Wieman, excellent detailed discussion! Unless I am overlooking...

Wieman, excellent detailed discussion! Unless I am overlooking something, mml's financial metrics are amazing. Below nta. PE below 4. Low debt. Yes, all in costs are still high, but should fall eventually to industry average as legacy capex gets digested.

I also agree that mml is better using cash flow for capex rather than taking on debt. If investment return on the capex is strong (which is likely), then dividends can wait. Good to have some dividend (again) in 1-2 years, though.