Sadly, Malaga (MLG.to) is a company this author has followed quite closely over the years, as it's never failed to amaze me how much the company can promise, how little it delivers and how long it can string out a timeline and still get heard when it speaks. So when this NR from the company today started in this way...
MONTREAL, QUEBEC--(Marketwire - Jan. 17, 2011) - Malaga Inc. (TSX:MLG - News) is pleased to announce a record production of 71 996 MTU(1) in 2010 at the Pasto Bueno tungsten mine in Peru, an increase of 13.6% compared with 2009. This increase stems from the expansion project that Malaga undertook in 2009 which delivered increased production capacity.
...your author let out a little giggle and put together this chart from official Peruvian Mining Ministry data (extrapolating the 4q10 number from today's MLG NR of course), because despite all these wonderful production expansions and improvements MLG goes on about, production levels actually dropped during the course of 2010.
But hey...this is junior mining...let's not allow a few facts to get in the way of a BS pumpjob. Jay Taylor, step forward.
As for the company being profitable now, it's actually possible thanks to the hike in Tungsten spot prices. Yup, next quarter it might even be good for $1m net or so. All you need to do then is divide that number by the 183.55m shares out and you'll get an idea for what the company is worth per share. DYODD.