[miningmx.com] — NKWE Platinum said on Friday it would release relevant information pertaining to the group’s security of title over the prospecting rights of the Garatau and Tubatse projects, coinciding with a legal bid to clarify the ownership of the land in question.
The Constitutional Court on November 30 ruled in favour of the Bengwenyama-Ya-Maswati community to set aside prospecting rights granted to Genorah Resources (Nkwe’s major shareholder) on the farms Eerstegeluk and Nooitverwacht on the eastern limb of the platinum-rich Bushveld Complex in Limpopo, after the community claimed it had not been properly consulted and wished to mine the area itself.
Another three farms – Hoepakrantz, Garatouw as well as De Kom – together with Eerstegeluk and Nooitverwacht form the basis of Garatau and Tubatse. The Modikwa joint venture between Anglo Platinum and African Rainbow Minerals was also seeking to set aside the rights awarded to Genorah on all five farms.
“It is the intention of Nkwe to release all related information as it comes to hand in the coming days, prior to the company requesting for its shares to recommence trading on the Australian Stock Exchange,’ read a company statement released on Friday. The group requested a voluntary trading suspension on December 9, after its share price plummeted in the wake of the Constitutional Court ruling.
“Nkwe plans to release in the coming days endorsements from the relevant communities on the Nooitverwacht farm, (a) status report of the applications lodged with, and being processed by, the South African department of mineral resources (DMR), (an) update on legal actions commenced by Nkwe following public comments made by certain individuals associated with the applicants in the recent court case, a bank feasibility update, a question and answer document based on numerous shareholder queries and comments and confirmation regarding the position of the DMR and Anglo.’
Genorah reversed all its rights pertaining to the five farms into Nkwe in return for a 60% interest in the firm in 2007. Nkwe, which listed on the ASX in 2003, has since the Genorah transaction undergone a fivefold rise in market capitalisation to A$425m at its peak in November. The bulk of the group’s advancement appears to have been achieved through the promotion of the Genorah-held rights.
As reported earlier by Miningmx, the Bengwenyama-Ya-Maswati has since the court ruling been challenged on its claimed ownership of the Eerstegeluk farm by the Roka-Phasha Tribal Authority – a community in favour of Genorah/Nkwe’s involvement on the property.
In legal documents addressed to the Constitutional Court, it said the ruling was based on the false assumption that the Bengwenyama-Ya-Baswati were the legal owners of the property.
“It is so that it (the “Bengwenyama’ community) has lodged a land claim in respect of Eerstegeluk, but it is not correct that that claim has been “successful’. In fact, a decision on the claim has not yet been made.
“In the circumstances our clients humbly request the Constitutional Court to take whatever steps it deems appropriate to correct and/or revise any misapprehension that arises from these patent errors. and any finding consequent thereupon.’
Law firm Webber Wentzel was acting on behalf of the Roka Phasha.
