Beedalup, sorry if the tone of my response to your post sounded...

Beedalup, sorry if the tone of my response to your post sounded a little defensive...

Your method of valuing NKP was the one I used prior to the Concourt ruling. It's basically the method applied in the Edison report.

Problem is that it now looks HIGHLY unlikely that Garatau will get up alone, or in fact, at all. The Concourt ruling puts ownership of all 5 farms (amongst many other SA mining assets) up for grabs. The communities have a preferential right under SA law to develop mining under their own land and it looks like Anglo is backing them in any future litigation. This is still evolving but it's very hard to see how Genorah can defend their claims.

In the case of the Garatau farms legitimate ownership of mining rights is very vulnerable to challenge because it is unlikely that Genorah obtained them in a manner which satisfies SA law. There is no evidence that Genorah obtained the Garatau farms in a manner different to how it obtained the Tubatse farms they just lost.

In addition to this the fat cats at Genorah have 95% of shares. The communities (who have preferential rights under law) were given 5%! It is looking increasingly unlikely that Garatau will be retained either. Shareholders could very well find they bought something that the seller had no right to sell. Hence the buying the bridge reference.

Just a quick summary of how I see it but you should look at the Barry Sargent acticles that Mrlord and others have very kindly posted.