Philby,Agree with your thoughts about realising some value...

Philby,

Agree with your thoughts about realising some value before they float the assets.

There are Mount Muambe drill results soon. They may have a maiden resource before the end of the year.

With the issue of repackaging... Often companies who have a bundle of projects trade at a significant discount to the sums of the value of the individual projects. Cape Lambert is an example. That value is often only realised when you either monetize something or spin it out into other entities.

The other point GBE were making is about separating out the activities so as to make the structure cleaner for the would-be Chinese investors in Kanyika. Chinese steel companies would be interested in a focussed company producing Niobium for use in their steel alloys. And they wouldn't be interested in the rare earth prospects.

We'll see what is proposed. But my gut feel is this is the right thing to do. Hopefully there are some excellent results between now and the end of the year, (and the market improves), which will allow for a higher value at IPO.

Yaq