Ralph,Many will not like what you say about $2+ not being...

Ralph,

Many will not like what you say about $2+ not being achievable.

I can at least agree on your comments that Platinum mining is not easy and NKP management do not have the mining experience.

Whether there is a bid up to $1 or over is anybody's guess but there is certainly value in the projects and a value of up to $1 billion is within reality.

What I see with more certainty is that one of the mining majors will buy this out and possibly is what Genorah has wanted from the very beginning. Exactly who and the final price will depend which one can realise the most synergies with their existing SA operations and are able to meet the power requirements. Xstrata seems a fair bet but we should not forget the likes of Ruuki which also have state of the art technologies and are big in SA ferrochrome. Mitsubushi could also be in contention as they have a large SA ferrochrome stake in Hernic and would be an end user of PGM.

Even if we cap at $1 there are some great profits to be made.

BR
Max