how many miers on a pe of 2 , page-5

Mook ,I also expect that it will take a few months to be up to full speed .I would be conservative and say the full year from December 2008 to December 2009 will be fully up to speed and with the copper circuit running smoothly .Thats not to say they arent earning lots of cash now .
The enterprise value is whats important here .There is bags of that ,and when it is added correctly you can see its mispriced .
Put simply Wingellina nickel deposit is worth more than the market cap of MLX alone and has an NPV of $3.4 bn.Irrespective of it being a few years away ,if this was spun off as a separate company would have a market cap value of $250-300m. ,such is the quality of the project . It is a low operating cost ,fully Jorc compliant gigantic resource that will probably double in size again according to directors . They are also doing studies on the PGMs and Iron ore components in this project that may decrease costs further. So Renison is free ,or Wingellina is free .
Their tax credits alone are probably worth $30m or more .They have spent $100m alone refirbishing Renison as well as money on Wingellina .
They have good income fron Nickel royalties also .
There are so many facets to this company and hidden values its easy to gloss over it and miss the real value of MLX .It is the sum of all parts . $60m Cash still has to be included in enterprise value ,and you just cant dismiss it because it may be used for something .
Whatever they use the cash for will increase value for MLX commenurately .
This company will make more money than Minara ,yet Minara market cap is multiples of this .The fact is companies like Minara trade on their reputation of size ,even if the operation is crap.Minara could go broke if Nickel stays low and costs stay high .MLX wont go broke ,and will make money .Still they all flock to the dead carcass from habit ,thinking that because it is much cheaper it must be Better value .
MLX stated in their recent update that Renison will generate $100m EBITDA per annum ,and more next year on current Tin prices .Maybe some Phosphate drilling will spark things up soon ,but there is huge inherent value in MLX that is being ignored at the moment Just wish I had more to put in .