Congratulations to MLX management for pulling off what I consider to be an excellent deal! They have shed themselves of Nifty, the gift that keeps on taking! Twelve months ago, I would have been happy had they ditched it for $1 - instead they have got $60 million and retained upside to the copper assets via their convertible note in CYM. CYM has also done well as the asset suits their skill set. Hopefully CYM can make it work well (I'm confident they can) and both MLX and CYM shareholders will do well. When viewed holistically, what has really happened is that MLX and CYM have come together to redevelop Nifty and have managed to significantly reduce the development risk by securing a cash injection of $90 million via the CYM raise. Hopefully this will be enough to bring CYM to a point of production and barring any big production setbacks everyone may do quite well.
GLTA & DYOR
MLX Price at posting:
18.0¢ Sentiment: Buy Disclosure: Held
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