Can the company turn Nifty around at the year end? Operating cash flow was negative 24,412M (-17,363M last quarter ) Cost of mining was exacerbated up to 20,769M ( 16,440M last quarter )
Ok the cost of mining was almost sucking up all of the operating cash flow. Why?
Mlx acquired Nifty in 2016 based on a belief of a potential geological upside. Exploration team has been widening the resource base from previous low grade in the historical central zone into NEW mining zones.
They identified 90% of higher, proved and probable ore reserve outside the historical central zone by extensive drillings campaign and started to drill new surrounding areas too.
How Mlx could reach its objective of delivering a longterm profitable cu business?
By reaching its target 2 Mtpa during March 2020.
The Nifty project alone will be running at the same capacity compared to AIS two UG mining combined.
Next quarterly production and CU price is a significant important for Mlx
MLX Price at posting:
19.0¢ Sentiment: Buy Disclosure: Held
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