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: GULL who wrote (1176)	5/21/1998 2:14:00 PM
From: VAUGHN	Read Replies (3) \| Respond to of 7235

Hello Gull *NEWS RELEASE* SOUTHERNERA RESOURCES LIMITED -- MARSFONTEIN MINERAL RIGHTS DISPUTE - REQUEST FOR EXPROPRIATION TORONTO, May 21 /CNW/ - SouthernEra Resources Limited (SUF-TSE) today announced that it had withdrawn the application to the court by Randgold & Exploration Company Limited and SouthernEra for an interdict preventing the Marsfontein heirs through NGS Minerals (Pty) Limited from dealing with the mineral rights on the farm Marsfontein 91KS. The application by the heirs opposing the acquisition by SouthernEra of the mineral rights under Section 17 of the Minerals Act was also withdrawn. The withdrawal of SouthernEra's application for an interdict with regard to Section 17 allows the Minister of Mineral and Energy Affairs to consider SouthernEra's request for an expropriation of the mineral rights under the terms of Section 24(1) of the Minerals Act of South Africa. This section permits expropriation by the Minister, if such action is deemed to be in the public interest, provided that compensation for the expropriated property is mutually agreed upon, or failing that, is an amount determined by arbitration in accordance with the Arbitration Act, 1965 or by any competent court.

To: GULL who wrote (1176)	5/21/1998 3:29:00 PM
From: INFOMAN	Respond to of 7235

SouthernEra avoided being publicly humiliated by withdrawing their application for an interdict in terms of section 17. I am not however surprised, as their case was stillborn from the very start. Their act of brinkmanship, and allowing their case to flounder in disarray on the very steps of the High Court, is nothing less than rank stupidity. A waste of effort and shareholders' money. Their request for expropriation in terms of section 24, after their lackluster attempt, can only be ridiculed. The attorneys acting for NGS, have no doubt researched this avenue and SUF's attempt to acquire the mineral rights, will be met with strong opposition. I see no reason why De Beers cannot mine these minerals on the M1 with more success than SUF. They are after all the most experienced in this field. Any comments.