I don't understand why Red hasn't sold Siana to another gold...

I don't understand why Red hasn't sold Siana to another gold company for shares? I don't think anybody would buy Siana for cash as the operation is far too risky in terms of political risk and the capital that needs to be put in to it. MML is the only other Aussie gold operator on Mindanao (I think) and is cashed up. I'd be happy if Siana was sold to MML for a 10-15% share holding. MML also havent diluted their shareholders in the past, so a capital raising in the future might be less likely. The only problem is that management over at MML are a bit too conservative, so things could take time if Siana was sold To them.

SLR did exactly that by selling deposits to BC8 which were at the bottom of their priority list. They now have a 9% holding in BC8 worth about $8 million (still early days).