# MIS - Midwest Corporation



## GreatPig (18 June 2005)

Picked up some of this just under two weeks ago for 38.5 cents. A few days ago it went into a trading halt, coming out late on Friday for a pleasant surprise: it jumped from 44 cents up to 55 cents.

Being a purely technical trader, I didn't even know what they did until I looked up the announcement to see what the good news was.

Will be looking closely for the next few days to see if it's over-shot and about to quickly drop again, or on the start of a very profitable climb. It has a history of wide ranging moves, so let's hope it's into another 

Cheers,
GP


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## bigdog (23 October 2006)

SP is looking good again

Up from .52 on October 2 to .66 today

RMB International Dublin have been buying shares in October and now hold 8.3%

Sydney - Tuesday - Sep 26: (RWE Australian Business News) - Midwest Corporation Ltd (ASX code: MIS) has identified additional high-grade massive-style iron mineralisation in the Beebyn area of its Weld Range Iron Ore Project, which forms part of a joint venture with Sinosteel Corporation.

Midwest has completed 63 reverse circulation (RC) drillholes for 7990 metres to date at Weld Range.
Drilling commenced on the Beebyn area and has progressed westward through the project leases.

Results from the initial exploration drilling at Beebyn returned to date are "highly encouraging" and confirm the existence of extensive hematite and hematite goethite zones with high-grade iron assays at 
significant depths below surface outcropping hematite.

High-grade massive-style iron mineralisation in the Beebyn area intersected to date includes 53m at 65.2% iron from 90m, 53m at 66.9% iron from 112m, 64m at 62.9% iron from 58m, 70m at 63.0% iron from 70m, 
62m at 62.3% iron from 60m and 64m at 64.5% iron from 104m.

The results are based on a cut-off grade of 57% iron and represent down-hole lengths.


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## bigdog (24 October 2006)

SP up two cents to 66 cents today

MIS issued to ASX today Austock Conference Presentation

Half Yearly Results looks great reading
Page 3
Dedicated iron ore coy with strong Chinese support for development in context of strong 20+% pa gowth in Chinese demand

Clear growth strategy for future ;arge scale DSO and/pr magnetite projects

Successfully bedded down 1 mtpa DSO starter project - 520,100 wmt shipped as at 30 Sept 2006

Company is profitable and on tack to achieve 50% operating margin

50:50 JV with Sinosteel has established project studies team for development of Weld Range hematite & koolanooka magnetite

Weld Range major project with target 300 - 400 mt for developmetn in late 2010 - drilling on schedule (7.990 m drilled to 13/10/06) with assay conifriming Fe 60+%

Page 5
Revenue $13.17 mil
Gross Profit $5.18 mil
PBT $3.10
Cash 11.59 mil after investment in infrastruture for start up operations
Cash from operations approx $1.5 mil per month


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## bigdog (31 October 2006)

ASX ANN today reports cash on hand totaling $13.567 million Sept 30, 2006

The of the few companies with plenty of cash

http://www.asx.com.au/asxpdf/20061031/pdf/3zbn6q46m2gw2.pdf


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## bigdog (6 November 2006)

First Rand (Irelant) formerly RMB International Dublin are buying more shares and now own 9%

http://www.asx.com.au/asxpdf/20061106/pdf/3zfkxr8my8fhq.pdf


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## bigdog (8 November 2006)

MIS up 4 to 75 cents this morning in first 10 minutes

Now up 20 cents in last month

First Rand (Irelant) formerly RMB International Dublin are buying more shares and now own 9%

http://www.asx.com.au/asxpdf/200611...fkxr8my8fhq.pdf


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## bigdog (6 December 2006)

SP up 7.5 cents to close at 82 today
-- was 52 on Oct 2
-- First Rand (Ireland) have been buying up
-- Chinese Steel connection also
-- ASX ANN today Interm Drill Results Koolanooka/Blue Hills DSO Project
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00675531

-- Also news article below

I hold at 43 cents

Midwest confirms additional iron ore mineralisation
11:22, Wednesday, 6 December 2006

Sydney - Wednesday - Dec 6: (RWE Australian Business News) - 
Midwest Corporation Ltd (ASX code: MIS) has identified additional iron ore mineralisation at Koolanooka and Blue Hills in WA as part of an exploration program to delineate sufficient additional iron ore reserves to support an expansion of its existing Stage 1 DSO Project from 1 million tonnes per annum (mtpa) to 2mtpa.

High-grade, massive-style iron ore mineralisation was intersected in down-plunge extensions at the folded Mungada East deposit, forming part of the Blue Hills project area.

