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: VAUGHN who wrote (2052)	9/28/1998 3:33:00 PM
From: Peter Bourgeois	Read Replies (1) \| Respond to of 7235

Hello Vaughn! Thank you for the post. Hopefully Peace will be restored soon. Cheers !!! Peter

To: VAUGHN who wrote (2052)	9/29/1998 11:41:00 AM
From: Goalie	Read Replies (1) \| Respond to of 7235

Hello Vaughn: From the Financial Post: Tuesday, September 29, 1998 South African accusation angers SouthernEra By PETER KUITENBROUWER The Financial Post A bitter exchange after a gathering of mining investors has raised questions about a promise by the government of South Africa to roll out the red carpet for Canadian mining firms. The flareup over diamond mining came after top South African mining officials told a gathering in Toronto Friday that changes approved last week by that country's cabinet will ease foreign investment. "There are many opportunities," said Nchacka Moloi, South Africa's chief director of minerals promotion. "If you want to be a global player, you have to be in South Africa." Jan Bredell, South Africa's deputy director-general of mineral development, said a new law will force mineral-rights owners to allow mining on their land. "We're taking the veto rights of tenants out of the equation," he said. "The state will determine internationally competitive royalties" to be paid to the tenant. Bredell said the change, set to become law within a year, means brawls over mineral rights like this year's fight between SouthernEra Resources Ltd. and De Beers Consolidated Mines Ltd. won't happen. The dispute arose after heirs popped up to claim a diamond cache uncovered by SouthernEra. The Canadian firm ended up with 40% and De Beers 60% of the diamonds. But after Friday's meeting, Bredell sparked fireworks when he said SouthernEra's errors, not problems with his country's laws, had been at the root of the firm's hardships. "They went ahead and announced the results," he said. "If they had applied for cession before they announced, they would have been OK." Kim Freeman, vice-president of SouthernEra, said new state powers to give out mining permits will be useful only if the government learns to move more quickly. "Our application [to mine on one section of the deposit that is state-owned] has been in for three years. That's why I get a bit bitter and twisted when I talk to this guy," he said. ____________ Regards. Goalie.