Ann: Half Year Results December 2016, page-4

I have said it before MML is being run by the locals for the locals. It is a self-income generating local social welfare program. I suppose that is why the govnuts there will let it continue to operate into the future until they run out of ore.

We may see some improvement once the new shaft is fully functioning. Lets hope the drilling program is also successful at the mine.

The accounts looked OK. I am not surprised at the impairments to the development costs as I have always said the tunneling costs should be recognised in the period when the occur (which they do in the AISC figure). Not sure what the write down of the plant is about. But these are non cash items so no real impact to cashflow.

The annual accounts look OK, except that I would have liked to see a higher level of cash as a buffer to problems they may encounter until the new shaft delivers higher production level (and improved profitability). Note that unlike BDR and PRU they have not touched shareholders for money in a very long time, and there are only 210m shares on issue.

MML is an interesting lottery ticket in the ASXGoldieCasino.

Perhaps the best time to buy some shares is around mid year, when I thing the gold price could be lower?

Good luck all.

loki