# MMX - Murchison Metals



## GreatPig (14 August 2005)

Starting to push up nicely from a large saucer bottom.

It seems they got a "Please Explain" regarding the recent increases in their share price, with their response here. 

I bought in a few days ago at 33.5 cents, so it's going well for me so far 

Cheers,
GP


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## el_ninj0 (14 August 2005)

Looking very good there GP. Whats your predictions on how far this will go?  I'm thinking at least another 30 cents.


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## GreatPig (15 August 2005)

I generally don't like to try and predict targets, unless it's some sort of pattern that has a common target (like triangles). This one may too, but if so, I'm not sure what it is.

I prefer to just set a fail level (ie. stop/loss) and ride it until it's triggered. Sometimes I get caught out though. I've had a couple of cases where a stock has reached a price that I've felt may be near its current peak for whatever reason, but waited until I've seen a clear fail signal, only to have it fail in a big down day and wipe out a fair bit of profit.

Still, you win some, you lose some 

So far I can't complain overall.

Cheers,
GP


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## GreatPig (3 October 2005)

MMX has been suspended from trading, one of a handful of companies that failed to lodge their full year accounts for the last financial year as per the listing rules.

I still hold a bit of this, so is that a particularly bad sign, or not uncommon?

Cheers,
GP


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## markrmau (3 October 2005)

GP, I seem to be buying your dregs   

I recently bought grr at 1.11 and mmx at .40 (only small holding)

They have released the annual report so I presume reinstatement tomorrow.


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## imajica (2 May 2006)

Was wondering what everyone thought of this stock.

Currently trading at 60 cents. Recent broker report values the company at over $2 per share.

Have some extremely promising iron ore operations in the pipeline with government support for infrastructure.

Seems like a medium to long term winner, what does everyone think?


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## BSD (7 May 2006)

Looks very good at the moment with some very steady accumulation from insto dealers. 

The same dealers who were buying in the first spurt the stock took to $0.60 have re-emerged after the recent release of the pre-feasibility report. 

Very good volume shifting a great deal of stock into patient hands. 

Excellent opportunity to accumulate these as they re-rate towards their NPV of $2.00+ as the project progresses

Using a very simplistic comparison, the current $155m market cap of MMX with planned 25mtpa production looks appealing compared to the $1.9 billion valuation for FMG with plans for 45mtpa. 

Fair bit of water to go under the bridge yet though.


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## BSD (29 June 2006)

A chunky O/S crossing of 5 million shares last night appears to have shifted the 60 cent seller

Good volume today pushing up through 66 cents at one stage today. 

Will be interesting to see who the buyer was considering Merrills have been accumulating

Anyone else following these?

It is a long term story, but compelling


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## snapper_man (24 July 2006)

Had a look at this one a few months ago, from memory around .38 at the time. Concluded that it might worth a punt but in the coming weeks lost my nerve. Looks like a bit more courage was in order. 
A bit of risk as will not be turning a real profit for some time - 2012? What will iron ore be worth then? A big outlay required by a fairly small comp both for project and infrastructure rail/port project so funding issue/risk.
Any news of rail/port go ahead especially terms favourable to mmx and commitment from WA govt will give these guys a big boost.
Couple of broker reports valuing over $2! Interested in any comments.

Cheers
T


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## 56gsa (25 July 2006)

MMX seems to have big plans but a long way to go - they are talking probably $2bn in infrastructure for Oakajee but have only identified 68mt of ore as resource - and of that they seem to suggest only 8.5mt is reserve (high grade?)

current drilling has a target of 380mt (presumably over 60% fe) but this has taken a long time to complete - even then at 25mtpa this wouldn't in itself seem to justify the investment in the port/ 350km rail etc

GBG was going to join the party but latest release suggests they are happy with Geraldton port - which MGX and MIS are currently using 

long time to wait and what will happen to commodities in the mean time

but ST may see some action based on apparent progress...  certainly have the interest of some big players


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## sweetbarrister (27 November 2006)

Wake up people is about to break through $1.00. We have all been missing this one. Watch the rise and volume. The rise will be consistent. this is not a stock that rises and falls. It just rises .Please se the graph.


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## SevenFX (6 December 2006)

sweetbarrister said:
			
		

> Wake up people is about to break through $1.00. We have all been missing this one. Watch the rise and volume. The rise will be consistent. this is not a stock that rises and falls. It just rises .Please se the graph.





Nice Predicition SB, as hit $1.20 yesterday.


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## sweetbarrister (17 December 2006)

Yes ladies and gentleman this one is a long term. Look at Fortescue a couple of years back and then look forward on this stock. I did so and could only see a sea of dollars!!


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## wahoo (22 January 2007)

Just rang their office 2day - after the arrival date of the ship it will take 2 days to load the ore aboard the ship and she'll be ready 2go - according to the Geralton port website the 'Delray' arrives into port this Sunday to load up 60 000t of ore for Murchison Metals. Yezzah! 

I'm jus learnin charts - but if that is the start of wave 3 a week or so ago, then hopefully with the clean rise of price and volume, combined with their first income $$$$ coming soon - there should be a nice long climb to the peak of wave 3 (I'd appreciate feedback......)

Oh yeah, just as an aside - this is an all time high with good volume!


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## Sean K (22 January 2007)

Looks like a breakout on your chart through the short term resistance wahoo. (by the way, a very nice eating fish!) 

Another perspective is the 3 year weekly that shows almost a pole and flag formation, ready to break up. The last hammer candle is very bullish. Opens higher, falls, buyers swoop in to send it higher.... 

From an EW perspective, I'm not sure if it can fit the profile all that well. The counts are tenuous IMO.

Looks good.


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## mmmmining (23 January 2007)

I don't understand chart a lot. From the chart, there are a lot of buying opportunities and signals previously. Maybe the latest is the one, but a dangerous one. My understanding is the stage 2 of the project worth a lot of money, but needs a lot of capital too. I am kind of remember that a research done by Huntley valued MMX a $1.6 something stock.


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## wahoo (23 January 2007)

Yeah Hartleys put $1.54 on it

They've a 2 stage plan - the first 5 years is stage 1 of Jack hill. Contracts for the first year 1.8mt = US$100m in sales

The big picture is by 2010 have stage 2 running 25mt/yr, they've formed a consortium of big names to reduce risk for stage 2 infrastructure - Oakajee port and a choo choo - shared by a few co's. AU$1.5bill is what they're talkin - feasability study due mid this year.

Contract with POSCO for up to 10mt/year for the next 25 years. They've got nice clean rich ore - direct shipping

Lookin pretty good this mornin - down to 7 sellers for a while


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## wahoo (25 January 2007)

Great Ann. this mornin - POSCO have exercised the rest of their options early (another $5mill for the kitty) - this is a solid display of confidence in the way things are progressing at MMX

So this brings POSCO's stake up to 11.95% - as part of their agreement "POSCO also has the right to nominate a representative to the Board of Murchison Metals if its shareholding interest increases to 19.9%". So that leaves only 7.95% for them to accumulate to get some real power in their ore supplier - they're not going to do this right now - but its too nice an opening for them to resist later on.

Can't wait for next week when the maiden shipment sails - hopefully see the new pole spike in the charts over the coming weeks when everyone realises MMX are in production!

Here's the progress on the weekly chart - its lookin good,  wide divergence on the MACD, u can see that the new pole is forming - it took 4-5 weeks for the pole to form up to the flag - so if everything goes to plan - does it take another 4-5 weeks for this pole to form this side as well? similar height?


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## wahoo (29 January 2007)

Just rang Geraldton Port Authority - they've just sent the 'pilot' out to the ship - the Delray will be in port in an hour - secretary says its only alongside for 2 days

SP is treading water comfortably above the flag - nice long tails on the last 3 days trading - its looking good! Just consolidating b4 the rocket midweek


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## wahoo (30 January 2007)

Someones got a wiff of something - overseas crossed trade of 100k @ $1.35  in premarket and then a single order 100k went for $1.38 at open


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## wahoo (30 January 2007)

Well, some pretty insane volume (by MMX standards) today 12.5Mil ($16.8Mil) - usually averages around 600k - so its definitely on the radar - there's still good divergence on the MACD and the fast stochastic has just crossed over the slow, this is the 4th day in a row with a decent tail, so the engines startin 2 roar for takeoff!!!


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## surfie (31 January 2007)

MY SPECULATION
POSCO have about 12% after exercise of options last week.
POSCO need 20% to get a director and if they were the buyer of 11 million shares (3.7%) yesterday at $1.35, then they would have about 15%.  
So they still need to buy about 5% (15 million ) on market.  
If there is no large crossing then they will have to buy up like we all do.  IF that happens we could see the $2.00+ very soon.  But this just my speculation/wishful thinking.


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## wahoo (31 January 2007)

I hope ur right surfie - but personally if they really wanted that at this stage, I think they would have accumulated enuff b4 they excercised their options (which remember they did early) so they  could have done the deed in one fell swoop. I think they want to have MMX up and running solidly b4 they're worried about gettin a director on the board. Theyre not short of a $ so paying to get in when its politically correct is no issue.

I hold. I'd prefer we stick to the consistent gradual floating upwards in the sp - and not get too excited and make it burst.


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## wahoo (1 February 2007)

Bull at a gate this morning and gapped up a little - but it spent the day convincingly at $1.60 with good volume >2m (not as wild as yesterday though - checkout that hit late afternoon over 10mil shares in one blip!) 

The days' firm consolidation should be a good platform for the next leg up - because the 'Delray' kicks off tomorrow at 2.00pm with the very first shipment  

(check for yourself - http://www.gpa.wa.gov.au/uploaddocs/trans/shiplist.htm)


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## imajica (4 May 2007)

New Merril Lynch research is very encouraging news for MMX holders!

have a read: http://www.mml.net.au/images/murchison-34--theeg.pdf

they have a conservative price target of $5 per share

if conservative assumptions arre removed the NPV rises to $13.20

estimated reserves:

1. Jack Hills resource estimate is 380 million tonnes
2. Weld Range resource potential is 300-400 million tonnes.
3. In 2013-2014 proposed production rises to 50 mtpa. 

OPTIMISTIC CONCLUSION: 800 MILLION TONNES of iron ore


we could have another FMG on our hands given enough time

MMX market cap: 763 million (share price $2.79)

FMG market cap: 5.953 billion (share price $24.10)


and MMX is already producing and shipping ore!

worth researching this one!!


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## imajica (4 May 2007)

a  nice looking chart!!

could someone please provide some sort of technical analysis?

thanks in advance


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## ta2693 (4 May 2007)

If Merrillynch is really that confident, why they sell on 08-09-06, if I am the investo and I will let not my information out unless I want to sell. 

Too suspicious, from my point of view. That is not my game. Good luck with the  holder.


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## imajica (4 May 2007)

Merrill Lynch had 20.72 million shares , after sale they stilll have 20.523 million shares

I would hardly even rate this at all - let's try and keep the posts constructive and well researched,

And please, let's not torture the English language - your grammar is appalling

Let's face it, a Korean powerhouse like POSCO wouldn't invest so much time and money in MMX if it didn't think it was on a defnite winner


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## sweetbarrister (5 May 2007)

Look at MMX. Look at FMG. Go to MMX website. Look at stage one and stage two. Put some money in and watch it grow. Posco Steel the largest steel company on Korea did. Warren Buffett bought a stake in Posco.


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## imajica (6 May 2007)

the MMX story is just unfolding with regular shipments from stage 1 showing excellent grades and quality.

sound management and the close relationship with Korean powerhouse, POSCO, should be enough to inspire widespread investor confidence.


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## ValleyAnt (7 May 2007)

Got excited and broke out early! Well done to all those that have been following this one, I have been for over 12 months now

Cheers Alex


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## imajica (7 May 2007)

yet another unbelievable day for MMX - closing on the day's high on solid volume - this one is looking very bullish indeed


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## heads up (7 May 2007)

its an interesting story and im along for the ride. reading the web site, and regarding the planned deep water port at Oakajee, who will pay for this?
state government and MMX or WA plus MMX and POSCO?


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## imajica (9 May 2007)

a little bit of profit taking today with sellers spoiling the party - this seems to be a predictable trend with MMX - a massive jump in share price and then a consoldiating period before a large jump again

with FMG capitalised at over 7 billion - its not hard to see where MMX is headed in the future


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## imajica (10 May 2007)

yesterday was a healthy period of consolidation for MMX

up 4.5% again today - I'm really liking the look of this one


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## thierry (10 May 2007)

The volumes were low when it dropped yesterday 9 May.. 

Let see what happens at the close of today.


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## imajica (11 May 2007)

new drill results just released from Jack Hills

have intersected high grade wide lenses of massive iron ore

excellent grades

market hasn't caught on yet.


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## imajica (11 May 2007)

ASX Announcement ASX Code: MMX, MMXO 11 May 2007 JACK HILLS IRON ORE PROJECT * DRILLING RESULTS 


Murchison Metals Ltd is progressing with a drilling programme to define the extent of mineralisation for Stage 2 of the Jack Hills Project. The drilling programme is designed to target extensions to mineralisation below and along strike of the Stage 1 Reserve. The drilling programme continues to intersect wide, high grade lenses of massive iron ore. 
The results reported are predominantly strike extension and depth extension drilling. Zones of high grade iron ore mineralisation have been intersected below areas of little or no iron ore outcrop and adjacent to known ore lenses. Drill holes MHRC272 & 273 fall into this category. After all of the data has been received and analysed, it is expected that follow up holes will be required to identify the full extent of this new zone. The intersections reported confirm the continuity of mineralisation and the potential of the project to host large tonnages of high grade mineralisation. Drilling has commenced on the Brindal lens and a second special purpose RC rig will be mobilised to site this week to assist with the drilling programme. The results from drill holes 170 to 289 (120 holes) have been finalised and are tabulated below. These results represent a further 24,565m of drilling. The results of eight drill holes (2,288m indicated in the table) are currently unavailable. As reported on 10 April 2007, within the deeper zones of the H4 lens, carbonate veining and cavity filling associated with the iron mineralisation has been identified. Murchison is completing a metallurgical testwork 
programme designed to remove this material.

Significant Intersections from recent drilling include: 

MHRC187 18m @ 61.8% Fe 
MHRC196 14m @ 61.0% Fe 
MHRC199 24m @ 63.3% Fe 
MHRD202 36m @ 61.5% Fe 
MHRD222 3.7m @ 68.5% Fe & 34.2m @ 67.4% Fe 
MHRC230 16m @ 63.1% Fe 
MHRC234 6m @ 61.1% Fe 
MHDD246 8.4m @ 67.7% Fe
 MHRC247 26m @ 62.7% Fe & 14m @ 64.5 % Fe 
MHRC253 48m @ 62.3% Fe
 MHRC254 34m @ 65.3% Fe 
MHRC263 52m @ 66.2% Fe 
MHRC269 16m @ 59.9% Fe & 18m @ 61.7 % Fe 
& 24m @ 66.1 % Fe 
MHRC272 18m @ 64.3% Fe
 MHRC273 52m @ 64.5% Fe
 MHRC276 30m @ 60.5% Fe
 MHRC277 26m @ 60.2% Fe
 MHRC282 48m @ 65.8% Fe
 MHRC287 72m @ 61.4% Fe 
MHRC289 54m @ 61.8% Fe & 42m @ 60.2 % F


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## imajica (14 May 2007)

another chart for MMX  - displaying the meteoric rise over the last few weeks - looks bullish to me, any T.A. would be appreciated


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## thierry (17 May 2007)

Up another 5% today.. 

