MGX - Mount Gibson Iron
- Thread starter The Barbarian Investor
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Only went up by 3cents....but should gain traction VERY fast now...as The Russians will want more shares, the Chinese...and perhaps some Aussies will buy more....and I forgot..THE FUNDS will be BUYING BIG...as MGX will be a much larger company now...looks like that Appointment of that one director of WMC knows his stuff....its a goer now......I read somewhere that the Chinese are building the rail...for a lot of the midwest infrastructure...they might have to import their own labour to build the rail line....I own MGX shares..looks like payday soon.....chicken said:Takeover is now on..MGX got 90.08%...rest is compulsory acquisition....so its virtually complete..should drive this share through $1+ quickly......
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Right. I believe it will surpass $1 in a week or two when everyone comes back from holiday and realises the hot spot. Think all bullish news surround MGX: takeover success, iron ore price rise, backing from Russian & chinese
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Moving on to 94 cents this morning as the bid problems vanish. Fresh air, fair winds and blue sky ahead; feelings are this was a good deal for MGX as Aztec fall at last.
Yes indeed.
AZR is providing a cheap entry point into MGX
Picked up another 20,000 AZR today at 29.5 when MGX were 0.94. A nice 5%+ arbitrage.
MGX is well positioned now, surprised that PMM has been so static with the recent rapid price settlement pointing to strong prices over the next settlement periods.
AZR is providing a cheap entry point into MGX
Picked up another 20,000 AZR today at 29.5 when MGX were 0.94. A nice 5%+ arbitrage.
MGX is well positioned now, surprised that PMM has been so static with the recent rapid price settlement pointing to strong prices over the next settlement periods.
Kipp
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Haemitite do you hold PMM? Care to add something to the PMM thread (which itself has been static for the past year and half) it looks like a goer to me as well. But I'm still struggling to ascertain the mine life (it was not either of their last reports) assuming it is 15+ years they look like a good buy to me, but at the moment I'm on the sidelines.haemitite said:
Have to laugh now at the AZR director now upon MGX inital takeover offer. Labelling it as "opportunistic". When they were offering 24c a share (as MGX was then 72c) when AZR was trading at 8c! 3x the price (though now nearly 4x) is still an "opportunistic" offer, lol.
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RIO Ore price increase at the upper end of expectations should only work in favour of MGX as well, despite being some way off expected peak production.
Yes, I have PMMKipp said:
I bought two 15,000 parcels for under 1.00 in 2001, got out for around 2.50 ...... a little early. Partly as I knew that the internal company view back then was that the share pice was highish.
The 71% price hike in 2004 was a huge surprise, so I've bought back into PMM recently at the current levels as I don't see iron ore fading soon. Plus PMM presumably are looking at opportunties in the Pilbara now that the two big railway lines are beginning to be prised open
BTW, your maths on AZR is out. They were 20c or so when the bid was made, 30c today. They arguably would have got to 30c at first production so I do agree that the MGX bid was opportunistic. Shocker of a defence though.
Kipp
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They were 20c??? Really... my apologies then. Terrible memory, terrible research. PMM look cheap, but the charts don't look that appealing right now... sort of punting on picking the bottom, as their's not clear indication that it's broken it's downtrend just yet. Last post that has nothing to do with MGX I promise.haemitite said:
P.S. mate.. you can hardly feel bad about selling for 150% gain. As they say hindsight is 20/20.
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MGX have confirmed, in the ASX ann, that they have fixed iron ore prices at 9.5% above current levels and that they come into force from 1st April 2007.
Kipp
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Yeah... once CVRD made the agreement with Baosteel- the precendent was set. RIO also 9.5% increase. MGX/PMM etc just have to follow the lead of the big boys I suppose...noirua said:
MGX is looking huge at the moment, in my opinion there is a take over coming in the next 2 days.
Someone just bought 20 million shares. Thats like 5% of the company I think.
It is 20 times the average volume for a normal day,
Someone is buying on the low, I think there is a huge announcement coming.
http://www.flickr.com/photo_zoom.gne?id=349981406&size=o
Have a look at the graph LOOK AT THE VOLUME TODAY.
Someone just bought 20 million shares. Thats like 5% of the company I think.