Shallow drilling over a four-hectare area adjacent to the historical Koolanooka open pit confirmed extensions to the detrital iron ore mineralisation at this project.

The detritals are expected to provide low-phosphorus iron ore for blending purposes.

Further programs of reverse circulation drilling at Blue Hills and the Koolanooka detritals have been scheduled during the current quarter and the first quarter of 2007 because the current work has not closed off the resources. 

"Results from the exploration and resource drilling returned to date are highly encouraging, and confirm the existence of extensive hematite and hematite goethite zones with high-grade iron assays down-plunge of complexly folded outcropping hematite at Mungada East (Blue Hills)," directors said.


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## bigdog (12 December 2006)

SP up 8 cents to 88 today and ASX ANN has just been issued
-- will market like the ANN?
-- was 52 cents on Oct 2
-- First Rand (Ireland) have been buying up
-- Chinese Steel connection also


http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00677394

December 12, 2006
*Substantial Chinese infrastructure group to support Midwest/Sinosteel J.V*
Midwest Corporation Limited (ASX:MIS) and its Weld Range-Koolanooka Iron Ore Project joint venture partner, Sinosteel Corporation have signed a non-binding Memorandum of Understanding (MOU) with China Railway Engineering Corporation (China Rail) and China Communications Construction Group (Ltd) (China Communications).

This MOU involves a joint tender to fund, construct and operate the proposed Oakajee Port and the rail linkage to Weld Range and Jack Hills iron ore projects.

China Rail and China Communications (formed from a merger of two companies previously known as China Harbour and China Road & Bridge) are massive Chinese Government owned enterprises with joint assets exceeding US$60 billion.

Both are major developers of logistics infrastructure in China and abroad and have established links to China Development Bank.

The consortium provides additional substance and financial credibility to the ongoing development of the mid west iron ore industry in Western Australia.
Midwest Corporation and Murchison Metals are working together, in consultation with the State Government, to develop the best process for ensuring the timely construction of Oakajee Port and the railway to Weld Range and Jack Hills, both of which are essential for the ongoing development of their iron ore resources.

Commenting on the MOU, Bryan Oliver, chief executive officer of Midwest Corporation said, “This is a significant agreement involving substantial Chinese companies keen to increase their exposure to the Australian iron ore industry and to support Sinosteel’s joint venture aspirations for the development of projects with Midwest Corporation.”


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## bigdog (14 December 2006)

SP up to 98 cents today an increase of 8.5 cents and rising


Go boy go and I should have tipped in ASF monthly tipping comp!


The chinese like this stock
-- the market likedthe ANN Dec 12
-- was 52 cents on Oct 2
-- First Rand (Ireland) have been buying up
-- Chinese Steel connection also


http://www.asx.com.au/asx/statistic...?idsID=00677394


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## bigdog (31 January 2007)

SP up 20 cents or 20% today

MIS SP $1.16 +$0.20 +20.83% 2,496,362 shares $2,704,325 31-Jan 16:10:45

ASX today MIS 4:50 PM  Fourth Quarter Activities & Cashflow Report look VG
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00689401

Things are happening at MIS:
• $12.7 million in the bank
• Receipts from product sales and related debtors for qtr $9,970 and YTD $29,985
• Market Cap $184 million for 158 million shares
• Chinese have bought into
• SP has been steadily rising since Oct 2 when 52 cents

I hold

HIGHLIGHTS
• The Company continued to ship ore steadily for the quarter, but at slightly lower than target tonnage levels due to seasonal constraints on road haulage and Geraldton Port. A total of 744,177 wet metric tonnes of haematite fines have been shipped since commencement of shipping in February 2006.

• Excellent assay results from Reverse Circulation (RC) drilling at Blue Hills provided validation for the Company’s plans to define additional reserves for an increase in production of haematite Direct Shipping Ore (DSO) from the current notional 1 million tonnes per annum (mtpa) to a target of 2 mtpa. Fe values were in the range of 62% to 65%. It is anticipated that the statement of reserves will be updated in the first quarter of 2007, after which a Board decision on expansion of up to 2 mtpa (lump and fines) is expected to be made.

• Significant progress has been made towards the commencement of the second phase of the Koolanooka and Blue Hills DSO operations in the fourth quarter of 2007. The rate of production ramp up towards the target of 2 mtpa is dependent upon timing of completion of the new dedicated iron ore shiploader by the Geraldton Port Authority and expansion of train unloading capacity.
- Environmental approval documentation has been drafted and is expected to be submitted for public comment in the first quarter of 2007.
- Tender documentation for mining and crushing/screening operations has been drafted and will be issued for bidding during the first quarter of 2007.