There doesn't seem to be an end in sight.. any reasons for todays upward movement? 

Many shares traded on 14/05 for not much movement as well.. not sure why.


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## bigdog (17 May 2007)

MMX up 45 cents for the day (12.68%

Code Last -Move % Move -Buy -Sell -Open High Low Volume --Value ------Last Traded 
MMX  4.00 0.450  12.68%  3.94 4.00 3.63 4.00 3.60 3,686,202 14,063,740 17-May 04:10:19 PM

The SP increases have been brilliant recently
Date ----	 Close 	Volume
16-May-07	 3.55 	1,796,683
15-May-07	 3.47 	8,055,543
14-May-07	 3.44 	2,439,969
11-May-07	 3.25 	2,055,421
10-May-07	 3.05 	1,615,484
09-May-07	 2.84 	721,164
08-May-07	 2.96 	1,769,432
07-May-07	 3.03 	2,524,255
04-May-07	 2.79 	1,206,750
03-May-07	 2.79 	2,254,660
02-May-07	 2.48 	1,220,900
01-May-07	 2.32 	2,813,683
30-Apr-07	 2.38 	2,254,714
27-Apr-07	 2.30 	2,623,558
26-Apr-07	 2.05 	2,723,246
24-Apr-07	 2.14 	623,329
23-Apr-07	 2.18 	781,102
20-Apr-07	 2.10 	776,042
19-Apr-07	 2.08 	2,811,048
18-Apr-07	 2.12 	2,141,082
17-Apr-07	 2.28 	560,836


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## aaronphetamine (17 May 2007)

Well today MMX closed up a total of 12.7% at $4.00 exactly.

I had MMX on my to watch list portfolio and now im kicking myself that i didnt jump on board even only 2 weeks ago..

Im really surprised at how well MMX is going, Its climbing really nicely.

Looks to be a bit of resistance at the $4.0 level though with 6 sellers of 230 000+ units. I think after that there looks to be a nice climb to $5.0.

Looking at the previous dollar barrier of $3.00 the price did dip slightly under $3 immediately after reaching it but then shot back up again.

The Graph indicates that the MACD is very positive while the RSI indicates that it is approaching the overbrought area. 

The 2mnth graph can be found here with corresponding MACD and RSI

http://markets.smh.com.au/apps/qt/q...&section=charts&sortBy=null#topOfChartsAnchor

Would anyone please like to critique what I have just said, im new and i would appreciate any feedback (negative or positive) in your own opinions ofcourse.


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## heads up (17 May 2007)

The volume has been solid all week now......interested in peoples opinions about the sellers, is this long term holders taking profit? i think the fundamentals of MMX are excellent. will be holding this one for a while.


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## thierry (18 May 2007)

Bit of profit taking today.. about time really 

Still didn't dip below yesterday's low.. 

monday should be interesting..


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## prawn_86 (14 June 2007)

just entered into a trading halt.

anyone out there know why? or have any theories?

hopefully something big


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## thierry (14 June 2007)

I'm interested to know as well.. 

the sp has been staying in the high territory.. so I would expect good news.. 

could be the announcement with the railway? I have no idea..


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## need more money (15 June 2007)

My guess - from Myrill lynch report is resources update for stage 2 due by end of june 2007 qtr. Will be 1st step as wont be JORC.

Go you good thing :


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## prawn_86 (15 June 2007)

mmx and fmg are both in halts now.
is this just pure coincidence? or could a t/o be on the cards?

this is just rampant speculation by the way


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## need more money (15 June 2007)

prawn_86 said:


> mmx and fmg are both in halts now.
> is this just pure coincidence? or could a t/o be on the cards?
> 
> this is just rampant speculation by the way




Time to start rumors my friends!!!

Is it coincidence or something fishy. FMG also on trade holt. Also due back on Tuesday.

Could this be linked? 

Could be takeover?

Could be that FMG might replace MIS in infrastructure deal now that MIS have pissed off to go work with yilgarn?

Take your pick. Whats everyone's preferred.

I definately dont wont take over. Were to good for that.


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## prawn_86 (15 June 2007)

takeover would be alright in my eyes if they offered about 150% premium to the current price.

is very interesting indeed. at least we dont have long to wait


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## thierry (15 June 2007)

Just saw this..

http://www.abc.net.au/news/items/200706/1952408.htm?northwestwa

Murchison Metals in trading halt pending announcement
Friday, 15 June 2007. 13:31 (AEST)Friday, 15 June 2007. 13:31 (ACST)Friday, 15 June 2007. 10:31 (AWST)

Murchison Metals has been placed in a trading halt, pending an announcement on Monday which is expected to relate to the development of infrastructure in the mid-west.

The emerging iron ore producer owns the key Jack Hills deposit, 380 kilometres north-east of Geraldton.

The company will not say what the announcement is, but there is speculation it may relate to the resolution of an ongoing dispute with Midwest Corporation over infrastructure.

Midwest Corporation last week scrapped plans to build the Oakajee port and a rail line with Murchison in favour of Yilgarn Infrastructure group.

Midwest said it would consider allowing Murchison to join the alliance.


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## BigJohnny (18 June 2007)

TOKYO, June 18 (Reuters) - Mitsubishi Corp. <8058.T>, Japan's 
largest trading house, said on Monday it would announce details 
of an investment in an iron ore development project in Australia 
at 0630 GMT. 
   The Nikkei business daily reported in its evening edition 
that Mitsubishi would invest about 300 billion yen ($2.43 
billion) in the project, which will be handled by a joint venture 
with a local firm. 

i believe this is the related story for MMX


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## prawn_86 (18 June 2007)

BigJohnny said:


> i believe this is the related story for MMX




could also be FMG as they too are in a halt. or is there some reason why it couldnt? hopefully its MMX


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## need more money (18 June 2007)

prawn_86 said:


> could also be FMG as they too are in a halt. or is there some reason why it couldnt? hopefully its MMX




FMG out this morning they were up $1 - so prob not them although they are trying to raise big money as well.


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## need more money (18 June 2007)

AEST is GMT + 10 Hours. This 6.30am + 10 hrs = 4.30pm AEST. Go you good good thing. 
Trade halt says after close Monday.


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## need more money (18 June 2007)

Announcment out - sold 50% of iron ore business to mitsubishi & joined a 50/50 joint venture to build infrastructure.

thoughts?


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## thierry (18 June 2007)

Here is the full release


http://clients.weblink.com.au/clients/Murchison/article.asp?asx=MMX&view=2460633


I think it's good.. the infrastructure needs to be done in a timely manner.


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## aaronphetamine (18 June 2007)

This announcement is on the bloody front page of ninemsn.com.au ! talk about publicity!!! bloody hell! i think MMX could end up like fortescue!


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## Sean K (18 June 2007)

aaronphetamine said:


> This announcement is on the bloody front page of ninemsn.com.au ! talk about publicity!!! bloody hell! i think MMX could end up like fortescue!



Aaron, why could this be like FMG? Can you compare their resources, stage of development, management, location, market caps, charts, etc etc. Thanks.


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## thierry (19 June 2007)

MMX up 20% today.. with a peak so far of 5.20.. 

Does anyone have thoughts on any further upside for this stock?


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## eagle3 (19 June 2007)

As a shareholder of mmx who bought in at 65c I still think there is plenty of upside. After the announcement of the joint venture with Mitsubishi for the port and rail infastructure, it seems to be a race between Midwest corporation(MIS)/Yilgarn infrastucture and MMX/Mistubishi bill for the rights to bulid the whole thing. I think the Mid West Alliance has done it's dash!!!!!!!


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## need more money (19 June 2007)

Hey boys & girls what u think of this - maybe an overstated guess or an understated announcement - you tell me but lets start some more rumours.

On the ASX announcement Iron Ore Infrastructure Agreement with Mitsubishi - 6 pgs

1st page under highlights, 2nd point - Murchison & mitsubishi to jointly pursue other iron ore development opportunities in the mid west region of WA.

Could this be a takeover of MIS - This would make a lot of sense.

The major block to getting the infrastructure contract is our opponent MIS with Yilgarn. See page 4 Midwest has continuing rights under state agreement known as Iron Ore (murchison) agreement. The state agreement doesnot however confer on midwest the exclusive right to develop the regions infrastructure.  

The easiest way to clear the path would be to take them over so they save us a battle. This makes sence in both legal & business sence - they good assets to.


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## chris1983 (19 June 2007)

I'm onboard. Market cap of 1.6 billion and the potential total investment is approximately A$3 billion. That gave me a buy signal straight away.  Lets see how they go now.  Im in at 4.98


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## chris1983 (19 June 2007)

Strong close.  Finished at 5.23  I dont know if some holders know how big this deal really is.  I wouldn't of been selling today.  Taken from the announcement.

*Highlights:*

Mitsubishi to acquire 50% of Murchison’s iron ore assets

Murchison and Mitsubishi to jointly pursue other iron ore development opportunities in the Mid West region of Western Australia

Murchison and Mitsubishi to establish 50:50 infrastructure business to develop new Mid West rail and port infrastructure

Mitsubishi purchase price expected to provide required equity capital to develop Jack Hills mine and associated rail and port infrastructure

Mitsubishi to manage the arranging of debt funding and provide additional financial support for Jack Hills and for Murchison’s commitments to new infrastructure business on approval to proceed with the expansion of Jack Hills

*Potential total investment of approximately A$3 billion*


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## thierry (19 June 2007)

So, if they invest 3Bn.. they are investing twice the market cap? 

They must really know the iron ore assets are worth it..


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## chris1983 (20 June 2007)

thierry said:


> So, if they invest 3Bn.. they are investing twice the market cap?
> 
> They must really know the iron ore assets are worth it..




Yeah..they have faith in the assets there.

I feel the open is going to be extremely strong when looking at the buyer depth and weak seller depth.  Looks like I made the right decision jumping in yesterday when a few investors were selling out under $5.  I feel a lot of investors have no idea to the potential value of the deal.


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## Peakey (20 June 2007)

I don't hold MMX, just been watching it from the sidelines over the last couple of months............. I gotta say a VERY BIG Well Done to all MMX holders!!!!! 

Cheers
Peakey


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## chris1983 (20 June 2007)

The open was promising but it has fallen back a bit now.  No shortage of buyers above 5.10 though.  I'll hold this one for awhile.  I think it has further to run with that deal being approximately worth 3 billion.  There will be no worries in regards to funding for MMX.


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## thierry (21 June 2007)

Good performance today.. peaking at 5.45.. 

I don't think there have been many speculators.. so there was not much profit taking today...but lets see tomorrow.


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## chris1983 (21 June 2007)

From from a poster on Hot copper.  Thought this was some good information

*Comments from Merrill Lynch research note dated 19June.*

_Mitsubishi anchors the JV - Buy to $6/sh

Mitsubishi has entered into an agreement to buy 50% of Murchison's Jack Hills iron ore mine, and 50% of the necessary related infrastructure. In doing so, Mitsubishi add credibility to the project, largely remove the financing risk, and create a mark to market project pricing event inside the next 12mths against which MMX equity valuation can be assessed.


Timing on the buy in: by mid 2008.

Mitsubishi will purchase its 50% share by paying MMX $100m on final signing (around Oct 07), and $50m into the JV company, and a deferred payment equal to an agreed valuation less half the $150m initial payment. The deferred payment is based on an ungeared financial model, with already agreed discount rate, commodity and currency assumptions and tax structure, with only final costings to come. 


Value of buy in: $6.76/sh before tax. New NPV $4.74/sh

While we have no guide to the discount rate, the positive tone of management presentations implies that the deferred payment valuation will be positive news, even at current price levels. Using an estimate of Mitsubishi's WACC, we calculate a buy in value of $6.76/sh but this is not at MMX's market WACC and does not include capital gains tax. 


Risks: Reserves and costs

We have yet to see a JORC compliant resource statement for the 380mt, and we have not seen the final feasibility capex and opex, and hopefully retain conservative estimates. Mitsupishi are paying $150m in advance of the resource number, and would have done due diligence on more recent drilling._


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## chris1983 (21 June 2007)

Some really strong buying action happening with this one.  Could very easily reach that 6 dollar price target given by Merrill Lynch.


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## chris1983 (21 June 2007)

Some really strong action in the last hour of trading today.  Touched 5.89 and closed at 5.85.

Below is a rundown of their current market cap

*Issued shares - 334 million
Listed options (20c) - 27.4 million
Unlisted options (20c) - 24.5 million
Unlisted options (50c) - 5.0 million
Unlisted options ($1) - 5.0 million*

*Total shares = 395.9 million shares*

Fully diluted market cap currently at 5.85 is just under *2.32 billion*

Latest deal with Mitsubishi is worth a total investment of approximately 3 billion.  IMO market cap could easily surpass this level.  This would bring the share price to around $8.  I think this is very possible working purely off the value that the deal brings.  Any comments?  Am I reading this incorrectly?


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## chris1983 (21 June 2007)

I should post its a potential total investment.  Potential.  However..Mitsubishi will have to spend some big bucks if they do want to ramp up the production of the Jack Hills mine.  Only some big bucks could do the development of the port and rail infrastucture..and Mitsubishi is a company who can afford to do this.  Its obviously in their own interest for the future.


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## boiler (21 June 2007)

chris1983 said:


> Some really strong action in the last hour of trading today.  Touched 5.89 and closed at 5.85.
> 
> Below is a rundown of their current market cap
> 
> ...




chris1983

Chris on a different angle, work out how many tonnes of ore they want to mine per year. Mutiply that by expected profit per ton.(less tax) Divide that figure by the amount of shares on issue, then multply that by a price earnings ratio of say 10 = a rough share price.

exampe:  25M ton x $15/ ton = $375M less 30% tax = $262m
             $262M divided by 400M shares = .655 x PE of 10 
                    = share price $6.55
Obviously as figures or the investment climate changes the end result will change. Cheers


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## chris1983 (21 June 2007)

boiler said:


> chris1983
> 
> Chris on a different angle, work out how many tonnes of ore they want to mine per year. Mutiply that by expected profit per ton.(less tax) Divide that figure by the amount of shares on issue, then multply that by a price earnings ratio of say 10 = a rough share price.
> 
> ...




Thats a fair valuation but thats just simply adds further value onto my valuation.  All I have worked out is a valuation based on the magnitude of what the deal is worth.  That alone..with the size of the investment..warrants an increase in SP.  Add your figures into the mix..and um..this is huge.


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## thierry (21 June 2007)

Solid finish today.. so I think there is more upside.. also the volume was not extravagant, so i'm thinking it was more investors buying up today. any thoughts? 

Yeah I think 6-7 seems to be a price it might (well hopefully) consolidate at.. 
it's got excellent deposits, good finance backing, good management, and a lot of potential still.

The merril lynch report valued it very conservatively at 12-month target $5, saying without conservativeness it could be $22.. but I doubt it will get that high in the near future.. I'd like to see some more broker reports (or excerts) posted here.

Cheers.


