I'm guessing that MLX is bound by the terms of various off-take agreements, as well as by agreements with our JV partners in Renison. Don't think management will have a lot of leeway there.
MLX is really a lot more like an investment holding company with a lot of cash and a 50% holding in Bluestone Mines Tasmania. The latter is not really worth an awful lot if you go by current market valuation.
Renison operators need to demonstrate that they can meaningfully drop their AISC. If AISC can drop below A$20k/t then MLX likely will get through this cycle trough just fine.
Lastly, we all better pray that management is not in the mood for adventures and makes some silly acquisition. We could be facing a long lasting trough. Conserving cash and lowering cost is the way to go. Q4 ain't gonna be pretty.
MLX Price at posting:
25.0¢ Sentiment: Buy Disclosure: Held
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