It was still plausible explanation at the time and its good that you've researched it and come up otherwise.
My view on MNM is that the recent market selldown has created so many immediate value opportunities about the place that MNM is now much further towards the back of the pack. There are resource companies with strong cash positions currently in production that are trading at very low caps and MNM, as others have pointed out, is a long way from production and isn't even certain they'll be allowed to explore yet, let alone produce. No matter how good the prospect there is still going to be quite a bit of cash and effort required to bring Mt Mulligan to a JORC level resource and then to develop it. Similarly for the phosphate prospects.
The only thing that would make me look twice at MNM again is the director buying - they are decent sized buy ups - real money is being spent - that shows either confidence or naivety! Its an interesting one ... but not enough to get me buying back in at the moment.
MNM Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
