capex came in above expectations. When you over promote a low...

capex came in above expectations. When you over promote a low capex and deliver a 699 mil usd valuation Npv based on 111 usd per metric ton and the mc is worth 200 mil when Nov at current spot price is at 16 mil usd - that is a poor set of numbers. It explains the drop of the sp. the key for Mei is to find ways to reduce the capex, achieve some extra tax benefits and improve the higher grade resource along with opex based on c1 costs not c3. This will be higher as we get into more detailed feasibilities. The recoveries improvement can go in tandem with Vmm’s recent announcement. Ultimately Mei needs to show value even at these spot prices.
You can call it a donut statement or a mental block. The main point is the sp has retraced 2/3 of its all time highs and at these rates it is valued well beyond what the spot rates bring in value. Vmm falls in the same category. Both require what I have mentioned or we all pray and hope the ree price recovers to well north of 100 usd per mt.