Still far from convinced that Damien Marantelli is going to be able to turn Nifty around. He was appointed mid-Nov18 and nearly six months later on 1May19 delivered the Nifty Reset Plan that stated that production for 2019/20 was going to be 26.5kt Cu and now on 13Sept he revises down this estimate to 21.7kt - a drop of 4.8kt(worth about $US27.5mil) and probably all related to the current half year.
He was probably estimating around 12kt on 1May19 for the current half year but is now saying only 7kt -that's a huge difference in my book. It really sounds to me that he is just kicking the can down the road with this saying that production is a 'lag indicator' for all the work that is being done to fix Nifty. Will production actually pick up next year? The work done so far needs confirmation from an independent source to confirm that a production rate of at least 14kt is possible in the first half of 2020.
Shareholders have had a gutful of these hollow promises.
MLX Price at posting:
18.5¢ Sentiment: None Disclosure: Held
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