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  1. 1,358 Posts.
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    "MAK is still only an explorer. It has to raise much more cash to be able to fund CAPEX."

    This has been discussed at length.....The beauty of MAK is that capex is tiny...around $30M from memory.
    This is peanuts for a company that could be earning close to $1Bill per annum in a couple of years...(estimate 3M tonnes at $400 USD RP for $300AUS profit per tonne.)
    Low capex is one of the distinguishing features of MAK compared with peers.

    And as for "still only an explorer"....sheesh, have you heard of a JORC?

    The main risk for Mak is that RP prices remain high....but even if RP prices halved Mak would still be extremely profitable.
    Say they dropped to $300 USD.....that's say roughly $350 AUS.
    At 3mtpa thats still a profit of $600M pa based on $150 per tonne opex.

    Which equates to earnings of around $6 a share.

    Add your own P/E, say 5?

    Which is why the Mak faithful talk about selling theirs at $30.

    And remember, that's allowing for almost a 50% price cut from current RP prices.

    I believe that by the end of this year, once the USD resumes its inevitable march downwards (after elections November?)commodities will be back on track....oil will resume its climb as well.
    it is conceivable that even if RP drops a bit in the meantime it may be back where it is now by the time Mak start mining....in which case, revise figures above upwards.

    In 2 years time there will also be another 140M mouths to feed as well.


 
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