• RC drilling at the Beebyn deposit in Weld Range continued to provide encouraging assay results with Fe values of up to 67%. Diamond core drilling to support the metallurgical test programme for Weld Range commenced at the Madoonga deposit. It is anticipated that the statement of resources at Weld Range will be updated in the first quarter of 2007, followed by completion of a Scoping Study during the same quarter.

• RC drilling commenced at the Company’s tenements in Jack Hills. Drilling is expected to continue through into 2007.


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## bigdog (22 May 2007)

bigdog said:


> SP up 20 cents or 20% today
> 
> MIS SP $1.16 +$0.20 +20.83% 2,496,362 shares $2,704,325 31-Jan 16:10:45




The MIS share price has done well since the last posting in Janaury 31!!!

May 21 closing prices was $2.37 @   21-May 16:10:22 

http://www.wabusinessnews.com.au/en...orp-s-rail-plans-sidetracked-until-March-2008

Midwest Corp's rail plans sidetracked until March 2008
21-May-07 by Andrew Hobbs

West Perth-based Midwest Corporation Ltd's efforts to transfer its haulage operations from road to rail by the end of September has hit another snag, with an Environmental Protection Authority assessment due to delay the project by a further six months.

Planning and Infrastrucutre Minister Alannah MacTiernan has pushed the industry hard to use rail in the transport of ore to Geraldton, but relented when the mining companies have failed to meet her targets.

Midwest had previously won an extension of the deadline to September because of delays in negotiating a rail haulage agreement with ARG and the commissioning of its rail wagons.

The company today announced that it had taken delivery of 64 rail wagons at the Port of Geraldton, but would not be able to use them until the environmental impact of the construction of a ore transfer facility at the Tilley railway siding was assessed. 

The company has applied to Ms MacTiernan for an extension of the deadline to March 2008.


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## the barry (20 June 2007)

Is anyone following this stock.In comparison to FMG, FMG has approx 265 million shares on issue where as MIS has 180 million shares. Earnings roughly at full production could be half what FMG will be in 08. So i would say the earnings per share could be similar MIS & FMG. This is not taking into consideration, grades, production costs...just averages.. but MIS currently producing 5 million tonnes PA is looking to be a killer investment.

Anyone else got any thoughts, or am I the only one riding this tidal wave home???


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## bigdog (21 June 2007)

MIS looking good today with big special early trade of 4,536,046 shares $15,649,358.70

Someone is moving in!!

Time---- Price --Volume ---Value ---------Condition Codes 
08:19:52 3.4500 4,536,046 $15,649,358.70 SPXT


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## 36590 (29 June 2007)

I looked at MIS and MMX a couple of weeks ago and finsihed up going with MMX. Looking at the graphs at the time where they were level pegging each other. It's interesting that MMX boucned back (even with the Mistsubshi deal) while MIS have continued to slide. Does anyone know why or is it a buying opporunity. 

thanks
36590


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## GreatPig (24 July 2007)

Received a letter today about the 1 for 7 share offer if holding on the record date of 26th July. Today's close was $3.73, the offer price $1.46.

Nice little instant gain, provided the share price doesn't totally tank before the shares are issued. They are scheduled to start trading on 27th August.

Cheers,
GP


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## wipz (26 September 2007)

*MIS - MIDWEST CORPORATION LIMITED*

I have been hearing talk about a possible merger that should be announced soon, anyone else been hearing the same thing?


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## michael_selway (26 September 2007)

*Re: MIS - MIDWEST CORPORATION LIMITED*



wipz said:


> I have been hearing talk about a possible merger that should be announced soon, anyone else been hearing the same thing?




Hi where did you hear it from? sources?

thx

MS

*Earnings and Dividends Forecast (cents per share) 
2006 2007 2008 2009 
EPS 1.2 1.5 9.0 16.3 
DPS 0.0 0.0 1.0 14.5*


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## Joe Blow (26 September 2007)

*Re: MIS - MIDWEST CORPORATION LIMITED*



wipz said:


> I have been hearing talk about a possible merger that should be announced soon, anyone else been hearing the same thing?




Wipz, sources for rumours need to identified in some way. If it has been published in the press then please mention the source, if it is merely forum chatter on other forums then it probably has little foundation in fact. Often people will start rumours of takeovers just to ramp the stock and I don't think that's a practice that should be encouraged.

