pl in sa, page-50

Bellstokes

"Do you believe that Anglo/ARM will get past the DMR and get this to court ?"

I dont, well not ARM in any case. There is absolutely no evidence that I can find showing ARM owning 50% of Modikwa Deeps prior to 2005, only the Modikwa mining lease.

I have already shown that in Anglo Platinum's 2004 annual report that they attribute 50% of Modikwa to themselves but 100% of the resource of Modikwa Deeps.

Sometime in 2005 they reached an agreement with ARM on Modikwa deeps and this is written in the 2005 Annual report under mineral resource summary.

"The Modikwa JV agreement resulting in the loss of 50% of the Modikwa Deeps"

Only trouble with that is Anglo only had until the 30th of April 2005 to lodge their application to convert the unused prospecting right they had on these farms and according to section 11 of the MPRDA they needed the DMR's permission to form a joint venture on these farms.

"The current section 11 of the MPRDA provides that the Minister’s written consent is required for the cession, transfer or sale of prospecting or mining rights, or an interest in such rights, as well as the sale of a controlling interest in an unlisted company or close corporation."

Now who believes that DMR gave written consent for ARM to have an interest in these unused old order prospecting rights but in the same year rejected Anglo's application to have these converted to new order rights.

ARM cant take anyone to court if they didnt have the rights