It is 20 times the average volume for a normal day,
Someone is buying on the low, I think there is a huge announcement coming.
http://www.flickr.com/photo_zoom.gne?id=349981406&size=o
Have a look at the graph LOOK AT THE VOLUME TODAY.
Caliente
Black Gold!
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smells like an insto to me? it also smells good ^_^
Looks like iron ore is going to Fe/ature in 2007.
I'm a bit torn really because Merrill Lynch has been going bonkers over nickel.
Apart from MGX and SRK what else is looking pretty?
Looks like iron ore is going to Fe/ature in 2007.
I'm a bit torn really because Merrill Lynch has been going bonkers over nickel.
Apart from MGX and SRK what else is looking pretty?
From The West Australian today
The Russians are coming
8th January 2007, 7:45 WST
http://www.thewest.com.au/default.aspx?MenuID=32&ContentID=18090
Russian eyes are expected to start scouring Western Australia’s booming resources industry for fresh opportunities next week when representatives of Russian iron baron Alisher Usmanov hit town for a first hand look at the billionaire’s newlygained beach-head in the local iron ore sector.
Mr Usmanov’s London investment vehicle, Gallagher Holdings, became a key player in WA’s iron ore sector in November when it backed Mid-West miner Mount Gibson Iron’s $300 million takeover of Kimberley rival Aztec Resources.
The move delivered the Russian oligarch an 18 per cent stake in the fast growing miner, and in the process outpointed Chinese steel giant Shougang which has 13 per cent.
Reputedly boasting a personal fortune of more than $US3 billion ($3.8 billion), Mr Usmanov is one of the most powerful businessmen in Russia as chairman and major shareholder of Metalloinvest, the nation’s largest iron ore producer and fifth biggest steel maker.
He also runs the investment arm of Russia’s national energy group, Gazprom, and acquired influential national daily newspaper Kommersant, underlining his close links to the Kremlin and Russian President Vladimir Putin.
Mt Gibson Iron boss Luke Tonkin told WestBusiness that he had spoken only briefly to the company’s new Russian benefactor since an introductory meeting with Mr Usmanov in Moscow in late November.
However, he revealed Mt Gibson’s biggest shareholder would be visiting WA to meet with the company in a matter of days.
“We’ve spoken to the Russians only for them to say congratulations on this takeover,” Mr Tonkin said. “But they are coming to see us midway through this month.”
Mr Tonkin did not reveal whether his Russian visitors would be canvassing other investment opportunities in Australia.
However, Mr Usmanov’s $120 million plunge on Mt Gibson is widely viewed as just the first step in a broader strategy to build a substantial presence in Australia’s resources industry and gain greater direct exposure to China’s booming economy and diversify outside Russia’s borders.
Even before his move on Mt Gibson, Mr Usmanov was one of several overseas groups interested in acquiring a cornerstone stake in Andrew Forrest’s Pilbara iron ore developer, Fortescue Metals Group.
However, he was outgunned by US investment fund Leucadia National, which snapped up a 10 per cent stake for $US400 million in equity and loans that will net it more than $1 billion in repayments over 13 years.
And last month, Kommersant revealed that Metalloinvest was eyeing a half stake in Dharkan Metallurgical in Mongolia, which owns the rights to extensive high grade iron ore and processing facilities across the border from China.
Mr Usmanov has already indicated that he expects Mt Gibson to provide a strategic window to Australia’s resources industry.
Last month, it was only support from Mr Usmanov which enabled Mt Gibson to defeat an attempted boardroom takeover by Chinese shareholders, including Shougang, at the company’s annual meeting.
Mr Tonkin said he had since spoken to one of those Chinese parties, Shougang-backed Shanghai Merchant Holdings, to “clearly articulate” the company’s business strategy, including its belief that there are few attractive opportunities for further consolidation in the current market.
Shanghai Merchant has previously expressed its desire for Mt Gibson to spearhead further consolidation in the sector.
“We articulated that . . . Mt Gibson Iron is not going to invest in or take over companies it doesn’t see vae in,” he said. “We are not going to consolidate for consolidation’s sake.”
