We can see that with MLX having such a retained interest in the project through CYM, how CYM goes will have a very substantial effect on MLX total asset value. From what I can see I think CYM has some really competent operators. They know copper mining, many say. So there will be two horses pulling the MLX chariot, not one.
The first thing CYM are doing, from their website, is going for heap leaching the oxides. This looks from what little I know just now, a smart move from the critical path point of view. Quite a bit of stripping has to happen before they are ready to mine the open cut sulphides. If this can be brought on stream much faster, it will provide very handy cash flow while other things go on. I have a bit to learn though. They intend to do both the open cut sulphides and heap leaching oxides in parallel. Because of the stripping time needed, the plant will not be restarted straight away. They might use contract miners?
The agreement states they can start work before settlement of the $24 m in March, that is they are busy now. A bit like a buyer wanting to repair the house you are selling before settlement. Sure, because if they fall through, which will not happen here, you as the seller get to keep the improvements free. It fast tracks cash flow for CYM. It looks like there is good trust by MLX, which is sensible.
MLX Price at posting:
17.5¢ Sentiment: Hold Disclosure: Held
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