PK is focussed on rapid cash build so that MGX can realise options currently under critical examination.
3.5 years ago in a presentation at Kalgoorlie, PK stated he was looking at options to extend LOM Koolan mentioning those options included the eastern end of the pit.
The current upgrade of the crusher has been stated to deal with bigger and harder rocks from the eastern end of the pit.
The current upgrade of the crusher started in April with the flying in of specialist contractors and is scheduled for commissioning mid year. In the meantime the mobile crusher plant has been retained to help out.
There are several other options on the table other than extending LOM Koolan, and as PK has stated not necessarily iron ore and has also stated those options include both base and precious metals.
We could have easily picked up an extra 10 mt as FEX recently did but did not do so . . . because I suspect the options currently under critical examination are bigger and better.
PK has a background in accounting and thus well placed to weigh and choose the best options for MGX.
MGX Price at posting:
41.5¢ Sentiment: Buy Disclosure: Held
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