Doesn't seem too bad to me. We all knew Wonarah wasn't going to make a mint at current levels, it's a play on future phosphate demand and pricing. I don't even want MAK selling phosphate at these levels; I'd actually rather they stockpile it (if they could afford to mine it and do that), or leave it in the ground for a while. Cut down outgoings, batten the hatches for a while and weather the storm.
I had a quick look at the buy/sell ratio Tuesday afternoon and the implied price was at 27c as compared to 25c when the stock went into its trading halt. We shouldn't get murdered (more murdered, I mean), unless the market in general is a killing field.
When the mining tax gets dumped, or modified into toothlessness by a panicking government after the next big poll shows Abbott in front, stocks like MAK, where the director's have been squealing like stuck pigs, should be the biggest risers.
I think the sentiment on this board has been too pessimistic of late... it's easy to get a bit down when the market is having a nasty bear phase and to forget that many stocks are being slammed down. In this kind of market people lose objectivity and only see doom and gloom.
MAK at least have some cash and a resource that at some point will be very valuable, an export venture that politicians SHOULD feel pressure to show support for.
AEV Price at posting:
21.9¢ Sentiment: LT Buy Disclosure: Held
