I was thinking of buying at 10c but am a bit concerned by what is going to be in the quarterly. There have been a lot of shares traded recently and MMI is probably regarded as pretty cheap now considering the assets. MMI did say they were going to produce in the range 1,030,000-1,200,000 tonnes the past quarter and you already know about the issues I picked up in the releases. I like the more recent shipping numbers but they have to be consistent and there is now the uncertainty of weather interruptions to loading during the dry season. I would like to see a plan put in place to see shipping from stockpiles in March-April rather than having to rely on the resumption of mining. Cape York is a difficult place to operate and you need backup plans and stockpiles. Invest in another loader and another truck and trailer set with another stockpile are adjacent to the BLF. A dozer can periodically push up a sizeable stockpile that is capable of draining water keeping the pile relatively dry. 11.5c now. Hopefully the rally will be sustained but not a great price when you consider how high the price went. If MMI and management are as good as what you say why has MMI plummeted to around 10c? Too many changes, releases that did not tell us anything, extraordinary staff turnover, 2 start ups with considerable teething issues and interruptions and cost pressures and we are operating in a very healthy bauxite market. Not good enough.
MMI Price at posting:
11.5¢ Sentiment: Hold Disclosure: Not Held