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## chris1983 (22 June 2007)

thierry said:


> Solid finish today.. so I think there is more upside.. also the volume was not extravagant, so i'm thinking it was more investors buying up today. any thoughts?
> 
> Yeah I think 6-7 seems to be a price it might (well hopefully) consolidate at..
> it's got excellent deposits, good finance backing, good management, and a lot of potential still.
> ...




Definately more upside especially if we get a resource upgrade of the Jack Hills deposit which I will be expecting.  This is good quality ore and there is bound to be a lot more of it.  Just touched 6 dollars.  That was the first target.  Lets see if it can stay above this level..my opinion is I dont think it will stop running.


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## chris1983 (22 June 2007)

The only way I see possible that Murchison could fall off the rails is if Mitsubishi retracted their deal some how..or broke the agreement..and this isnt going to happen..or maybe some dispute arises over the rail being built?  But they need a rail system up there so I dont see any problems..who knows though..Im sure there are other factors to look at when your going to be developing such a huge operation.


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## Sprinter79 (22 June 2007)

This one came up on my scan overnight, but alas, no spare money. Actually, just looking at my scan data, it came up last week at $5.23......

Damn public service wages!!! I hope you guys enjoy the ride


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## chris1983 (23 June 2007)

*The West Australian Buy Recommendation

BUY*

_Merill Lynch sees plenty of upside in Murchison Metals (MMX) after its agreement with Mitsubishi over Murchison's Mid-West iron ore project.

The Japanese group has agreed to buy 50 per cent of the proposed Jack Hills mine and associated infrastructure for 150 million by September, followed by a second deferred payment once bankable feasibility studies into a 25 million-tonnes-a year mine, Oakajee port and 500km railway are complete in the first half of next year. Merrill Lynch put a *valuation target of $9.80* a share on Murchison and a *12 month price target of $6*.

The valuation could be even higher if iron ore prices are above expectations.

Murchison shares slid 13 cents to 5.72._

Okay guys I predicted this would hit the papers and further buy recommendations would come out over the weekend. See once again below how they get to their valuation.

Below is a rundown of their current market cap

*Issued shares - 334 million
Listed options (20c) - 27.4 million
Unlisted options (20c) - 24.5 million
Unlisted options (50c) - 5.0 million
Unlisted options ($1) - 5.0 million

Total shares = 395.9 million shares*

Fully diluted market cap currently at 5.85 is just under 2.32 billion

The latest deal with Mitsubishi is potentially worth a total investment of approximately 3 billion. IMO market cap could easily surpass this level. This would bring the share price to around $8. I think this is very possible working purely off the value that the deal brings. To have a company willing to invest that much money is a big deal.

Future upgrades to their deposits I think will definitely occur. No way would Mitsubishi dedicate 3 billion for the current size of the resource. They are investing in this for the future of their own company and are expecting the Jack Hill deposit to be increased and further resources to be discovered.

So I got a valuation of $8 purely based off the deal. Let’s work out how much money will come in. If you go to their September 2006 investor presentation which was made in Hong Kong they give us all the figures we need. On the 26th slide they post the Project Economics. I have attached this slide below. Now at 25mtpa they predict EBITDA of 700 Million. NPAT would be around 490 million. Now don’t forget they worked these projected economics off operating costs from the pre-feasibility and 2006 dollars. The Aussie dollar is now currently above 84 cents and Iron ore prices are predicted to rise. How good is this looking for Murchison. My Final Valuation comes to around 9 dollars a share when working off 2006 dollars which has risen considerable and off lower iron ore prices. Looks awesome. Don’t forget I haven’t even factored in the potential sizes of Weld range and Jack hills. This valuation is purely off earnings and the deal made with Mitsubishi.


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## thierry (25 June 2007)

down day.. but there was low volume...

It'll be interesting to see how low it goes before it resumes its uptrend..


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## thierry (27 June 2007)

argh.. what is going on.......................it's now dropped a $1............

it's looking undervalued now.. .....


----------



## chris1983 (27 June 2007)

thierry said:


> argh.. what is going on.......................it's now dropped a $1............
> 
> it's looking undervalued now.. .....




I made a bad short term call with this one.  I should of sold but I usually dont look at short term trades as often as I do long term trades and I made the decision to hold 6 months.  I have my stops in place now.  Could of got a nice quick profit and now I could get a loss.  I thought my entry at 4.98 was brilliant but thats the market for you


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## ROE (27 June 2007)

thierry said:


> argh.. what is going on.......................it's now dropped a $1............
> 
> it's looking undervalued now.. .....




under value how?? 
this thing is yet to make a profit? how can it be undervalue 
all it does is burn $$$ you be lucky if it doesnt go down to $2..


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## whitta27 (27 June 2007)

ever heard of the word potential?

when you start a company drill mine what ever you do the next day..

let me know and i'll be on it.


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## Sean K (27 June 2007)

chris1983 said:


> I made a bad short term call with this one.  I should of sold but I usually dont look at short term trades as often as I do long term trades and I made the decision to hold 6 months.  I have my stops in place now.  Could of got a nice quick profit and now I could get a loss.  I thought my entry at 4.98 was brilliant but thats the market for you



So, have you changed your valuation Chris? $9.00 a share isn't it? Why sell? Shouldn't you buy more? 

I'm not trying to be a smart @rse here. The analysts valuation was in line with yours wasn't it? It would still seem to be a very good medium to long term play from your numbers. That was just 4 days ago.


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## ROE (27 June 2007)

Potential = speculation 

Speculation != investment

Speculation is just as good as flip a coin 50% you get it right, 50% you get it wrong..


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## thierry (27 June 2007)

Correct me if I'm wrong, but I believe MMX is producing... just not as much as it would if there was rail infrastructure already built... hence the agreement with Mitsubishi. 

From a technical analysis point of view, does it look like profit taking?


----------



## nizar (27 June 2007)

kennas said:


> So, have you changed your valuation Chris? $9.00 a share isn't it? Why sell? Shouldn't you buy more?
> 
> I'm not trying to be a smart @rse here. The analysts valuation was in line with yours wasn't it? It would still seem to be a very good medium to long term play from your numbers. That was just 4 days ago.




THis post is gold.
I share your thoughts, Kennas.

Seems like every1s a hero when the sp is going up.
But going down nobody knows that to do.

It pays to have a trading plan, that incorporates sound risk management.
While the market panicks, you just kick back, knowing exactly what to do if the sp falls, rises, or does nothing,


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## prawn_86 (27 June 2007)

ROE said:


> Potential = speculation
> 
> Speculation != investment
> 
> Speculation is just as good as flip a coin 50% you get it right, 50% you get it wrong..




i have to say i totally disagree with this. 

that is what research is for, to tip the % balance in your favour, to say, 80% going up and 20% going down. otherwise you might as well just pick random stocks and hope, which is not what investing is about.

be it technical or fundamental analysis, speculative stocks are not a pure gamble, if they were you might as well just go to a casino.

there are plenty of people who invest in pretty much only 'speculative' stocks and make a killing


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## chris1983 (27 June 2007)

kennas said:


> So, have you changed your valuation Chris? $9.00 a share isn't it? Why sell? Shouldn't you buy more?
> 
> I'm not trying to be a smart @rse here. The analysts valuation was in line with yours wasn't it? It would still seem to be a very good medium to long term play from your numbers. That was just 4 days ago.




My views havnt changed but my circumstances are different in some stocks now.  I'm not playing with all my own money anymore.  I have a margin loan account and it has made me some cash but there is still a need to protect it.  Margin calls etc can come if you dont protect yourself.  If it was my own funds I would just leave them there.  I'm still currently holding.  Like many say Hindsight is a wonderful thing.  I stuck to my figures but they arent coming to fruition yet..I believe they will in the future..doesnt mean I wont protect myself though..especially when playing with borrowed funds.


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## chris1983 (27 June 2007)

Hopefully thats a good enough explanation for you Kennas.  See stocks such as BMN/AOE/ECH/ERN/CFEO/AIMO/AGM/NGM/PXRO/ERJO/LEFO are all in my own money.

Only reason I started buying some of these more expensive stocks is because they are margin loanable.  AOE and AGM became margin loanable stocks so I have a considerable amount of collateral because I have a large amount of money in Arrow and a decent amount in AGM.  I decided if I can make money out of some of those stocks why not.  Made a decent amount thus far but yes to date MMX has been a failure..doesn't mean it wont come good because I believe it will as you saw from my previous posts but no matter how much I like it I am still required to protect myself.  Hopefully you understand that.


----------



## ROE (27 June 2007)

prawn_86 said:


> i have to say i totally disagree with this.
> 
> that is what research is for, to tip the % balance in your favour, to say, 80% going up and 20% going down. otherwise you might as well just pick random stocks and hope, which is not what investing is about.
> 
> ...




There are those who claim they can beat the casino as well. 
anyway it's my 2 cents I'm not here to say who is right or wrong. Different ppl have different risk profile and they do as they please.

Just remember a 50% drop, to break even you have have to have 100% gain. 

PS: I don't consider Mitsubishi is a great investment company  look at their car and stuff they produce, most of them are average and nothing special about them and well lag behind their peers


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## chris1983 (27 June 2007)

ROE said:


> There are those who claim they can beat the casino as well.
> anyway it's my 2 cents I'm not here to say who is right or wrong. Different ppl have different risk profile and they do as they please.
> 
> Just remember a 50% drop, to break even you have have to have 100% gain.
> ...




wow..an intelligent response..Mitsubishi is a company only worth 40 billion US :|  They have only dedicated a Potential total investment of approximately A$3 billion. Thats how much they believe it will cost to build the port and rail. hmm.

*About Mitsubishi Corporation*_
Mitsubishi Corporation is Japan's largest general trading company (sogo shosha) with over 200 bases of operations in approximately 80 countries worldwide. Together with its over 500 group companies, Mitsubishi employs a multinational workforce of approximately 54,000 people.

Mitsubishi has long been engaged in business with customers around the world in virtually every industry, including metals and mining, energy, machinery, chemicals, food and general merchandise._

I'm still holding for the time being.  Havn't had to sell just yet.  This is a good long termer.  12 months hold IMO.  I just dont want the short term pain but I guess you cant get a winner every time straight away.  I just need stocks to hold current levels otherwise I will be forced to sell.


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## chris1983 (28 June 2007)

ahh now thats why you dont panic and trust your research.  Im glad I held firm with these ones.  Was like a kick in the gut seeing them get smashed daily.


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## Sean K (28 June 2007)

chris1983 said:


> ahh now thats why you dont panic and trust your research.  Im glad I held firm with these ones.  Was like a kick in the gut seeing them get smashed daily.



So, you should have bought more Chris!! LOL. This could be a dead cat too. I'm waiting till the end of the week to relax.


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## chris1983 (28 June 2007)

kennas said:


> So, you should have bought more Chris!! LOL. This could be a dead cat too. I'd wait till the end of the week to relax.




Yeah.  It makes me feel a lot better right now to see them up..but you never know.  Have to wait and see how it runs for the rest of the day.  Seeing it bounce hard like it has makes me think I should stick to my research but when it was going down I question myself as to whether I missed something.  Either I'm going to have a very costly lesson with these or they will bring me fortune.  I just cant see how they wont do well.  With a 50:50 interest in a new infrastructure company building new port and rail for the midwest..Mitsubishi spending 3 billion..I dont understand why they could go down


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## chris1983 (28 June 2007)

seeing them go down wasn't a total loss though.  I took a loss when they were down at 4.70   That always can help with the TAX a bit.


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## Sean K (28 June 2007)

chris1983 said:


> Yeah.  It makes me feel a lot better right now to see them up..but you never know.  Have to wait and see how it runs for the rest of the day.  Seeing it bounce hard like it has makes me think I should stick to my research but when it was going down I question myself as to whether I missed something.  Either I'm going to have a very costly lesson with these or they will bring me fortune.  I just cant see how they wont do well.  With a 50:50 interest in a new infrastructure company building new port and rail for the midwest..Mitsubishi spending 3 billion..I dont understand why they could go down



Yeah, they look good, but you were spot on with protecting your capital if you have a margin loan. You especially can't afford to have borrowed money going sideways or down for too long. That's when 'time in' the market is not necessarily a good thing. In regards to going down, general market correction - everything goes. General recession......


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## chris1983 (28 June 2007)

kennas said:


> Yeah, they look good, but you were spot on with protecting your capital if you have a margin loan. You especially can't afford to have borrowed money going sideways or down for too long. That's when 'time in' the market is not necessarily a good thing. In regards to going down, general market correction - everything goes. General recession......




I agree.  Definately have to watch these.  I'll see how they go over the next couple of months.  I would like to hold for 6 months minimum but if things aren't looking good I wont dig my own grave.


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## thierry (28 June 2007)

Yup, I had some nervous moments yesterday, feels a lot better today.. 

If the rest of the market holds up.. I think it will be more good days.


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## chris1983 (28 June 2007)

thierry said:


> Yup, I had some nervous moments yesterday, feels a lot better today..
> 
> If the rest of the market holds up.. I think it will be more good days.




One of the strongest bounces I have seen in awhile.  Currently up 80 cents.  Looking good atm with buyers building at 5.40.  Just need another day like today and everything will be looking right


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## thierry (28 June 2007)

Most importantly it has closed on a high(for the day)... history tends to show if it closes on a high.. then next day is usually higher...

Lets see what happens tomorrow..


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## chris1983 (29 June 2007)

thierry said:


> Most importantly it has closed on a high(for the day)... history tends to show if it closes on a high.. then next day is usually higher...
> 
> Lets see what happens tomorrow..




Looks to be another strong open coming.  I think you may be right theirry.  Its looking to run hard but lets see if it holds through the day.  I think a lot of panickers and profit takers would of bailed in the past few days on that big dip down into the 4.40's


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## chris1983 (29 June 2007)

Its been a roller coaster ride for MMX.  Getting back up near its highs.  Breaking 6 dollars should prove to be a challenge.  Quite a lot of resistance there but it sure is looking good now.


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## chris1983 (29 June 2007)

wow 6 dollar resistance just got smashed. There were over 300 k shares blocking that.  That is some serious money coming into the stock


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## chris1983 (29 June 2007)

Still a number of guys willing to sell these down.  I thought the strong bounce would of been a very positive sign and it means we could easily push to higher highs.  They broke a strong resistance at 6 dollars but fell back under.  Its still a lot better to see them at current levels than 4.40!


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## Pommiegranite (2 July 2007)

I just read this in 'the Australian' online.
Thought any MMX holders might be interested (I don't hold)

INVESTORS in iron ore players getting up and running in Western Australia's mid-west might soon need to re-crunch their numbers. It had been assumed that companies not near railways would have to build their own and, indeed, Murchison Metals is working on such a study. There is also the Yilgarn Infrastructure Group, which fancies itself as the big port-rail player in the region, but it now faces having its nose put out of joint. 
Bab**** & Brown Infrastructure Group has entered the picture. It controls WestNet Rail, the 5100km railway network in WA. And it wants to build its own iron ore lines in the mid-west - serving Murchison's Jacks Hill mine near Meekatharra, passing the proposed Midwest Corp Weld Range development, with a branch out to Wiluna where Golden West Resources is working up a resource. 
This means B&B would be putting up the capital for rail developments, not the individual mining companies - a huge slice off mine capital costs.


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## chris1983 (5 July 2007)

Hi guys.  Im disclosing I exited MMX at 5.73.  The traders are in this one for the short term..up and down like a yoyo.  My price target still stands but thats a longer term price target.  I will have a re-entry if it continues to drop back.  Happy trading.


