Well another typical MLX ramper cant be bothered to read the Quarterley report.
Couple of Extracts about Collingwood-
"The Collingwood Tin Project performed fairly during the quarter, although below the Companys expectations.
Mine production and consequently tin concentrator plant performance were under expectations and improvements seen late in last quarter did not follow through.
Financial Performance Operating Loss (A$) $2.06 Million Cash operating cost (A$/t) 22,960 "
I can imagine the conversation that took place between Jinchan and Tony HR
Jinchan "Honorable Tony do you know of any nickel deposits in Australia"
Tony HR " Bluestone Tin, Oh I mean MLX has a large laterite deposit. Throw them enough cash to get Renison up and going in exchange for rights to the deposit and bobs your uncle. In twelve months time they will have wasted the money and be $10m in debt. The ore deposit yours if you bail them out"
Jinchan "Who's this uncle Bob, Honorable Tony.... And what if they dont go broke"
Tony HR " No chance of that, they have a tin mine in QLD and it costs them $23000 US/tonne production costs"
Jinchan " Splutter.....$23000- thats nearly twice the tin price"
Tony HR " Yes thats why this plan is so good- it will be like taking candy from a baby"
Jinchan " Honorouble Tony is this legal- in my country anyone who sells tin for half what it costs them would commit hari kari in shame- dont the shareholders burn down the chairmans house"
Tony HR " MLX Shareholders are really dumb. They dont care if they dont make a profit..."
MLX Price at posting:
0.0¢ Sentiment: Sell Disclosure: Not Held
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