In the quarter they burned through AUD 16.3 million at Nifty - operating cashflow was -$5.2 million (loss) and they spent $11.1 million on the mine (Capital development $8.8 mio, Equip rebuilds/vehicle replacement $1.9 mio, Infrastructure upgrade $0.4 mio). The $11 mio spend on the mine is irregular/once off (albeit there may be a lot more to spend to bring things up to speed). The operating cashflow (loss of $5 mio) would be expected to improve significantly i.e. move towards Nil loss or a profit depending on the success of the capital spending in improving the operation and bringing down production costs per tonne.
MLX Price at posting:
26.8¢ Sentiment: Buy Disclosure: Held
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