I'm fairly sure that RED will be looking for a buyer for Siana ASAP as they don't want to spend another $40mil developing the underground there and their shareholders will have no appetite to cough up more money for that and the ounces remaining in the open pit are probably not worth re-starting it as they still have problems with pit walls.
And given the holding costs of at least $500k to a million per annum, I think they'll be looking for a quick exit, no matter what the cost. The plant is only worth scrap if you can't produce with it and they would have rehabilitation liabilities to complete which could be substantial. I would say that they would be willing to accept a no cash, no consideration deal with the buyer taking over the rehabilitation bonds, if any together with the responsibility of cleaning up the site. If MML is at all interested then they should offer no more than this.
MML Price at posting:
30.0¢ Sentiment: Buy Disclosure: Held