See ASF's policy on rumours here: https://www.aussiestockforums.com/forums/showthread.php?t=5917


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## wipz (27 September 2007)

*Re: MIS - MIDWEST CORPORATION LIMITED*



Joe Blow said:


> Wipz, sources for rumours need to identified in some way. If it has been published in the press then please mention the source, if it is merely forum chatter on other forums then it probably has little foundation in fact. Often people will start rumours of takeovers just to ramp the stock and I don't think that's a practice that should be encouraged.
> 
> See ASF's policy on rumours here: https://www.aussiestockforums.com/forums/showthread.php?t=5917




Hi, sorry, just from word of mouth from a few investor friends of mine.. I am not a holder but want to know if anyone else had heard any similar rumors.  If others had I was going to jump on board and pick up a few.  Ill try dig around and find out if their sources are credible. Cheers


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## bigdog (28 September 2007)

ASX ANN yesterday
27/09/2007	Extension Of Time for Road Haulage
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00763904

Midwest Corporation Limited (ASX:MIS) wishes to advise that the Western Australian Minister for Planning and Infrastructure, Alannah MacTiernan, has agreed to extend the Company’s permit to haul its ore by road from Koolanooka to Geraldton to allow further assessment of a number of options associated with the transition from road to rail haulage.

Midwest CEO Bryan Oliver said the Minister has granted an extension of the permit until the 20th October to allow the Company and the State Government to assess and finalise the options to achieve the transition to rail.
“We appreciate the Minister’s willingness to talk with us today in what was a positive and constructive meeting,” he said.

The Company will continue with its existing transport arrangements and routes during the period of the extension.


http://www.wabusinessnews.com.au/en-story.php?/1/57133/FMG-shares-reach-50-as-iron-ore-miners-soar
Shares in Midwest Corporation slumped 4 per cent, or 13 cents, to $3.16 as its stoush with the State government over its rights to build infrastructure weighed on the stock. Also sending investors running was news that the government may reject a request by Midwest to extend its permit to haul its ore by road from its stockpile to the port at Gerladton.

Midwest Corp in limbo as govt turns up attack
http://www.wabusinessnews.com.au/en...est-Corp-in-limbo-as-govt-turns-up-attack/dba


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## hookon (6 October 2007)

Source:CNNMoney.com Put in murchison metals into google. Came up with this 

Australian shares close higher led by BHP Billiton; index at record - UPDATE
September 25, 2007: 03:25 AM EST

Emerging iron ore miner Murchison Metals (OOTC:MUMTF) surged 28 cents or 6.2 percent to 4.79 on talk it might merge with Midwest Corp, another iron ore company. Midwest rose 16 cents or 5.2 percent to 3.26 dollars. Both companies hope to develop iron ore projects in the mid-west region of Western Australia.

Any one else heard this? Makes huge sense for MMX. Takes the WA Gov out of play. But the two aren't friendly after MIS ditched MMX on rail/port in the first place.


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## Chief Wigam (10 October 2007)

I hope you are right about the takeover. There was some big buying today..... This may well be it. I have bought in.


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## chansw (10 October 2007)

hookon said:


> Source:CNNMoney.com Put in murchison metals into google. Came up with this
> 
> Australian shares close higher led by BHP Billiton; index at record - UPDATE
> September 25, 2007: 03:25 AM EST
> ...



The offer has been put on ASX at 9.33am this morning. It was mentioned on ABC news last night as well.


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## bigdog (10 October 2007)

Held MIS since Jan 2005

ASX ANN today
10/10/2007	MMX: Takeover Offer for Midwest Corporation
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00768186

TAKEOVER OFFER FOR MIDWEST CORPORATION LIMITED
Highlights:
• Unconditional offer
• Substantial premium via two tier offer structure
• Compelling financial and strategic logic
• Combined Stage 1 projects with planned production of 4mtpa in 2008
• Combined Stage 2 projects with targeted iron ore production of 45mtpa
• Potential for superior value creation through synergies and optimised project
development
____________________________________________________
Perth, Western Australia, 10 October 2007 – Murchison Metals Limited (“Murchison”) announces its intention to make an unconditional takeover offer to acquire all of the shares in Midwest Corporation Limited (“Midwest”).

Murchison believes that the combination of Murchison and Midwest represents a unique opportunity to unlock cost and revenue synergies, accelerate the development of the emerging mid-west iron ore province and provide greater certainty for the development of new mid-west port and rail infrastructure.

Murchison believes the proposed offer is compelling. Midwest shareholders will benefit from an immediate uplift in the value of their investment in Midwest and will also share in the value that Murchison believes will be created if Midwest and Murchison jointly develop the Jack Hill’s and Weld Range projects. These are highly complementary projects with similar ore types, located in the same geographic region and relying on the same rail and port infrastructure.

