one year on, page-6

Roger

In my opinion Zijin would have made preliminary arrangements with Chinese institutions to source the required funds to build the $600- $800m Garatau mine.

Zijin has its own healthy cash facility which is most likely required for other projects. Overall its access to funds for a takeover and mine development would not be a risk.

You may also recall Maredi mentioned on many occasions he could/would access capital requirements from local institution IDC. However with Genorah holding only 26% of the project this would be a fall back position.

I anticipate that Genorah will exit NKP entirely for a free carry by Zijin. That would give Zijin a controlling interest in Garatau and the next two mines at Tubatse with the Bengwenyama Tribe and Hoepakrantz with ARM ( Anglo would not participate as it will most likely exit the JV Modikwa Mine).

You need to remember that Zijin had originally offered NKP/Genorah 50c per share a couple of years ago after doing its due diligence. The unofficial offer had been rejected by Genorah who wanted much more. In the meantime Zijin has waited patiently and swooped when Genorah and NKP found themselves close to administration.

The above is my view of this/my frustrating investment.

However my bet for what it is worth is that Zijin will take out not only Genorah but also minorities at an opportunistic price. The key will be whether all parties can negotiate a good fair exit.

Cheers