Buy, Sell, Hold: Metals X, Red River and Galena

METALS X downgraded after quarterly, Red River price target increases; and coverage initiated on Galena.

Buy, Sell, Hold: Metals X, Red River and Galena Buy, Sell, Hold: Metals X, Red River and Galena Buy, Sell, Hold: Metals X, Red River and Galena Buy, Sell, Hold: Metals X, Red River and Galena Buy, Sell, Hold: Metals X, Red River and Galena

Metals X (MLX)

Analyst: Peter Arden, Bell Potter

Recommendation: Hold (previously buy)

Price target: A$1 (previously $1.05)

Wednesday’s close: $1

Reason: Nifty expansion hits another speed bump

Comments: MLX’s plan to lift copper in concentrate production at its Nifty mine to the 40,000tpa rate by mid-2018 have hit another setback with production in 2Q FY18 showing that there are still residual production issues related to remnant mining in the historic “chequerboard” area. Although the company made some good progress transitioning to new mining areas, it has lowered its targeted production for mid-2018 to 35,000tpa a...