I think this announcement is not all bad. The new executive...

I think this announcement is not all bad. The new executive chairman Patrick O'Connor has taken the bull by the horns and told the market like it is - to me this is a very positive sign. O'Connor went through a similar crisis at Perilya during the GFC and has experience leading base metal co's through difficult times. It's good that the bad news has been outed re asset write-downs, Rension's lower output and the need for a capital raise etc. Hopefully one of these days (soon) the tide will turn and we will get an announcement with a bit of good news! Despite the negativity, progress is being made, with Nifty care and maintenance now in place, management now starting to focus on reducing ongoing Nifty care and maintenance costs etc. Hopefully things will slowly improve from here. At $0.07 per share MLX enterprise value (including debt and excluding any cash held) is only around $100 million so it's certainly cheap based on potential future earnings from Renison. I bought some a few weeks ago at $0.115 and some more today at $0.078 and intend to hold. O'Connor and the new board are seasoned professionals and I have faith in them to lead us slowly but surely to a better future.