Under a ‘two-tiered’ offer structure, Murchison is offering a higher price for Midwest shares if Murchison is reasonably satisfied, prior to the end of the offer period, that Midwest will not incur a material tax liability if Midwest sells a 50% interest in the Weld Range and Koolanooka projects to Sinosteel Corporation.

The Base Price offered by Murchison is 1 new Murchison share for every 1.16 Midwest shares held (the “Base Price”).

The Base Price values your Midwest shares at $4.38 each and represents a premium of 25% based on the closing price of Midwest shares and Murchison shares on 9 October 2007.

The Higher Price is 1 new Murchison shares for every 1.08 Midwest shares held (the “Higher Price”).

The Higher Price values your Midwest shares at $4.70 each and represents a premium of 34% based on the closing price of Midwest shares and Murchison shares on 9 October 2007.

The Higher Price will be paid if Midwest provides information so that Murchison is reasonably satisfied that Midwest will not incur a material tax liability if Midwest sells a 50% interest in certain of Midwest’s projects to Sinosteel Corporation.


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## wipz (10 October 2007)

*Re: MIS - MIDWEST CORPORATION LIMITED*



wipz said:


> I have been hearing talk about a possible merger that should be announced soon, anyone else been hearing the same thing?




I should have got in!!!!! oh well its too late now, good luck to all holders, should be a nice ride!!!!!


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## dogwithflees1983 (10 October 2007)

WIpz I will certaintly take more interest in your posts in the future!

Suprised you didnt get into MIS !!


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## Chief Wigam (15 October 2007)

From last Thursday 11th Oct.

The market has applauded the deal by sending both share prices higher. But Merrill Lynch analyst Mike Harrowell said it was difficult to value either company, given neither had proven there were enough resources to underwrite the infrastructure development.

Midwest has 114 million tonnes of hematite resources at a grade of 58.7 per cent at its Weld Range project. Murchison's Jack Hills project has a historical resource of 380 million tonnes at 62 per cent iron.

But under modern standards, Murchison has so far only proven up 50.5 million tonnes at 60.7 per cent iron and 46.5 million tonnes at 42.6 per cent iron. China overtook Japan as the world's largest buyer of iron ore in 2003, and its rising demand has led to a fight for Australian mines.

Murchison, which gained 2 per cent on Wednesday after the bid was announced, rose a further 6 per cent yesterday to $5.49. Its stock was at 75 ¢ a year ago. Midwest, also based in Perth, gained 42 ¢ yesterday, or 9.4 per cent, to $4.90.

Murchison's rising price brings the value of its all-stock bid to as much as $1.07 billion.


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## chansw (25 October 2007)

*'Overvalued' but Midwest deflects bid'*

Jamie Freed
October 25, 2007

http://www.smh.com.au/news/business/overvalued-but-midwest-deflects-bid/2007/10/24/1192941153451.html

MIDWEST'S chief executive, Bryan Oliver, has said his company is "probably overvalued" on the basis of its current iron-ore resources, even though it is trying to deflect a hostile bid from its rival, Murchison Metals.

The Midwest board has not recommended that shareholders accept Murchison's scrip offer, since it thinks it has the potential to prove more value in the future.

"On expectation going forward possibly [we're undervalued]," Mr Oliver told media in his first public comments since Murchison lodged its bid two weeks ago. "Relative to the Murchison bid on price it would appear to me we are undervalued."

Under Murchison's offer, Midwest shareholders would own about one-third of the combined group. UBS estimates the two, which have neighbouring iron-ore deposits in the mid-west region of Western Australia, could save up to $400 million of costs through a merger.

Midwest has proven more iron-ore resources than Murchison. But Murchison has more ambitious development plans in concert with its joint venture partner, Mitsubishi of Japan. Murchison's share register is dominated by institutions, while at least one-third of Midwest shares are held by Malaysian interests.

An Ord Minnett analyst, Peter Arden, said Mr Oliver was a strong mining operator, but Murchison had a first-rate management team with more extensive corporate experience. "You've got to be strong on the corporate side," Mr Arden said. "You've got to be able to raise money. You've got to make big deals."

He noted that Mr Oliver was not a member of Midwest's board, which is dominated by representatives of its main shareholders. "He's sort of a hired gun, not perhaps on the complete inside," Mr Arden said. "It is odd. But that's the way Midwest has operated for quite a while."

In a letter to Midwest shareholders last week, Murchison attributed its higher market valuation to its joint venture with Mitsubishi, support from institutional investors and the strength of its management team.

Mr Oliver said his management team had "essentially a conservative approach" since it preferred to deliver on achievable forecasts.


