Total Capex including capitalised Opex for the open pits was A$46M in the DFS, they spent A$11M last quarter and had A$40M in cash remaining on the balance sheet.
Given that things are progressing on time and budget, one can assume at the moment that they’ll have ~$10-20M cash remaining, and cash flows from July onwards. Bodes well to deal with any startup issues, as it seems they are well capitalised for the time being.
The next 12mnths will show whether board and management will focus on capital management (divvy etc.) or whether they want to grow through acquisition (lots of stranded resources), they can quite possibly do both… interesting tkme ahead for MEK
MEK Price at posting:
18.3¢ Sentiment: Buy Disclosure: Held
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