All good points - and I agree that a lot of the expertise and "turn-around" kings are no longer with MLX, as demonstrated by your research into the people, and also as evidenced in the Nifty turnaround story missing nearly all its targets so far.
At some higher copper price maybe Nifty can make money but but at current prices its maybe more of a liability than an asset, after all - it is consuming cash and management's time so far but a rapid turn around in the operation (tonnes out of the ground) plus a higher Cu price are the two dependencies you offer.
Made me go back and look at what the action plan is for Nifty, they were predicting improvements by Mar 2020 but they have already improved the paste fill, redone ventilation, upgraded electrical infrastructure, retired some of the mining fleet and gone to campaign milling so the emphasis seems to be while the turnaround story is ongoing, they are going for quality tonnes over quantity, plus the big one of getting into new mining areas with virgin stopes and ground as opposed to playing around in previously mined stope remnant and checkerboard problems. As well as being starved on maintenance capital by its previous owners they also had some major geotechnical and safety issues to deal with. But my point is that some of these quick and easy efficiencies have already been done without effect it seems to the performance of the operation.
As the slide says - "Production is a lagging indicator" but would like to see these "Leading indicators" translate into tonnes and improved margins, someday soon.
Maybe we are just impatient and APAC are swooping in before everyone realizes that Nifty has turned the corner and is pumping out money....
MLX Price at posting:
22.0¢ Sentiment: None Disclosure: Held
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