FCX's Right of First RefusalThis is a potentially a big issue. In my experience, bidders are usually wary of making a major effort to undertake significant due diligence to acquire a company when they know someone else has a ROFR. In this case, companies know Timok is valuable, but they still have to make significant effort to put together a bid. It almost goes into game theory on what they think FCX will do if they make a bid. FCX, with its issues with Freeport in Indonesia, may be too distracted to focus on NSU or they may see Timok as a new opportunity to offset Freeport's uncertain future. On the positive side, it strengthens the case for a knock out bid, with the hope that FCX won't respond. Compounding the issue is that a major doesn't want the Eritrean political stigma of Bisha and will want to have a divestment strategy in place, but at a fair valuation. Lots of issues so it could be a while before an acquisition happens (unless some company wants to make a pre-emptive strike). Fortunately, we now have a good mgmt team and, hopefully, a new floor price (for both the stock and an acquisition). Worst come to worst, NSU continues to develop the Timok and we should have a continuing upward stock price trend.