Grange had previously ventured into residential real estate (!)...

Grange had previously ventured into residential real estate (!) so management wasn't without their faults (invest in a gold miner shitco anyone?). And it was trading very cheap even when iron price was elevated (hence the huge pile of cash). The large Chinese shareholder (steelmaker if memory serves) had a board seat, so the parallels are many.

The JV parter, Yunnan, is the world's largest tin producer, so I expect the mine will be well run. MLX sells its share of the tin independently, so I find it hard to imagine us getting screwed there.

I think management's confusion on whether they're running a tin mining operation or a speculative microcap mining ETF is a big part of the reason for the large discount being applied to the cash/company. Some communication on what they plan to do with the cash would go a long way to addressing that. I live in hope.

The current valuation gives us considerable downside protection, and while the cash is there, insolvency is a very remote risk. I think there is a very high chance we get paid for holding this, I just don't know when.