Uncertainty on multiple fronts (production and politics) will hold back MML's share price (at least until the quarterly report and the new Philippines government presents its mining policy).
That said, that doesn't mean MML on a risk adjusted basis isn't becoming more attractive (ie market uncertainty creates the trading opportunity)...
From my perspective, if the PoG is improving but the share price is being held back due to uncertainty, it just means that the share price will adjust up more once the negative uncertainty is removed or has less to fall if the negative uncertainty comes to pass.
And as a general rule of investing I tend to believe that the potential negatives steal too much of the focus relative to the potential positives and make it difficult for investors to see the forest for the trees.
MML Price at posting:
65.3¢ Sentiment: Buy Disclosure: Held
