The Garatau JV with X was valued at $1 by brokers from memory....

The Garatau JV with X was valued at $1 by brokers from memory. That was 100% capex for 50% equity.

Whatever they are working on there will be a lot of sums to do to determine NKP's true value, but assuming tenure over any of the Tubatse farms is included it is hard to see it being any less now even with the expectation that JV terms may not be as favourable as the X deal.

I make that expectation as in my opinion any JV will be with Anglo, and largely on their terms, because I think the DMR will be pushing to avoid any further embarrassment and this would be the least messy outcome.