Sooner or later the errant nonsense with the shorting will catch up with them. Before the Haul rd flooding in January Mins was trading $32 and they said they'd be getting up to 35 m tonnes pa by end of June. There doing 34 m t now, and yes may be spent about $1 per share extra of cap ex versus plan, with $260 m haul rd upgrade. And lithium price is weaker. But what's also clear is capacity of Onslow is a lot more than than 35 m tonnes, and the P/e here is about 4.5 X at 35 m t pa.
If you put it altogether its probably a net positive for Mins versus January, as we know a risky project in ramp up phase then is now working much better than expected, more capacity than expected, and will be fully derisked by end of August; mostly derisked now is my view..
MIN Price at posting:
$23.97 Sentiment: Buy Disclosure: Held
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