RE: looks like nothing is going to happenI agree that nothing will happen until we hear more on Tabakoto. They
told us in the spring that they would be publishing an update on the
Tabakoto project shortly and never did that, except to say that there
were going to be cost overruns. I think the uncertainty over just how
much capital will be needed to get Tabakoto up and running (and
consequently how much is available to take Bisha through feasibility)
is hanging over our heads. The cost overruns will be capitalized and
therefore affect the depreciation charged but should not affect future
cash flow. Any suggestion that they have made a mistake in
calculating the likely cost of production would be a further and
significant problem.
All in all, the lack of clarity on Mali together with the fact that
the market is giving what amounts to a zero value for Eritrea makes
for a wonderful buying opportunity. NSU has been falling for nearly a
year now. I don't see any sign that the stock will go up for the time
being, so buyers may have