Ann: Update on Rhyolite Ridge Project Joint Venture, page-94

I think the company is now in some trouble, although they are trying to play it cool.

Sibanye had the technical knowledge to build a chemical plant, specifically for the elements in, and structure of, this deposit, which is very specialized.

This is a bad time to have a potential JV partner pull out of a deal. A lot of financiers and investors in the USA have gone to cash, and are awaiting a significant pull back in share market values. For instance, many of them follow Buffet, and he has now gone to 65% cash.

It's going to be a lot harder than people think for INR to find another JV partner - a lot harder, and even if they do, then they are likely to have to give away more for less return, or simply receive less money from a new JV partner.

I can see a significant decline in share value here, already from a low base, unless the company gets a JV partner quickly, or makes some other positive move.

Gw