You raise some valid points, it is good to have balanced...

You raise some valid points, it is good to have balanced discussions, although I do not apply the same level of materiality to them as you appear to have. I think it just comes down how individual investors weigh those, comparatively, to the risks of our peers and how management/BoD are assessed relative to their peers.

I think, as has been discussed here many times before, the main reason for MLXs discount is the 50/50 ownership structure of the JV opco for Renison. This lack of control results in a less desirable investment case to the market. ASX announcements would suggest that management is attempting to address the lack of control discount and can go to, at least to some extent, explain managements current cash management policy. That and the historic unavailability of franking credits, as carry forward losses were utilized, made dividends less appealing to the share buy-back strategy. So I am supportive of the currently growing cash hoard. I certainly do not believe that management nor BoD have an oversized remuneration.

Finally, agreed a direct comparative with Yunnan can be misleading for a number of reasons however it does provide some level of peer value. I like to be generally supportive of fellow posters who take the time and effort to give their views and post.