copper production has started, page-15

scorcer

You may have over-estimated the worth of the copper cathode that MRX has so far produced .. my estimate is around $261k (30 x 2,204 x A$3.95).

But actually that's irrelevant. It was the result of commissioning the plant. What MRX will be producing is 5,500 tonnes of copper per year ramping up to 10,000 tonnes per year. The 5,500 in the coming year will bring in around A$47m in revenue at current prices of US$3.35 per pound (A$3.95). Their break even price is $1.60 per pound so that's a profit of around A$20m. That's what all the excitement is about. With 700m shares on issue that's EPS of 2.8 cents at a PE of say 12 that's a share price of around 33 cents. And they plan to double production to 10,000 tonnes per year.

And MRX has excellent partners in Glencore and Xtrata. The market has just been waiting to be sure that production would start on time and with no problems before rearting MRX as a copper producer .. that rerating started today and has a way to go IMHO.

H