Correct. That was $200 million total a decade ago so without a detailed feasibility study, double that as Brett mentioned $400 million for the project is very likely now.
However we will ship it so no need for all that ,very good outcome.
Nonetheless ,the cash built up is for the buyback of Greentech. This will give a higher return than anything they will touch at this stage.
Argyl, together with Oldpeak, was squeezing MLX during Nifty times. Looks like Argyl has also put up a bid for 15% of Greentech for half of MLX's offered price. The choices are pretty clear for Greentech shareholders -either stay suspended,accept Argyl's offer (also offer is only for 15% of their outstanding shares ,so remaining 85% is still effectively locked out suspended) for half of MLX's offer or accept MLX's offer for 100% of outstanding shares at double the Argly's offer.
Moreover a very big win this Quarter besides the obvious grade and tonnes improvement is the increase in the Mill Recovery of 81.16 % from previous Quarter's 78.96 %. I don't think I have seen the recovery touch 8's in a very long time in Renison !
Area 5 is on full throttle and most of the ore processed this quarter came from production stopes which is a noteworthy news.
On the exploration drilling ,Ringrose which is only 750m development away from current drive is giving away high grade mineralisation in the assayed holes.
Credit has to be given to the management for finalising a deal with Cyprium to defer their payment with $5 million charged for the amendment fee of which $2.5million is already credited last Quarter.
In conclusion -> BUY NOW !!!
MLX Price at posting:
46.0¢ Sentiment: Buy Disclosure: Held
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