Not the greatest in terms of gold production and cash costs. However a number of mines being brought into operation.
At first glance guidance for the next qtr of 43,000 @ cash cost of sales 0f $1,200 appears below expectation.
However if this is extrapolated out over 12 months EBITDA is about $1.80 share using WACC of 10%.
What is a little concerning to me is the high rates of depreciation and amortisation which drag net profit down to about .25 share. This is only a worry if it is reflective of future capital expenditure commitments. I think a big proportion are one off items.
I noted in the financials some $130 mill of tax losses on a restricted utilisation basis. Perhaps no income tax payments to the ATO for a few years.
Think the copper is daft unless they are expecting to have own commercial resource. Perhaps Rover but not much info on that.
DYOR IMO etc
MLX Price at posting:
$1.38 Sentiment: None Disclosure: Held
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