Burn your remaining cash balance to buy shares while losing heaps on the Murch operation and one of the other mines that operates at over AUD1600/ounce.
Could become a quick fire way for Citibank to bring in the administrators given the "loan" they made to MLX (partly repaid). Or at least for a capital raising. Smart Cookie - issue lots of shares and then buys them back with remaining cash balance.
I think this selldown is a bit of market recognition that MLX is up a creek without a paddle given the last quarterly report (but too many longer term holders do not see it that way, of course, that is why they hold as things turn south).
I need to unravel the Murch mystery to understand if they have any chance of a turnaround there. Once I do I may buy some shares lower down (how low can you go
Now trading at 88 cents - go on you can do it. Point of market recognition? Will Blackrock hit the road now as they often do when waiting for Godot has become too wearisome?
If the USD POG tanks by $100 (much more in AUD terms) then MLX will be back under 60 cents.
loki (may get some in the 60 cent range - if I hold my nose so as not to be offended by the you know what.)
MLX Price at posting:
89.0¢ Sentiment: None Disclosure: Not Held
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