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Hi Coober

I understand that the mining right is simply that, a right to mine at some point. I agree, it ridiculous that the market doesn't have faith enough to take this as it is. If it were to be challenged, Anglo would need to litigate against the DMR (issuer of the right). This is called PAJA review, there thousands of these cases but it is my further understanding that theses are long and generally unsuccessful challenges.

See Macs recent posts for comments on current status of rights etc

A licence, is granted to covent the right to a licence to mine. To achieve this, mining plans, proof of ability to fund the development etc. I also understand that a minimum must be spent, upwards of $10mil p.a. once a licence has been granted/issued

A licence is a SIGNIFICANT event if granted for NKP, due to proof and process required to have it issued... This to me is a clear reason for the added delays, as due process in SA is painfully slow!!! But per Macs recent post, I suspect that there have been many things happening in SA with regards to this area.