ALERTS100%to10000%GAIN
6 years ago
NKWEF~~Permitting
The company has a Mining Right over the Garatouw Project area, executed in January 2014. On 13
October 2016, the Company announced that it had received correspondence from the South African
Department of Mineral Resources (ìDMRî) in which a notice of intention to cancel the Mining Right
under section 47 of the Mineral and Petroleum Resources Development Act (ìMPRDAî) over the farm
Garatouw 282KT within the jurisdiction of the Greater Tubatse Local Municipality (ìNoticeî). In the
Notice, it was alleged that the Company failed to meet certain provisions of the MPRDA as well as the
terms and conditions of the Mining Right (refer ASX announcement dated 18 October 2016). The Notice
required the Company to make a presentation to the DMR as to why the mining right should not be
cancelled. This presentation was made to the DMR on 24 November 2016 with the submission of the
required documentation under the Notice being made on 30 November 2016. A formal decision is yet to
be made by the DMR on the withdrawal of the Notice however, the Company is confident that the
Notice will be withdrawn and the Company will continue to retain its 74% interest in the Garatouw
282KT Mining Right. On 4 December 2015, the Department of Environmental Affairs granted the environmental authorisation
for the Garatouw Mine. Grid power for mine operation will be supplied by the national energy regulator, Eskom. On 29 July 2016, the Company announced that Eskom was granted the Environmental Authorisation by the Department
of Environmental Affairs for the Garatouw Grid Power Project. Eskom is currently busy with land
acquisition and surveys for the 132kV lines and substation. Thereafter, a Budget Quotation will be
prepared and submitted to the Company. Grid power from ESKOM will not affect the start-up of the
Garatouw Grid Power Project. Construction power will be supplied by diesel generators with a capacity
of 5MVA which would be more than sufficient. The record of decision on the water use licence by the Department of Water and Sanitation is pending.
http://www.nkweplatinum.com/ReportPDF/2016%20Annual%20Report%20to%20Shareholders%20(pdf).pdf
ALERTS100%to10000%GAIN
6 years ago
NKWEF~~1. Carrying value of prospects, rights and exploration assets
The carrying value of prospects, rights and exploration
assets at 31 December 2016 comprises the Group’s
Garatouw Project. This is considered to be a key audit
matter as the recoverability of the carrying value of
prospects, rights and exploration assets is subjective,
being based on the Group’s ability, and intention, to
continue to explore the asset and maintain tenure. The
carrying value may also be impacted by the results of
exploration work indicating that the mineral reserves may
not be commercially viable for extraction.
The Group engaged an independent valuation expert to
determine the recoverable amount of the Garatouw
Project at 31 December 2016. Based on the independent
expert’s valuation report, the recoverable amount was
determined to be the same as the carrying value and
accordingly the Group did not recognise any impairment
charge or impairment reversals for the year ended 31
December 2016 as detailed in Note 8 to the financial
report.
(ii) The Group holds a mining right over the Garatouw Project
for a 29 year period expiring 21 January 2044. On 11
October 2016, the South African Department of Mineral
Resources (“DMR”) issued the Group with a notice
indicating its intention to cancel the mining right due to
failure by the Group to comply certain provisions of the
Mineral and Petroleum Resources Development Act and
the terms of the mining right. The notice required the
Group to make a presentation to the DMR as to why the
mining right should not be cancelled. This presentation
was made to the DMR on 24 November 2016 with the
submission of the required documentation under the
notice being made on 30 November 2016. This matter is
disclosed in Note 8 to the financial report.
(i) We involved our valuation specialists to assess the
valuation report provided by the Group’s
independent valuation expert including assessing:
? The independence, objectivity and capability
of the expert used by the Group
? The methodology and valuation method
adopted
? The assumptions applied by the Group’s
independent valuer providing the report as
detailed in Note 8.
We also considered the adequacy of the Group’s
disclosures with respect to the degree of
estimation involved in the determination of the
recoverable amount.
(ii) We assessed the documentation submitted to the
DMR addressing the concerns raised by the DMR in
their notice. As a formal decision is yet to be made
by the DMR on the withdrawal of the notice, an
Emphasis of Matter paragraph has been included
in our auditor’s report to highlight the significant
uncertainty over the withdrawal of the notice and
its impact on the Group’s ownership of the
Garatouw Project.
We have assessed the disclosures made in the
financial report in relation to this matter.
http://www.nkweplatinum.com/ReportPDF/2016%20Annual%20Report%20to%20Shareholders%20(pdf).pdf
ALERTS100%to10000%GAIN
6 years ago
NKWEF~~Top 20 Shareholders
Name Number of shares held % of Issued Capital
JIN JIANG MINING LIMITED 470,297,156 52.47
JIN JIANG MINING LIMITED 61,111,964 6.82
INYANGA CONSOLIDATED INVESTMENTS (PTY) LTD 32,792,446 3.66
GLENEAGLE SECURITIES NOMINEES PTY LIMITED 15,000,693 1.67
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 12,543,250 1.40
FLOURISH SUPER PTY LTD <FLOURISH S/F A/C> 8,300,000 0.93
SATORI INTERNATIONAL PTY LTD <SATORI S/F A/C> 6,779,539 0.76
GRACEFORD HOLDINGS PTY LTD <GRACEFORD SUPER FUND A/C> 6,706,007 0.75
MR DAVID ALAN MACDOUGALL + MRS LINA MACDOUGALL <DAVID MACDOUGALL INVEST A/C> 6,663,250 0.74
CITICORP NOMINEES PTY LIMITED 5,705,428 0.64
J P MORGAN NOMINEES AUSTRALIA LIMITED 3,913,949 0.44
MR STEVEN LIONEL TATE + MRS SHARLENE NORMA TATE 3,758,320 0.42
DOULL CONSOLIDATED LIMITED 3,000,000 0.33
BNP PARIBAS NOMINEES PTY LTD <IB AU NOMS RETAILCLIENT DRP> 2,947,091 0.33
GROSSMILL INVESTMENTS PTY LTD 2,882,741 0.32
MR STEPHEN CHARLES STUART WATTS <WATTS FAMILY A/C> 2,800,000 0.31
H N C PTY LTD <THE SAGGERS SUPER FUND A/C> 2,725,829 0.30
MR PETER CHARLES MOREY + MRS VALMAI ANN MOREY <MOREY SUPER FUND A/C> 2,465,540 0.28
MR SIMON BENJAMIN FLEET 2,420,000 0.27
MR YURY LEZHNIN 2,420,000 0.27
Total 655,233,203 73.10
*FULLY PAID COMMON SHARES (TOTAL) As of 14 Aug 2017
http://www.nkweplatinum.com/investors/top-20-shareholders/
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StockStarGucci
6 years ago
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