Ann: Appendix 3B , page-9

Tonkin, I've been trying to get this point across to fellow GDO fans but it doesn't seem to be a popular point on this thread: SA is a crappy place to do business, there's no 2 ways about it. NKP looks like they'll have to re-apply for rights to 45m out of their 70m odd PGM ounces. (If you want a laugh go to that thread.)

I agree GDO looks like an awesome company and very cheap at these prices IMO. Look at Medusa's Market cap as an example, and they'll be producing less than us by mid next year. To an extent we haven't had our day in the sun, despite management doing some touting. But the other side of the coin is SA sovereign risk.

Just my opinion. But I'm a bit different to most on HC- I like my favourite shares to trade as cheap as possible for as long as possible. I invest not trade.