Fortunately or unfortunately depending how each holder sees it,...

Fortunately or unfortunately depending how each holder sees it, the valuation is not dependent on what the first offer is. Now that the project is 'de-risked' from a development perspective, it is ultimately the predators on the sidelines that will value the outcome. If we take Hathor and Mantra in ground valuation, I think it's the $9/$10 a pound so $8.50 valuation based on the flow through is the worst case scenario.

If we add potential money printing by ECB then the doom and gloom scenario on world economic health and sentiment is not that bad for the time being while the printing press are working.

Now lets see if the Russians with their $1B funding for projects in Namibia will participate in any auction process. I am not so sure if RIO or AREVA have the appetite to participate but I like all holders are speculating on which contenders are the logical suitors.