Operations will shut down when conditions become too wet for...

Operations will shut down when conditions become too wet for mining and shipping. If the wet season onset is late there could be additional production that would certainly improve the bottom line. MMI have big tenement holdings in the region so there is plenty of potential to identify additional deposits within trucking distance of the port. Before the announcement of the capital raising the market was unaware of any need for additional cash due to higher cash burn during start up. The important information for this quarter is the actual margin and if production and shipping costs per unit are higher (expected and announced) and price per tonne is lower with some of the exports (expected and announced with spot sales but no information with new contracts), the margin will be lower. The devaluating $A is a positive and hopefully will offset some of the negatives such as fuel and shipping costs. Fingers crossed. Tentative buy.