Don't know any better but here it goes: Top line revenue 2,250t (production) * A$40,800/t (avg Q3 tin price before cost) is A$91.8mn versus AIC at A$55mn. Leaves imputed net cash flow A$36.8mn on 100% Renison basis, or A$18.4mn for MLX 50% share. Color me optimistic
Just hoping if cash flow does indeed turn out to be strong (>A$15mn/qtr) that management will communicate some capital management plan. There is good reason to believe that even in this depressed market environment tin is now trading near its cycle lows. Marginal producer cost is probably nearer US$30k/t. So marginal producers will only be able to hang on for so long ...
MLX Price at posting:
27.0¢ Sentiment: Buy Disclosure: Held
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