The Russians are coming
8th January 2007, 7:45 WST
http://www.thewest.com.au/default.aspx?MenuID=32&ContentID=18090
Russian eyes are expected to start scouring Western Australia’s booming resources industry for fresh opportunities next week when representatives of Russian iron baron Alisher Usmanov hit town for a first hand look at the billionaire’s newlygained beach-head in the local iron ore sector.
Mr Usmanov’s London investment vehicle, Gallagher Holdings, became a key player in WA’s iron ore sector in November when it backed Mid-West miner Mount Gibson Iron’s $300 million takeover of Kimberley rival Aztec Resources.
The move delivered the Russian oligarch an 18 per cent stake in the fast growing miner, and in the process outpointed Chinese steel giant Shougang which has 13 per cent.
Reputedly boasting a personal fortune of more than $US3 billion ($3.8 billion), Mr Usmanov is one of the most powerful businessmen in Russia as chairman and major shareholder of Metalloinvest, the nation’s largest iron ore producer and fifth biggest steel maker.
He also runs the investment arm of Russia’s national energy group, Gazprom, and acquired influential national daily newspaper Kommersant, underlining his close links to the Kremlin and Russian President Vladimir Putin.
Mt Gibson Iron boss Luke Tonkin told WestBusiness that he had spoken only briefly to the company’s new Russian benefactor since an introductory meeting with Mr Usmanov in Moscow in late November.
However, he revealed Mt Gibson’s biggest shareholder would be visiting WA to meet with the company in a matter of days.
“We’ve spoken to the Russians only for them to say congratulations on this takeover,” Mr Tonkin said. “But they are coming to see us midway through this month.”
Mr Tonkin did not reveal whether his Russian visitors would be canvassing other investment opportunities in Australia.
However, Mr Usmanov’s $120 million plunge on Mt Gibson is widely viewed as just the first step in a broader strategy to build a substantial presence in Australia’s resources industry and gain greater direct exposure to China’s booming economy and diversify outside Russia’s borders.
Even before his move on Mt Gibson, Mr Usmanov was one of several overseas groups interested in acquiring a cornerstone stake in Andrew Forrest’s Pilbara iron ore developer, Fortescue Metals Group.
However, he was outgunned by US investment fund Leucadia National, which snapped up a 10 per cent stake for $US400 million in equity and loans that will net it more than $1 billion in repayments over 13 years.
And last month, Kommersant revealed that Metalloinvest was eyeing a half stake in Dharkan Metallurgical in Mongolia, which owns the rights to extensive high grade iron ore and processing facilities across the border from China.
Mr Usmanov has already indicated that he expects Mt Gibson to provide a strategic window to Australia’s resources industry.
Last month, it was only support from Mr Usmanov which enabled Mt Gibson to defeat an attempted boardroom takeover by Chinese shareholders, including Shougang, at the company’s annual meeting.
Mr Tonkin said he had since spoken to one of those Chinese parties, Shougang-backed Shanghai Merchant Holdings, to “clearly articulate” the company’s business strategy, including its belief that there are few attractive opportunities for further consolidation in the current market.
Shanghai Merchant has previously expressed its desire for Mt Gibson to spearhead further consolidation in the sector.
“We articulated that . . . Mt Gibson Iron is not going to invest in or take over companies it doesn’t see vae in,” he said. “We are not going to consolidate for consolidation’s sake.”
MGX MGX
IRON ORE STOCKPILES LOWER IN CHINA
http://www.interfax.cn/displayarticle.asp?aid=20393&slug=IRON ORE
IRON ORE STOCKPILES LOWER IN CHINA
http://www.interfax.cn/displayarticle.asp?aid=20393&slug=IRON ORE
Sean K
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Yes, 0.08% lower than last week. That's not very exciting to me. Is that significant astojic?astojic86 said:
Big volume on MGX today and it went down 1 % or so. That's not normally good is it?
Agree kennas, big vol down sp would not normally give you the ring of confidence in a stock but the market was a sea of red today so 1% isn't to bad.kennas said:
Lets see what the russkies buy tomorrow.
I'm in late on this one though, thought i'd make some quick beer money just before christmas. But turning in to very a dry argument !!!!!!
Holding 5k@ .83
Cheers
