RE:RE:RE:RE:RE:Cash On a sequential basis, and on a 100% basis, Mia's working capital increased about 54mm. That puts sherritt's 50% share at a 27mm increase. That is "where the money went" for those who may not follow such detailed cash flow analysis.
And for those who don't understand the particulars of the excess cash flow sweep, the build up of working capital at moa is an intentional, deliberate and strategic move by the company to delever better than what would be provided by the sweep. Very opportunistic. And very bullish for the stock.
And if you don't understand all the cash flow analysis, just don't ask yourself why the company would spend all the $50mm of cash sitting in Canada without having that and more coming from moa. Sherritt has been saying over many years they need more like $150mm of cash in Canada, never mind only 50 and spending it all on bond buyback.
And wrt where the stock trades, it is all retail and does not trade on valuation basis. It is trading around 1.5x ev/ebitda. Free cash flow will start showing up on sherritt balance sheet eventually once it is delevered and the valauation will surface because numbers don't lie.