I would love to see that happen to give the SP a kick but don't think they will make a tilt at an Eritrean asset (even though they are on the other side of the border).
I think you are more likely to see an offer come from the Chinese. There are so many exploration licenses issued to Chinese companies in Eritrea - they have a better understanding of the land and also the risks of dealing in the country. They can also partner up with the government to help build the infrastructure, which is something they are doing in other parts of the continent. So worst case for STB would be to sell part of the project, diluting them no more than 30% overall (assuming the 60% that STB previously had is split 50:50 with JV partner). This way we can still have some upside as this is a cracking project.
Having said that, I would rather STB wait until the feasibility study is completed. Would add a lot more value to the project instead of selling at basement bottom prices..
Don't see too many catalysts in s/t. Case of sitting tight in this market and buying on the dips.
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I would love to see that happen to give the SP a kick but don't...
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