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## michael_selway (28 October 2007)

Chief Wigam said:


> From last Thursday 11th Oct.
> 
> The market has applauded the deal by sending both share prices higher. But Merrill Lynch analyst Mike Harrowell said it was difficult to value either company, given neither had proven there were enough resources to underwrite the infrastructure development.
> 
> ...




Hi interesting thx

*MIS - Earnings and Dividends Forecast (cents per share) 
2006 2007 2008 2009 
EPS 1.2 -3.1 13.3 23.9 
DPS 0.0 0.0 0.0 0.0 

MMX - Earnings and Dividends Forecast (cents per share) 
2007 2008 2009 2010 
EPS -13.7 0.7 4.5 -- 
DPS 0.0 0.0 0.0 -- *

thx

MS


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## Chief Wigam (12 November 2007)

The market is speculating there will be an increased offer from MMX.

Hence the surge in share price and volume today.


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## Chief Wigam (14 November 2007)

Here is an excerpt from the Iron Ore thread from Rudi On Thursday
FN Arena News - October 17 2007 

Because of the importance of scale, and of infrastructure, most medium sized companies will find it hard to become a mini-Fortescue. A logical way out is thus to join forces. That’s why Murchison Metals ((MMX)) in the mid-west region of Western Australia is trying to buy neighbour Midwest Corp ((MIS)). It is a public secret that both management teams tried to work out a friendly merger earlier this year, but that went nowhere.

Analysts believe Murchison’s offer might ultimately be successful, simply because the advantages of a combined entity (larger scale, relatively less investments to reach the same goals, twice) look so compelling.
UBS initiated coverage this morning with a Buy for each of the separate entities. Keep in mind that the key factor in this story is that both companies need the development of new rail and port infrastructure for their growth prospects.

UBS, and others, believe the sum of both is poised to turn out larger than two. For starters, the analysts foresee up to $400m in savings simply by sharing infrastructure and equipment.

The broker has placed a target price of $6.50 on shares of Murchison, but regular readers of our daily Australian Broker Call will know already that Merrill Lynch has held a $7 target for the stock for a while now.
UBS’s target for Midwest is $5.90.


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## grace (7 December 2007)

Anyone got any idea what is going on with MIS and their trading halt?  MIS seems to be the star performer at the moment while MMX fades (I hold MMX).  Are the Chinese swooping???


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## bigdog (7 December 2007)

http://www.wabusinessnews.com.au/en...inosteel-proposes-1-19b-Midwest-takeover-/dba

Sinosteel proposes $1.19b Midwest takeover
7-December-07 by Jenelle Carter

Chinese steelmaker Sinosteel is proposing a cash takeover offer for iron ore miner Midwest Corporation Ltd that values the target at $5.60 per share, well above Murchison Metals Ltd's floundering scrip offer.

Sinosteel's move will shore up its strategic interest in the Mid West iron ore province, and follows its work with Midwest Corp on the joint venture development of iron ore mines in the region.

Midwest said there was no certainty that the Sinosteel proposal would lead to a transaction.

Murchison will be forced to substantially improve the value of its scrip offer if it wants to have any chance of acquiring Midwest.

Based on Murchison's closing share price today of $3.91, its offer values Midwest at $3.62 per share.

The two companies hold adjacent tenements and have been developing competing plans for rail and port infrastructure.

Shares in Midwest were trading at $4.85 when the company called a trading halt today, taking its gains over the past three days to 84 cents or 21 per cent.

The Murchison announcement followed denials earlier today by Gindalbie Metals Ltd, which denied it was in discussions with Midwest regarding a potential takeover, and Fortescue Metals Group Ltd, which denied it had acquired a shareholding in Midwest.

Recent media reports suggested that Gindalbie, along with Sinosteel, were two of the parties Midwest was referring to yesterday when it revealed that it was in discussions with "parties interested in pursuing corporate transactions".

Gindalbie also rejected today a media claim that its Karara Iron Ore Project was dependent upon the railway and port infrastructure proposed for Oakajee.

"Gindalbie seeks to clarify to the market that it is not in discussions with Midwest Corporation Limited regarding a takeover proposal, and further that Gindalbie's stage 1 development of the Karara Iron Ore Project is not dependent upon the development of Oakajee or its related infrastructure," it said in a statement.

Fortescue said in a statement it refuted any suggestion that it had acquired an interest in Midwest and remained totally focused on its iron ore and infrastructure project in the Pilbara. 


*ASX ANN not long after last posting*

 07-12-2007 06:03 PM  	 MIS  	  Midwest in Discussions with Sinosteel
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00793278

ASX ANNOUNCEMENT – MIDWEST IN DISCUSSIONS WITH SINOSTEEL    Following speculation in the market, Midwest Corporation Limited (ASX:MIS) confirms it has received a proposal from Sinosteel Corporation to acquire all of the issued capital in Midwest.   

