As I see it, even if there is a down turn in demand for all...

As I see it, even if there is a down turn in demand for all there metals their production costs seem to be low enough to cope much  better than most. Look at NCM.

In fact for a gold miner having production costs under $1k seems damn good. They have the ability to respond to changes in demands, such as latest dump in commodities, be cutting back areas that turn unprofitable, since they don't have debt to service.

Maybe people are worried about the intended capital expenditure on falling commodity prices and weak global economy. Frankly, and I don't know any of the background or rationale for it, they could delay the Sn project, and advance the gold expansion since its production costs will most likely always be well below gold price, even with dumps, which will recover.

As far as gold is concerned, and commodities, when prices are beaten down so is the AUD which act as a bit of a stabliser.

I can assume then that maybe the assessment is for long term low commodity and gold prices?

OK here is a bloomberg summary
http://www.bloomberg.com/quote/MLX:AU

This look so much like a buy on the surface.....but having been kicked many times by positive appearing resources companies...that went bust quickly....I will sit back for further information.