12 month low, page-22

Thanks Josh

There are 2 things in favour here for DML:

1) They hedged at excellent levels (good judgement shown by management) and their positions are currently nicely in the money.

2) Copper price is still pretty good, at leat above BFS levels, and problems at RIO mines could well lend short term support.

granted that miners, including the copper plays have been hit pretty hard of late (OZL, PNA and SFR, all down around 30% YTD) - but DML at 42.5c is more of an obliteration than a hit. Copper only down around 9% since start of year, which begs the question, is the current valuation rational or driven by sellers who want or need out at any cost?

Does anyone know if Cathay still own shares and whether they have been driving the selling?

I am having difficulty making sense of the current valuation.