I've been keeping my eye on a turnaround mining play. Research was done on MLX and looks like the worst is behind this mining stock which is probably the best asx listed Tin miner. However due to a Copper mining venture that became a headache for the company it's profitability and hence the share price has been hammered.
MLX has done a few things right lately and looks like the share price is heading in the right direction. They sold their Copper operations for a total of $60m which is not bad and they've cut their debt in half. Also reducing staff as they don't need people standing around for a Copper mine that was on care and maintenance.Although price has pulled back a bit by the day's close, it looked like price was likely to breakout higher during the day. So I bought a few shares for this portfolio. Fundamentals point to a turnaround mining play and technical picture is half decent because I can't time a perfect breakout to buy into...
