I think they had transport issues due to the Amazon river running low, but perhaps more important if you look at (limited information on) resources, grade seems to be dropping even further. Also they have substantial byproducts, if price of those drops you get a double whammy: lower revenues, but also a higher COGS net of byproduct. It's probably a combination of things.
Hard to find recent information on operations though, even Minsur doesn't really disclose much on Pitanga when it was still consolidated.... (so I am guessing it is not great....)
MLX Price at posting:
40.0¢ Sentiment: Buy Disclosure: Held
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