Hello Rowingboat, I think your assumption of 25K ozs for the...

Hello Rowingboat,

I think your assumption of 25K ozs for the december 12 qtr is way too ambitious and hopeful. IMO, it will be below 20K, similar to the previous 6 quarters.

I cannot forsee any increase in production until such time as the saga shaft is fully operational and the fact there has been a distict lack of news on the shaft suggest, all is not well and they are behind schedule once again.

This in turn leads me to believe that the management of MML has been way too bullish with its production guidance. Whilst they have previously been known to hit their targets, they have been terribly woeful in the last 18 months. Despite being a huge disappointment, I still very much believe that once the saga shaft is commissionedand the new mill is in operational mode,MML will once again be a profitable company.

I am a long term holder of the stock, but until such time as management comes clean with realistic production targets, now is not a time to invest in the stock. I think the 2nd quarter of CY13 is the time when MML will once again show its true colours and rise back to it glory days.