Interesting concept but I wonder how a spin out would work or if that's really the correct term. They will most likely sell their 60 % of Los Halados to Pan Pacific for cash and then advance Josemaria and then sell it to  JOGMEC for cash and advance their other projects but those probably don't come close to the first two for potential and may be better sold off as part of a package . The cash horde would be immense so most of that would need to be paid out as a dividend I'm thinking . Huge cash on the balance sheet doesn't necessarily equate to a higher share price,  the stock could get stuck trading at cash value because the cash obscures the underlying value of the other projects. 

As far as a true spin out is concerned I'm thinking that if a buyer like Pan Pacific wanted certain assets only , like those in South America for instance, then NGE could sell itself  and spin out the Canadian assets into a new Co. that's better structured for those remaining assets and pay a hefty dividend too.

At the end of the day I suspect a sale is going to be structured to give the Lundins the best return on investment including paying the least amount of tax. So will that be a dividend or a capital gain or a combination of both, it's anyones guess. At the rate we are finding more ore I'm reasonably certain that a take out will be at a better price than the current $ 3.30 , the question is just how much better does this have to get before someone pulls the trigger and makes us an offer.