (the Alternative Investment Market) it has been my experience that there is a better understanding of the PGM market and Africa in the UK than in North America ..." In June, the company said it had secured debt financing of R345m for phase one of development at Messina from Rand Merchant Bank. The miner said it expected that full annual production of 160000oz of platinum group metals would be achieved at Messina before the end of next year. Evans told investors earlier in the month that with funding in place for phase one, the company now intended to start phase two at the Messina project through a feasibility project on the Doornvlei section. Evans was not put off by the decline in the platinum price. He said that with average operating costs of 185/oz, and with 90% of operational costs being rand-based and revenue coming in US dollars, the situation looked healthy. "If I had the financial resources to do so I would probably approach minority shareholders at Messina and try to (buy) them out," he said. SouthernEra has two diamond operations in Africa. One is a joint venture with De Beers, the Klipspringer diamond project in SA, where production has started at a newly commissioned level. De Beers and its empowerment partner Steppon Investments are underpinning the project financially and in return will hold a 50% stake. Klipspringer is forecast to produce 33000 tons a month 186000 carats a year by the third quarter of next year. The joint venture plans to gain access to a fifth level at the mine which the company said had 15 years of economic life ahead. The other diamond operation is in Angola. In that country, SouthernEra is working with state-owned diamond company Endiama, which is backed by Welox, a member of the Leviev group of companies. SouthernEra's Evans said he expected to go to Angola again soon to discuss the firm's application to the government, for mining permits for the Camafuca mining project.