I was half joking before, but MLX were operating Nifty at an All in Sustaining Cost of ~$3.60 /lb back when they were spending to develop the new areas of the mine, improved ventilation etc. Prior to that level of development spending it was closer to $3.10 /lb.
I'm not suggesting that MLX should get it operating again, but it has to bode well for the upcoming sale that another 10% increase in the copper price would put the current configuration of the mine into breakeven territory (let alone the proposed open pit). Any potential buyer that has a positive long term view of the copper price and believes it can run Nifty at a lower ASIC than MLX (and lets face it, most of them would!) must see it as good prospect potentially at a knock-down price. I'm confident Nifty will sell... but it would be nice to get an announcement, even if it's just a progress update.
MLX Price at posting:
8.3¢ Sentiment: Buy Disclosure: Held
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