Metals X Limited share price falls on quarterly update

The Metals X Limited (ASX:MLX) share price has fallen following the release of its latest quarterly update. Here’s what you need to know…

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copper, tin, mining

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.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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