|
|
|
|
April 16, 2009 Dear Friend, The funding of the second "SAG" and third and fourth "ball" grinding mills should permit 60,000+ t/d output, completing the mill. Ore tonnage and copper outputs now exceed designs, while moly needs more improvement. We estimate the early 2012 bond maturity can be funded from cash flow. ML is almost out of the woods. The financing this week was 16 mm shares less dilutive than our January 2009 prior expectation, and we raised our target to US $7 from $5. We are very pleased at the financing, which should permit 15%-20% lower operating costs with doubled throughput with about the same number of employees. ML literally had too little money to assemble the three last machines, but now should generate enough cash internally to pay off the bonds due in 2012. Whew !! Faithfully, John C. Tumazos |
Copyright © 2008 John Tumazos Very Independent Research,
LLC
|
