MMX - Murchison Metals

[vincent191]

What do you have to do to make this stock move?

Big increase in resources & quality and still stuck in the mud.

Maybe when the court case is settled??

 

[nunthewiser]

Off top of head ...MMX in court today with CHM

not off top of head i live in geraldton MMX been laying off ppl and cut shifts from 24hr rotating to 12 hr shifts

no links

no verification

take from it what you will

 

[Logique]

Should MMX lose the court case,
there looks to be a lot of downside already factored into the share price - is this a reasonable assumption - that 50c is looking reasonably secure support?

 

[Logique]

The quote below is from the link provided under. Note that 30 March 2009 remains the set hearing date, and that Chameleon were refused in their application to file expert evidence.

Murchison Metals (ASX:MMX) has advised that a directions hearing in the proceedings commenced by Chameleon Mining NL (“Chameleon”) against Murchison, Crosslands Resources Ltd and other parties, was held in the Federal Court on 5 February 2009.

At the directions hearing Chameleon sought various orders including that it be permitted to file expert evidence. The effect of the orders sought, if granted, would have been that the provisional trial date of 30 March 2009 would have been vacated and the hearing delayed until mid-2009. In its quarterly report dated 30 January 2009 Chameleon stated that it “maintains its desire to have its claims against Murchison and others determined as expediently as possible”.

Murchison is pleased to advise that Justice Jacobsen refused Chameleon’s application and the hearing
remains set to commence on 30 March 2009.

Murchison notes that in an affidavit filed in support of the application, Chameleon’s solicitor states that, in her belief, if Chameleon is not permitted to adduce the expert evidence which was the basis for the application “it is likely to encounter significant difficulties in proving its case against the Respondents”.

At the hearing the Judge also ordered Chameleon to pay Murchison and Crosslands the third tranche of security for costs in the sum of $225,000 within 14 days. Orders were also made for Chameleon to provide security for costs for the other Respondents.

The next directions hearing is 12 March 2009.

http://www.proactiveinvestors.com.au/companies/news/819/murchison-metals-provides-chameleon-litigation-update-0819.html

 

[vincent191]

MMX has always maintained that it is confident of winning the Goliath vs David courtcase. MMX being the Goliath. Negotiations to have this matter resolved have failed and MMX has elected for this case to go to court.

The court case is currently scheduled for the 30th of March although Chameleon had tried unsucessfully to have that deferred to mid 2009.

The guy behind the Chameleon claim is Benny Elias the former rughby league front rower from the Balmain Tigers. It is reported that he is putting in his own money to partially fund the litigation.

From what I can dig up from old newspaper reports the claim is centred around an old agreement made by the old MMX management & the old Chameleon management. Under the agreement Chameleon will help MMX and in return MMX will give Chameleon 5% of it's mining assets.

Whether the old agreement is valid (it was signed by both parties that are no longer involved in either Company) or how much help Chameleon gave MMX (if any) is up to the court to decide, so it will be unwise to comment.

Personally and I repeat, in my own personal opinion, I think MMX has the stronger hand. Firstly, the old Chameleon management will not enter into the fray unless Benny will indemnify them for their legal costs.

Secondly, Chameleon's original lawyers abandoned the case citing that Chameleon had not paid their bills. Subsequently Chameleon had secure litigation funding and appointed new lawyers.

Thirdly, Chameleon has asked for the court case to be postphoned to get expert opinion without which it will be seriously disadvantaged. The court has ruled against the postphonement. Will this seriously disadvantage Chameleon??

Chameleon has little or no assets and had been deregistered before. It has been brought back to life after Benny Elias got involved so it does lend some weight to MMX's statement that is is an opportunistic attempt.

Readers of this posting please be aware that the above is from what I read from old newspaper reports. I am purely repeating what I have read and expressing my own personal opinion. All care taken but no responsibilities accepted.

The writer hold shares in MMX.

 

[Logique]

4 March 2009, from ASX announcements,

Sinosteel Ocean Capital have become a substantial shareholder, now holding 5.85% of MMX. Murchison's Executive Chairman says it's clear that Sinosteel sees Murchison as a sound investment considering it's status as a major strategic player in the mid-west region. MMX shares up 10% today.

 

[vincent191]

Sinosteel is using Mid-West as the vehicle to buy Murchison shares. Note - they used a Mid West letterhead, not a Sinosteel letterhead in the notification to ASX !!!

Therefore reading between the lines, is Mid-West getting ready for a full bid on Murchisons?

This is possible. Murchisons and Mid West have attempted a merger before but the Foreign investment review board was against it. Apparantly the FIRB has since changed it's mind.

I think things will get exciting once Murchisons get over the court case.

 

[Logique]

Thanks Vincent good info is coming from you on this.

..once Murchisons get over the court case.

Was very interested this morning, but this was on my mind, could possibly cause it to stay in a range until the decision is handed down. Also thinking of how FMG went up and straight back down in recent days.

 

[vincent191]

If Mid West & Murchisons merge it will make the proposed rail link to the port twice as economical. There is a lot of synergies to be shared.

Murchisons is already the preferred party to develop the port and Mitsuibishi has indicated it will fund the 2 billion dollar rail link and the WA government may fund the port development. Very interesting going forward. Maybe another Fortesque in the making???

 

[vincent191]

Any news on Murchisons besides what is reported in the media? What's the latest speculation? The share price seems to be stuck around the 70 cents mark even after the rail link announcement.

 

[vincent191]

In the last two trading days the SP had jumped by >50%. Anyone know why? I cannot seem to get any news from the media. Not that I am complaining.

 

[vincent191]

MMX has been flying recently. They were issued a speeding ticket last week but there was nothing new in their reply.

