It is good to see that management are not just 'hell bent' on making projects just because they can. Well done, board.
Metals X CEO and Executive Director, Peter Cook said “After due consideration of the current depressed equity and resource market and cyclical low in nickel prices, the Board has concluded that a deferral of expenditure is prudent. Wingellina remains as one of the largest economically viable undeveloped nickel limonite projects in the world today and a short deferral of expenditure and/or feasibility works does not change this fact, nor will it impact the reflected valuation of the asset by the market for our shareholders”.
This places more emphasis on their Tasmanian operations, which is far more profitable in the interim. When the nickle prices and macro improves, then let's fire the Wingellina project.
:-)
MLX Price at posting:
11.0¢ Sentiment: LT Buy Disclosure: Held
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