WiththequarterlydueinaweekortwoIexpectwewillgetsomeindicationofprofitabilitywithnorampupexcuses.Thequarterlyneedstoimprovesubstantiallyoverthelastonewheremanyofustooksometimetogetsomesensefromthefigures.IfeelthatwearenotgettingdataonactualpricesreceivedforthefullquarterlyduetotimetakenforassaysandtestsfromourChinesecustomers,andtherforeproblemsmatingreceivablestovolumes.MMIhavedoneverywellwithvolume,butarewemaximisingreturnsthroughminimisingpenaltiesforhighersilicaandarewegettingthemostfromourminereserves?Sainkitts7, you raise some good points. "MMI have done very well with volume, but are we maximising returns through minimising penalties for higher silica and are we getting the most from our mine reserves? "
FromthenewroundofMMIjobadvertisements,manyofwhicharetheresultofstaffturnoverissues,questionsoverprofitabilityandcosts,andthefrustrationsoftryingtounderstandMMI'squarterlyreports,manywillraisequestionsabouttheeffectivnessofthesiteandheadofficeteams.Thequarterly,thatisnowduewillgiveheadofficeanotherchancetofinetunetheirabilitiestocommunicatethenumberseffectivelytousandfullyexplainallsiteperformanceissues.IthinkitwilltakesometimeforthesiteteamtoprovetheirworthwiththeterminationoftheSABminingservicescontract,expandingsitecapacitythroughduplicationofinfrastructureandasiteteamwithquiteafewgreenrecruits.Onlytenweekstogoandweshouldbeminingandshippingfor2019.
The facts from the 2018 Annual Report is a stated Reserve of 92.2 Mt @ 13.2 % silica and a 17 year mine life. Margins from what we can interpret for the 2018 actuals to date are nowhere near the BFS assumptions.
From what information is available on the MMI website I would assume MMI is shipping at the Reserve grade of 13.2% Silica grade? Any change to the shipping bauxite grade away from 13.2% silica would potentially impact the Reserve and the 17 year mine life.
The Ore Reserve statement is now 2 years old and an update is more than warranted since the first year of mining has been completed.
I will decide whether to buy MMI only after a Q4 Activity statement and a Ore Reserve update has been released.
Sainkitts7, you raise some good points. "MMI have done very well...
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Last
5.3¢ |
Change
-0.002(3.64%) |
Mkt cap ! $314.8M | |||
| Open | High | Low | Value | Volume |
| 5.5¢ | 5.5¢ | 5.3¢ | $722.3K | 13.30M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 7 | 835258 | 5.3¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 5.5¢ | 1231028 | 5 |
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| Last trade - 16.10pm 05/07/2024 (20 minute delay) ? |
| MMI (ASX) Chart |