RE: 100 million cash
"Can someone remind me what the restricted cash is on the balance sheet, when and how does it become unrestricted?"
D) Restricted cash
Restricted cash represents cash amounts in escrow for future settlement of income tax payables, excise tax payable, government royalties, and future estimated wind-down expenditures of the joint venture at September 30, 2011 and December 31, 2010; restricted cash at January 1, 2010 was comprised of cash held for future estimated wind-down expenditures of the joint venture. The restricted cash related to the future estimated wind-down expenditures of the joint venture is classified as non-current as these expenditures are not expected to occur in the next twelve months. Payments from these escrowed amounts require unanimous approval from all of the co-venturers in the Umusadege joint venture.
The curious thing is there are two separate "restricted cash" entries in MMT's Q3 financials ($49.9MM and $3.3MM) - and yet only one note of explanation. Has made me go "hmmm, I wonder why?" more than once.
And it's even more curious that "effective" tax rates have been roughly half of "nominal" tax rates for the last year - without one iota of explanation as to why...
Methinks there is much more to the story than the market has been told.