The proposal is for $5.60 cash per Midwest share and is incomplete, non-binding, subject to due diligence and a number of other conditions. There is no certainty that this proposal will lead to a transaction.   

The Board of Midwest continues to recommend shareholders to take NO ACTION in relation to Murchison's offer.


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## hookon (15 December 2007)

Hi happy people - Question time 

I am an MMX holder wanting to know the views of mis holders.

Current offer from MMX tanking big time. As of friday 1.6million shares taken up in offer of 206 million (approx figures).

Sinosteel has now pledged an offer yet with no basis except maybe to encourage mmx to lift there offer as expected. MMX now playin abit of hard ball & not sucked into the initail price offer (Yet). 

Two Things.

1. If MIS was just trying for a better price through sinosteel why not just say to mmx we want x amount per share. Shorely mmx would go shore we will pay that as long as u agree. so is this a guenuie offer or a bluff? Opinions please.

2. what are looking for as an MIS holder. If you are just after pure profit ie. 5.60 is your sell price then you take sinosteel. if you do this ounce it is over you are out of the iron ore game. Cashed up but gone.
if you are after long term interests & profits you would take MMX. This way you still hold shares of a company with big upside & stay in iron ore. hopefully as joint company it would surpass 5.60 & therefore a better offer.

I want to know who would prefer shares in joint iron ore coy vs cash/


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## bigdog (17 December 2007)

ASX ANN
17/12/2007	TOV: Takeovers Panel decision re Midwest Corporation
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00795890

Friday, 14 December 2007 
Midwest Corporation Limited – Panel Decision 

The Panel advises that it has decided not to make a declaration of unacceptable circumstances in response to an application dated 8 November 2007 from Midwest Corporation Limited.  The application concerned the unconditional scrip takeover offer for all of the Applicant’s shares by MMX Investments Pty Ltd, a wholly owned subsidiary of Murchison Metals Limited (together Murchison).  (See TP07-91) 

Midwest had sought a declaration of unacceptable circumstances in relation to deficiencies which it submitted existed in Murchison’s bidder’s statement and first supplementary bidder’s statement (collectively, the Bidder’s Statement). 

Midwest submitted that the Bidder’s Statement should contain evidence that Murchison had a reasonable basis for a number of statements in relation to targeted iron ore production at the Jack Hills project (in which Murchison has a 50% interest through an incorporated joint venture with a subsidiary of Mitsubishi Development Pty Ltd).


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## tigerboi (12 March 2008)

Well I believe when that monkey dato law runs out of company shares & oppies to keep stealing to give to himself they will bring in this guy who is totally low maintenance,is prepared to be paid in soft commodities unlike all of the mis monkeys on the board busy paying $30,000 for $970,000 worth of oppies by lowering the oppies from 40c to 15c.dead set this guy would do a better job than dato law,& he only wants long yellow things...


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## tigerboi (14 March 2008)

Hes also in charge of the takeover panels who now have the sino $5.66 deal on the table as of 5 minutes ago,you watch this monkey dato law,who is dead set holding mis to ransom for $7.00 a share so that hegets his hairy hands on the oppies he gave himself,whats the odds he takes the offer then changes the oppies to $5.66???at the moment they havent a railway & only drilled up 133mt with a minimum 225mt to be commercial,as i predicted elsewhere:I dont wish any harm on mis holders BUT this is australian resources being stolen from us full stop,if the hedgies get a sniff of this one i will ride that **** LAW into the pilbara dust,fcking monkey the W.A. government stand condemned for their inaction,this **** is just holding the shareholders to ransom & what is needed to get sino up is for sino together with the next big hitters on the top 20, is an extraordinary meeting,i believe he law holds effectively 40% even if it did not get up,it will flush out his complete voting % for all to see,then asic could step in (finally the pea hearts)to get this monkeys % flushed out at the meeting,sino need to play hard ball with this **** as if no sino then i dont see the W.A. government whacking in for the railway, also id say dont discount mmx coming back into the picture in the future,here is mis anns.in response to the afr story:

