yes the tin price has dropped however MLX have a $10k margin of profit from Renison ASIC.
Also, yes China imports half of all the Cu produced but MLX doent not sell to China. All the copper produced is shipped to Hindalco in India and the price of copper concentrate like the one Nifty produced is in high demand as oppose to the recent spike in Arsenic contaminated Cu being produced by Chile , worlds no#1 Cu producer.This is also reflected in the TC/RC charges charged by the smelter.
happy to be challenged / answer any question anyone here might have.
Ann: Quarterly Activities Report, page-38
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