Ann: Quarterly Activities Report, page-15

Again, a no fuss, well oiled producer.

15 month St 'looks' around 40/t , with a few other suppliers coming on line, but in less stable regions.

Of the price heads to 45/t and stays, as many analysis' say, then then areas of which were not of economic value will try to get a piece of the action. ( Build times matter too, so there will be a time delay).

Also, if the world keeps on with the ESG behaviour, you can't be sure how the operational expenses will pan out, especially with solar uptake to an energy hungry industry, in a low PSH region.

Being 100 paranoid of the market, I like to reference about 35/t, JUST to provide a psychological buffer, but then I STILL rate MLX as a buy. ( Especially if the market sufferers numerous pullbacks into the next 12 months, and liquidity chases a decent home. )