I agree that an open pit operation and re-establishing the SXEW...

I agree that an open pit operation and re-establishing the SXEW at Nifty is high risk, but realistically the only other options they have are;
1.Re-establish underground mine - they would have a shareholder revolt if they suggest this;
2.Close the place, sell the infrastructure and do the rehab. Might get a couple of million for the infrastructure and probably cost ten's of million for rehab. There will be ongoing cost maintaining site until rehab complete.
3. Sell it, but for someone to buy it they need to believe they can make money from it, which means they need to believe they can make either the UG or open pit option work. Maybe that is what the scoping study is trying to do? These is a lot of bad press about UG option, maybe the OP option a bit of a teaser to attract some attention - a bit like the used car salesman polishing all the shiny stuff on an old car.
Of course there is always the option of paying someone to take it, but could Metal X afford it?
The site probably has a few liabilities like rehab, that new owners inherit, there is the care and maintenance while sorting out what needs to happen, there is the capital required to make it happen. Why would someone want to buy it? If Metals X want to sell it they need to show that the place has potential.
All the above is personal opinion and guess work, Do your own research.