i havent mentioned that i think anything oversold , merely its quite an eye opener when one looks at the big picture, actually think a few still may be way overvalued for what they are on a fundamental bottom line basis
and yes realise you just posting falls , i am only posting comparisons also
Atlas Iron Limited (ASX Code: AGO) is very pleased to announce that it has entered into an agreement with a medium-sized Chinese steel mill for the sale of the first shipment of iron ore from the Connie Deposit at its 100%-owned Pardoo DSO Project. As a result, Atlas will immediately commence hauling ore to the port of Port Hedland for shipment.
Mining is currently underway at the Bobby and Connie deposits at the Pardoo Iron Ore Project, located 75 kilometres by road from Port Hedland, in the Pilbara of Western Australia. Connie is a lower grade “startup
deposit”. Its low strip ratios, homogenous ore character and proximity to infrastructure provided the best opportunity to meet our shipping deadline within 8 weeks of final approval to mine.
Atlas recently commenced mining at its 100%-owned Pardoo Iron Ore Project in the Pilbara of Western Australia where it is targeting its first shipment in December 2008. Atlas is fully funded with approximately $100 million cash at bank and zero debt as it completes commissioning of Stage One and ramp up to 1Mtpa. Atlas is planning to export 1 million tonnes during its first 12 months of operations at the Pardoo Project, growing to 3 Mtpa for year 2. With additional export tonnages from Abydos, the Company is targeting exports of 6 Mtpa for 2010, growing to 12 Mtpa by 2012.
There's a lot of info not given. Which company is buying the ore, at what price, how many tons and over what time period. Anybody got any ideas.
MGX is selling at $US40 a ton. From 6 customers 3 defaulted is still in discussion with 1 and the other 2 are large shareholders in MGX.
Brazil's Vale is cutting back production by 30m tons
There's no point planning to export 1 million tons unless you have a buyer
The best laid plans of mice and men often go astray. I hope their plans don't go astray.
Quote:
Atlas Iron chairman removed
AAP
22/11/2008 4:18pm
Atlas Iron Ltd's largest shareholder IMC Resources Investment has unseated the iron ore miners' chairman, in a move that could be the prelude to a takeover bid.
The removal of the ex-BHP Billiton Ltd executive David Nixon by the 19.6 per cent shareholder surprised shareholders at Atlas' annual general meeting in Perth on Friday.
IMC Resources Group is an Asian shipping company with operations in Australia, China and Indonesia.
It is believed to be associated with Linq Resources Fund, with holds just under five per cent of Atlas.
Atlas is expected to call an extraordinary general meeting to appoint a new chairman.
Unquote
Could this be the precursor of a takeover? By whom? What price would be a "fair price" in view of AGO's assets and prospects? Will there be an initial bounce in AGO's price on Monday?
Wondering.
About $240k traded in last 20 minutes at 75c plus.. nice to see a close at 76.5 as we have been falling back pre 70c for the last few weeks..
450k shares on the sell side and hopefully falling.. fingers crossed for tomorrow..
Date: 24/11/2008
Author: Michael Vaughan
Source: The Australian Financial Review --- Page: 18
The chair of Atlas Iron has been voted out by a major shareholder. At theminer's AGM on 21 November 2008, IMC Resource Investments voted against there-election of David Nixon. It is thought that the Chinese-backed company wasunhappy after failing to gain an iron ore supply agreement with Atlas
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