MGX - Mount Gibson Iron
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Porper
Ralph Nelson Elliott
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A little life in MGX the past few days.Not many went up today but this did.
I missed it and it was pointed out on another site.
A bit of divergence has taken place and the wave count is looking like we are in a wave 5. My very basic knowledge of Elliot Wave has given a different target to a certain nameless proffesional who is a damn site more knowledgable than myself.
I am not in due to the overall market sentiment but could be a goer.
I missed it and it was pointed out on another site.
A bit of divergence has taken place and the wave count is looking like we are in a wave 5. My very basic knowledge of Elliot Wave has given a different target to a certain nameless proffesional who is a damn site more knowledgable than myself.
I am not in due to the overall market sentiment but could be a goer.
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I think its mistake they didnt retain at least a small amount. If it blossoms MGX would benefit from it as well.
What are peoples thoughts on MGX now? Its started another downhill slide, yet again. It seems like everytime this one starts to go up, its pushed back down again. Im still very keen on this stock, and think its a good thing that Asia Iron was sold as it would have required significant resources to mine the Extension Hill Magnetite deposit. The company has alot more cash lying around now, and will be good in helping it develop other mining operations such as the Extension Hill Hematite operation.
However, from my view the chart suggests hard times ahead, and with the upcoming full year report which has already been significantly downgraded, im unsure if holding on at this point is worth it. Mabey an exit soon and a buy in when it hits 12 month lows again(if it happens).
I'd like to know other poeples thoughts about this.
Thanks.
However, from my view the chart suggests hard times ahead, and with the upcoming full year report which has already been significantly downgraded, im unsure if holding on at this point is worth it. Mabey an exit soon and a buy in when it hits 12 month lows again(if it happens).
I'd like to know other poeples thoughts about this.
Thanks.
Basically iron ore is the material to be in, and I am sure mgx will get back up to $1-$1.1 over next few months.
I am disappointed with the magnetite sale package. The chinese basically forced them to offload for less than it's true value by not taking up the shogun option thing.
Hopefully these Hui Sun investment people who have being buying up big time will get a board position to improve negotiating power with thier contrymen.
China is a very different place to do buissiness....
I am disappointed with the magnetite sale package. The chinese basically forced them to offload for less than it's true value by not taking up the shogun option thing.
Hopefully these Hui Sun investment people who have being buying up big time will get a board position to improve negotiating power with thier contrymen.
China is a very different place to do buissiness....
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Mark
Am not sure if in a few months it will be over a dollar, but I do think before year's end a substantial upgrade is possible.
People tend to forget how long it takes to set up a mining company that extracts and ships and millions of tons of ore a year, and is still in the throes of growing to its potential.
MGX may not have the diversity of OXR, but it still has a lot of expansion ahead, and should maintain solid cash flows at present iron ore prices.
One for the bottom drawer.
Am not sure if in a few months it will be over a dollar, but I do think before year's end a substantial upgrade is possible.
People tend to forget how long it takes to set up a mining company that extracts and ships and millions of tons of ore a year, and is still in the throes of growing to its potential.
MGX may not have the diversity of OXR, but it still has a lot of expansion ahead, and should maintain solid cash flows at present iron ore prices.
One for the bottom drawer.
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Nice rebound by MGX today. Up 4.5c. Those that purchased at 69c got a bargain!
I don't like like how they completely sold their share in Asian Holdings. I think they should have at least kept a foot in the tub so any gains there in future would benefit MGX as well. In the long term though I think MGX is still a good share _for me_ to own.
I don't like like how they completely sold their share in Asian Holdings. I think they should have at least kept a foot in the tub so any gains there in future would benefit MGX as well. In the long term though I think MGX is still a good share _for me_ to own.
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MGX are looking steady at lower levels, one to watch if confidence returns. The chart does point to an ominous 60 cent level, may be best to wait a little longer.
Sean K
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Bounced off the 200d ma and those two doji's signal a reversal I think. But, it's only had a couple of days of consolidating. Bit early to tell. Today won't be a good indicator either. Everything should be green today after last night!
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19% price rise announced after closing bell - effective from 1 April.
Should get a bounce tomorrow and stay higher, longer.
Should get a bounce tomorrow and stay higher, longer.
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Still difficult to get a fix on where this one is going. Directors may have their eyes off the ball with the coming General Meeting to elect a Director they absolutely do not want.
The Director that Sun Hung Kai want on the Board is Mr John Wong, real name " Dato' Wong Peng Chong ".
The Director that Sun Hung Kai want on the Board is Mr John Wong, real name " Dato' Wong Peng Chong ".
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"Mt Gibson launches Aztec takeover bid
July 24, 2006
Iron ore junior Mount Gibson Iron Ltd has launched a friendly takeover bid for Aztec Resources Ltd, which it says will create Australia's leading pure-play iron ore producer.
Aztec shareholders are being offered one new Mount Gibson share for every three Aztec shares held, which values Aztec shares at 26.3 cents each, based on the Mount Gibson volume weighted average price on July 21."
I'm a bit concerned over the number of outstanding MGX shares out there but this takeover looks welcome. It's better than what they part owned with Shoudang IMO. With Aztecs resources + MGX's mines, MGX could become a powerhouse of high grade iron ore.
July 24, 2006
Iron ore junior Mount Gibson Iron Ltd has launched a friendly takeover bid for Aztec Resources Ltd, which it says will create Australia's leading pure-play iron ore producer.
Aztec shareholders are being offered one new Mount Gibson share for every three Aztec shares held, which values Aztec shares at 26.3 cents each, based on the Mount Gibson volume weighted average price on July 21."
I'm a bit concerned over the number of outstanding MGX shares out there but this takeover looks welcome. It's better than what they part owned with Shoudang IMO. With Aztecs resources + MGX's mines, MGX could become a powerhouse of high grade iron ore.
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shinobi346 said:
MGX have fallen back to 75 cents and this takeover may give a chance to get in closer to 60 cents. Comments by " Aireview " concerning likely reductions in demand for iron ore from China and future weakness in the iron ore price, is likely to keep the MGX share price down.
noirua said:
Likely reductions in demand for iron ore in China ????
The iron ore price will come off in the medium term, say 3-4 years, but by that time BHPB and Rio will have an additional 80Mtpa of capacity online. To say nothing of CVRD. Mainly aimed at China
MGX have disposed of an very ordinary business - magnetite - at a very good time. The Pilbara is full of magnetite (BIF), if it was such a good proposition then why would such a mature resource industry not have taken it up by now (outside of Savage River in Tasmania).
