As closing cash and working capital at end of quarter was $74.3m, virtually the same as at the end of Dec 18 it would indicate there was almost zero cash burn during the quarter on a group level. Also, it is incorrect to say there were a few cash kickers in the quarter that won't be repeatable. They did sell shares worth $0.8m. However, they still have investments with a value of $3.6m at end of quarter that can be sold at any time. Tin sales were 190 higher in the quarter than tin production. However, if you look at the first half of the FY tin sales were 350t lower than tin production. On that basis they still have excess stock of 160t of tin that can be liquidated in the coming quarter. It should also be noted that tin production is forecast to increase in this quarter and the cost base should be relatively static. It should also be noted that at Nifty, 14 stopes will be available for production this quarter as against 8 in the March Quarter. Importantly, 6 stopes will outside the central zone as compared to zero this past quarter. Should lead to higher production.
MLX Price at posting:
28.5¢ Sentiment: Buy Disclosure: Held
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