I agree the 50/50 jv has its limitations, but I don't expect that to change. Maybe the partner will be exchanged for Yunnan Tin, or an aligned company, but I doubt the other 50% will exit Chinese influence. Which also has it pros, as close cooperation with the largest tin smelting company also has its advantages (long term), surely in bad times.
We'll see whether management will declare a market competative dividend. I doubt it, because what incentive APAC would have in releasing cash and/or a higher valuation of the company? But if they do (let's say a policy of 30 t0 40% of earnings going forward), that will surely alliviate some of the discount. To quote Munger: "show me the incentives, and I will show you the outcome". What incentive does APAC have in a lowering of the discount and/or a higher share price; as a policy?
MLX Price at posting:
71.5¢ Sentiment: Buy Disclosure: Held
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