No question MLX has a very strong position wrt Sn.
Effectively they are a major producer have reduced costs with the ore sorter and have a project near ready to go with the tailings treatment expansion. Most importantly they have considerable experience with the supply demand situation regarding Sn and thus the price.
If there is a silver lining with the Nifty slow ramp up and tougher copper price it's that they (and their Chinese JV partners) will be very careful on pulling the trigger on tailings treatment expansion.
It could well be that both those cash flow and profitability drives lead to a re-rating when the market decides to be more positive. It will involve a capital raise with the market (read fund managers) will decide on.
MLX Price at posting:
39.0¢ Sentiment: Buy Disclosure: Held
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