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Business Description: Metals X Limited (MLX) is a diversified resource group with a portfolio of assets at stages of exploration, through to production; with exposure to tin, nickel, gold, silver, copper, zinc, bauxite and lead. MLX has interests in resource companies: Aziana (25%), Mongolian Resource (14.76%) and Reed Resources (4.99%).
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.
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The Age 19/06/2013 |
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The Age 19/06/2013 |
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The Age 19/06/2013 |
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The Age 19/06/2013 |
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