SouthernEra has announced that its board have approved a date of September 1st for the split of its precious metals interests into new respective companies.

From the beginning of September SouthernEra will continue its diamond business through the current public company under the name "SouthernEra Diamonds" and transfer its platinum and gold businesses to a new public company, "Southern Platinum".

The shares of Southern Platinum will trade on the Toronto Stock Exchange.

SouthernEra president and CEO Patrick Evans welcomed the move, adding that the reorganisation "represents a significant milestone in our company's history".

"We are pleased with the overwhelming support we have received from our shareholders and anticipate that the two separate companies are well placed to enjoy broad market support as two of the strongest growth companies in their sectors," he said.

SouthernEra won strong backing from shareholders for its proposed restructuring plans earlier this month, claiming a massive 99.7 per cent support from those attending the company's annual and special meeting.