Ann: Quarterly Activity Report for the Period Ended 31 March 2015, page-228

guys, as a very general rule of investing, I follow a company for two Qtrs... if two successive qtrs have the same rhythm then it is enough evidence of a trend formation...

for eg. if a producer is having some niggling issue with their plant/mine, then 2 qtrs = 6 months is enough to fix those kind of issues (bigger issues need a much larger time frame)...

on the reverse side, if a producer has two consecutive qtrs of plain sailing, it is proof that enough that things are rolling on quite well at their facilities and barring something unforeseen, rest is well...

MBN has put in two great qtrlies in a row.... for me, this is a good enough reason to now sit back and relax knowing that most of the things are under control (mgmt cannot control USD/BRL or PoN or acts of god etc etc)...

this quarter, I will be more interested to see who they sell on the spot market and what additional production can they squeeze out of the existing setup - i.e. can they improve the efficiency in any way? this will add substantially to the bottom line and with the improving PoN, suddenly it will look more like a gold mine rather something that mines industrial commodities...