@hanabi: Even assuming the lowest figures from that guidance... how is MML only 'barely profitable'?
Price of gold USD$1280/oz (actually the Asian physical market price is higher than the CME futures paper price)... with AISC at USD$1200/oz...
Say they're making USD$80/oz after all-in costs. That's still around AUD$100/oz.
80,000oz x AUD$100 they should be making AUD$8m per year.
That means MML is trading at a PE of less than 7.5
Ignore the stupidly low negative figures from the annual and quarterly reports, they are due to 'write-downs' and other accounting gimmicks. They have no relation to the reality or the real cash/operational position of the company going forward.
The assets that have been written down... the money for that was spent long ago and have no impact on future earnings. Some investors are very stupid.
