RE:Where Things StandI think we are seeing NSU at the bottom of the bowl right now, and they are definitely prone to an unwanted low-ball take-out offer. However, I still see Bisha as an asset even though it was mis-managed in the past, with the mess covered-up. There is tremendous potential there to add value and the revised mining plan does not preclude mining more (a lot more) at Bisha. New management at Nevsun did not want Bisha to be sucking capital from Timok so they did what was required. It was a prudent financial decision, plus the operation can stand on its own two feet.
Meester954 wrote: At 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.