It's important to remember that while their quoted cash costs...

It's important to remember that while their quoted cash costs are around the $220 per ounce mark when running at full efficiency, the true costs per ounce is more around the $450-$500 mark (for the Co-O mine). I've seen this evidenced in various broker reports and its almost been talked to death on here but it seems a few in this thread aren't aware of the full picture.

Either way though MML makes a significant margin WHEN they are operating at full capacity and efficiency. They haven't achieved this at any stage in the last 12 months however many of us fundamental holders believe (maybe hope) they will make a return to the full capacity/efficiency levels once the new infrastructure is 100% operational. If they can get even close to producing 200,000 ounces per annum with even current gold prices if total costs are returned to approx $450 per ounce there is a significant margin there.

Even an output of 150,000 ounces would be a great step in the right direction and i'd suggest will have a large impact on the share price, all my opinion of course.

If they can simply get back to the operational efficiency they were achieving pre-upgrade then its hard not to envisage a much higher share price then we currently have.