MMX - Murchison Metals

[rustyheela]

MMX

Murchison Metals starts scoping work at RockleaFont Size: Decrease Increase Print Page: Print Elisabeth Behrmann | June 26, 2009
Article from: Dow Jones Newswires
MURCHISON Metals said today it had started scoping study work on its wholly owned Rocklea iron ore project in Western Australia's Pilbara region.

Rocklea is situated near existing and planned rail infrastructure near the towns of Tom Price and Paraburdoo, and has a maiden inferred mineral resource of 100 million metric tonnes at 59 per cent iron content.

Murchison's scoping study will consider mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors, targeting completion by the fourth quarter of this year.

The company also noted Aquila Resources recent announcement regarding a cooperation with Fortescue Metals Group for a proposed shared port at Anketell Point.

"Any such development could be highly relevant to the development of Rocklea, and will be investigated as part of the scoping study work," Murchison said.

The Perth-based miner expects to release an updated resource in the September quarter.

 

[skc]

MMX announced that they settled a litigation case with Koh & Evans on Friday night costing them some $7m in value (combination of shares and cash) + costs. Today, the counterparty CHM happily received the settlement amount and issued the following statement:

We also note that despite being offered the opportunity, MMX failed to secure any release from the plaintiffs' as part of the settlement structure. By failing to secure those releases, Murchison may have also left themselves open to an additional series of separate actions claiming more shares

Anyone with a legal mind care to explain that? It seems totally crazy to me that someone would pay a settlement without saying you can't sue me again!

No wonder MMX plunged today.

 

[vincent191]

I find it hard to believe that anyone will fork out more than $7m in a payout with no strings attached!!!!

I wish MMX will respond quickly and let it's shareholders know what the deal is and what's this 50% that CML is talking about?

I am a shareholder and I have only factored in a maximum of 5% dilution in the worst case.

 

[rustyheela]

MMX

Trading halt? - capital raising? takeover? huge resource update? More chinese investments? any theories? cant find any other diggers in trading halt

 

[vincent191]

Re: MMX

Trading halt? - capital raising? takeover? huge resource update? More chinese investments? any theories? cant find any other diggers in trading halt

WA trade delegation had signed a number of MOUs with the Chinese regarding Okajee port & rail development. Expect a major announcement Monday. MMX is all good news. I can't wait for the details, possible that Sino Steel wants a bigger slice of the Mid West pie. Also China railway is interested to build the rail link and supply rolling stock. Also the steel rails will be supplied by a Chinese steel mill. A matter of you scratch my back and I will scratch yours.

 

[trainspotter]

Heard today that (nameless) hire company has been awarded major contract for construction phase with OPR. Source is hearsay mind you but ... where there is smoke there is fire. Have also noted Aggreko (generator hire company) have increased machinery holdings in local compound.

 

[sidious]

Up 20% at the time of this posting. Wipee. My top performer for the day!

Anybody with a chart on this? Mr. Nick Radge, are you on MMX as well.

Thanks

 

[vincent191]

Hahahaha......the bankable feasibilty study is not even finished...how can they start construction. They are still sitting on the dock of the bay measuring the tide & the wave heights.

The Chinese will come and pay us a visit in September. The BFS will be finished by end of this year then construction can start. Worley Parsons have already been engaged only 2 weeks ago. They have only just started concept design.

People, don't get so far ahead of yourselves. This thing won't get finished until 2013. But all else being equal MMX will be gaining strength each day. Don't forget FMG reached some dizzy heights >$12 way before they start production. Many millionaires were created even before a single ounce of iron ore was ever shipped.

Cheers

 

[trainspotter]

Sorry, should have been "preferred tender" for construction phase. January is only 5 months away and this thing has been on the drawing boards for 25 years or more. Not too far to stretch one would have thought?

 

[nunthewiser]

Sorry, should have been "preferred tender" for construction phase. January is only 5 months away and this thing has been on the drawing boards for 25 years or more. Not too far to stretch one would have thought?

um in the local paper in gero there saying they need to expand CURRENT port as oakagee aint got a hope in hell of being even close within 5 years

NO bank feasability study

just a lot of tossers kicking sand and doing sea studys

not even sure the EPA even had there say yet

oakagee been going to get built definately at least 3 times over the years that i know off

anyways..........trade it dont love it

lol yes lots of ppl apparently going to do it but they gunna be waiting a while

luv from gero

 

[trainspotter]

Thanks for the ground zero insight nunthewiser. Just fighting the good fight as a true believer in progress of WA. Read somewhere (West Australian Friday July 24th Page 4) that OPR has Chinese fingerprints all over it?

 

[sidious]

I don't think we are getting ahead of ourselves. We can compare MMX to FMG and the story is the same. The good thing is MMX has no debt, backed by the likes of ANZ, and shares are not so diluted. See shares on issue. FMG has 3BILLIONS and MMX has 400M only. This will be a rarity soon. Get on to it before the interested Chinese company do.

