We reinitiate based on a view the current share price more than discounts risks associated with recent Board changes and operating in Indonesia. In fact, the latter exposure provides considerable opportunity, and we note contract miners’ significant wins in recent years, particularly in offshore jurisdictions. Neither our, nor consensus forecasts (in our view) factor in this upside potential. MAH is a higher risk, higher reward opportunity amongst contract miners and we reinitiate with a BUY call, a $0.30 valuation, and a positive view on value upside.
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