The Metals X Limited (ASX: MLX) share price has fallen more than most today following the release of its quarterly update.
In afternoon trade the diversified mining company’s shares are down 3% to 74.7 cents.
Why have its shares fallen?
Despite a solid quarter from its Nifty copper operations which saw quarter-on-quarter production improve 17% and costs fall 6.6%, investors still appear to be disappointed that there wasn’t a greater improvement.
Which is understandable. Although Metals X delivered a much improved performance during the most recent quarter, it still doesn’t come close to comparing to previous quarters.
For example, during the most recent quarter the company’s all-in sustaining cost at its Nifty operation improved from US$8,537 a tonne to US$7,893 a tonne.
As pleasing as this was, the quarter prior to this at the company enjoyed an all-in sustaining cost of US$6,348 a tonne.
It will come as no surprise to learn that Metals X’s share price has fallen 53% since this time last year.