MGX - Mount Gibson Iron

[chicken]

Re: MGX

Not too happy with this at the moment. This stock has excellent fundamentals, but something unknown to me (mabey manipulation) is holding it back.
I'll be holding for a long while yet...

El nino as I said before...this started in March...the broker buying and selling....Manipulation...yes....and I feel Xstrata playing....but they will have to offer a lot more than present prices.... at least $1.25 plus....we should know soon who has been buying as they will have to declare their hand...20-06the Sp should be showing what the share price is worth..I own a fistful of these and at present price its pure manipulation..by a stake holder I wonder who he is......could also be someone in Hong Kong

 

[georgee]

Re: MGX

Dropped to close .76 today.......has not been this level since sept 15 when it was on a run. Also broke below previous support line .78 -.79.......any ideas why?

 

[chicken]

Re: MGX

Dropped to close .76 today.......has not been this level since sept 15 when it was on a run. Also broke below previous support line .78 -.79.......any ideas why?

A broker did drop it to tricker sell orders...the Chinese are buying 60million shares for 75 cents in January 2006 well publisisde and that must be the bottom for this stock...someone is accumilating big time here so that is what or how I see the situation...as I said could even be the Chinese from Hong Kong or Xtrata getting a foot hold.. .

 

[Kauri]

Re: MGX

A broker did drop it to tricker sell orders...the Chinese are buying 60million shares for 75 cents in January 2006 well publisisde and that must be the bottom for this stock...someone is accumilating big time here so that is what or how I see the situation...as I said could even be the Chinese from Hong Kong or Xtrata getting a foot hold.. .

Chicken... Do you know if the 60 million share block the Chinese are picking up soon is going to be a new issue (diluting)...I don't think it is going to be an on-market trade.

 

[chicken]

Re: MGX

Chicken... Do you know if the 60 million share block the Chinese are picking up soon is going to be a new issue (diluting)...I don't think it is going to be an on-market trade.

New issue, as they are wanting to build a pipe line to push the ore through to Geraldtown and for further development they are wanting to ramp up their iron ore production to 5 million tones next year....maybe even higher....

 

[Kauri]

Re: MGX

I will be honest with you. Purchased 330,000 @ 61cents June/July,then purchased 370,000 June/July@ 67cents then purchased 300,000 @ 79.8average mid October everytime it dipped under 80cents!!
My stop loss is at 72cents!!!! Because I have such a big parcel I have allowed an extra 2 cents above my average.

johnno261.... do you still have your stop set at 72c..

 

[chicken]

Re: MGX

johnno261.... do you still have your stop set at 72c..

It just bounced off and trading at 76 cents...I mean to say the traders just love you guys giving your hart earned $$$$ to them....this is a 2006 stock a NO BRAINER $1.50.....dont give your shares away as the fundamentals have not changed.....

 

[johnno261]

Re: MGX

johnno261.... do you still have your stop set at 72c..

Na took stop loss of 3 weeks ago.Still holding entire parcel minus 85,550 which i sold Friday @ 79.5!!!!!!! Stop losses can be dangerous too!

 

[johnno261]

Re: MGX

Took stop losses off,in anticipation of bad news to follow regarding "Slippage" and not being able to meet tonnage expectations, hence the sell off over the past few days!! I do expect it to possibly break thru 70 cents again unfortunately. Technically it bounced off 70 today.With the Christmas sell offs just be careful with this stock at present.I'm honest!!I dont ramp anything if it's not due!!We can all benefit from honest opinions!

 

[markrmau]

Re: MGX

Took stop losses off,in anticipation of bad news to follow regarding "Slippage" and not being able to meet tonnage expectations,

Is this rumour or has something been announced?

 

[johnno261]

Re: MGX

Is this rumour or has something been announced?

Slippage problems are a Fact. MGX discretely told the market this in one of their detailed announcements I think around July/August.Peruse thru their ann. and you will find.
I think its a big problem, as it has a snowball effect.
*MGX spending much more time clearing slippage instead of focusing on the extraction of I/Ore
*MGX unable to meet tonnage demand from China.
*MGX unable to meet tonnage targets for the quarter/Half year
*MGX porfits downgrade because all of the above.

 

[chicken]

Re: MGX

Slippage problems are a Fact. MGX discretely told the market this in one of their detailed announcements I think around July/August.Peruse thru their ann. and you will find.
I think its a big problem, as it has a snowball effect.
*MGX spending much more time clearing slippage instead of focusing on the extraction of I/Ore
*MGX unable to meet tonnage demand from China.
*MGX unable to meet tonnage targets for the quarter/Half year
*MGX porfits downgrade because all of the above.