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## chansw (15 September 2007)

*Murchison vows to fight claim on mine*

15th September 2007, 9:45 WST

http://www.thewest.com.au/default.aspx?MenuID=32&ContentID=40530

Emerging Mid-West miner Murchison Metals has vowed to fight any attempts by a one-time failed explorer to claim ownership of its flagship Jack Hills mine and a potential $18 billion iron ore booty. 

Murchison executive chairman Paul Kopejka yesterday hit out at former Perth-based explorer Chameleon Mining which disclosed that it “may have a claim” against Murchison “based on the material and records available to it”. 

It is understood the claim relates to the ownership of the Jack Hills tenements and dates back to events related to various companies and corporate promoters before Murchison was even formed in 2005. 

“These potential claims vary in nature and quantum,” Chameleon said. “Given the breadth of documentation and range of issues involved, the company will work with its legal advisers to ensure that the advice and/ or any potential actions are dealt with in a timely fashion.” 

But Mr Kopejka said the claim was baseless. 

“The facts are that Chameleon wrote to Murchison last year outlining the basis of its so-called claim,” he said. “This correspondence was reviewed by Murchison’s lawyers and deemed to have no foundation whatsoever.” 

Mr Kopejka said the letter referred to events that occurred between 2002 and 2004 before Chameleon went into liquidation and prior to the appointment of Murchison’s current directors. He said the liquidators’ report on the affairs of Chameleon made no reference to it having any claim against Murchison. 

“Murchison has been provided with no further correspondence since last year by Chameleon, and this latest announcement appears to be a feeble attempt to pressure Murchison on the matter publicly,” Mr Kopejka said. 

“It is important to understand that Chameleon has not commenced any claim against Murchison to date. 

“Any proceedings that may be commenced by Chameleon will be regarded by Murchison as frivolous and vexatious and will be vigorously defended.” 

Chameleon rejoined sharemarket trading this week after a three-year suspension forced by the company’s fall into liquidation. The company has since been recapitalised and has a new board which includes Siew Hong Koh, John Chambers, lawyer Anthony Karam and former Jupiter Mines director David Evans. Mr Karam said yesterday the company was “mindful of not overstating or understating our position”. 

“We have got a lot of information and we are just looking to get to the bottom of it,” he said. 

The NSW Supreme Court put Chameleon into liquidation in December 2004 after a former consultant geologist to Chameleon, Robert McLellan, cried foul about an alleged $200,000 debt and the company’s dealings with a group known as Zenith Development.


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## JoeWinters (20 September 2007)

Does anyone know if the MMX/Mitsubishi agreement was signed yesterday - thought I saw a post to the company website a while back that it was to be formalized Sept. 19th...?


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## Hephaestus (20 September 2007)

MITSUBISHI AND MURCHISON EXECUTE DEFINITIVE AGREEMENTS FOR WORLD
CLASS IRON ORE MINING AND INFRASTRUCTURE BUSINESSES
Highlights
• Mitsubishi and Murchison complete joint venture arrangements announced on 18
June 2007
• Mitsubishi acquires 50% of Murchison’s iron ore assets
• Mitsubishi and Murchison establish 50:50 infrastructure business to develop new
Mid West rail and port infrastructure
• Mitsubishi to make first payment of A$150 million on 27 September
Tokyo, Japan, 19 September 2007 – Murchison Metals Limited (Murchison) is pleased to
announce the signing of binding agreements with Mitsubishi Development Pty Ltd, a wholly
owned subsidiary of Mitsubishi Corporation (Mitsubishi), to establish new iron ore mining
and infrastructure businesses in the Mid West region of Western Australia.
The definitive agreements were signed at a ceremony in Tokyo today attended by senior
representatives of Mitsubishi and Murchison. The event was also witnessed by senior
officials from the Australian Embassy and a representative of the Western Australian
government.
Murchison Executive Chairman Paul Kopejtka said that the signing of the agreements was
a momentous step forward for Murchison.
“The signing of these agreements ensures that Murchison is now much closer to realising
its ambition of becoming a world class iron ore and infrastructure company in joint venture
with Mitsubishi,” Mr Kopejtka said.
“Mitsubishi is Japan’s largest general trading company and we are understandably proud to
have them as our partner to accelerate the expansion of the Jack Hills Project and develop
the associated rail and port infrastructure.”
“We are delighted to have signed binding transaction documents today and we now look
forward to working with Mitsubishi to rapidly implement our iron ore and infrastructure
plans.”
Under the agreements, Mitsubishi has agreed to acquire 50% of Crosslands Resources
Limited (formerly known as Iron Jack Ltd) (Crosslands) the company that holds
Murchison’s iron ore mining business including its flagship Jack Hills Project. The
agreements also establish new jointly held independent infrastructure businesses to
develop the Mid West rail and port infrastructure (Oakajee Port & Rail (OPR)).
As previously announced, under the agreements, Mitsubishi will make two payments to
Crosslands to acquire a 50% interest in it. The first payment of A$150 million is expected
to be made on 27 September 2007.
“With our strong cash position and binding agreements with Mitsubishi, we now have
transparent funding arrangements in place to deliver the proposed expansion of the Jack
Hills Project and the associated rail and port infrastructure,” Mr Kopejka said.
“OPR will benefit enormously from gaining immediate access to the significant amount of
infrastructure feasibility studies already completed by Murchison as well as the strong
financial arrangements now in place. OPR is on track to provide a fully funded financial
infrastructure development proposal to the State Government.”
“This is the beginning of a new and exciting chapter for Murchison and we look forward to
reporting our progress with Mitsubishi in the near future.”
The binding documents signed today comprise a number of separate agreements between
Murchison and Mitsubishi to give effect to the agreement announced to the market on 18
June 2007.
Crosslands
Under the definitive agreements signed today, Mitsubishi is acquiring 50% of Crosslands,
the company that holds Murchison’s iron ore mining business including its flagship Jack
Hills Project, a potentially world class operation planned to expand production up to 25
million tonnes per annum of iron ore.
As announced on 18 June 2007, Mitsubishi will make two payments to acquire 50% of
Crosslands. The first payment of A$150 million (the “Initial Payment”) is expected to be
paid to Crosslands on 27 September 2007. Approximately one third of this Initial Payment
will be paid to Murchison via the repayment of intercompany debts with the balance used to
repay external debt and fund future feasibility study expenses.
Following receipt of this payment by Crosslands, it will be owned 50% by Murchison and
50% by Mitsubishi. It is expected that this equity injection will provide Crosslands with
sufficient cash reserves to fully fund the completion of all studies required for both the
expansion of the Jack Hills Project and the required rail and port infrastructure.
A second and more substantial payment, payable when construction of the expanded Jack
Hills Project is set to commence, will be payable to Crosslands based on a value of the
Jack Hills Project at that time derived using the results of the bankable feasibility study for
the Jack Hills Project and applying certain agreed assumptions.
From today, Crosslands will be operated as an independent company with its own
management team comprising existing Murchison operational personnel, new employees
and additional staff from Mitsubishi. The founding CEO of Crosslands will be appointed as
soon as possible.
Murchison and Mitsubishi will each have 3 representatives on the Board of Crosslands.
Oakajee Port & Rail (OPR)
The agreements signed today also provide for the establishment of OPR. OPR is a new
infrastructure business to be managed by an experienced independent infrastructure
management team. The founding CEO of OPR will also be appointed as soon as possible.
OPR will seek the right to develop new rail and port infrastructure to transport expanded
production from Jack Hills and other regional mines to a new deepwater port to be built
north of Geraldton at Oakajee. Murchison has in place the most advanced infrastructure
development feasibility studies for the Mid West region encompassing all aspects of the
development, including environmental, Aboriginal heritage and economic aspects. OPR
will inherit these studies and is therefore ideally placed to develop the required
infrastructure in the shortest possible timeframe.
Under the agreements signed between Murchison and Mitsubishi today, both parties have
agreed to finance the completion of OPR’s bankable feasibility study into the development
of the new rail and port infrastructure.
In addition, Mitsubishi has agreed to manage the arranging of limited recourse project
finance for the funding required to be provided by Murchison to OPR. If required,
Mitsubishi will also provide Murchison with additional funding support through the provision
of subordinated loans and an overrun facility up to a combined aggregate of A$400 million
to allow Murchison to meet its financial commitments should additional funding be required
on final approval to proceed to construction.
OPR is now working independently of Crosslands to complete a comprehensive technical
and financial infrastructure development proposal to be presented to the State
Government.
Murchison has been advised by Gresham Advisory Partners Limited and Freehills.
Mitsubishi has been advised by Macquarie Bank Limited, The Minera Group and Mallesons
Stephen Jaques.


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## michael_selway (20 September 2007)

chris1983 said:


> Hi guys.  Im disclosing I exited MMX at 5.73.  The traders are in this one for the short term..up and down like a yoyo.  My price target still stands but thats a longer term price target.  I will have a re-entry if it continues to drop back.  Happy trading.




Hi does MMX have a limited mine life?

*Earnings and Dividends Forecast (cents per share) 
2006 2007 2008 2009 
EPS -2.0 -6.1 0.7 6.3 
DPS 0.0 0.0 0.0 0.0 *

thx

MS


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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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## EZZA (6 November 2007)

chris1983 said:


> *The West Australian Buy Recommendation
> 
> BUY*
> 
> ...





Noticed this post a while ago, with Merill Lynch having 9.80 price target.
Why is this stock trading so low based on this evaluation?, pretty sure its a quality stock. anyway bought in a small parcel at 5.02 yesterday, has closed at 4.90 today.  

Have an IO price increase been factored into this stock at 5.00, believe it looks undervalued?


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## aaronphetamine (6 November 2007)

I brought into this stock again today as well at $4.90, I took wonder why this stock isnt any higher, The past 3 days havent been good to MMX, coming down from around 5.40 to 4.85 today, but its been good for me to pick up a bargain !

It reached highs of around 6.50 back in july, i beleive it will so again !


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## EZZA (6 November 2007)

Hey MMX put out report for takeover offer for Midwest.

Hopefully sentiment will change soon for good old mmx.


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## chansw (7 November 2007)

*Midwest's major shareholders reject bid*
November 7, 2007 - 1:59PM

http://www.smh.com.au/news/Business/Midwests-major-shareholders-reject-bid/2007/11/07/1194329291246.html

Most of Midwest Corporation Ltd's top 20 shareholders have indicated they will not accept Murchison Metals Ltd's $1 billion-plus scrip takeover offer.

Murchison's shares were one cent, or 0.2 per cent, higher at $4.91 at 1338 AEDT Wednesday, while Midwest's shares had gained seven cents, or 1.43 per cent, to $4.98.

Shareholders with a combined interest of 45 per cent of Midwest's shares have confirmed in writing that they believe Murchison's offer materially undervalues Midwest relative to Murchison.

These shareholders include Midwest directors Dato David Law, Stephen de Belle and Jesse Taylor.

Midwest said in a statement that the major shareholders' stance had two immediate implications for any Midwest shareholders considering the offer, namely that synergy benefits were unlikely to be achieved.

Both companies are developing iron ore projects in Western Australia's mid west, and want new port and rail infrastructure in the region to bring ore to market.

Murchison has argued that synergies would be achieved by combining the two entities rather than continuing to develop adjacent projects and pursuing competing infrastructure proposals.

According to recent research by UBS, that between $300 million and $400 million in synergies could be created through a merged company.

"In our view, full delivery on synergies will not be achieved unless Murchison acquires 100 per cent control," Midwest said in the statement.

"As Murchison cannot achieve the required 80 per cent acceptances under the current offer, no capital gains tax rollover relief will be available to Midwest shareholders accepting the offer.

"Given the very strong performance in the Midwest share price, shareholders who accept the offer could get a very large tax bill."

Midwest said the offer may not appropriately recognise the target's fair value, given it would contribute 71 per cent of the combined group's direct shipping ore resource but its shareholders would only own 31 per cent of the combined group.

Direct shipping ore (DSO) is the most prized, as it can be shipped to customers as is, without any need for processing.

The companies have almost the same sized reserves - the part of a resource that is deemed mineable - with Murchison holding 8.5 million tonnes compared with Midwest's reserve of 8.4 million tonnes.

However, Midwest has 132.6 million tonnes of DSO while Murchison has 50.5 million tonnes of DSO.

Midwest's board is currently finalising its review of the offer and its  recommendation to shareholders, which will be included in its target's statement to be sent to shareholders in coming weeks.

"However, shareholders should note that the offer is now open and unconditional which means any acceptance by you is final," Midwest said in the statement.

The Midwest board continues to urge its shareholders to take no action in relation to the offer.


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## L plates (7 November 2007)

Sold this stock on Monday.

My analysis was that on 11/10 we had very high volume and the days following that the price fell away. 
October 31st again very high volume and a very narrow  price spread - smart money getting out. 

Friday prices fell away again confirming a double top and complete lack of interest by any smart money.

Good volume on the 5th and the result of that is to further push prices down. 

That double top also showed to be a wave (5) failure IMHO

Cheers


----------



## thierry (14 November 2007)

Share seems to be being sold a fair bit at he moment.. any reasons?

here's an intersting post from the MIS forum. 

https://www.aussiestockforums.com/forums/showpost.php?p=223252&postcount=31

Also their web-site is down.. http://www.mml.net.au


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## shaunm (14 November 2007)

MMX is a real basket case right now.
When you consider the heady heights it hit before the October correction ($6 and above).
Is this planned merger/takeover of MIS a "poison chalice".
The only beneficiaries so far seems to be MIS, and I have to say some of their responses to the MMX proposal have been a bit over the top. The make reference to the superior performance of their share price....yeah right:nuts: what was it all of $3.20 before the announcement.
MMX have Mitsubishi behind them and they appear to have state Govt. support for the rail infrastructure so why is this happening.

I'm still in profit but expected to be further ahead. I'm going to hold as sense has to prevail soon.


----------



## shaunm (19 November 2007)

Any other MMX holders wish they had never had a go at MIS??
I really wish they would just p*ss them off and let them fight with the WA govt over a rail line.
...and how about that release from MIS today, it looked like a Liberal party ad with big red letters all over it!?:

MIS really look like they are slagging off MMX, and they are still raving about their share price doing "so well".

Arghhh... I wish Mr. Kopetjka never went down there!


----------



## Lachlan6 (20 November 2007)

(MMX) tracing out a classical running flat pattern currently. i have been short term bearish this for a little while. Currently in a wave iii downward move within what should be 5 waves off. Will post a chart later.


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## hookon (20 November 2007)

shaunm said:


> Any other MMX holders wish they had never had a go at MIS??
> I really wish they would just p*ss them off and let them fight with the WA govt over a rail line.
> ...and how about that release from MIS today, it looked like a Liberal party ad with big red letters all over it!?:
> 
> ...




totally agree in share price terms but in the end mis just playin hard ball for a better price & everyone knows they are going to get it. 
MIs is so negative MMX that the directors are shorely mis representing there shareholders. In response to there rejection to our offer the compnay paid to give advise never even went to visit MMX or ask its staff any q's. how can u value a company if u know nothing about it. Shorly MIS have said make sure the report is negative we want a better price. The only thing left is how much will we pay & when will we offer more. The top 20 shareholders have rejected - the board says reject & brokers are saying wait they will offer more.


