MHM announced this evening one of the areas they are looking at is Peru
LRS has loads of leases in Peru (about 13 in ILLO alone ) but at 1.2 cents last price is cash strapped ,it might a good opportunity for MHM to fund the Guadolipito lease of LRS and take it from JORC to feasibility , it would probably only cost 500k to $1m to fund this stage and for doing this they could be a part of the future joint venture
The spend is in the vicinity of $30m for a plant of 30m tonne per annum , but until LRS get a feasibility cost they can only guess what sort of cost and profit a 30m per annum plant would generate in free cash flow to fund the set up cost
The numbers are mind boggling , the core mineral is andusalite and it is in a long term uptrend and is used for ceramics and can be used for tracking
If MHM did do the feasibility funding to be included in a future JV ,this income producer could be a nice entry in to Peru.
This may also explain the vol spike in LRS recently , i hold LRS from 40 cents so am suffering like many MHM people are on an over promise
MHM Price at posting:
1.8¢ Sentiment: Buy Disclosure: Held
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