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Business Description: Metals X Limited (MLX) is a diversified resource group with a portfolio of assets from exploration to production. MLX has interests in projects in Australia as well as having investment holdings across the mining industry with global reach from Madagascar to Mongolia.
Strategy Analysis: When attractive opportunities emerge MLX's strategy is to invest directly in the entity which owns the assets. MLX looks to take significant shareholdings and Board representation. MLX's nickel strategy is built around the Central Musgrave Project and includes the Wingellina Nickel Project. The current strategy for the Mount Bischoff project is for it to remain on care and maintenance in the short term whilst options for further underground and open pit mining are evaluated in conjunction with a tenement scale geophysical review to generate further exploration targets..
Metals X reported positive cash flow of $24.62m for quarter ended 31 December 2012. Operating cash flow for the period was $(6.52m). Payments for exploration and evaluation were $(352,000). Investing cash flow was $32.02m. Financing cash flow was $(885,000). Cash in hand at the end of the quarter was $74.34m. During the quarter, the Company completed the merger by scheme of arrangement with Westgold Resources; total operating performance from the 50% owned Renison JV continued to improve during the quarter - key outputs for the project included tonnes mined increased 4% to 162,820t @ 1.64% Sn; and the Central Murchison Gold Project definitive feasibility study was completed and concluded that a gold project development was achievable.
By Michael McCarthy (chief market strategist, CMC Markets) 19/12/2014 |
Traders and investors caught short heading into the FOMC scrambled for cover in Europe and the US, in many cases driving indices to their best one day performance for 2015.
By Betty Lam (Sales Trader, CMC Markets) 18/12/2014 |
Lead by the Fed-fervour offshore, Australians shares jumped on the Yellen cheer wagon. The material and energy stocks were back in vogue as both sectors gained over 3% in morning trade.
By Michael McCarthy (chief market strategist, CMC Markets) 18/12/2014 |
In spite of a frenzied pre-mortem, a benign statement from the US Federal Reserve‚Äôs Open Market Committee and steadying commodity markets drove investors back into share markets overnight. A calmer, stronger ruble helped offset European growth fears, highlighted in the overnight session by further declines in inflation.
By Betty Lam (Sales Trader, CMC Markets) 11/12/2014 |
Offshore jitters sent ripples through to Australian stocks. The open saw the local equities take 65 points off the index, catalysed by a mass-exit in energy stocks, yet again.
By Ric Spooner (Chief Market Analyst, CMC Markets) 10/12/2014 |
Yesterday‚Äôs news on Greek politics and China‚Äôs bond market came at a time when US and European stock markets have extended rallies and pushed valuations higher. This makes those markets vulnerable to downward corrections as profit takers act to avoid missing out.
BR Securities Australia Pty Ltd 2/12/2014 |
December 2014 could go down as a nasty moment in Australian finance. MYEFO will reveal a deteriorating budget deficit and the UNFCCC meeting in Lima, Peru will provide the agreement, to be ratified in Paris in 2015, on how much (or little) CO2 is to be allowed into the atmosphere from 2020.
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