traditional council areas, page-41

Interesting note:

Anglo settlement of 2008 was formally released at Indaba 2008 with Anglo and DMR in toe - and not in some underground tavern

If ARM have concerns they should be suing Anglo for settling - why are they not doing that?

I think the main reason ARM is trying this drama:

ARM will have to pay half the costs if they want to join a JV with Anglo and Nkwe- they will find it difficult to provide the 800 Million to 1 B or so USD needed for the same

they want a negotiating point

Shapiro most likely batting for ARM (clue: 1st person to reveal PAJA proceedings)
Share price instability and shareholder anxiety critical for any negotiating leverage and advantage _thats what they are trying to do now -create muddy waters.

the good thing is that in the process they are highly irritating the DMR - the primary decision maker

you can call this speculation but there are too many evidences in favour