ASX ANNOUNCEMENT
MIDWEST AND MEDIA COMMENT
Midwest Corporation Limited (�Midwest�) notes recent media coverage and speculation regarding
appropriate disclosure to the ASX and make the following comments:
1) Midwest is not aware of any party expected to make a takeover offer for Midwest now or in
the future.
2) The Australian Financial Review (�AFR�) on 12 March 2008 draws inferences from the fact
that separate shareholders have sent their substantial shareholder notices from the same
fax machine in a lawyer's office. Midwest is aware of the principals behind the majority of
its major shareholders including the substantial shareholders. These individuals are legally
entitled to privacy. Based on information available to Midwest there is nothing to support
the inferences of the AFR.
3) Regarding a statement in the AFR (12 March 2008) that �Sinosteel was denied the chance
to conduct due diligence�, Midwest notes its ASX release on 19 December 2007 that
Sinosteel was granted the opportunity to conduct due diligence but declined to agree to the
normal commercial requirements to carry out this due diligence.
4) The Company believes it has satisfied all continuous disclosure obligations under ASX
listing rules and Corporations Act. Notwithstanding the allegations and rumours published
by certain media outlets, Midwest takes its corporate governance requirements seriously
and is focused on building value for all shareholders.

I understand current jorc is 133mt with a target of 225mt well personally i would be very cautious of what this mob says,especially in respect of jorc upgrades,i see the road haulage got another extension & the siding is to begin construction soon with 18 weeks the build time,while not being fully up on the mis story as yet(iam getting there),it seems the MMX offer now was a good one?my take is the market believed MMX have got the better corporate nous & had more connections to get the deals done,id say now it all hinges on the drilling upgrades to a minimum 225mt for it to be commercially viable,i do think because of that ar5e hole law mis holders have been dudded badly for the opportunty to grow the resource base substantially with other companies expertise,i will watch the goings on with interest...TB


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## bigdog (14 March 2008)

SP booming today up $1.26 or +30%

Code  	Last  	Move  	%Mov  	Buy  	_Sell  	Open  	High  	_Low  	Volume  	__Value  	______Last Traded
MIS 	5.41 	1.260 	30.36% 	5.41 	5.42 	5.47 	5.48 	5.41 	2,937,478 	16,029,247 	14-Mar 12:21:49 PM


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## tigerboi (26 May 2008)

*Re:MMX BACK FOR A 2ND BITE!IM NOT SURPRISED*



tigerboi said:


> also id say dont discount mmx coming back into the picture in the future




Aahh who said that?..the only way they will get a railway out of there..mmx has always been the only mob to get the projects moving..tb


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## shaunm (26 May 2008)

I don't know a lot about MIS so perhaps someone in the know can explain why the MIS shareprice is nearly double MMX's SP?


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## grace (26 May 2008)

shaunm said:


> I don't know a lot about MIS so perhaps someone in the know can explain why the MIS shareprice is nearly double MMX's SP?




Poor old MMX's share price has been down being the predator, and MIS up and up being the prey.  I know a lot of MMX sold and bought MIS some time back, and in hindsight, that was smart thinking.  I wasn't so smart.  As a MMX shareholder, I feel a bit sad today.....(more discount to our share price) however, I must think long-term, and it will be all good.

MMX has indeed excellent management.  MIS shareholders have indeed had a good run in their share price.  

Now I guess it is up to sinosteel to put a spanner in the works.


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## shaunm (26 May 2008)

Perhaps Sinosteel still want MIS and with MMX still rather low......well who knows what might happen eh?


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## Tiberium (27 May 2008)

What is going to happen with MIS shareholders and their stakes if the merger becomes effective? Are they actually going to merge or MMX is taking MIS? Could someone please kindly explain this to me (newbie):


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## mfsperth (12 July 2008)

*Midwest Corporation*

Here's an excerpt from Sinosteel's website. Look at the eighth last line:

Is this the first corporation in Australia with an office in it for a political party?

SINOSTEEL CORPORATIONFrom the PresidentIntroductionLeadershipOrganizational 
StructureDevelopment StrategyCore BusinessesGeneral 
PerformanceTrophiesDeveloping HistoryCHINESESITE MAP




            HomeAbout SinosteelNews CenterProducts & BusinessCultureGlobal



            From the President

            Introduction

            Leadership

            Organizational Structure

            Development Strategy

            Core Businesses

            General Performance

            Trophies

            Developing History


                        Video

                        Brochure





                     Currently →Home > About Sinosteel> Organizational Structure




                        President


                        Vice President














                        President's Office

                        Human Resources Dept.

                        Accounting and Finance Dept. 

                        Development and Management Dept. 

                        International Cooperation Dept.


                        Legal Affairs Dept. 

                        Information Management Dept. 

                        Audit & Inspection Dept.

                        Party & Union Work Dept.

                        Retiree Service Center 









                        Specialized Companies

                        Regional Companies

                        Scientific & Technological Companies

                        Production Companies

                        Overseas Organizations

                        Other Companies


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