Metals X limited (MLX.ASX, $0.25/sh, Mkt Cap $330m) – The only ASX listed Tin producer. BUY PT $0.45/sh
* With the market getting very excited over the juniors in the tin space in recent days, we remind investors that MLX’s is the only ASX listed tin company currently exposed to tin sales in the global market. Its Renison project is the largest and highest grade single deposit ever mined in the world and eclipses the grades of many of its peers.
* We continue to see the tin supply remaining tight for 2012 and 2013 and we expect pricing to improve for tin towards the $30,000/t level. MLX will clearly benefit from improved pricing in the market before any other peer and we expect a $1 for dollar improvement in margins as MLX maintains its production levels and improves its head grade.
* We continue to rate MLX as our top pick in the tin space with a BUY recommendation and a price target of $0.45/sh +80% upside to the current share price.
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