Where Things StandAt this point I view NSU as a battleship that has lost power and is largely defenseless. Management (Peter K. excluded for the time being) has done a poor job for over a year and I view the company as takeover bait. We know there is C$171M on the balance sheet; we have a pretty good level of confidence that the Serbian assets (led by Timok) are quite valuable (you pick the number but RMC's estimates still stand as the best estimate for now); that leaves the question as this: what are the Eritrean assets worth, likely to a third party who will not be the ultimate acquiror of NSU. You can pencil whip Eritrea as much as you want but I cannot see anyone offering more than C$4.00 per share for NSU in its entirety at this point. Sadly, given the company's performance over the last year or so, most of NSU's long-suffering shareholders would likely jump at that opportunity. Anyone that acquires NSU and successfully divests Eritrea will be getting tremendous value.
Just my high level assessment and I welcome the thoughts of others.