jv, page-10

"...The lack of price action does not necessarily mean the BFS final or a JV announcement is a long way away..."

Nothing is 100% although the price action is highly indicative.

NKP has been in a downtrend since end April 2010. There is no indication that this will reverse before calendar year end.

Whilst I believe that a deal of some sort will eventually be done with X (forget the Chinese, due to BEE complications) I suspect that the terms to NKP will less favourable than current shareholders predict. The longer that X delays the less favourable the deal. The NKP sp upside will be eroded as will (is) the current sp.

Cannot see NKP sp holding much over mid 40s if a deal is not consummated by calendar year end. X will determine when to bowl. NKP will have to accept any delivery.