quarterly, page-6

aquaregia,

MML have FY11 operating cash flow of c. US$117m. Their inward investment towards their four-fold expansion has been c. US$53m. Take off another US$8m for dividends and they are still throwing off loads of cash to fund their expansion with ease.

They have a huge advantage with their low labour costs, taxation holiday and low power costs, plus the ability to use their highly skilled workforce to do much of the fabrication work in-house as well as being supreme at underground vein mining.

In comparison, one of the big issues impacting on-shore Australian miners is the high labour costs (c. A$110k per miner these days) and fuel costs are tracking upwards with metal prices.

There is a big difference between having US$ product pricing & US$ costs compared to US$ pricing and A$ costs!!
CPDLC