I invested $10k on this last Feb and made it a free carry last May. Bought lots during the crazy pullback at $1.18. One man's trash is another's treasure. I will hold onto them until I feel happy to sell it. $10 maybe.

WOR's participation is a good thing. They can speedup the design process if they need to because they can.

 

[nunthewiser]

Thanks for the ground zero insight nunthewiser. Just fighting the good fight as a true believer in progress of WA. Read somewhere (West Australian Friday July 24th Page 4) that OPR has Chinese fingerprints all over it?

yeah m8 OPR consists of variuos chinese steelmills via various holdings thoughout the midwest ore hopefuls also the japanese who are involved via MMX/crosslands

and yes the chinese coming to town to put the pressure on and have a kick of the sand also very soon apparently .......

i,m all for progress here , hell its needed otherwise Geraldton will get put back to sleep again.....

incidently MIS midwest corp now sinosteel has added chinese writing on its logo up here dunno what it says but it sure is a sign of the times in the midwest

plenty of money movers and shakers want a piece of oakagee BUT they also ALL want a larger piece of the planned control/operation of the port which the WA gov is dragging there heels over

hey PERSONALLY would prefer the proposed port to be OZ owned and operated with a user pays system but methinks for this port to FINALLY get actually built more leeway will have to be given to those paying for it.

intresting times around here at present and YES theres a heck of a lot of noise coming from the invested parties involved ........

 

[trainspotter]

Hopefully the kindling is dry enough for the smoke to turn into FIRE this time. I have some property in Geraldton that coud do with a boost of Chinese capital. Seems they have gone too far this time to turn back? State Govt committing $$$ to the funeral pyre surely must help?

 

[nunthewiser]

Hopefully the kindling is dry enough for the smoke to turn into FIRE this time. I have some property in Geraldton that coud do with a boost of Chinese capital. Seems they have gone too far this time to turn back? State Govt committing $$$ to the funeral pyre surely must help?

state Gov apparently was committing $$$ all the other times . pulled out and closed the doors ....killed "kingstream " killed Geraldton as in development for a while ....and nailed a blooody lot of local and not so local investors pinning there hopes and cash on the port being built

not saying it wont happen , its just that a few of us up here are a little cynical when we hear the words "oakagee port"

i hold a small land holding within VERY close proximity to the PROPOSED oakagee development ...... i have every reason in the world to want to see it succeed.

between buller river mouth and 10 clicks north of coronation beach is my playground , its where i fish , ride , camp .... cant say ive seen any actual development as yet other than a lot more ppl flying around in helicopters and the odd suit staring at me in disgust as i crawl out of my swag in my boxers.

 

[trainspotter]

Wasn't Kingstream backed by Ken Court and Russel Hawkins? Ken Court being Richards older and smarter brother. Richard was in power when it came to a head and failed to burst it's banks.

Cynical and Geraldton seem to go hand in hand at the moment. IMO. Like a prepubescent female. Has potential. In 5 years time.

Sounds like a nice place you got there Nun. Your very own boys playground. Nice and close to the action so you can keep ONE eye on the development as it proceeds. Expecting up to date reports with 9 x 6 photos next post.

Have got mental image of you in boxers. Doing my head in it is. *GAG*

 

[sidious]

I'm excited on this one because of many scenarios that can arise. It rose to $6 because of the story and because of the interest of many big players wanting get in. I see history repeating itself but this time the story just got better.

Scenario 1 - Sinosteel will increase holding and is being pushed by Barnett
Scenario 2 - POSCO (co owned by my mentor Warren) will increase holding to prevent a Chinese takeover
Scenario 3 - BHP / RIO could get in as well through various means
Scenario 4 - Other chinese investors will get in after the marketing events recently
Scenario 5 - Nothing. Remain flat. sell down. Zilch. I want a fair assessment. I'm not ramping. anything is possible. The market is most likely going to go against my prediction. There is the CHM thing which we don't want but then thanks for that. I manage to increase my holding.

So this is it. This is what makes it exciting. At only 400M+ shares on issue, low of supply and demand tells me MMX can rise quickly in no time.

WRT the development not happening, the planning takes time but once everything is in motion, it will be too late to get on.

 

[vincent191]

I was thinking, should CHM win another payout in MMX shares I will certaintly advocate a big non-renounable rights issue. Let those silly buggers in CHM find millions to take up their rights. If they cannot find the $$ let's dilute the buggers.

 

[sidious]

Everything is going as planned! Now we will see some more serious action tomorrow. BTW AFR has an article today about MMX.

 

[Who Dares Wins]

Announcement from yesterday. I'm surprised theres no discussion about it yet?

"Additional Exploration target of 400 - 1000Mt of predominantly BFO with a component of DSO being drilled as part of the current drilling campaign."

"If fully realised, the additional exploration target tonnages would lift the project size to between 1.5-2.1 billion...."

So potential to double the project. Shares up 15 cents yesterday I think. Hopefully a bit more today.