Ann: Reinstatement to Official Quotation , page-118

Dont know if you saw Tops post Stagman,but Top was saying that they had a chat to NKP whilst it was in the halt/suspension and there were apparently two issues that Xstrata wanted sorted before making any commitment.

I replied to Macleod,who has a similar view to yours that Xstrata is the one doing the stalling,and said that NKP's annmnt the other day clearly says that THEY are the ones moving to finalise the JV which imo doesnt just INTIMATE that the onus is on NKP to get this done!The onus IS on NKP to get these issues sorted.Hence NKP's comment that THEY are moving finalise.

Now one might think Xstrata are being unneccessarily pedantic by asking for these issues to be addressed.

But then I cant believe that Xstrata alloys management and Mick Davis would think that there was a possibility that NKP could be taken to the wall financially and be pressured in any kind of way to accept a deal less than what is due to them by drawing this out.In fact when the JV was originally consumated there was a plethora of media items quoting Xstrata alloys management in the JV HOA annmnt where Nienabar was almost glowing in his comments on these projects and the potential they held for such a JV.

http://www.xstrata.com/media/news/2008/08/06/0702CET/

Xstrata Alloys Chief Executive Peet Nienaber commented;

This transaction provides Xstrata WITH entry into the prospective Eastern Limb region and access to a significant, continuous PGM block. The joint development of these properties with Nkwe and Genorah, together with a downstream processing operation, WILL provide significant growth in mined production and refining for all partners, helping to establish Nkwe/Genorah as an independent, integrated producer of scale AND ADDING further growth potential to our rapidly developing platinum business.

I cant see how a major like Xstrata could be any clearer in their enthusiasm for this JV and there is ALMOST an assumption by Xstrata Alloys management here by both what they say and THE way they say it that the JV WILL be consumated officially.

HOWEVER if needed,the Chinese have now shown they are a viable financial alternative(with Northams project) and they may not be the only ones with US ETF's being taken up strongly in the last year one might just see US funds as quite keen to take part in such a financing effort for these properties as well.

d.