ivor, page-21

Hi manjapra

My understanding is that Genorah will not transfer their complete NKP holding but only part thereof.

I am of the opinion that JV players for the Garatau development will be :

DRA

IDC

Paramount Group

Genorah Res

Anglo/ARM ( processing output and H farm offered as a peace offering)



My understanding is that the Russians, Chinese and Xstrata will not participate in any JV. However because the "deal" has not materialised at the last minute on several occasions I may be proven incorrect.

Don't forget as per the last announcement it appears that Genorah will rollover their 26% of Garatau into NKP in exchange for shares or cash before the JSE listing occurs.

I anticipate that both Genorah and Paramount Group will be NKP's largest shareholders after the JSE listing. Whereas rumor was that Matrix wanted to take out minority shareholders at 30c-35c it may now not be part of future negotiations.

The above are my views/speculation.

Only time will tell how accurate any of us are will our assumptions/speculation.