Seems like that but there is a valid reason and they aren't just making excuses like when the previous management promised 40,000 t of copper from Nifty and barely hit 20% of that.You need to know the UG mining inside out to see thru it but I will try to summarise the reason that are valid because of -
1) Ventilation upgrade done so that means new areas can be mined.Jumbos cutting thru the development meters.
2) Paste fill commissioning .Delays mainly because you cannot mine a high grade primary stope unless the secondary stopes surrounding it are all pastefilled.This will be resolved this Q as they have already demonstrated that they can pour paste UG with 3,500 cubes delivered UG.
3) Mined ore higher but recovered grade less due to talc and sulphur content. They have prioritised this and no doubt will be under control. Blending or otherwise. Drill and blast can also leave longer uncharged collar on the collar as opposed to just the toe to minimise this. Or use low density emilsion to minimise hangingwall dilution. This is very common in Underground Hardrock Mining.
Very good Quarterly.
Full confidence on the mine ,management and the tin price .
MLX Price at posting:
28.5¢ Sentiment: Buy Disclosure: Held
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