constitutional court case, page-5

Macleod,

Reading your post again confirms my view that the delays are really about Tubatse and the need for some clarification on the final legal status.

The NKP projects are not dependant on Tubatse, that is a given and Genorah on its own can be developed into an extremely profitable operation.

It is also clear however that NPV/return on equity etc can be improved from a mining plan that starts first with the most shallow Tubatse properties and maximim exploitation of Ferrochrone synergies.

For Xstrata, NKP or any other potential investor a 1 year delay on a 50 year plus project is nothing if it means taking the optimal investment approach.

Always, only my opinions. Not possible to do any further research as there is no information out there.

BR
Max