TNR smart to show patience now I'm inclined to believe any offer made for Los Azules, due to the size of the project and quantity of resources, will be challenged and counter offers will be made, if the offered price is not realistic - If the offered price is too low, higher offer(s) will be made - If TNR is presented with an offer for its share of Los Azules they will know that interest is high and a buy offer is imminent. In that event they would be wise to hold their position and let MUX handle negotiations. Due to past experiences with MUX CEO, (McEwen) TNR knows that if Los Azules is sold MUX and partners will receive a fair price. Any offer made to TNR, (as I'm certain they know) at this stage would involve bargain-basement values.
One thought is worth consideration and it supports my statement, (above). If MUX sold Los Azules for 'under market values' it would imply that MUX is desperate for cash, that they are not a healthy Company. I don't believe McEwen would risk putting a negative cloud, (in any form) over MUX. For those that don't know, McEwen is intent on steering MUX to an S&P 500 listing. Any deal made between now and the time of said listing, that does not support the MUX 'rising star' status, will not be tolerated by McEwen.
In answer to the possible question, "Am I a McEwen and/or MUX supporter?" The answer is no, but I do respect McEwen's ability and his determination to succeed.