Have to disagree. A share buyback when they are a single mine in...

Have to disagree.

A share buyback when they are a single mine in an unstable mining jurisdiction that isn't FCF+ yet is just adding even more risk to what is already a risky investment.

And who cares what the share price is anyway. It doesn't affect the company (assuming there is no need for a cap raise). So let the market be crazy.

Way I see it, the latest round of dumping is because of martial law in Mindanao (which I agree is not ideal), but I'm not selling...

Selling is fine as long as the sellers know that they are selling today for $66M, when there is a reasonable probability that if things go to plan in the coming months then MML will be throwing off FCF at a rate close to $66M a year...

Yes there is a chance things won't go to plan, yes there is a chance ISIS will take over Mindanao and seize the mines, but what is that "chance"?

It's our job as investors to work out what the "probability" of such events occurring versus the likely future cashflows.

@ $0.32 I think MML offers good risk adjusted returns given that they are less than 6 months away from very healthy FCF.

So I hope the share price goes lower! I'll just buy more.