A rather subdued early response to what appears to this layman to be a decent upgrade to copper ore reserves at Nifty.
I suppose some market response would only occur after analysts have recast their metrics, which obviously takes some time.
Of key concern at Nifty is the company drive to cut production costs because historically they're way too high.
Analysts would no doubt be hoping that if MLX produces a quarterly later this month then this would clearly show how cost cutting is going, if they've achieved anything substantial and if there's ongoing momentum.
The relatively strong copper price provides some leeway in terms of costs, but it would be a shame if the company didn't take full advantage of the buoyant metal market.
In the short term, the reserves upgrade is price supportive and I await further developments.
MLX Price at posting:
82.0¢ Sentiment: Hold Disclosure: Held
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