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MGX have moved up to an interesting point on the charts following the results and the increased holding by Shougang Holdings (Hong Kong) Ltd., hopefully will continue to recover.
MGX - Mount Gibson Iron
- Thread starter The Barbarian Investor
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MGX looks like it has well and truly turned for the better. Comsec shows 1 buyer with a bid of 571,302 @.90 waiting in line.
Any charts or logic as to why other than a broker recomendation with a target of $.40?
Happily holding.
Any charts or logic as to why other than a broker recomendation with a target of $.40?
Happily holding.
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Moving towards that $1.40 target with an 8.5 cent move to $1.075 with a healthy 7,280,662 shares traded. The Merril Lynch target looks a fair one as this is very much a recovery stock.
An annoucement was released at 6:33pm on ASX yesterday evening. Mount Gibson has signed off-take agreement with major Chinese steel mill "Rizhao Steel Holding Group Co. Ltd" for the sale of the remaining annual iron ore production (up to 1.5 Mtpa equivalent to 37.5% of Koolan Island's prodction at 4 Mtpa production reates) from its Koolan Island operation and up tp 900,000 tpa (30% of annualised production rate of 3 Mtpa) of iron ore from Tallering Pearking opeation.
For more details, please read the ASX announcement.
All the ex AZR shareholders (including me) finally see all the iron ore on Koolan Island are taken.
For more details, please read the ASX announcement.
All the ex AZR shareholders (including me) finally see all the iron ore on Koolan Island are taken.
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The iron should be selling at todays prices which is a good thing.
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Mount Gibson are holding up well, at $1.09, after the offtake agreement with a Chinese Steel Mill. Needs more announcements to push on much further, imho.
I think it is being rerated, along with a number of others in the iron ore sector. And refer haematite's post 30 April, this will have more bearing than the offtake I reckon. It has underperformed for a couple of years, finally seems to be getting its act together and iron ore prices are looking strong in the medium term. I think it will continue to run, I am not allowed to post a target, at least a few more cents.
I agree. Also, in the last quarter report, MGX mentioned "Koolan Island on track to commence ore shipments by the end of the June Quarter 2007". The announcement should be coming out soon.
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...and the market reacted accordingly. Looks like the Merryl Lynch forecast is more than reasonable judging by the market reaction.
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MGX are now looking good to continue their upward march. Closed at the days high of $1.29 up 11.5 cents.
First Iron Ore Shipment for Koolan Operation: http://www.asx.com.au/asxpdf/20070618/pdf/312zlv6h5qccl0.pdf
First Iron Ore Shipment for Koolan Operation: http://www.asx.com.au/asxpdf/20070618/pdf/312zlv6h5qccl0.pdf
Caliente
Black Gold!
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****, Merill did a report on MGX? How come I didnt get it.
Seriously I need to talk to this broker man of mine.
Seriously I need to talk to this broker man of mine.
Caliente
Black Gold!
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In fact I'm so p*ssed at Merrill I'm going to post their latest assessment of MMX for the sake of it. I should blame myself though as I dont think I've set up my alerts properly.
Anyway, enough rambling, enjoy the report...compliments of the fat cats at ML.
btw - no I cant find this MGX report I will look for ti and get back to you guys.
Cheers
-Cali
Anyway, enough rambling, enjoy the report...compliments of the fat cats at ML.
btw - no I cant find this MGX report I will look for ti and get back to you guys.
Cheers
-Cali
July 02 will have MGX into the S&PASX 200
cheers laurie
dang I will have to sell, looks much too solid for my portfolio! This is good news, explains the accumulation the past few weeks, one of the only pure iron ore plays in the index so if instos want exposure they need to come see us. Sellers, make them earn it.
Up 12c over last 2 days, new high reached today of $1.42. Looks like the faithful holders of this one will be rewarded in time.
Anyone keeping track of the possible spat between MGX and the EPA over the proposed protective measures for WA flora? I believe it may impact on MGX's extension plans to Extn Hill or Tallering Peak, one of those anyway...
Anyone keeping track of the possible spat between MGX and the EPA over the proposed protective measures for WA flora? I believe it may impact on MGX's extension plans to Extn Hill or Tallering Peak, one of those anyway...
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No announcements of merit in the last month and Mount Gibson have still continued to rise hitting $1.55 to close at $1.53 for the week. Trading remained very strong with 7,682,488 shares going through.
Iron ore is one of the Princes of the realm these days and that factor alone may have helped the sharp recovery for MGX stock that remained in the doldrums for quite a while.
Iron ore is one of the Princes of the realm these days and that factor alone may have helped the sharp recovery for MGX stock that remained in the doldrums for quite a while.
Love Zn
Becoming anaemic, need Iron.
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http://www.epa.wa.gov.au/docs/2395_Bull 1242 Mt Gibson PER reduced 271106.pdf
The recommendations all seem achievable and I wouldn't think have very much effect.
This is the last statement from EPA dated December 2006, don't see any others after this.
http://www.epa.wa.gov.au/article.asp?ID=2405&area=News&CID=18&Category=Media+Statements
Thanks for the links, yes I agree, doesn't seem to have prevented this one from breaking new ground recently.
