Ralph,Do not lose faith.The BFS is not the issue here and it...

Ralph,

Do not lose faith.

The BFS is not the issue here and it does not really matter if we know the final result or not. It is being optimised for a specific purpose, joint development or sale of the project.

The key is if Xstrata are happy with the result and willing to proceed with this project. Xstrata have been considering their Ferrochrome expansion for 3 years and have now committed to go ahead right next to Tubatse.

Xstrata first took the JV option in 2008 so we are well within the 3 year timeframe they took on the Ferrochrome operations. The problem with NKP is that people have worked this up so much that we have been expecting a 200% return overnight. That is not relistic and for anybody serious to commit this level of funding to a project they will take their time to check everything, that is what sound business is about.

I cannot more stress the effect of confidentiality arrangements in such deals. I recently have had to sign a confidentiality arrangement on behalf of my employer that will not allow us to communicate for a period of up to 2 years.

BR
Max