Shorters increased their position to 6% (or 36m shares) since then.
Copper hedging program finishes in July 2018 - so from August we'll realise full market value for production
In the report ... "During the quarter the copper price exceeded the ceiling prices and the Company delivered 4,500 tonnes of copper into the hedges at a loss of $3.1 million"
Seems confident they will build to 35k run rate - though - from the report ... "dilution from the mining of ‘tertiary’ stopes (stopes which are surrounded by previously mined and backfilled stopes on at least two sides) within the checkerboard continued to be a significant issue"
I still like it!
MLX Price at posting:
71.5¢ Sentiment: Buy Disclosure: Held
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