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## happytown (22 November 2007)

as per yesterday's ann, mmx will be releasing an update today on the potential of the jack hills resource to counter claims made by mis,



> Murchison is currently preparing a detailed announcement which will contain information supporting Murchison’s resource potential of 375 million tonnes from the Jack Hills Project. This announcement is expected to be issued before the close of trading tomorrow (22 November 2007) ...




further they intend to release a revised jorc next week,



> Murchison currently expects to be in a position to release an updated JORC compliant resource statement during the week commencing Monday 26 November 2007.




whether this can halt the sp slide, only time and 2 anns will tell

cheers


----------



## shaunm (22 November 2007)

I have off-loaded my stock and won't consider getting back in until this MIS-take merger-mess is sorted.
The US jitters ain't helping either.
Could the so-called "Santa Rally" be under threat this year


----------



## aaronphetamine (22 November 2007)

After buying and selling lots between 4.90 and 5.30 the past few weeks and making some profits I thought a buy in at 4.60 was a sure way to offload them a bit higher the next day after such a big drop... well i was wrong !

Im not selling my parcel at this price, it will come back, just a matter of time and a change in the sector sentiment. After what seems likes days of constant 3-5% drops it can only go so far.

Remember in august the price dropped far but rebounded spectacuarily.

Either way, MMX WILL come back to record highs at some point hopefully soonish


----------



## grace (29 November 2007)

There is a new announcement on MMX this evening which won't excite the market tomorrow.  It's in relation to the Crosslands tenaments in 2004 over some of Jack Hills.  MMX are refuting but it will have to be defended.


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## prawn_86 (29 November 2007)

aaronphetamine said:


> Either way, MMX WILL come back to record highs at some point hopefully soonish




Got any analysis to back that up aaron? :

Its a strong statement without any qualifying/quantifying words


----------



## aaronphetamine (29 November 2007)

hahha nah mate i dont, i said it to make myself feel better haha. you know, a little bit of self re assurance


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## TheAbyss (30 November 2007)

Looks like MMX has found a bottom today. Climbing back up again post the AGM which must have instilled some confidence going buy the afternoon rally.

Interesting times for holders that is for sure. MIS bid, Legal challenges from failed enterprises (Chameleon), production happening and potential resource upgrades all happening or at the least possible.


----------



## thierry (3 December 2007)

Interesting to see mmx take a hit today.. when the share market was stable, and commodities were quite strong.. 

I hope the report to be released is complete and to the point regarding the takeover and the legal action. 

Given it's valued at $7 by hsbc(posted few posts back) .. it seems very underpriced..


----------



## TheAbyss (6 December 2007)

Latest resource upgrade is out. I have highlighted 2 key points which are that this UG is for just 2 of the zones and there is potential for increased resource in all zones.

JACK HILLS MINERAL RESOURCE INCREASED TO 153 MT
Highlights:
• Jack Hills JORC compliant Mineral Resource increased by 58% to 153Mt
• JORC compliant Mineral Resource now comprises:
o DSO – 69.6Mt at 60.3% Fe and
o Beneficiation feed – 83.4Mt at 42.3% Fe
• *Updated Mineral Resource covers the Saddle and Mt Matthew zones only
• Further resource potential exists at all zones and further resource updates will be
announced as resource modelling and drilling continues*
• Beneficiation feed amenable to simple and conventional crushing, grinding and
screening and will produce a premium quality feedstock keenly sought by steel
mills


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## lamot1 (6 December 2007)

The 58% increase in JORC compliant mineral reserves at Jack Hills announced today has had little effect on halting this share price slide. Might have something to do with the MIS announcement that the company was in 'Discussions with Interested Parties' (ie most likely NOT MMX).

I have seen the buy recommendations and the $7+ broker valuations but I am starting to become nervous. The market just seems to really dislike this stock at the moment. As one of the silly few who jumped in well above $5 not long ago is it time to bail out or stick to my guns?  Does anyone see market sentiment turning on this one in the short term?


----------



## michael_selway (6 December 2007)

lamot1 said:


> The 58% increase in JORC compliant mineral reserves at Jack Hills announced today has had little effect on halting this share price slide. Might have something to do with the MIS announcement that the company was in 'Discussions with Interested Parties' (ie most likely NOT MMX).
> 
> I have seen the buy recommendations and the $7+ broker valuations but I am starting to become nervous. The market just seems to really dislike this stock at the moment. As one of the silly few who jumped in well above $5 not long ago is it time to bail out or stick to my guns?  Does anyone see market sentiment turning on this one in the short term?




Hm its quite expensive

*EPS(c) PE Growth 
Year Ending 30-06-08 0.7 568.6 -- 
Year Ending 30-06-09 4.7 84.7 571.4% 

Earnings and Dividends Forecast (cents per share) 
2007 2008 2009 2010 
EPS -13.7 0.7 4.7 5.9 
DPS 0.0 0.0 0.0 0.0 *



> Date: 8/11/2007
> Author: Paul Garvey
> Source: The Australian Financial Review --- Page: 26
> Murchison Metals is confident about its takeover bid for rival iron ore miner,Midwest Corporation. However, Midwest has revealed that Murchison has littlehope of gaining full control. Shareholders holding 45 per cent of its shareshave said that they will not accept the offer. Midwest's board is expectedto reject the bid. It holds concerns about the size of Murchison'sresources and the lack of synergies without full control


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## thierry (7 December 2007)

Unbelievable.. mmx upgrades it resource estimate then goes down.. midwest goes up on speculation of a takeover.. 

How does the eps of midwest compare to mmx?


----------



## shaunm (7 December 2007)

I personally know of a few people who sold off major holidings in MMX to buy into MIS when the takeover was announced. Perhaps this explains the surprising difference in SP performance.


----------



## lamot1 (10 December 2007)

I can't really get a handle on the market for this stock at the moment. After the MIS Sinosteel announcement that looks to have squashed the current MMX bid, the stock opens strongly on reasonable volumes. However looking at the market depth I don't see any really large buyers getting in.

My guess is a little bit of market speculation that MMX may itself become a target, which looks a little cheaper now courtesy of the recent slide in its share price. Could/would Sino be interested as a means of ensuring access to the new port and rail infrastructure? 

Just my thoughts, I would be interested to see any information either supporting or to the contrary on this.


----------



## shaunm (10 December 2007)

I was thinking that too,but don't forget Mitsubishi have a pretty large stake in MMX so I don't know whether that will limit an M&A activity.


----------



## thierry (10 December 2007)

How's this for 2 conflicting reports .. the first one is from an unknown 'trader' so it seems a bit strange it would make the newswires.. 


1117 [Dow Jones] Midwest (MIS.AU) up 8.3% at A$5.25 on reopening after Sinosteel bid A$5.60 cash. Murchison (MMX.AU) up 6.1% at A$4.15 on short covering as share price dilution won't be issue if it fails to counterbid against Sinosteel's offer. Some feel MMX is longer-term bearish if it can't get MIS. "I think Murchison is good shorting because I think it (prospect of Sinosteel securing MIS) makes their project completely unviable," says trader. Suggests MMX needs MIS for economies of scale in regards to planned ports and rail infrastructure. "I think they are going back to A$2.00. They've got no resource base of any note. They've got 153 million tons resources and they need this MIS to get to a billion." MMX chart looks positive, however, with A$3.60 likely to hold for test of potential bull triangle resistance line around A$5.00. Longer-term issue is whether Sinosteel moves on Murchison. (DWR) 


1127 [Dow Jones] Merrill Lynch says Murchison Metals (MMX.AU) is a Buy and looks capable of adding to its iron ore resources. Murchison has upped its Jack Hills resource 58% to 153 million metric tons; ML says there are other resources not included in this figure. "We expect these areas to add significant additional resources," ML says. Says MMX needs to define between 400 million and 500 million tons to deliver on planned production and that, while this is a big ask, "Jack Hills still looks as if it will be the best ore body in the Mid West". Target price set at A$7. Murchison trading up 6.4% at A$4.16. (APW)


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## adobee (11 December 2007)

I was thinking about by some MMX today however reading that last post has left me unsure.. taking into account the thoughts of an unamed trader..


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## lamot1 (11 December 2007)

adobee said:


> I was thinking about by some MMX today however reading that last post has left me unsure.. taking into account the thoughts of an unamed trader..




Couple of questions, who is this 'unnamed trader' anyway and what is the basis for his statement? How is MMX's project 'unviable' when the company is already producing? Granted the MMX resource reserve is currently smaller than that of MIS but I don't think MMX will completely fall over if they can't get MIS. They do have substantial financial backing from Mitsubishi, who must have seen significant potential to invest so heavily.

I think most agree that a combined MMX and MIS would provide large infrastructure cost savings. From what I can glean it appears that only one of the two companies will be awarded the right to construct port and rail infrastructure. If that goes to MMX then it may be that MIS is the one who needs the other more. In regards to this does anyone know when the rail tender process is likely to be be completed?


----------



## adobee (12 December 2007)

As a new comer on Murchison metals what are peoples thought who have been holding for a while on the current share price ? Do they consider it a good entry point .. What was MMX worth prior to the MIS merger idead ?? Do people expect MMX to tank if MIS goes the other way .. ?


----------



## adobee (14 December 2007)

Okay thanks for the feedback guys !!
Well I have taken the plunge and am in today at avg $3.56 .. lets see what happens ..


----------



## hookon (15 December 2007)

Struggling boys & girls.

Update today only 1.6 million shares issues in mis t/o out of 206 million. That is very poor. we are already past first cut off & close to second. 

When not if do you think the increased offer will come & for how much?

who thinks sinosteel gueniue & you thinks it was an attempt to get mmx to show its cards.

Shorely we must issue a cash incentive due to our falling share price.

Emailed MMX re chameloen & they dont have a time table yet. it has not gone as far as the court offering an itinial advice & they dont have a timetable for it either. With that response shorely we are looking at at least two months before we even know where we are headed. That is going to cause great pain in our t/o attempt.

Do you agree with me that chameloen is holding back ou share price. 

Love to hear some thoughts


----------



## hookon (15 December 2007)

adobee said:


> As a new comer on Murchison metals what are peoples thought who have been holding for a while on the current share price ? Do they consider it a good entry point .. What was MMX worth prior to the MIS merger idead ?? Do people expect MMX to tank if MIS goes the other way .. ?




MMX was high $4 prior T/o was $6 prior july crash. After july also went into the $3 mark but not for long.

current problem apart from market jitters are chameleon legal claim & expected competition for mis (In my opinion).

Each time chameleon has come out with a quote mmx hit hard & for a little while until board says dont woory about it there full of it. Well chameleon has put there money where there mouth is. So even know we have great trust in mmx board there are no guarantees they are correct until the court makes a decision. Provided it gets that far (huge possibilitty).

The other issue is how greedy will MIS get. Profits over potential? MMX have indicated they wont pay overs but this could be a bluff in it self.

Goodluck but just decide if you in for the long haul or quick buck. If its quick buck then it will defianetly hit $4 again.

Goodluck - ive been in since 50 cents (april 06)


----------



## miller (2 January 2008)

G'day all, happy new year.

Sorry I'm newer to this than I bet most of you all are, but just wondering what everyones thoughts are on MMX's current P/E Ratio? It's at 140.65 at the moment which is quite astronomical when compared to the sector's average of 15.41 (as quoted by Comsec). Does this worry anyone who currently holds MMX?

My understanding of this figure is that it shows investors are quite confident in the future prospects of the company, but the figures themselves say the stock is way overpriced for what the company is actually expected to earn?

What are all your views?

Cheers.


----------



## prawn_86 (2 January 2008)

Miller,

a PE ratio is based on current, not expected earnings.

So what the 140 is saying is that MMX currently have a very small cash inflow. Look at forward PE to see what it is anticipated to be when production is in full swing.

Also, companies with no cash inflow (ie explorers) will have a 0 PE ratio


----------



## thierry (4 January 2008)

mmx has a solid ore body.. jack hils.. and is producing.. just needs infrastructure to produce faster.. the small cashflow from shipping ore by trucks is good for the  company as the cashflow can be used to build infrastructure.. 
mmx is still very undervalued imo.. 
brokers are rating it at $7 conservatively.. see prev posts.


----------



## shaunm (4 January 2008)

thierry said:


> mmx has a solid ore body.. jack hils.. and is producing.. just needs infrastructure to produce faster.. the small cashflow from shipping ore by trucks is good for the  company as the cashflow can be used to build infrastructure..
> mmx is still very undervalued imo..
> brokers are rating it at $7 conservatively.. see prev posts.




The 64k question Thierry is "when on earth it is ever going to start approaching the $7 mark?"
Will it require the succesful aquisition of MIS, and what will happen if it doesn't?
Ever since the proposed takeover the SP has stagnated whereas MIS has soared.
I have been in and out of MMX (once with profit, once with a frustrating b/even) and am now going to wait until something is confirmed re the t/over, or hop back in when it strokes the $3 mark again during the next (mini) correction.
Believe me I do want it to hit $7 and I want to be there when it does, it's just frustrating in the meantime considering the growth & promise of the last 12 months.


----------



## shaunm (8 January 2008)

Does anyone have any thoughts or updates on the MIS takeover, or general thoughts on MMX at the moment? 
It looks as tho this one is being well and truly sold down. I was toying with buying back in but am worried about the southerly direction it keeps heading.


----------



## hookon (9 January 2008)

shaunm said:


> Does anyone have any thoughts or updates on the MIS takeover, or general thoughts on MMX at the moment?
> It looks as tho this one is being well and truly sold down. I was toying with buying back in but am worried about the southerly direction it keeps heading.




MIS T/o - Can't see anything developing until sinosteel either makes there offer official or rudd governemt  says no to sinosteel & effictively chinese T/o's. 

MMX will wait till sinosteel makes a move. Looks like they have what there going to get in way of acceptances until they up there offer. Take up has been absimal.

IMO - Can't see share moving north until camelott settled or increased offer to MIS of note.

Other players like MGX have been resonably solid in these turbulant times. MIS as well but they have T/o offers so probably a bit amune. GWR prob similar to MIS.

GBG also getting smacked so hard to say where turn will come.

MMX did make announcement at end Dec hoping to address all these issues with positive results in the new year. But your & my idea of new year is now theres could be months a way who knows. Plus chameloot has lot to do with lawyers & courts now so could take a long time or short time depends on people MMX have no control over.

Hit 3.04 today & seemed to bounce back.

Plus are all investors back from holidays or playing waiting game with economy's.

Lets hope for a recovery v/soon.


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## hookon (16 January 2008)

http://business.smh.com.au/sinosteel-dithers-on-midwest/20080114-1lye.html


Checkout this report - All you interested in MIS T/O.

MIS - State only problem with MMX was offer price. There lawyers checking over chamelot to see if claim legit & if sinosteel dont hurry up & sign disclosure statement could be to late as MMX may then dictate terms. MMX & MIS directors to possibly catch up this week.

IMO - If chamelot has no basis in MIS eyes then T/O or Merger on the cards v/soon. 

Seems like MIS has had there christmas lunch & is aloud out to play.


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## shaunm (21 January 2008)

I am hoping that the current market run will end and the current MMX price is at the lower end. Consequesntly I am back in at 2.81 and everything is crossed.
I was happy to hear that the MMX & MIS team have been having discussions and that Sinosteel is playing silly buggers with confidentiality clauses and "what-not".

