afr article, page-26

SA has a large chrome sector making ferrochrome and then mineral sands, steel etc - demand for anthracite is strong and ZYL seems to have a good quality product compared to say Forbes' Aviemore (TSX), Petmin (JSE/AIM)Somkele and so on. If they can find good mineable areas, this should do well. Saw Ian Benning CEO at a Noosa conference and was impressed - seemed to be a serious player and not the usual spruiker. Kangwane looks a bit dubious (washing yields look on the low side) but on balance, if the Mbile/Msebe work produces some mineable blocks at the qualities shown, they should do well.

Only reservation for ZYL is a blown out capital structure and this unfinalised York transaction which looks generous now. Also Pattos may have lost interest and who picks the ball up?