i take it from the lack of posts on this thread and the increasing level of restless sellers that nobody knows what is going on with this company (probably not even the directors)
At least this articles highlights the potential that could and may be realised (hopefully this decade!!)
Nkwe Platinum signs $275m deal with Genorah
19-September-07 by AAP
Perth headquartered Nkwe Platinum Ltd has signed a $275 million option agreement with its South African partner Genorah Resources Pty Ltd, giving it 18 months to exercise an option to acquire a 59 per cent interest in the Genorah Farms platinum project.
The project is adjacent to Nkwe's existing projects and mines owned by majors Anglo Platinum and Impala Platinum Holdings Ltd (Implats), and is within South Africa's historic, prolific Bushveld complex.
The option agreement is subject to all relevant regulatory and shareholder approvals in Australia and South Africa.
The three `farms' that comprise the project are subject to a farm-in with Perth-headquartered International Goldfields Ltd, whereby International Goldfields can earn a 15 per cent interest in the farms by spending $US10 million ($A11.75 million) on exploration and development over three years.
Upon exercise of the option and successful farm-in, Genorah Resources will hold the remaining 26 per cent in the project, thereby fulfilling South Africa's affirmative action Black Economic Empowerment requirements.
BEE has been a major policy of the African National Congress, the majority party in the South African government.
The policy aims to increase levels of business ownership by historically disadvantaged groups but has been criticised as being ineffectual by some parties.
A resource definition program continues at the Genorah Farms project and first results from this drill program are awaited.
However, due to a significant backlog at South African laboratories, the decision has been made to ship all samples to Australian laboratories.
Nkwe Platinum shares closed five cents up to $1.19, while International Goldfields shares ended the day three and a half cents higher at 33 cents.
Add to My Watchlist
What is My Watchlist?