Ann: Change in substantial holding, page-15

"KCN was the most shorted stocks for a few weeks late last year..
And they have higher production costs than MML..."

Higher production costs? Like I said, they have the option of C&M for Challenger although its almost running at breakeven so better to keep it going to avoid laying off workers. C&M costs money too ad do redundancies, and no one likes to see people loose their jobs. Chatree runs at a profit. Don't just look at reported cash costs for MML. We obviously need to look at cash flow to see if we can believe reported cash costs and now that all the up front capex is mostly out of the way we should have seen an increase in cash held. We didn't.

"who would be buying MML now after coming out with that sort of quarterly"

After that qtrly and also considering the misleading info on recovery earlier in the qtr and another badly missed guidance this far into commissioning; ...not me. I have others I prefer. If I wanted to play the POG if it starts to rise again through a producer, I would now look at KCN or maybe some others- any where that management has a better track record with credibility and that should look much better with a higher POG. SBM has far too much debt for my liking and a mc of only $55mill reflects that.
Like I said recently though my preference is the new breed- the upcoming developers like ABU and BSR that will plan mining and plant around the low POG environment. ABU has very high grade from surface but the mc at above 100mill reflects the potential to a degree. BSR at $20mill is by far my preferred gold stock. The current producers are trapped with legacy mines and large plant designed around a higher POG. NST appears to be handling the current environment much better than most. Luckily for them they appear to be delivering because with a mc around 1bill, there won't be room for letting the market down. I'm not sure how to value that one with relatively low LOM on many of their new assets and a very high mc now.
My biggest problem now with MML relative to other mid cap producers is management credibility.