Lets focus on mining and smelting since they are the main profit...

Lets focus on mining and smelting since they are the main profit centres.

Forget about revenue for now. Y/Y from 2018 to 2017 was significant improvement in contributions/profit.
YTD CY19 based on their 2nd quarter update, OMH state:
1. smelting is up from Q1 levels for both FeSi and manganese to 114t and 122t YTD.
2. mining production is upon Q1 @ 195t @ 35.7% and that C1 costs had reduced to 4.38/dmtu from 5.21dmtu.
Bootu creek is still predicted to have 2 more years plus refined tailings plus continued exploration.
THe update didnt have any alarmest language about prices or demand etc. THe prices are volatile.
Agree that the prices for FeSi and managanese have come off from 2018 highs but does this mean that OMH SP should halve in one year?
Seems oversold on this trading and still profit to be had in the interim.
I cant comment to the AllianceDBS research note but their assumptions are pretty big predicting doom and gloom in prices and steel production.
Add back in Tshipi and other operations we have in this somewhat diversified entity, id be happy to ride this out.