xstrata's take on jv/mining rights , page-17

Olive,
Have you actually watched the videos stagman found? I would urge all holders to watch it.
My take-away messages are:

1. Peet (X's PGM/ alloys boss) refers to people who thought they were well connected to the PM or the minister making claims (that they obviously couldn't keep- that's US.) He did sound sympathetic and mentioned our wins in the lower courts. He stated frankly that we had LOST the rights- NOT that they were tied up in an administrative process that had the inevitable conclusion of returning our rights.

2. That he expects many more similar claims to be made in the future. (ie that this mess could take forever to sort out.)

3. Xstrata will consider any deal that is put to it, if it meets their rate of return. He sounded open but never said anything to suggest that Xstrata would back NKP up, financially or otherwise, in this fight. Basically, if we manage to pull this off they'll be happy to split the loot with us BUT they won't be getting involved until it's done up in a bow.

You wrote that 30c is a buy for you. That values NKP at ~$200 million undiluted. I definitely don't agree.

Let me put it this way, how much do you think the next share offering will be priced at?

We're very low on funds and will probably have to bail out Genorah, and pay their and everyone else's legal bills over the 3 levels of courts this has been to. And that's before we fund whatever fight-back that happens.

I am not giving you advice but I'll be selling all I've got to whomever is crazy enough to but it, at whatever they're crazy enough to pay me for it.

I'd start to be tempted back in at $40- 50 Mil Mkt cap, ie 7.5c per share, if it's still around that is.

What a debacle. I truly believed this company would make me rich.

"Man is the plaything of the gods, and that is the best of him; and so we should play the noblest of games" -Plato