Does anyone have anything to add or update on this saga?


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## hookon (21 January 2008)

http://www.scmp.com/portal/site/SCM...RCRD&vgnextfmt=teaser&ss=Companies&s=Business

Midwest shareholder blocks Sinosteel deal 
Negotiations follow demand for higher price 

Tim LeeMaster and Carol Chan 
Jan 21, 2008  
Sinosteel's US$1.2 billion offer for Australian Midwest has been blocked by a major shareholder of Midwest seeking a higher price, leaving Sinosteel, which has picked up an about 4 per cent stake in Midwest in the open market, to look for ways around the problem, market sources said....


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## thierry (24 January 2008)

back above 3.. healthy bounce back.. 

now lets see what sinosteel come up with after their offer was rejected.


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## thierry (5 February 2008)

looks like takeover deal is off.. prob a good thing for the SP. 
hit 4.20.. if the overall market picks up, i wouldn't be surprised to approach the 5 mark.. where it was at before the takeover..


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## thierry (14 February 2008)

mmx is starting to get some really good momentum.. 

hopefully the court proceedings with chamelon go in mmx favor, and with the midwest debacle over, we should see it's value going back to what it was a few months ago.. I hope anyway


----------



## hookon (14 February 2008)

Looking good again today. The defence due to be submitted. Any one else disapointed in the announcements made to us about chamelon. We only new the hearing was on through quarterly report & no info on what happened at the hearing.


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## thierry (25 March 2008)

Not much news on this share.. any one with info on the litigation against chamelon.. and chance of any potential takeover activity?


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## hookon (1 April 2008)

Next court date is in may.

MMX complaining that they want it sorted out ASAP.

MMX says that they can't engage in any takeover activity because an potential target will reject due to chameleon worries.
Then MIS & sinosteel have said they wont buy MMX while Chameleon problem exists & they also want a resource upgrade.

So imo not much going to happen till this is sorted.


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## hookon (11 April 2008)

http://www.theaustralian.news.com.au/story/0,25197,23519638-16941,00.html

Has Sinosteel shot it self in the foot?


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## hookon (24 April 2008)

http://www.businessspectator.com.au/bs.nsf/Article/Nickel-play-DY6E5?OpenDocument

Is a merger still an option?


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## hookon (26 April 2008)

http://www.theaustralian.news.com.au/story...5005200,00.html

Sinosteel is circling (from afar bar circling)

Sinosteel has temporarily withdrawn its application seeking prior approval to take a stake in another iron ore company in WA's mid-west, Murchison Metals. A spokesman for Sinosteel says there is no comment.

I think that as soon as Sinosteel wins control of MIS they will be knocking on our door. 

Thoughts anyone?


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## shaunm (26 April 2008)

Hi Hookon, how could sinosteel try and take over MMX when Mitsubishi has a $3 billion stake in them?


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## hookon (29 April 2008)

shaunm said:


> Hi Hookon, how could sinosteel try and take over MMX when Mitsubishi has a $3 billion stake in them?




Well Money Talks. 

When MMX went to take Over MIS they attacked MIS for not taking the best deal for shareholders. MMX indicated that they would not be so greedy & would take an appropiate offer if it was in the interests of shareholders.

Plus at the end of the day MIS & MMX are better as one not two. Especially Two who don't get along.

MMX was first to attack but failed. Now Sinosteel probably trying exactly the same thing. Except they are using cash not shares.

Just a thought though & if you disagree good - nothing wrong with that. 

But if they do come it has to be good for all of us as shorely that will lift the price & even give an indication of project value to outside interests.


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## shaunm (29 April 2008)

I agree that MMX & MIS makes sense as one entity especially to alleviate the bickering over who is going to develop the rail infrastructure and also the proximity of their resources. As you know Mitsubishi bought in with the intent of helping to fund the MMX bid.
I am just having trouble undertsanding how Sinosteel could t/over MMX when Mitsubishi is so heavily involved? Would it not involve Mitsubishi relinquishing it' stake?
Please someone feel free to correct me if I am reading this wrong.


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## hookon (29 April 2008)

shaunm said:


> I agree that MMX & MIS makes sense as one entity especially to alleviate the bickering over who is going to develop the rail infrastructure and also the proximity of their resources. As you know Mitsubishi bought in with the intent of helping to fund the MMX bid.
> I am just having trouble undertsanding how Sinosteel could t/over MMX when Mitsubishi is so heavily involved? Would it not involve Mitsubishi relinquishing it' stake?
> Please someone feel free to correct me if I am reading this wrong.




Maybe they don't want to T/o maybe want majority ownership of both. Highly unlikely as you say. 

But at the end of the day even mitsubishi would have to think about being bought out if the price was right. Also highly unlikely.

Interesting to see what comes if anything. 

Maybe they want a backup if MIS goes sour?


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## thierry (29 April 2008)

I think they are tying to pressure MIS.. saying they'll go for MMX if MIS don't come to the party.. also by launching a takeover of MMX, they can compare the resource of both companies..  and who knows one they they might both merge, or might both be taken over by Sinosteel.

Also takeover speculation on MMX, will move shareholders from MIS to MMX, as happened when MMX bid for MIS.. this would reduce the MIS shareprice, and maybe persuade many MIS shareholders to accept the Sino offer..

all confusing.. as long as the mMx shareprice goes up.. i'm happy.


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## Gekko (29 April 2008)

Sinosteel increases its offer for MIS to $6.38 subject to Sinosteel receiving acceptances of 50.1% of Midwest shares. MIS shareholders owe MMX a big thanks for getting things rolling. From here, the question is, who is next. Much mid-tier consolidation in the sector is needed to compete with the majors and viod off foriegn investment.


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## Gekko (30 April 2008)

I bought some more Murchison today as did i yesterday. The operating synergies with Midwest are great. Too great in fact for disagreement, and too great to be argued away. Sinosteel will take them out...if the government allows it? 


http://www.thewest.com.au/default.aspx?MenuID=32&ContentID=70627


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## thierry (1 May 2008)

Looks like the markey thinks MMX is the next take-over target... 

Can't see why not.. 

Does anyone know the ore capacity of MMX compared to MIS? 

I'm just trying to gauge a price for MMX based on the offer price MIS has received from Sinosteel?


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## Gekko (1 May 2008)

Up another 6% today. Having a steller run off the Midwest deal. The market is speaking saying that Murchison is next. Breakout on the chart.


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## thierry (6 May 2008)

looking strong at 4.85.. If it can break through 5.. we could be in for some blue skies.. not sure why it went up today though... I'm expecting a lot of speculation on this stock in the near future..


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## grace (13 August 2008)

Is anyone still holding this?   Is taking a massive hiding today.  Any thoughts on what could be wrong.  I know all iron ore stocks are down, but this is going back to the days before mining!  This was my first ever iron ore stock purchase from sub $2.  Is their some information I don't know about?


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## shaunm (13 August 2008)

Well Grace I got back into MMX on the infra news and am in complete shock.
Judging by the trades today someone is trying to capitalise on the general fear in the market, prior to a possible decision from the Govt. re Sino's plans.

Just a case of grin and bear it I think. 

Ridiculously oversold for a producer with the rights to develop & run a port.


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## grace (9 September 2008)

Suspect we are not going to see any improvement in sp until the matter with Chameleon is resolved.

MMX continue to claim that Chameleon have no claim.  I've always thought that MMX were well managed, and this was my first iron ore investment.  It has been a rollercoaster ride though.



> Murchison Metals advises that Court-ordered mediation between the parties took place in Sydney yesterday (8 September) and concluded without resolution of the matter.
> 
> In the circumstances, Chameleon is today required to lodge a further amount of $450,000 as security for costs. This takes the total amount of security that the Court has ordered Chameleon to provide to all parties to date to $1,380,000.
> 
> ...




Geez, I hope they're right!


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## lsj84 (13 October 2008)

i think whoever sold mmx below 2 were irrational and shortsighted. but of course with such a bargain i'd be happy to double my position. just hope the chinese wont do it before me. if you havent been to china, i can re-assure you, china is huge, and they dont have rich ores. So, hold on tight!!!


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## onshow (27 January 2009)

*mmx any one have any idea on murchison metals future?? Or do you have shares in them?*

Just wondering if any one here has shares in mmx or have been watching this stock and has any information on the future or the suposed take over of mmx by sinosteel? Sinosteel have been approved by the federal government to be allowed to buy 49% of the company so when is this going to happen? Is this going to happen? they have already bought out MIS and looked what happened to there share price it went through the roof. Just want the view of a few other people before i jump in the deep end! thanks in advance


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## vincent191 (4 February 2009)

According to their latest report 4th Feb 2009, MMX has indicated that they have the resouces to become a world class iron ore miner.

The latest drilling results have shown that the Jack Hill deposit could yield 1 billion tonnes of excellent ore. The high quality of the ore will contribute to a low mining cost and excellent saleable quality. It will make MMX ore very profitable in a moderate market, it will not need boom conditions to make MMX an attractive proposition.

MMX is pressing ahead, as quickly as possible to finish  and confirm the findings with the bankable feasibility study in 2009.

All reads very well, so I will hold my breath and wait.


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## vincent191 (13 February 2009)

What do you have to do to make this stock move?

Big increase in resources & quality and still stuck in the mud.

Maybe when the court case is settled??


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## nunthewiser (13 February 2009)

Off top of head ...MMX in court today with CHM 

not off top of head i live in geraldton MMX been laying off ppl and cut shifts from 24hr rotating to 12 hr shifts 

no links 

no verification 

take from it what you will


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## Logique (17 February 2009)

Should MMX lose the court case, 
there looks to be a lot of downside already factored into the share price - is this a reasonable assumption - that 50c is looking reasonably secure support?


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## Logique (17 February 2009)

The quote below is from the link provided under. Note that 30 March 2009 remains the set hearing date, and that Chameleon were refused in their application to file expert evidence. 







> Murchison Metals (ASX:MMX) has advised that a directions hearing in the proceedings commenced by Chameleon Mining NL (“Chameleon”) against Murchison, Crosslands Resources Ltd and other parties, was held in the Federal Court on 5 February 2009.
> 
> At the directions hearing Chameleon sought various orders including that it be permitted to file expert evidence. The effect of the orders sought, if granted, would have been that the provisional trial date of 30 March 2009 would have been vacated and the hearing delayed until mid-2009. In its quarterly report dated 30 January 2009 Chameleon stated that it “maintains its desire to have its claims against Murchison and others determined as expediently as possible”.
> 
> ...



http://www.proactiveinvestors.com.au/companies/news/819/murchison-metals-provides-chameleon-litigation-update-0819.html


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## vincent191 (17 February 2009)

MMX has always maintained that it is confident of winning the Goliath vs David courtcase. MMX being the Goliath. Negotiations to have this matter resolved have failed and MMX has elected for this case to go to court.

The court case is currently scheduled for the 30th of March although Chameleon had tried unsucessfully to have that deferred to mid 2009.

The guy behind the Chameleon claim is Benny Elias the former rughby league front rower from the Balmain Tigers. It is reported that he is putting in his own money to partially fund the litigation.

From what I can dig up from old newspaper reports the claim is centred around an old agreement made by the old MMX management & the old Chameleon management. Under the agreement Chameleon will help MMX and in return MMX will give Chameleon 5% of it's mining assets.

Whether the old agreement is valid (it was signed by both parties that are no longer involved in either Company) or how much help Chameleon gave MMX (if any) is up to the court to decide, so it will be unwise to comment.

Personally and I repeat, in my own personal opinion, I think MMX has the stronger hand. Firstly, the old Chameleon management will not enter into the fray unless Benny will indemnify them for their legal costs.

Secondly, Chameleon's original lawyers abandoned the case citing that Chameleon had not paid their bills. Subsequently Chameleon had secure litigation funding and appointed new lawyers.

Thirdly, Chameleon has asked for the court case to be postphoned to get expert opinion without which it will be seriously disadvantaged. The court has ruled against the postphonement. Will this seriously disadvantage Chameleon??

Chameleon has little or no assets and had been deregistered before. It has been brought back to life after Benny Elias got involved so it does lend some weight to MMX's statement that is is an opportunistic attempt.

Readers of this posting please be aware that the above is from what I read from old newspaper reports. I am purely repeating what I have read and expressing my own personal opinion. All care taken but no responsibilities accepted.

The writer hold shares in MMX.


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## Logique (4 March 2009)

4 March 2009, from ASX announcements,

Sinosteel Ocean Capital have become a substantial shareholder, now holding 5.85% of MMX. Murchison's Executive Chairman says it's clear that Sinosteel sees Murchison as a sound investment considering it's status as a major strategic player in the mid-west region.  MMX shares up 10% today.


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## vincent191 (5 March 2009)

Sinosteel is using Mid-West as the vehicle to buy Murchison shares. Note - they used a Mid West letterhead, not a Sinosteel letterhead in the notification to ASX !!!

Therefore reading between the lines, is Mid-West getting ready for a full bid on Murchisons? 

This is possible. Murchisons and Mid West have attempted a merger before but the Foreign investment review board was against it. Apparantly the FIRB has since changed it's mind.

I think things will get exciting once Murchisons get over the court case.


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## Logique (5 March 2009)

Thanks Vincent good info is coming from you on this.







vincent191 said:


> ..once Murchisons get over the court case.



Was very interested this morning, but this was on my mind, could possibly cause it to stay in a range until the decision is handed down. Also thinking of how FMG went up and straight back down in recent days.


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## vincent191 (5 March 2009)

If Mid West & Murchisons merge it will make the proposed rail link to the port twice as economical.  There is a lot of synergies to be shared. 

Murchisons is already the preferred party to develop the port and Mitsuibishi has indicated it will fund the 2 billion dollar rail link and the WA government may fund the port development. Very interesting going forward. Maybe another Fortesque in the making???


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## vincent191 (8 April 2009)

Any news on Murchisons besides what is reported in the media? What's the latest speculation? The share price seems to be stuck around the 70 cents mark even after the rail link announcement.


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## vincent191 (20 April 2009)

In the last two trading days the SP had jumped by >50%. Anyone know why?  I cannot seem to get any news from the media. Not that I am complaining.


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## vincent191 (11 May 2009)

MMX has been flying recently. They were issued a speeding ticket last week but there was nothing new in their reply.

I am only guessing here but the Commonwealth will announce some big infrastructure spending in tomorrow nights budget and I suspect Okajee port will be one of the projects included in the budget.

As always, do your own research but this is what I think. If my thinking is correct MMX will push $2 by the week's end if all else remain unchange.


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## happytown (11 May 2009)

vincent191 said:


> I am only guessing here but the Commonwealth will announce some big infrastructure spending in tomorrow nights budget and I suspect Okajee port will be one of the projects included in the budget.




you may be onto something vincent,

12/03 conf pres ann mmx states oakjee declared wa's most important infrastructure project

wa govt seeking matching cth govt contribution through infra aust for common user portion of port, with the decision expected by the end of march (as yet not announced)

20/03 infra agree ann wa govt est cost of outer harbour const at $678M, with half of this sought as above form cth govt through infra aust

as above the cth govt infra aust funding decision is still to be announced

sinosteel could still be acquiring on market (see previous substantial holder ann)

cheers


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## vincent191 (11 May 2009)

FIRB has just approved GBG deal with China (Ansteel). One of the conditions of the FIRB approval is that GBG must support the Okajee port project. It must ship it's ore out of Geraldton to China. 

