IRN - Indophil Resources

[Freeballinginawetsuit]

IRN has done absolutly nothing the past couple of months but test support on the odd occasion and get wiped at any upward momentum.

Posted a bid in the depth this morning prior to the panic on the hope it would have a significant spike below support.......got taken up and happy with the follow through support.

Any chance I can I am going to accumalate IRN on weakness, at some point in time fundamentals will catch up with this one, just biding my time till then.

 

[Sean K]

I'm still with you FB. Tampakan is going to get up, and they have free carriage. Long term prospect now. Will be interesting to see what they do with the money from Xstrata in further exploration and/or acquisition. Bottom draw for me.

 

[Freeballinginawetsuit]

Closing on highs for the day and through the old support at 68 ish.

Nice support shown Tues and Today.........STILL HOLDING

 

[reece55]

Closing on highs for the day and through the old support at 68 ish.

Nice support shown Tues and Today.........STILL HOLDING

Great trade Freeballing - you picked up in excess of 10% here in a day......

This one is worth far more than most give it credit for - it's actually got a BFS and the worlds biggest copper miner actually building the mine.... A pateient man here could make a ton!

Cheers

 

[Sean K]

Great trade Freeballing - you picked up in excess of 10% here in a day......

This one is worth far more than most give it credit for - it's actually got a BFS and the worlds biggest copper miner actually building the mine.... A pateient man here could make a ton!

Cheers

I've been holding for about 2 years and it has been worthwhile, although you are right about patience. It's gone sideways for a year. With such an incredible resource, and eventually steady income from Tampakan it will be interesting to see where it goes. Wouldn't discount Xstrata taking them over either. Risks are POG and POC of course, and country. Let's hope Phillipines sorts out those pesky Muslim extremists down south. Not sure why this performed so well today? Odd.

 

[Freeballinginawetsuit]

Agree with you both, on all points

After accumalating this one for a while the last two days have indeed been odd.

Volumes have been large and I'm not the only one that didn't like it falling through support....this one has been accumalated by others for some time they just got caught on the hop yesterday in my opinion.

Its been a while since I read the Xstrata deal but I'm pretty sure they hand over the money soon and take up their stake........March rings a bell but could be wrong

 

[CanOz]

Not sure why this performed so well today? Odd.

Price and volume, yesterday the sellers were nearly completely soaked up by allot of buyers. This is the selling climax. If those that hold the stock now are longer term holders, then there is less of the floating supply to be sold off, the price must rise right?

There are a few of these candles and volume spikes around atm.

Cheers,

 

[cicak_kupang]

I came across IRN a while ago but never gave it my time, am now though....! Up 2day in grand style, but i might just wait till the next metal price shake up and jump in them when SP is down a bit. Suer has some potential here.

 

[Freeballinginawetsuit]

IRN's recent price action over the last week indicates strong accumalation. Volume's are impressive and upward momentum strong.

IRN is not far off a gap day, if youre holding long or short..............now is not the time too exit

 

[uptrend]

Looking at the many identical (783) orders gone through so far on IRN in the last few day, does this suggest some big buyer is using computer program on their behalf to buy in?

 

[Freeballinginawetsuit]

Setting aside IRN's substantial holders, a bit more momentum and volume would catch those trading IRN on the hop.

Not complaining though, IRN seems to have found a new support around 90c and the longer its accumalated at its current SP, the stronger its next run will be

 

[So_Cynical]

Looks like IRN mite be good buying tomorrow

As the news is, well not so good...but not really that bad.

http://www.abc.net.au/news/stories/2008/01/01/2130004.htm

QUOTE LINK
Communist rebels in the southern Philippines have attacked a mine majority owned by Xstrata
and partly owned by Australia's Indophil Resources NL.

The rebels may have attacked the facility for the non-payment of a "revolutionary tax".

He said New People's Army rebels raided the mine early on New Year's morning local time, firing with
grenade launchers and automatic weapons.

Before retreating, they set two buildings on fire and strafed a nearby army detachment.

Police said there were no casualties.

 

[56gsa]

any IRN holders with thoughts on the bid for LST ... sounds like it will stock up the cash coffers of IRN ...

 

[Sean K]

any IRN holders with thoughts on the bid for LST ... sounds like it will stock up the cash coffers of IRN ...

I'm out, but am a little confused. I thought IRN wanted to be a miner. Now they're turning back into an investment company.

 

[So_Cynical]

Seems to be a strange direction to be going in....for IRN

maybe they want to "transform" the company.

 

[prawn_86]

LST have 30% of the Carcrow gold mine, and the first rights to buy the other 70% off of Newcrest.

Im not too sure the other terms though...

 

[Freeballinginawetsuit]

I got out of IRN just prior to Xmas, no particular reason though and still a fan.

Why they would bother about LST I'm not sure, they should just bide there time with Tampakan and sit on there cash IMO

 

[56gsa]

Any views on the Xstrata bid @ $1?? Obviously mr market thinks there'll be further action on this - one buyer is busy buying millions at $1.10...

ABN have valued IRN at ~$1.90 ... Xstrata getting another bargain it seems?

 

[Sean K]

Any views on the Xstrata bid @ $1?? Obviously mr market thinks there'll be further action on this - one buyer is busy buying millions at $1.10...

ABN have valued IRN at ~$1.90 ... Xstrata getting another bargain it seems?

Interesting. Perhaps LST are in there with a counter bid? LOL

I actaully thought that's the way it would be yonks ago ....

 

[refined silver]

Interesting. Perhaps LST are in there with a counter bid? LOL

I actaully thought that's the way it would be yonks ago ....

It is!

IRN want to buy LST as it means buying further into their own project cos LST have a lot of IRN shares. LST also have cash and Cracow, and don't want IRN to buy them out.

The Xstrata bid is because they want to buy out IRNs share of their project which is one of the biggest Au/Cu projects in the world.

LST support the Xstrata bid for IRN because it negates IRNs hostile bid for them, and gives them good quick cash for their IRN shares, which you would have thought they'd use for Cracow, but they've just announced they want to sell that too.

IRN have absolutely no intention of selling to Xstrata as they know how valuable the project is and so do Xstrata.

The end result? Can't see any of the bids succeeding, although I think LST would do better with IRN shares than with cash. I hope there's not too many dopey IRN shareholders who would sell to Xstrata. If no bid succeeds, the end result might just be bidding up of IRN and LST shares, as their vlaue is brought to light.

My 2c worth.