Loki
Philippines tax hike not retrospective if I recall so MML should be safe from added 'cost'. If they have anymore teething problems with the new mine then they are also in danger of being a high cost producer , ie time ticking with low production and same expenses, in a rapidly falling POG
Apart from NST/RRL most that I am looking at has exceptionally high cost of production. Unless you know how low and for how long POG stays at then we are all punting for a rapid recovery in POG. If I hold a high cost producer and POG decided to stay low like recent low for a length of time, I don't want to be trapped as a holder with the company come asking for cap raising or whatever to refurnish the working capital. Wouldn't that be called averaging down? My simple strategy is if I want to punt on beaten down goldies I need to know with a certain degree of comfort that it can survive the bad times since I have a bigger target than to flip it for a small capital gain.
I don't know anything about SBM
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