Now, why would the FIRB insist GBG use Okejee if they have no intention of building the port extensions.

GBG has already booked 2 berths in the port, MMX has to move very fast on their bankable resources survey and book the better located berths. It is expected to be realise in the second half of 2009.

Don't be surprised if MMX hits >$2 by end of 2009. Good Luck......keep smiling.


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## vincent191 (12 May 2009)

Strongly rumoured in the WA mining community that Oakajee port & rail link funding will be announced in tonight's budget.

Originally MMX & it's JV partner planned to fund the OPR infrastructure but now thanks to the financial crisis the Commonwealth & State Government will play Santa Claus and chip in >$600m.

Yesterday FIRB approval was given to GBG & one of the conditions was they had to support OPR.

Right now OPR already has 3 firm commitments of support.
MMX, GBG, Midwest (Sinosteel) and a host of smaller fe miners. Finally after decades of planning it looks like the Mid-West region is about to take off.

MMX looks like it is tracking the FMG footpath. It is still very early days but once the serious money starts to pour in the future looks more certain. The timing is also looking good. Serious production is at least 2 or 3 years away and hopefully we will be well and truely over the current recession.

GBG has already established a 1500 men work camp building their rail spur and putting down the ground work and ordering equipment to commence production by the end of the year. They have also booked berths 5 & 6 in Oakejee (Geraldton) port.

The only missing ingredient is for China to get back on track and resume it's hunger for iron ore & coal.


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## grace (12 May 2009)

vincent191 said:


> Strongly rumoured in the WA mining community that Oakajee port & rail link funding will be announced in tonight's budget.
> 
> Originally MMX & it's JV partner planned to fund the OPR infrastructure but now thanks to the financial crisis the Commonwealth & State Government will play Santa Claus and chip in >$600m.
> 
> ...




There you go, it is there in the budget.  Was it $350mill around about?  Talk about insider knowledge-quite a few of the mid-west iron ore juniors taking off over the last coupla days!  Who goes to jail for this insider trading? Could be a good day tomorrow too for mmx - pity I offloaded most of mine the other week.


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## nunthewiser (12 May 2009)

re oakagee

Did you know........... the oakagee project has been going to happen at least 4 times in the last 30 years 

Did you know there hasnt even been a feasability study done as yet 

Did you know that original quote was at 4 bill which BEFORE ANY work has been done has blown out to 10 bill . who gunna pay ? not the feds , they kicking in 399 mill 

Did you know MMX has currently only a skeleton crew and if you ring and ask they will inform you that quite a few of there workers are currently on forced holidays ....not that this got anything to do with SP but im from geraldton WA , know plenny ppl that work there and just thought i,d point out a cupla things you only here from up here.......

anyways................

as you were

p.s my post has absolutely nothing to do with trading action and i personally have been trading OTHER midwest iron ore stocks lately also thjat have laid off a heap of workers


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## nunthewiser (12 May 2009)

p.s they have done an ocean study along the designated coastal area and have some fancy buoy thingo measuring waves and stuff

oh yeah seen a few helicopters ferrying some suited nobs up to my fishing spot also so they can point at the ocean a lil bit also BUT as far as ANY other developments ...nothing ..... 

top windsurfing and fishing spot tho and reckon next time they fly over they should bring a handline


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## Who Dares Wins (13 May 2009)

nunthewiser said:


> oh yeah seen a few helicopters ferrying some suited nobs up to my fishing spot also so they can point at the ocean a lil bit also BUT as far as ANY other developments ...nothing .....




Regardless, the allocating of funds in the budget is a positive move showing govt support. And the "suited nobs" may just be going up there for reasons other than to point at the sea.

If I were you I think I'd be making the most of that fishing spot while I could.


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## vincent191 (13 May 2009)

nunthewiser.....thank you for you local knowledge & input, it is very very informative.  A couple of months ago when MMX was trading at around 90 cents I was looking at buying more but looking at the pictures I cannot see a lot of tangible assets. Just a lot of dirt & some great pictures of the Jack Hill.  I concluded that I am practically buying just a lot of dirt in the ground


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## rustyheela (27 June 2009)

*MMX*

Murchison Metals starts scoping work at RockleaFont Size: Decrease Increase Print Page: Print Elisabeth Behrmann | June 26, 2009 
Article from:  Dow Jones Newswires 
MURCHISON Metals said today it had started scoping study work on its wholly owned Rocklea iron ore project in Western Australia's Pilbara region.

Rocklea is situated near existing and planned rail infrastructure near the towns of Tom Price and Paraburdoo, and has a maiden inferred mineral resource of 100 million metric tonnes at 59 per cent iron content. 

Murchison's scoping study will consider mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors, targeting completion by the fourth quarter of this year. 

The company also noted Aquila Resources recent announcement regarding a cooperation with Fortescue Metals Group for a proposed shared port at Anketell Point. 

"Any such development could be highly relevant to the development of Rocklea, and will be investigated as part of the scoping study work," Murchison said. 

The Perth-based miner expects to release an updated resource in the September quarter.


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## skc (6 July 2009)

MMX announced that they settled a litigation case with Koh & Evans on Friday night costing them some $7m in value (combination of shares and cash) + costs. Today, the counterparty CHM happily received the settlement amount and issued the following statement:



> We also note that despite being offered the opportunity, MMX failed to secure any release from the plaintiffs' as part of the settlement structure. By failing to secure those releases, Murchison may have also left themselves open to an additional series of separate actions claiming more shares




Anyone with a legal mind care to explain that? It seems totally crazy to me that someone would pay a settlement without saying you can't sue me again!

No wonder MMX plunged today.


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## vincent191 (6 July 2009)

I find it hard to believe that anyone will fork out more than $7m in a payout with no strings attached!!!!

I wish MMX will respond quickly and let it's shareholders know what the deal is and what's this 50% that CML is talking about?

I am a shareholder and I have only factored in a maximum of 5% dilution in the worst case.


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## rustyheela (23 July 2009)

*MMX*

Trading halt? - capital raising? takeover? huge resource update? More chinese investments? any theories? cant find any other diggers in trading halt


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## vincent191 (23 July 2009)

*Re: MMX*



rustyheela said:


> Trading halt? - capital raising? takeover? huge resource update? More chinese investments? any theories? cant find any other diggers in trading halt




WA trade delegation had signed a number of MOUs with the Chinese regarding Okajee port & rail development. Expect a major announcement Monday. MMX is all good news. I can't wait for the details, possible that Sino Steel wants a bigger slice of the Mid West pie. Also China railway is interested to build the rail link and supply rolling stock. Also the steel rails will be supplied by a Chinese steel mill. A matter of you scratch my back and I will scratch yours.


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## trainspotter (23 July 2009)

Heard today that (nameless) hire company has been awarded major contract for construction phase with OPR. Source is hearsay mind you but ... where there is smoke there is fire. Have also noted Aggreko (generator hire company) have increased machinery holdings in local compound.


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## sidious (24 July 2009)

Up 20% at the time of this posting. Wipee.  My top performer for the day!

Anybody with a chart on this? Mr. Nick Radge, are you on MMX as well.

Thanks


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## vincent191 (25 July 2009)

Hahahaha......the bankable feasibilty study is not even finished...how can they start construction. They are still sitting on the dock of the bay measuring the tide & the wave heights.

The Chinese will come and pay us a visit in September. The BFS will be finished by end of this year then construction can start. Worley Parsons have already been engaged only 2 weeks ago. They have only just started concept design.

People, don't get so far ahead of yourselves. This thing won't get finished until 2013. But all else being equal MMX will be gaining strength each day. Don't forget FMG reached some dizzy heights >$12 way before they start production. Many millionaires were created even before a single ounce of iron ore was ever shipped.

Cheers


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## trainspotter (25 July 2009)

Sorry, should have been "preferred tender" for construction phase. January is only 5 months away and this thing has been on the drawing boards for 25 years or more. Not too far to stretch one would have thought?


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## nunthewiser (25 July 2009)

trainspotter said:


> Sorry, should have been "preferred tender" for construction phase. January is only 5 months away and this thing has been on the drawing boards for 25 years or more. Not too far to stretch one would have thought?




um in the local paper in gero there saying they need to expand CURRENT port as oakagee aint got a hope in hell of being even close within 5 years 

NO bank feasability study 

just a lot of tossers kicking sand and doing sea studys 

not even sure the EPA  even had there say yet 

oakagee been going to get built definately at least 3 times over the years that i know off

anyways..........trade it dont love it

lol yes lots of ppl apparently going to do it but they gunna be waiting a while 

luv from gero


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## trainspotter (25 July 2009)

Thanks for the ground zero insight nunthewiser. Just fighting the good fight as a true believer in progress of WA. Read somewhere (West Australian Friday July 24th Page 4) that OPR has Chinese fingerprints all over it?


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## sidious (25 July 2009)

I don't think we are getting ahead of ourselves. We can compare MMX to FMG and the story is the same. The good thing is MMX has no debt,  backed by the likes of ANZ, and shares are not so diluted. See shares on issue. FMG has 3BILLIONS and MMX has  400M only. This will be a rarity soon. Get on to it before the interested Chinese company do.

I invested $10k on this last Feb and made it a free carry last May. Bought lots during the crazy pullback at $1.18. One man's trash is another's treasure. I will hold onto them until I feel happy to sell it. $10 maybe.

WOR's participation is a good thing. They can speedup the design process if they need to because they can.


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## nunthewiser (25 July 2009)

trainspotter said:


> Thanks for the ground zero insight nunthewiser. Just fighting the good fight as a true believer in progress of WA. Read somewhere (West Australian Friday July 24th Page 4) that OPR has Chinese fingerprints all over it?




yeah m8 OPR consists of variuos chinese steelmills via various holdings thoughout the midwest ore hopefuls also the japanese who are involved via MMX/crosslands 

and yes the chinese coming to town to put the pressure on and have a kick of the sand also very soon apparently .......

i,m all for progress here , hell its needed otherwise Geraldton will get put back to sleep again.....

incidently MIS  midwest corp now sinosteel has added chinese writing on its logo up here  dunno what it says but it sure is a sign of the times in the midwest 

plenty of money movers and shakers want a piece of oakagee BUT they also ALL want a larger piece of the planned control/operation of the port which the WA gov is dragging there heels over 

hey PERSONALLY would prefer the proposed port to be OZ owned and operated with a user pays system but methinks for this port to FINALLY get actually built more leeway will have to be given to those paying for it.

intresting times around here at present and YES theres a heck of a lot of noise coming from the invested parties involved ........


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## trainspotter (25 July 2009)

Hopefully the kindling is dry enough for the smoke to turn into FIRE this time. I have some property in Geraldton that coud do with a boost of Chinese capital. Seems they have gone too far this time to turn back? State Govt committing $$$ to the funeral pyre surely must help?


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## nunthewiser (25 July 2009)

trainspotter said:


> Hopefully the kindling is dry enough for the smoke to turn into FIRE this time. I have some property in Geraldton that coud do with a boost of Chinese capital. Seems they have gone too far this time to turn back? State Govt committing $$$ to the funeral pyre surely must help?




state Gov apparently was committing $$$ all the other times . pulled out and closed the doors ....killed "kingstream " killed Geraldton as in development for a while ....and nailed a blooody lot of local and not so local investors pinning there hopes and cash on the port being built

not saying it wont happen , its just that a few of us up here are a little cynical when we hear the words "oakagee port"

i hold a small land holding within VERY close proximity to the PROPOSED oakagee development ...... i have every reason in the world to want to see it succeed.

between buller river mouth and 10 clicks north of coronation beach is my playground , its where i fish , ride , camp ....  cant say ive seen any actual development as yet other than a lot more ppl flying around in helicopters and the odd suit staring at me in disgust as i crawl out of my swag in my boxers.


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## trainspotter (25 July 2009)

Wasn't Kingstream backed by Ken Court and Russel Hawkins? Ken Court being Richards older and smarter brother. Richard was in power when it came to a head and failed to burst it's banks.

Cynical and Geraldton seem to go hand in hand at the moment. IMO. Like a prepubescent female. Has potential. In 5 years time.

Sounds like a nice place you got there Nun. Your very own boys playground. Nice and close to the action so you can keep ONE eye on the development as it proceeds. Expecting up to date reports with 9 x 6 photos next post.

Have got mental image of you in boxers. Doing my head in it is. *GAG*


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## sidious (27 July 2009)

I'm excited on this one because of many scenarios that can arise. It rose to $6 because of the story and because of the interest of many big players wanting get in. I see history repeating itself but this time the story just got better.

Scenario 1 - Sinosteel will increase holding and is being pushed by Barnett
Scenario 2 - POSCO (co owned by my mentor Warren) will increase holding to prevent a Chinese takeover
Scenario 3 - BHP / RIO could get in as well through various means
Scenario 4 - Other chinese investors will get in after the marketing events recently
Scenario 5 - Nothing. Remain flat. sell down. Zilch. I want a fair assessment. I'm not ramping. anything is possible. The market is most likely going to go against my prediction. There is the CHM thing which we don't want but then thanks for that. I manage to increase my holding. 

So this is it. This is what makes it exciting. At only 400M+ shares on issue, low of supply and demand tells me MMX can rise quickly in no time. 

WRT the development not happening, the planning takes time but once everything is in motion, it will be too late to get on.


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## vincent191 (27 July 2009)

I was thinking, should CHM win another payout in MMX shares I will certaintly advocate a big non-renounable rights issue. Let those silly buggers in CHM find millions to take up their rights. If they cannot find the $$ let's dilute the buggers.


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## sidious (27 July 2009)

Everything is going as planned! Now we will see some more serious action tomorrow. BTW AFR has an article today about MMX.


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## Who Dares Wins (4 September 2009)

Announcement from yesterday. I'm surprised theres no discussion about it yet?

"Additional Exploration target of 400 - 1000Mt of predominantly BFO with a component of DSO being drilled as part of the current drilling campaign."

*"If fully realised, the additional exploration target tonnages would lift the project size to between 1.5-2.1 billion...." *

So potential to double the project. Shares up 15 cents yesterday I think. Hopefully a bit more today.


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## nq6 (4 October 2009)

Anyone have any info on the court case wrangle between murchison and chameleon Mining. I beleive the first week of a 4 week court hearing has just completed. Any info would be appreciated. am a holder of MMX.


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## vincent191 (26 October 2009)

nq6 said:


> Anyone have any info on the court case wrangle between murchison and chameleon Mining. I beleive the first week of a 4 week court hearing has just completed. Any info would be appreciated. am a holder of MMX.




The court case has ended. Closing submissions to be made early February next year then the judge will hand down a decision. No mention when that will be but I think it will no be long after closing submissions are made.

So far the MMX is "pleased" with how the court case had gone. CHM has asked shareholders to ring if they have any further questions.

As far as the market is concern MMX is up and CHM is down. Draw your own conclusions but my preference is a satisfactory outcome for MMX.


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## thierry (13 November 2009)

If CHM wins the court case, what happens to MMX? Will it majorly affect the share price? 

While I do hope mmx win the court case, there will probably be an appeal and it will drag on into next year.