I am only guessing here but the Commonwealth will announce some big infrastructure spending in tomorrow nights budget and I suspect Okajee port will be one of the projects included in the budget.

As always, do your own research but this is what I think. If my thinking is correct MMX will push $2 by the week's end if all else remain unchange.

 

[happytown]

I am only guessing here but the Commonwealth will announce some big infrastructure spending in tomorrow nights budget and I suspect Okajee port will be one of the projects included in the budget.

you may be onto something vincent,

12/03 conf pres ann mmx states oakjee declared wa's most important infrastructure project

wa govt seeking matching cth govt contribution through infra aust for common user portion of port, with the decision expected by the end of march (as yet not announced)

20/03 infra agree ann wa govt est cost of outer harbour const at $678M, with half of this sought as above form cth govt through infra aust

as above the cth govt infra aust funding decision is still to be announced

sinosteel could still be acquiring on market (see previous substantial holder ann)

cheers

 

[vincent191]

FIRB has just approved GBG deal with China (Ansteel). One of the conditions of the FIRB approval is that GBG must support the Okajee port project. It must ship it's ore out of Geraldton to China.

Now, why would the FIRB insist GBG use Okejee if they have no intention of building the port extensions.

GBG has already booked 2 berths in the port, MMX has to move very fast on their bankable resources survey and book the better located berths. It is expected to be realise in the second half of 2009.

Don't be surprised if MMX hits >$2 by end of 2009. Good Luck......keep smiling.

 

[vincent191]

Strongly rumoured in the WA mining community that Oakajee port & rail link funding will be announced in tonight's budget.

Originally MMX & it's JV partner planned to fund the OPR infrastructure but now thanks to the financial crisis the Commonwealth & State Government will play Santa Claus and chip in >$600m.

Yesterday FIRB approval was given to GBG & one of the conditions was they had to support OPR.

Right now OPR already has 3 firm commitments of support.
MMX, GBG, Midwest (Sinosteel) and a host of smaller fe miners. Finally after decades of planning it looks like the Mid-West region is about to take off.

MMX looks like it is tracking the FMG footpath. It is still very early days but once the serious money starts to pour in the future looks more certain. The timing is also looking good. Serious production is at least 2 or 3 years away and hopefully we will be well and truely over the current recession.

GBG has already established a 1500 men work camp building their rail spur and putting down the ground work and ordering equipment to commence production by the end of the year. They have also booked berths 5 & 6 in Oakejee (Geraldton) port.

The only missing ingredient is for China to get back on track and resume it's hunger for iron ore & coal.

 

[grace]

Strongly rumoured in the WA mining community that Oakajee port & rail link funding will be announced in tonight's budget.

Originally MMX & it's JV partner planned to fund the OPR infrastructure but now thanks to the financial crisis the Commonwealth & State Government will play Santa Claus and chip in >$600m.

Yesterday FIRB approval was given to GBG & one of the conditions was they had to support OPR.

Right now OPR already has 3 firm commitments of support.
MMX, GBG, Midwest (Sinosteel) and a host of smaller fe miners. Finally after decades of planning it looks like the Mid-West region is about to take off.

MMX looks like it is tracking the FMG footpath. It is still very early days but once the serious money starts to pour in the future looks more certain. The timing is also looking good. Serious production is at least 2 or 3 years away and hopefully we will be well and truely over the current recession.

GBG has already established a 1500 men work camp building their rail spur and putting down the ground work and ordering equipment to commence production by the end of the year. They have also booked berths 5 & 6 in Oakejee (Geraldton) port.

The only missing ingredient is for China to get back on track and resume it's hunger for iron ore & coal.

There you go, it is there in the budget. Was it $350mill around about? Talk about insider knowledge-quite a few of the mid-west iron ore juniors taking off over the last coupla days! Who goes to jail for this insider trading? Could be a good day tomorrow too for mmx - pity I offloaded most of mine the other week.

 

[nunthewiser]

re oakagee

Did you know........... the oakagee project has been going to happen at least 4 times in the last 30 years

Did you know there hasnt even been a feasability study done as yet

Did you know that original quote was at 4 bill which BEFORE ANY work has been done has blown out to 10 bill . who gunna pay ? not the feds , they kicking in 399 mill

Did you know MMX has currently only a skeleton crew and if you ring and ask they will inform you that quite a few of there workers are currently on forced holidays ....not that this got anything to do with SP but im from geraldton WA , know plenny ppl that work there and just thought i,d point out a cupla things you only here from up here.......

anyways................

as you were

p.s my post has absolutely nothing to do with trading action and i personally have been trading OTHER midwest iron ore stocks lately also thjat have laid off a heap of workers

 

[nunthewiser]

p.s they have done an ocean study along the designated coastal area and have some fancy buoy thingo measuring waves and stuff

oh yeah seen a few helicopters ferrying some suited nobs up to my fishing spot also so they can point at the ocean a lil bit also BUT as far as ANY other developments ...nothing .....

top windsurfing and fishing spot tho and reckon next time they fly over they should bring a handline

 

[Who Dares Wins]

oh yeah seen a few helicopters ferrying some suited nobs up to my fishing spot also so they can point at the ocean a lil bit also BUT as far as ANY other developments ...nothing .....

Regardless, the allocating of funds in the budget is a positive move showing govt support. And the "suited nobs" may just be going up there for reasons other than to point at the sea.

If I were you I think I'd be making the most of that fishing spot while I could.

 

[vincent191]

nunthewiser.....thank you for you local knowledge & input, it is very very informative. A couple of months ago when MMX was trading at around 90 cents I was looking at buying more but looking at the pictures I cannot see a lot of tangible assets. Just a lot of dirt & some great pictures of the Jack Hill. I concluded that I am practically buying just a lot of dirt in the ground