Valuation is a very subjective measure - I may think it’s worth something, you may think it’s worth something completely different. There is enough information in the public domain to at least form some opinion on valuation but as I say - it’s all subjective.. how you think mgmt are going to include their view in the accounts is absurd.
Marantelli thought Nifty had tremendous value, Brett has been anti the purchase from day one but from my conversations he thinks there’s value but ur punting on the copper price. It’s now a negotiation and extracting the right price here. Worst case I think they put it onto C&M for a prolonged period which dials that cost back from a keeping it production ready $12m pa to mothballing completely for say half that. This is peanuts in comparison to what the tin will make.
The buying action is good, there’s always going to be some supply to work through especially given the history here. Could also be games being played until the sale is complete. Patience.
MLX Price at posting:
14.0¢ Sentiment: Buy Disclosure: Held
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