daveyb,My simple thinking is that Xstrata want and need this...

daveyb,

My simple thinking is that Xstrata want and need this much more than Anglo.

Anglo is the Platinum Giant (if I remember right it controls 50% of the supply).I am thinking Anglo would prefer to diversify more away from precious metals and may be looking for Bulk commodities such as Iron Ore and Coking Coal, so UK Listed London Mining or Riversdale may be more relevant for them.

Xstrata is strong in Copper, Coal and ferrochrome but has no precious metals exposure that I know of. NKP is exactly what it needs in order to make the huge leap in this area. As there are synergies between Ferrochrome and PGM production that are part of South African Ferrochrome miners plan of remaining competative even with rising electricity prices, such a move would make sense for Xstrata. Also Xstrata are very well experienced with local community (BEE) regulations from their South African 50% JV with Merafe in Ferrochrome (it is in the same mineral beraing regioan around Johannesburg as the Bushveld).

BR
Max