No idea what NST's long term strategy is, but buying this out wouldn't be a crazy thing for them to do if they want to diversify out of gold. NST already own 13.5%, have $300m cash and the timing is right with the outlook for zinc and copper looking very good.
I thought it was curious when NST first took a stake in VXR as at that stage NST were a fledgling company and XVR was a bit left field. Maybe Bill Beaumont was thinking long term? He is not afraid to have a go and the payback for the required $200m capital is only about 18 months.
Wonder what the project would be worth? A quarter of todays NPV of $338m, or $84m, or about 3.2c a share would be hard to turn down.
Ann: Sulphur Springs Value Engineering Study, page-7
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