yes i agree, they say they want to reward long holders and help small holders etc, but then make an offer which is open for anyone with a share or two in two weeks time.
it rewards no one bar people who buy a share before this time.
its just like the bon buyup.
to me the large volume cant b attributed to some tin down tassie or a port agreement which was always going to occur, or many thousands of people buying up to get in on this vauge ssp.
the directors can easily grant themselves a few more mill of oppies and stock to make up for the dilution, and have done well already out of the bon buyup.
Thanks derty, good to see the slow down, but it's getting outside MAK's perameters isn't it?Latest rock phosphate prices from World Bank monthly commodity data sheet shows rock phosphate dropping from $125/tonne to $117/tonne. Still going down, though drop is possibly slowing. Mar-Apr = 20% drop. Apr-May = 6% drop.
http://siteresources.worldbank.org/INTDAILYPROSPECTS/Resources/Pnk_0609.pdf
We also need to take into account the behaviour of the USD. A lot of the rises or slowdowns in commodity values can be attributed to the weakening dollar.
When you look at the figures in AUD it is not quite as rosy.
Rock phosphate averages (AUD); Mar-$235, Apr-$174, May-$152.
This gives the month-month drops of Mar-Apr = 25% and Apr-May = 14%.
In addition wasn't the last opex figure released $AU150/tonne? Which places MAK at break even at the moment with the spectre of a rising AUD.
Still going sideways, but there's trading opportunities within the box I suppose. Just can't get interested in a buy and hope policy while RP looks fragile, to say the least.I was very excited about that recent run to 80 and almost bought some more. Instead, I saw the RP price topple over, so I sold. Been holding that last parcel for some time too. Was sad to let it go...lol
Could probably trade this within the box, but I am now going to wait until it's through that top resistance line before I get excited again....
The rule (which can be broken... very rarely) is Trade+3trading days.Record date for the SPP is the 12th. If I purchase today, will I be eligible for the SPP? Not sure how long it takes for it to register.
7. The Main Zone mineralization is open in almost all directions but in view of the strong resource position now established, no further lateral drilling is planned save for a small programme which aims to close off a potential Direct Shipping Ore (“DSO”) deposit in the north west of the currently drilled Main Zone (refer Figure 3).
8. Within the Main Zone, some of the DSO targets indicated by the current 250m x 250m drilling are likely to be subject to detailed infill and close-off drilling over the next two to three months. The infill programmes should allow some re-classification of resources into the measured category and some relatively minor adjustments to the overall resources estimation situation.
Not good for phosphate prices ATM! The PINK commodities price data report had phosphate rock price down 17.5% last month.
http://siteresources.worldbank.org/INTDAILYPROSPECTS/Resources/Pnk_0709.pdf
I sold most of my MAK around 70c and kept 500 shares in anticipation of the SPP. I was uncertain about the dilution of the stock and it turned out to be a good decision thus far.
There is alot of shares that can potentially be issued:
* SPP (conditional vote for extra issues)
* SPP bonus options (conditional vote for extra issues)
* Extra 10% to Boneparte Diamonds shareholders if they can get 90% of the company
* Unlisted options
I estimate the dilutions to be 50% or more when the dust settles.
I have the right to pick up ~15K worth of shares but I am unsure. The Phosphate price last month has rocked my confidence.
Who will be particpating in the SPP?
2. DSO Drilling and Resources
The potential Direct Shipping Ore (“DSO”) sub-zone of the Arruwurra Deposit has been drilled out at a 125m x 125m grid and all assays should be in hand during July and the DSO resource should be estimated in August.
In the Main Zone Deposit, infill 250m x 250m has indicated several zones potentially amenable to DSO mining, based on a 30% P2O5 cut-off (refer Figure 4). These zones are numerous (250m – 500m wide) and elongate and also require 125m x 125m grid drilling.
This should begin at about the end of July when the requisite approvals are in hand. Estimation of potential DSO resources, mineralisation modelling and pit design will follow.
Diamond and RC drilling to date in 2009 for resource delineation, metallurgical and marketing purposes now totals 23,563m.
Shareholders are reminded that Minemakers’ objective with its DSO evaluation programme is to find sufficient material to run a Wonarah mining operation for 6 to 10 years before a beneficiation plant needs to be built should global economics so demand.
CORPORATE MATTERS
1. MINE FINANCING
The global financial crisis has impacted both the Company’s share price and the ability and enthusiasm of institutions to invest in mine start-up capital. During the Quarter, the Executive Directors presented extensively to potential financiers and generally met with a cautious but positive response to the project and its economic potential.
It is aimed to raise the start-up capital using the completed feasibility and on the back of the reasonably anticipated future rise in rock phosphate price.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?