Sibanye tries to buy-out NCZ at $1.10. Don't accept!, page-6

They already have ~45% now, probably 50% by end of today. The new entrant will be in minority, buying a company who raised >$200m last year and still in financial woes with favourable zinc market condition. Sibanye probably wouldn't let go at any price less than their initial investment, $2.3. Adding all the attached financial obligations, chances of someone offering more than double the current price is pretty low, I'd say.

Shame though, because I think the scale of operation is substantial enough to make a billion dollar company. I think even Sibanye was surprised by the ease of entry. Maybe if they had focused on making their core operation profitable first...

On paper/presentation, NCZ looks like a great opportunity, but looking back at how much money they have risen since the start of production, it is really on par with WMC. In hindsight, should've left when Cranston resigned.