G'day, Robo, Yeah, I hit the "Quickeaze" too. The Exclusivity Agreement certainly needs explaining in detail....as do a few other things.
But re "Why are our Chinese friends being difficult with the offtake agreement.", I do have to respond. It gives some silly ideas to people. The offtake agreement was with LN Metals and Rand Merchant Bank, the latter being 47% owned by LN Metals.
"LN Metals International Ltd (LN) is a UK-incorporated private limited company established in 1998.
Following the raising of new capital from RMB Resources Limited in September 2002, LN has developed into a multi product trading operation, administered from its city of London headquarters.
Currently RMB Australia Holdings Limited, Part of the resource-financing arm of Rand Merchant Bank (RMB), owns 46% of the issued share capital of the Company."
The Board is as follows: "Directors
Nigel Dentoom Iain Paterson Kevin Rhodes
Executives
Nigel Dentoom, Chairman, joined LN in September 2002. Nigel was previously Group Chief Executive of The Mocatta Group, a subsidiary of the Standard Chartered Bank Group, and a ring-dealing member of the LME.
A former LME main Board Director, and Chairman of the LME's ring committee, he has served on the Boards of over 20 companies and retains material equity interests in metal trading, manufacturing and leisure companies.
Iain Paterson, Managing Director, joined LN on 2nd January 2007 from Trafigura Ltd, where he was Head of Global Physical Refined Metals. Iain has 30 years experience in the non-ferrous metals business and has also worked for Dubai Aluminium Co, Amalgamated Metal Corporation Plc and Natixis.
Kevin Rhodes, Chief Operating Officer, joined LN in March 2003. Kevin has 20 years experience in the metals business and was a former Finance Director of Metallgesellschaft Limited and Henry Bath and Son Limited as well as holding a number of other directorships in the MG group." http://www.lnmetals.com/about_us.php
RMB is 53% owned by First Rand Limited, which is South African :
"The First Rand Group was established in 1998, from a business that started in the 1970s as an investment bank. Today, one of the three founders serves as the non-executive Chairman of the Board to the group's Board of Directors. The Group was formed by the merger of First National Bank (South Africa), Rand Merchant Bank and Momentum Insurance & Asset Management. It is listed as a "locally controlled bank" by the South African Reserve Bank, the national banking regulator.[5] The Group has subsidiaries in South Africa and in the neighboring countries of Botswana, Mozambique, Namibia, Lesotho and Zambia.[6] First Rand also has interests in Australia and India.[7] The Group has expressed interest in expanding its operations into Angola, Nigeria and Tanzania.[8] [edit] Member Companies
The companies that comprise of the First Rand Limited and therefore are members of the First Rand Group include, but are not limited to the following:[9][10]
FirstRand Bank First National Bank (South Africa) First National Bank (Botswana) First National Bank (Lesotho) First National Bank (Mozambique) First National Bank (Namibia) First National Bank (Zambia) First National Bank (India)[11] Celpay - A mobile banking software company providing services in Zambia[12] Contract Lease Management Limited Thaba Ekgolo (Pty) Limited Meletse Golf Estate (Pty) Limited Monteriva Investments 17 (Pty) Limited WesBank FirstRand Finance Company Limited Monument Insurance & Asset Management Limited[13] Outsurance Limited Rand Merchant Bank RMB Asset Management RMB Westport RMB Fixed Income, Currency and Commodities (FICC) RMB Private Bank RMB Corporate Finance (Pty) Limited Youi in Australia[14]" http://en.wikipedia.org/wiki/First_Rand
Damn, I cant find any Chinese involvement there at all. So now will Loki et al speak of my British and South African friends? Wish they'd research first?
More later.
cheers GZ
PRH Price at posting:
1.1¢ Sentiment: None Disclosure: Held
