Cash March 31 = $430m. Cash June 30 = $443m. An increase of $13m based on 11 ships. Therefore 11 ships is barely covering fixed costs, perhaps break even is around 10 ships.
But an increase of $25m based on 12 ships (according to mining nut).
If we are to resume rapid cash build then we need to get back to at least 15 ships per qtr.
The upgrade to the crusher to handle bigger and harder rocks is scheduled for commissioning mid year.
MGX Price at posting:
41.5¢ Sentiment: Buy Disclosure: Held
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