MLX 0.00% 7.9¢ metals x limited

quarterly out... includes phosphate progress

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    The quarterly is out and looks in line with my earlier posts that we shouldnt expect too much .Has taken a little longer than expected to ramp up .
    The good news is that production is currently running around 80% ,and full production is expected in the current quarter .Drill results returning very high grades of tin .
    Rentails costs estimated at $190m ,so may be difficult to raise cash , which in the present circumstances not such a bad thing .I would like to see them consolidate production at Renison and bring some cash in ,and see where the economy takes us .
    Phosphate drill results include intercept of 9m at 7.7% P2O5
    More phosphate drilling in November .Good progress and potential for simple gravity upgrading to high grade product .
    I like their statement that they are reducing discretionary expenditure on exploration and development projects until things stabilise ,and to focus efforts on revenue producing assets .
    All in all ,good progress. I am reasonably happy with this .Some positives ,and some negatives ,but overall steady .Would like to have seen hedging mentioned .
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