The problem with this stockNo Western mining company is willing to do business in a kleptocratic jurisdiction. Lundin and Freeport are gone. After all the corruption scandals and court challenges with Fleurette and the DRC, Glencore may be on its way out. That leaves Anglo and Barrick with Kibali. Hard to say which way that will go, but they will only be interested in gold. So it leaves you with a low-ball Chinese bid. They are the only ones willing to deal with a government with a record of human rights abuses and official corruption. The only ones, except maybe the Russians, legally able to bring a briefcase to the table. But the Chinese are established. The monolithic state controls all the mining companies and major enterprises, so it is a monopsony. Thus the company will never get a good price for these rich mines. Friedland has no desire to build these mines, due to a lack of interest in the dull business of operating mines. Both Beijing and Kinshasa know it. He is doing it reluctantly because there is no atractive bid on the table. If he dares to go for cash flow, he will be waging an unwinnable war against the venal parliament of this military dictatorship. They have already been extorted twice, first for the 20% equity interest, and second in the new tax code. For a third, Bloomberg alleges that certain licenses were transferred on non-commercial terms to family members of the president. Whether they were or they weren't, there is little in the way of clear legislation, or legal protection, for property in the DRC, and the company attracts negative press for even operating there. So I am afraid, the company will eventually capitulate at a low price. As for South Africa, the social and political pressure to make big business pay, and support the people, in a racially divided nation with enormous poverty and a corrupt parliament (e.g. Jacob Zuma), has made it impossible to make a profit on the depleting mineral districts of the Kaapvaal Craton. Great assets, worst possible jurisdictions. Exploration will not move the needle. Double the gold is double the trouble.