Independant valuations (Nov 08) were based on platinum prices at around $850oz- Platinum prices are now at $1153oz!
"Nkwe Platinum lines up cash bid for International Goldfields
January 3, 2009
International Goldfields's executive chairman, Tony Sage, told the Herald the all-cash offer was expected to value the target between $55.6 million and $68 million, or between 45c and 55c a share, in line with an independent expert valuation presented to Nkwe by BDO Kendalls last week.
International Goldfields entered a trading halt yesterday morning after its shares rose 2.5c to 33c on high volume amid market speculation that Nkwe was about to make a 50c a share bid for the company after months of negotiations that had progressed more slowly than expected due to the plunging platinum price.
"Mr Sage said other companies, including Xstrata, Anglo American and Pallinghurst Resources, were also likely to be interested in International Goldfields if the Nkwe takeover was unsuccessful. Everyone knows this is the last area where there is a massive amount of platinum," he said. "We are sitting on a very strategic stake."
