I've been keeping my eye on a turnaround mining play. Research was done on MLX and looks like the worst is behind this mining stock which is probably the best asx listed Tin miner. However due to a Copper mining venture that became a headache for the company it's profitability and hence the share price has been hammered.
MLX has done a few things right lately and looks like the share price is heading in the right direction. They sold their Copper operations for a total of $60m which is not bad and they've cut their debt in half. Also reducing staff as they don't need people standing around for a Copper mine that was on care and maintenance.Although price has pulled back a bit by the day's close, it looked like price was likely to breakout higher during the day. So I bought a few shares for this portfolio. Fundamentals point to a turnaround mining play and technical picture is half decent because I can't time a perfect breakout to buy into...
Open Portfolio:
- Forums
- ASX - General
- Speculative Stock Portfolio
Speculative Stock Portfolio, page-283
-
-
- There are more pages in this discussion • 66 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Featured News
The Watchlist
1CG
ONE CLICK GROUP LIMITED
Mark Waller, MD
Mark Waller
MD
Previous Video
Next Video
SPONSORED BY The Market Online