Ok, a wrap for all the ?sky is falling types?. Admittedly, there is a lot of uncertainty caused by the ?curious? Concourt decision and the apparent decision by the Anglo/ARM JV to instigate some form of ?legal process?.
Yes, disappointing and yes, bound to cause delay but neither have been caused imo by NKP?s malaise or ineptitude.
Re the latest ARM/Anglo JV ?threat? against the 5 farms:
As per NKP?s release yesterday am:
?Anglo instituted a review application on the 5 farms in 2007.
Following protracted negotiations involving Nkwe, Genorah Resources, Anglo, ARM and the DMR it was agreed in February 2008 (see joint release 13 February 2008) that Anglo would withdraw the proceedings and that commercial negotiations on the exploitation of the 5 farms would be entered to.
Nkwe, Genorah, Anglo, ARM and the DMR have been continuously in discussions with regards to a possible joint commercial collaboration on the 5 farms. These discussions are on-going.
ARM has no standing in any way to singularly commence any action against Genorah or Nkwe in respect of the 5 farms.?
All facts.
It now appears that ARM/Anglo is seeking some sort of administrative review of this but I ask how and why?
1. All this has happened with the involvement and sanction of the DMR ? all entirely transparent.
2. Nkwe acquired legitimately from Genorah a sizeable registered interest in the relevant PLs in 2009 ? with government approval.
3. The Anglo/ARM JV has had near on 3 years to take action ? of whatever kind ? and has done nothing until now ? I wonder why?
Since the initial Feb 2008 agreement between all these parties and the DMR, Nkwe Genorah have spent millions drilling, developing the project e.g. feasibility study AND PROVIDED much community aid. So, ?.
4. What is the basis of their action?
The recent Concourt decision
(and much of Barry Sergeant?s diatribe)
1. Ok, we know the court overturned both the unanimous Supreme Court of Appeal decision and the earlier High Court decision. 2. A large part of the Concourt?s decision was that the Community was not adequately engaged.
Yet at no time did the Court (or subsequently BS) look at the question of who exactly are the right and proper ?Community?.
Fact.
3. Further fact. From yesterday?s NKP announcement:
?The community partners (of Genorah/Nkwe) comprise all the community groupings on the Eerstegeluk and Nooitwerwacht farms. These community groupings are represented by Roka-Phasha Tribal Authority, Bengwenyama Ye-Maswati Royal Council and Eerstegeluk-Nooitverwacht Community Development Forum. It is important to note that the title holders on Eerstegeluk Farm are Roka-Phasha Tribal Authority (2,174 ha) and Greater Tubatse Municipality (109 ha).?
and
?Nkwe has been advised by its major shareholder Genorah Resources that Roka-Phasha Tribal Authority intends to pursue legal action against the Applicants for misrepresentation made to the Constitutional Court as to their status within the community, the section 104 claim made by them and statements to the Court, one of which suggests they had previously won a landmark community land claim in the High Court.?
Have you seen any counter claims from BS or any other journo on this point? Why has BS turned into such a pit bull on this one? [hope he's not a Angloplats shareholder - joke!!)
AFAIW, not a word from BS about this issue yet we see commentary such as:
?After Genorah was awarded its prospecting permits, the Bengwenyama were literally conned by the DMR into believing that they should also apply for such a permit.
The DMR then proceeded to give the Bengwenyama standard application forms, which effectively negated the Bengwenyama's statutory right as a preferential applicant. There is no explanation, said the court, "for this strange behaviour".
Yet we also know that two of the directors of Bengwenyama Minerals are Rudolph de Bruin and David Twist.
Mr de Bruin was a founder of Platmin. Aha, yet this guy has never seen a DMR application previously.
Are we to believe that Messrs. Twist and de Bruin were able to be ?conned?. These guys don?t have lawyers?
Oh ? wait a minute they managed to engage the mighty Eversheds in the Concourt case didn?t they?
Further, both lower court decisions were adamant that the initial application was a standard s17 (?) PL application and the ?community? application was an after thought. Strange that.
Murky waters indeed, but not Nkwe?s doing.
My money is on the company with their feet on the properties!
NKP Price at posting:
45.0¢ Sentiment: None Disclosure: Held
