My understanding was that the previous owners of Nifty basically trashed it by selectively grabbing the easy ore and skimping out on development and maintenance. MLX bought a lemon they thought they could fix up, but pouring money into it just meant the AISC was too high compared to the Cu price.
Underground mines are a big expensive 'machine', you can make money in the short term by flogging it and ignoring maintenance, but you can't do that long term. MLX did the mining equivalent of buying a 15 year old V8 Commodore 'cos it sounds sweet and has nice rims' and then being surprised when it turns out the transmission is f*****d from the kid they bought it from doing burnouts!
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