mml - an investors view!, page-6

HT1

Always good to have balance!

Until Bananghilig starts up, it is true, MML will remain a one mine company. Although on a global scale Co-O is the 12th highest grading producing mine - at least amongst the 225 producers in my database.

Anoling, although small, at least will add an additional deposit to feed the Co-O mill.

As for concerns over recent performance: such a large re-development will always carry risks because of the variability of the ore as already mentioned in my prior post.

I am, perhaps, somewhat biased by their previous outstanding performance! I watched them over the FY08 year of development and bought in late 2008 as they started their ramp-up towards the 100kozpa rate. FY09, FY10, FY11 targets were all hit in great fashion, making them one of the best performers in the sector globally.

The re-development of Co-O to prepare for production of 200kozpa commenced in 1H of FY12 and during that expansion they have been hit by external weather events as well as the Baguio shaft fire, tilting tanks, et al. Under these circumstances I can understand why people may have reservations until delivery is confirmed by actuals.

For myself, I consider them an outstanding gold company and fully expect them to reach their new targets for Co-O as planned.

All the best
CPDLC