You can never rely on Mineral Resources that are additional to Ore Reserves being mined - these resources have not been scheduled or planned to be mined by Management as yet and do not have a clear path to development.
Only Ore Reserves are scheduled to be mined - these will decrease to ~12.0Mt at 30Jun23 after mining depletion of ~4.0Mt during this FY and as they currently plan to mine 4.0Mt/pa then there's only a known mine life left at Koolan Island of three years and it could be fully depleted by 30Jun26.
If Management believe it is feasible to mine any of the other remaining Mineral Resources then those tonnes will move to Ore Reserves but currently that is not the case - the 30Jun23 Mineral Resources/Ore Reserve Statements should be released by 30Sep23.
MGX Price at posting:
42.0¢ Sentiment: None Disclosure: Not Held
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