The time has come for Minorities to take action. Suggest that...

The time has come for Minorities to take action.

Suggest that you correspond with ASX, ASIC and Journalists regarding this subject. If the 250m shares given to Genorah Resources by NKP directors (who except for Landau were also Genorah Directors) had been cancelled maybe Zijin would not have been able to lodge this opportunistic offer. Note that the shares in question were initially placed in escrow ( ASX NKP Announcement) but later released without notice.

This is what I wrote to Dr Tan last year but got no reply.

Tubatse Background

If you were to check the history of our company you would find that Nkwe Platinum lost its two Tubatse farms back in 2010/11. NKWE Platinum had given Genorah Resources (Pty) Ltd 250m NKWE shares in exchange for the 64% holding of the three Tubatse farms and then spent in the vicinity of A$25m (impairment details (page 10) 2013 Annual Report) on exploration on the two farms (Nooitverwacht and Eerste Geluk) that were subsequently lost due to a Con Court ruling.


I now refer you to Nkwe Platinum’s ASX Announcement on January 15th 2015 on these matters:

Jan 15^th 2015 ASX Announcement

“The prospecting rights originally granted by the Minister for Mineral Resources in respect of the 2 farms
comprising the Tubatse Project (namely, Eerste Geluk 337KT and Nooitvewacht 324KT) were set aside by
the Supreme Court resulting in the Company losing its indirect interest in the areas the subject of the
prospecting rights. Applications for leave to appeal were subsequently filed in the Constitutional Court of
South Africa. The application has since been dismissed by the Constitutional Court of South Africa.
However, the Board is still considering its options concerning the properties going forward.”


Special General Meeting 2016

At the Nkwe Platinum’s Special General Meeting on March 3^rd 2016, I raised the following two questions relating to Tubatse. Replies from the Nkwe Board are included.

Question 1. The company has not advised shareholders how it will recover the $25m expenses now that the farms are lost. Will a claim be made against the DMR who issued the prospecting rights or against Genorah Resources? Surely shareholders should receive compensation? What does the Company plan to do in order to recover these costs from the new owners of Nooitverwacht and Eerste Geluk?

Nkwe Platinum Reply

“Various options remain available to the Company regarding this matter. The Company does not wish to comment any further as this may be prejudicial to its rights and remedies.”



Question 5. Will the Company take any action against Genorah Resources as a result of the transfer of 250m NKWE shares in exchange for ownership of the three Tubatse farms? If not why not?


Nkwe Platinum Reply

“Various options remain available to the Company regarding this matter. The Company does not wish to comment any further as this may be prejudicial to its rights and remedies.”



It appears that after many years since the farms have been lost that the company has done nothing ( no announcements) with regards to the above issues. Before I refer this lack of action to the relevant authorities ( ASX and ASIC) I seek your feedback as to why the Nkwe Board has failed in cancelling the shares issued to Genorah and has taken no action to recover the $25m spent on the lost Tubatse farms.



I look forward to your response.​