I can see why there were 2 recent "ceasing to be substantial holder" notices from Industry Super Fund and Credit Suisse, and a sell down of 10 million shares by BlackRock.
EBIT for the quarter dropped from $13m to less than $1 - hence the sell-off and share price decline.
The Shorts are high.
They've got some work to do at Nifty, and they are looking for a partner to get the Nickel off the ground, so the market will wait and watch.
My fair price (rough, back of envelope calculation), based on comparisons with similar miners, production figures and shares on issue, is around 45 cents.
Gw
MLX Price at posting:
68.5¢ Sentiment: None Disclosure: Not Held
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