glencore/xstrata/anglo, page-50

A few questions:

1. "There are no outstanding court cases against NKP, NKWE or Geneorah Resources."

Was there not an entirely separate court case in the system over the grant of licence on Garatau - a company starting with M.....?

Does anyone have proof or the like that this case has been settled or discontinued....?

2. Why are so many talking up an Anglo JV?

Xstrata remains in the box seat surely?

They are so so keen to grom in the PGM sector and they are fiercely competitive with Anglo.....

3. I am yet to see a definitive report (or anything resembling the same) of what the exact percentage ownerships will be of the respective farms ) will they receive less Nkwe shares and is therefore the issued capital of Nkwe less than we think?

Finally, a comment on those doing NPV calc - don't waste your time.

Seriously, it is clear as the day as long that the project is viable. That's all you can say.

The uncertainty re the final terms of any deal, the capex requirements, the annual production rates, the percentage ownership in A JV or other structure, let alone the appropriate discount rate......

my advice (as an ex pro) - don't bother.

Moreover, we're talking about a 100 year PLUS MINE LIFE here - the very nature of discounting cashflows out more than 15-20 years (arguably even 10 years) makes the 'valuation' so irrelevant , well.... you get my drift.

Finally, my best guess on what will unfold in coming months - a Nkwe buy out. Most likely acquirer - X - and they'll be happy to pay a price to keep Anglo out.

Clean simple and the big boys are all cashed up - it puts experienced, 'appropriate' people in charge of serious assets.

PL et al don't strike me as mine buildes - they'll be very happy to take the money and run....

Good luck to all - it's crtainly ben a wild ride!