I know i keep harping on about it.. but with the three to four key operation tailwinds (capex roll off, higher grade ore, substantial tax losses, productivity gains resulting from large capital investment) it should still generate good cash flows in most price environments... in fact if you get A$40k for the next 12mths (about spot today)... it will have a negative EV (current 'EV' A$108m and potentially getting A$114m in cash flow next 12mths)... Indonesian's already looking to cut back supply so whilst tin demand looks somewhat sick in the near term you should see supply come off to buffer the px damage.
MLX Price at posting:
33.0¢ Sentiment: Buy Disclosure: Held
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