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## vincent191 (13 November 2009)

thierry said:


> If CHM wins the court case, what happens to MMX? Will it majorly affect the share price?
> 
> While I do hope mmx win the court case, there will probably be an appeal and it will drag on into next year.




It is not just a matter of winning or losing, it is more about how much the judge will award. Opinion is rather divided at the moment. If MMX have to pay only a small amount say less than $10 million then it should not affect the shareprice that much. In fact it may go up if the whole matter can be settled for less than a king's ransom. 

MMX just want to get this CHM albertross off it's neck and get on with developing Jack Hill & the OPR project.


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## thierry (3 December 2009)

2 days of 10 and 5% rises.. there must be something i don't know about.. 
interestingly EQN is also having the same share price movements.


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## nq6 (3 December 2009)

MMX and TRH   from 34 cents to  46 cents options up to 18 cents all on one announcement   Huge gains , what a day.


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## vincent191 (3 December 2009)

I cannot see any relationship between MMX and TRH & EQN. Am I missing something? Apparently MMX is having some sort of presentation this week in WA, there is speculation there is some kind of favourable announcement.


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## thierry (14 December 2009)

MMX up again after loosing a bit of ground yesterday. I still don't know what the catalyst is for the share price rise, so if anyone knows, please share


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## moses (14 April 2010)

MMX doesn't seem to be getting much attention here lately, but perhaps this rather attractive chart will generate a little bit of interest.


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## vincent191 (14 April 2010)

All MMX holders are waiting patiently for the judge to deliver his verdict. If justice prevail and CHM fails in it's "extortion" bid then it will be full steam ahead for MMX and Oakajee. Litigation is full of uncertainities and I think it is holding MMX back right now.


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## happytown (10 August 2010)

ann out this morning re chameleon (CHM) and cape lambert (CFE) entering strategic alliance, incl $6.5M credit facility

chameleon chairman in ann,



> ...
> 
> "The investment is an endorsement of chameleon's decision to take action in the federal court over the jack hills iron ore assets."
> 
> ...



fed court decision still pending


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## vincent191 (10 August 2010)

CHM wants to get into mining? Must be the joke of the century. All CHM had ever done is walk in and out of court litigating everything and everyone. How they ever hope to get actively involved in Jack Hills is beyond comprehension. 6.5m won't even get them a look in. Benny go and kid someone else.


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## skc (28 September 2010)

Bit of a roller coaster day for MMX. What looked like a great Sept might be ruined in the last days.

News article here.

http://www.theaustralian.com.au/bus...murchison-metals/story-e6frg9df-1225930027794



> MURCHISON Metals today reiterated that Mitsubishi remained part of the Oakajee joint venture after its shares plummeted 12 per cent.





Buy on rumour sell on fact is the old cliche for positive news. So I suppose the other way wrong for a negative news then??


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## vincent191 (28 September 2010)

I don't think the rumours are entirely false. Many people have asked why a Japanese company would want to build a rail and port facility for Chinese & Australian owned mines and Chinese & Korean clients.

Rail & Port facilities have long lead times and very capital intensive with a long payback period. I suspect the bankable feasibility study is not too crash hot and Mitsuibishi is having second thoughts.

However, the Chinese may want to take the contract over, they are less focused on short term profits and more interested in longer term goals plus they have billions invested in the mid-west.

I hold.


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## vincent191 (12 October 2010)

Judgement day is near. Firstly we should hear the result of the receivers appeal against CHM by tomorrow. If the litigation funder wins the appeal then a out of court settlement is most likely.

Justice Jacobson has asked for some further clarification on the case between CHM & MMX, learnt opinion is he is close to delivering a verdict.

My personnal opinion is MMX is looking good. I ask myself why would CHM want to change lawyers if they are so damn sure of winning?  You don't want to throw out a top winning team of lawyers would you?

I have my fingers crossed and I am sure any favourable news for MMX will light a rocket under it's sp.


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## kingkev (5 November 2010)

Well no SP rocket in the right direction anyway.  I think people were initially spooked by the fact that mitsubishi might be getting cold feet and now with an announceent of some significant delays we should hold tight as this ride could be an interesting one. The signicance of the Oakajee project is enourmous but it also requires enourmous amounts of interested parties to part with money


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## vincent191 (5 November 2010)

kingkev said:


> Well no SP rocket in the right direction anyway.  I think people were initially spooked by the fact that mitsubishi might be getting cold feet and now with an announceent of some significant delays we should hold tight as this ride could be an interesting one. The signicance of the Oakajee project is enourmous but it also requires enourmous amounts of interested parties to part with money




SP is taking a beating today. Is it a disaster or is it a golden opportunity to buy. Oakajee is still going to go ahead, too much money had already been invested in it.


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## kingkev (9 November 2010)

I also believe that this project will go ahead albeit later than sooner.  When to get in will be the question.  Mitsubishi have a large interest and way too much to lose by pulling out.

IMHO the time to possibly consider getting in again will be when the SP goes under a dollar if it is allowed to go down that much


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## ratquahe (2 March 2011)

*MMX suspended.*

Any idea what's going on? Hope it's not capital raising??


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## oldblue (2 March 2011)

The request for the trading halt said

"......pending an announcement concerning the Govt's response to the company's request for an extension of the State Development Agreement for the Oakajee Port and Rail Infrastructure Project."

That doesn't sound like an imminent capital raising, IMO.


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## ratquahe (2 March 2011)

Widely assumed that the project will be given the green light, which is critical for Jack Hills project. Assumed that Mitsubishi will cough out the cash via debt. But any clue MMX have to contribute some $$$ if Mitsubishi for some reason is unable to help fund the project as agreed in 2007?


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## nunthewiser (2 March 2011)

> "There is mounting speculation the capital cost of the Oakajee port and rail project has blown out to as much as $6 billion, potentially crippling attempts by the embattled Murchison Metals to get the contentious infrastructure development off the ground.
> 
> Already struggling to meet a WA Government timetable to conclude a State Development Agreement for Oakajee, it is understood design and scope changes have sparked a significant increase in the capital cost for Murchison subsidiary Oakajee Port & Rail.
> 
> ...



http://au.news.yahoo.com/thewest/a/-/wa/8936256/heat-on-murchison-over-oakajee-blowout-fear/

I visit the oakagee site and surrounds on a weekly/fortnightlymonthly basis for fishing and playtime...... NOTHING has been done yet , no access roads no track upgrades .....nothin ....... lol not even an EPA approval yet either....


anyhoo....


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## trainspotter (2 March 2011)

http://www.wabusinessnews.com.au/en-story/1/87236/Barnett-flags-Oakajee-ownership-changes

*Barnett flags Oakajee ownership changes*

Resources: 2-March-11 by Dan Wilkie


Premier Colin Barnett has thrown the door open for a change in the ownership structure of the Oakajee Port & Rail development, after granting its proponents an extension until the end of the year to finalise their plans.

Conditions attached to the extension require the project proponents, Murchison Metals and Japan's Mitsubishi Corporation, to finalise all technical and financial studies, to enter into contracts with iron ore mines for the transport of the ore and to complete the approvals process by December 31.

The port is considered vital for the development of several mines in the Midwest, including Gindalbie's Karara, Sinosteel's Koolanooka and Murchison and Crossland Resources' Jack Hills.

The premier said he was confident the project would go ahead, but there may be some changes in the ownership structure of Oakajee Port & Rail in the near future.

"Oakajee Port & Rail has two partners, Mitsubishi, a world scale company and no one questions their capacity," Mr Barnett told reporters today.

"Murchison is a smaller Australian mining company which is also looking at contributing to its share of the infrastructure and also developing the Jack Hills mine which is in itself a very large project, so that stretches their capacity.

"I expect you might see some major balance sheet companies increase their participation either through Murchison or directly into OPR.

"A project that's going to run into perhaps $5 billion needs companies of the scale of the Mitsubishis of this world."

Mr Barnett said OPR would remain a major player in the project, but there was a distinct possibility for major Chinese investment in the port, considering most of the demand for the iron ore shipped from Oakajee stemmed from China.

"The Chinese companies are the buyers; I think you'll see some Chinese investment in the project

"The involvement of a few major players either directly or maybe through Murchison will add strength of the project.

"Bear in mind, if you look at it, you've got Sinosteel, a top 500 world company as one of the investors in the mine, similarly you've got Anchan iron and steel, one of the world's biggest steel producers involved in Gindalbie.

"So the Chinese are already there, they may also come formally into OPR in terms of the infrastructure.

The government's expectation is for construction to start in the first quarter of 2012 and the port to be operational by 2015.

"I just want to see the project get under way, there is no doubt the basic economics are sound," Mr Barnett said.

"If you take into account Gindalbie's Karara mine, they are already well into construction.

"Sinosteel also wants to go into construction, Jack Hills is probably a little bit behind, but it's a huge resource.

"The customers, mainly Chinese steel mills, are lining up to buy the iron ore, so the economics are there, the price is high, everyone wants to get on with it.

"I hope over these next few months all the final details will be resolved.

"This extension requires a commitment to proceed, there may even be some preliminary site works getting under way towards the end of this year."

Oakajee Port and Rail chief executive John Langoulant said the premier's decision to grant the extension removed any uncertainty that existed regarding OPR's authority to finalise the project arrangements.

"OPR appreciates the premier's recognition of the complexity of the project's development and his confirmation of reasonable timeframes for the development," Mr Langoulant said.


Hahahahhahah aaaah ah aha ha ..... I agree with Nun. Was up there on Friday. Nuffin. Not even a sign.


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## trainspotter (14 March 2011)

*The Environmental Protection Authority has granted approvals for the construction of a new port and rail project in Geraldton. *

Oakajee Port and Rail wants to build a 45 million tonne per annum iron ore export facility at the site. 

The project will also involve a 570 km railway and associated infrastructure from the Jack Hills mine.

EPA Chairman Paul Vogel says the chance of dust spreading outside the port industrial area is low. 

Mr Vogel also says any discharge from the port is unlikely to adversely affect water quality. 

Japanese consortium Oakajee Port and Rail is confident the infrastructure project will be up and running by 2015.

http://www.abc.net.au:80/news/stories/2011/03/14/3163592.htm

Ooooooooooooopssssssss ....... might have to eat my hat now ??


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## brty (14 March 2011)

Don't you just love a politician's ability to put their foot in it...



> Oakajee Port & Rail has two partners, Mitsubishi, a world scale company and no one questions their capacity," Mr Barnett told reporters today.




I think that the directors of Mitsubishi may have something else on their minds for quite a while. A fair bit of money will be needed back home.

brty


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## kingkev (29 March 2011)

SP heading in the wrong direction again.  Does this have anything to do with Misubishi and the japanese consortium re-thinking their overseas costs?


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## Mikael9986 (1 April 2011)

kingkev said:


> SP heading in the wrong direction again.  Does this have anything to do with Misubishi and the japanese consortium re-thinking their overseas costs?




I reckon is the tsunami in Japan affecting the market sentiment on the SP.


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## nunthewiser (1 April 2011)

Mikael9986 said:


> I reckon is the tsunami in Japan affecting the market sentiment on the SP.




Maybe somethin to do with this 



> Last minute submissions to Oakajee’s environmental approval could further delay the $4.5 billion project.
> 
> Two public submissions were made as part of Oakajee’s environmental approval process.
> 
> ...



http://au.news.yahoo.com/thewest/re...ews/9117866/11th-hour-moves-on-port-approval/


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## vincent191 (23 June 2011)

*MMX*

Looks like the Chinese at Sino Midwest Corporation (SMC) are behaving like spoiled brats. They are spitting the dummy because they can't get a bit of the Oakjee action. 

In my opinion MMX can't handle both the Oakjee and Jack Hill projects at once, I think they will farm out part of Oakjee to Queensland rail.

SMC had always wanted part of Oakjee and seeing part of it going to Queensland rail instead of them they are throwing a tantrum and threaten to spoil the party by stopping work in the Weld ranges.

I am calling SMC bluff. Firstly, China needs iron ore and secondly they paid 2 billion dollars for the Weld range deposits, you think they will just do a dummy spit and walk away ?? No likely.   

SMC is a major shareholder in MMX, maybe they are trying to shake the tree and force down the share price of MMX and attempt another takeover bid for MMX and get into Oakajee via the back door. Just a theory.


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## kingkev (24 June 2011)

I share thye same thoughts

Good to get a buy order in now below the GFC lows of 48c

Takeover target...........possible


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## vincent191 (28 June 2011)

It hurts, I bought in on an average price of $1.60. Instead of a profit I am now bleeding. I suspect when trading resumes I will haemorrhage. In hindsight MMX had made many big mistakes, it should have known that it cannot afford to develop both Okajee and Jack Hills at the same time.

MMX heavily publicised that Mitsuibishi is responsible to raise the finance for them but I missed the fact can MMX afford to service & repay the billions that it will need to borrow. 

I am sure if Mitsubishi stands behind, MMX's credit rating and it's ability to borrow is not a major problem but MMX's repayment capability is certainly a big issue.  MMX does not have a proven earnings track record to service such a big loan.

MMX's management should have known or thought about this very early on that they are biting off more than they can chew. It is very obvious for MMX to be develop Jack Hill & OPR they will need an equity injection. A market capitalisation of approximately $500 million is certainly NOT enough. 

MMX should have thought about downsizing their involvement in OPR, sold off half for cash and done a capital raising when their shares peaked at >$3. Now it is too little, too late. A capital raising at the current low share price to fund Jack Hill will dilute existing shareholders who cannot afford to take part BIG TIME.

There is pressure on the CEO Paul K to resign for his total incompentence. I hope they will divest OPR and get back a few hundred million and get on with Jack Hill, MMX is an iron ore miner not an infrastructure provider, leave that to Queensland Rail.




.


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## tech/a (28 June 2011)

How and why on earth would you allow a trade to remain open from profit to loss of 60 or more %


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## Boggo (28 June 2011)

vincent191 said:


> I suspect when trading resumes I will haemorrhage. In hindsight MMX had made many big mistakes, it should have known that it cannot afford to develop both Okajee and Jack Hills at the same time.




vincent, I sympathise with your dilemma, I have been there and done it many moons ago (AED  stop set too wide and then account frozen due broker getting taken out with Opes Prime collapse). I hope you come out of it ok and then learn from it.

By buying into a stock where the overall trend is against you is risky, not having an exit strategy means you bear the brunt of their mistake with your mistake.

Unless you are short you are not going to make money from a falling stock price, the fact that the trend is down means something is amiss.
Even if you were short the current scenario may not be ideal.

Cheers.


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## vincent191 (29 June 2011)

I bought in at 60 cents and sold at an average of $2.60, so when it dropped to $1.60 I bought it all back. I am still ahead but instead of cavair and champagne it look like it will be coca cola and peanuts.


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## kingkev (29 June 2011)

hang in there mate

posssibility of buying in again at around 60c


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## corbieoo (15 October 2011)

*MMX Murchison Metals Is there any hope?*

I was wondering if there is any point in keeping Murchison Metals stocks seen as I have had them since their peak at over $1.50 and now they are worth nothing and still falling.Any thoughts on what will happen to MMX after they dont make the Barnet deadline of 31/12/20011?
Thanks in advance
John


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## System (26 July 2014)

On July 25th, 2014, Murchison Metals Limited (MMX) was removed from the ASX's official list following implementation of the scheme of arrangement by which the Company merged with Mercantile Investment Company.


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