Johnno please post where it was written in black and white, as some of it is pure rumour....I have emailed the company to advise the market as too much dishonest rumour is circulating the only slippage I know of is in my clutch in my car...LOLOLOLOLO

 

[markrmau]

Re: MGX

Ah yes I remember now.

https://www.aussiestockforums.com/forums/showpost.php?p=16643&postcount=74

I read the release and thought MGX would go down (obviously I was wrong).

Subsequently I was advised by broker to buy it, so I bought it.

 

[Kauri]

Re: MGX

I think the market may be waiting to see
the results of the BFS,
whether Shougang take up their 15% @ $0.75,
if MGX need to raise anymore capital to finance their share and how they propose to do it if necesary.

 

[johnno261]

Re: MGX

Johnno please post where it was written in black and white ,as some of it is pure rumour....I have emailed the company to advise the market as too much dishonest rumour is circulating the only aslippage I know of ,is in my cluch in my car...LOLOLOLOLO

Chicken do your own homework on this stock!! I read regarding Slippage on an MGX announcement from memory around mid year! It was in a large size pdf file that covered from memory about 28 pages! I dont fabricate this type of news.It's a fact so do your homework and find it yourself and maybe in future read announcements with more care, as this company's style is to discretely drop bad news amongst large announcements!!!ie a 28ish page pdf announcement!! If anybody here wants to keep bad news quiet, its me!!!

 

[chicken]

Re: MGX

Chicken do your own homework on this stock!! I read regarding Slippage on an MGX announcement from memory around mid year! It was in a large size pdf file that covered from memory about 28 pages! I dont fabricate this type of news.It's a fact so do your homework and find it yourself and maybe in future read announcements with more care, as this company's style is to discretely drop bad news amongst large announcements!!!ie a 28ish page pdf announcement!! If anybody here wants to keep bad news quiet, its me!!!

If it was midyear..well that is 6 months ago...and you will find that their tonage is slightly down but they are just getting into gear ..why make so much fuzz they are making $$$ and once the Chinese on board things will get better....production will increase etc...after all its still a young company..the potentials will come to light in 2006...I read what was said but these are small problems the company will overcome......why come up with this 6 months later...the Traders are trying to steal the stock...but 75 cents is the bottom..huge support..as I said a no brainer stock in 2006 at $1.50

 

[johnno261]

Re: MGX

If it was midyear..well that is 6 months ago...and you will find that their tonage is slightly down but they are just getting into gear ..why make so much fuzz they are making $$$ and once the Chinese on board things will get better....production will increase etc...after all its still a young company..the potentials will come to light in 2006...I read what was said but these are small problems the company will overcome......why come up with this 6 months later...the Traders are trying to steal the stock...but 75 cents is the bottom..huge support..as I said a no brainer stock in 2006 at $1.50

Agree MGX are making good profits.Why come up with this talk about slippage 6 months later?Unlike you Chicken, I have been aware of this problem 6 months ago when the report came to fruition. Why talk about it now? It's still having an effect!!!! Simple but honest!!!!!! Down side 75 cents? How can you say that Chicken.Dont ever be too confident about a stock, because it will be your undoing!!!! True.
Now having said all of the honest jibber above, I do agree 2006 should be a great year for this company, providing management meet timeframes and communicate to the shareholders.

 

[chicken]

Re: MGX

Agree MGX are making good profits.Why come up with this talk about slippage 6 months later?Unlike you Chicken, I have been aware of this problem 6 months ago when the report came to fruition. Why talk about it now? It's still having an effect!!!! Simple but honest!!!!!! Down side 75 cents? How can you say that Chicken.Dont ever be too confident about a stock, because it will be your undoing!!!! True.
Now having said all of the honest jibber above, I do agree 2006 should be a great year for this company, providing management meet timeframes and communicate to the shareholders.

ERvery young company has teething problems MGX is no exception..as I said before 2006 is the year for this stock...So Johnno have a happy new year ..I own 200k shares here and look forward of the company making the $$$$

 

[markrmau]

Re: MGX

The market is always right.

 

[chicken]

Re: MGX

Well I am still holding..why..they are making $$$ and its an overreaction by some traders who are having a field day...as soon as the iron ore prices are know this stock will shine again...a lot of manipulation by traders...I am a longterm investor and the positive about the news that their production of iron will increase to 26mtpa of iron ore and waste...look at their PE and as I said I am not selling as this one will run again soon..it will just take a little longer thats all