Agree to a degree. But if you cant finance 100% of it yourself...

Agree to a degree. But if you cant finance 100% of it yourself then its a good deal. Otherwise you cant build on the land and you must sell at land value only. Also as you say, you are getting expertise aswell.

Its all about unlocking the true value of G + T. The huge discrepency between current market cap and the true value is what NKP have to work with. Its a big margin with plenty of room to move.

Do I want that Anglo deal? No. I'd prefer the Xstrata deal. But do I believe that Anglo deal would still unlock substantial value for NKP? Yes.

And its important to recognise how Anglo have structured most their BEE JV. ie They "technically" only fund 50%, but in reality the "poor" communities cant contribute their 0-50% so Anglo front up 100% of the cash. Anglo then get paid back from operational profits.

I could accept those terms.

Any mining will see huge re-rating. On any terms. Within reason.