take your pick, page-64

Hi Researcher

Re the IOP deal.

I exchanged emails with Tony Sage earlier this year. The deal terms over the Tubatse farms were altered when there was a strong possibility of a deal with Anglo/ARM.Sage wanted to cash in extra funds if Anglo took over NKP or merged. Its now not on.

IOP has adjusted its assets taking into consideration the Bengwenyama dispute. The August Court case may result in a further reduction.

A NKP representative indicated to me months ago that new terms with a lower payment for the 10% would be negotiated post Jun 30th taking into consideration a number of matters. Maybe the Quarterly will clarify?

The Tubatse farms are now secondary in the scheme of things. That is why IOP has advised its shareholders and renegotiated its loans with other parties.

Nothing to concern NKP shareholders.

However we await official communication.

Cheers