Yeah I got a bit excited when I saw monthly c&m costs reduced to $0.72m per month but upon further reading $13.7m pa or $1.1m per month. I think this is manageable.
Cash burn on closure looks like it came under budget. $6m more this quarter.
Guidance reaffirmed for Renison. So perhaps a similar performance for the next two quarters to December quarter (ie break even).
The grades at Renison continue to impress as evidenced by the resource upgrade and some of the drill hits ([email protected]%Sn, [email protected]%Sn, [email protected]%Sn). I’m a tad concerned at the capex required to open up area 5 (ventilation, dewatering) - they hint to this in the report. Also the ground stability which has been highlighted before and as evidenced by the loader getting buried under material from the hanging wall. They will be printing cash mining 2% Sn.
I’m looking forward to the nifty resource upgrade and hopefully some bites on the corporate front for the asset...
MLX Price at posting:
8.4¢ Sentiment: Buy Disclosure: Held
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