MMX - Murchison Metals

[hookon]

Next court date is in may.

MMX complaining that they want it sorted out ASAP.

MMX says that they can't engage in any takeover activity because an potential target will reject due to chameleon worries.
Then MIS & sinosteel have said they wont buy MMX while Chameleon problem exists & they also want a resource upgrade.

So imo not much going to happen till this is sorted.

 

[hookon]

http://www.theaustralian.news.com.au/story/0,25197,23519638-16941,00.html

Has Sinosteel shot it self in the foot?

 

[hookon]

http://www.businessspectator.com.au/bs.nsf/Article/Nickel-play-DY6E5?OpenDocument

Is a merger still an option?

 

[hookon]

http://www.theaustralian.news.com.au/story...5005200,00.html

Sinosteel is circling (from afar bar circling)

Sinosteel has temporarily withdrawn its application seeking prior approval to take a stake in another iron ore company in WA's mid-west, Murchison Metals. A spokesman for Sinosteel says there is no comment.

I think that as soon as Sinosteel wins control of MIS they will be knocking on our door.

Thoughts anyone?

 

[shaunm]

Hi Hookon, how could sinosteel try and take over MMX when Mitsubishi has a $3 billion stake in them?

 

[hookon]

Hi Hookon, how could sinosteel try and take over MMX when Mitsubishi has a $3 billion stake in them?

Well Money Talks.

When MMX went to take Over MIS they attacked MIS for not taking the best deal for shareholders. MMX indicated that they would not be so greedy & would take an appropiate offer if it was in the interests of shareholders.

Plus at the end of the day MIS & MMX are better as one not two. Especially Two who don't get along.

MMX was first to attack but failed. Now Sinosteel probably trying exactly the same thing. Except they are using cash not shares.

Just a thought though & if you disagree good - nothing wrong with that.

But if they do come it has to be good for all of us as shorely that will lift the price & even give an indication of project value to outside interests.

 

[shaunm]

I agree that MMX & MIS makes sense as one entity especially to alleviate the bickering over who is going to develop the rail infrastructure and also the proximity of their resources. As you know Mitsubishi bought in with the intent of helping to fund the MMX bid.
I am just having trouble undertsanding how Sinosteel could t/over MMX when Mitsubishi is so heavily involved? Would it not involve Mitsubishi relinquishing it' stake?
Please someone feel free to correct me if I am reading this wrong.

 

[hookon]

I agree that MMX & MIS makes sense as one entity especially to alleviate the bickering over who is going to develop the rail infrastructure and also the proximity of their resources. As you know Mitsubishi bought in with the intent of helping to fund the MMX bid.
I am just having trouble undertsanding how Sinosteel could t/over MMX when Mitsubishi is so heavily involved? Would it not involve Mitsubishi relinquishing it' stake?
Please someone feel free to correct me if I am reading this wrong.

Maybe they don't want to T/o maybe want majority ownership of both. Highly unlikely as you say.

But at the end of the day even mitsubishi would have to think about being bought out if the price was right. Also highly unlikely.

Interesting to see what comes if anything.

Maybe they want a backup if MIS goes sour?

 

[thierry]

I think they are tying to pressure MIS.. saying they'll go for MMX if MIS don't come to the party.. also by launching a takeover of MMX, they can compare the resource of both companies.. and who knows one they they might both merge, or might both be taken over by Sinosteel.

Also takeover speculation on MMX, will move shareholders from MIS to MMX, as happened when MMX bid for MIS.. this would reduce the MIS shareprice, and maybe persuade many MIS shareholders to accept the Sino offer..

all confusing.. as long as the mMx shareprice goes up.. i'm happy.

 

[Gekko]

Sinosteel increases its offer for MIS to $6.38 subject to Sinosteel receiving acceptances of 50.1% of Midwest shares. MIS shareholders owe MMX a big thanks for getting things rolling. From here, the question is, who is next. Much mid-tier consolidation in the sector is needed to compete with the majors and viod off foriegn investment.

 

[Gekko]

I bought some more Murchison today as did i yesterday. The operating synergies with Midwest are great. Too great in fact for disagreement, and too great to be argued away. Sinosteel will take them out...if the government allows it?


http://www.thewest.com.au/default.aspx?MenuID=32&ContentID=70627

 

[thierry]

Looks like the markey thinks MMX is the next take-over target...

Can't see why not..

Does anyone know the ore capacity of MMX compared to MIS?

I'm just trying to gauge a price for MMX based on the offer price MIS has received from Sinosteel?

 

[Gekko]

Up another 6% today. Having a steller run off the Midwest deal. The market is speaking saying that Murchison is next. Breakout on the chart.

 

[thierry]

looking strong at 4.85.. If it can break through 5.. we could be in for some blue skies.. not sure why it went up today though... I'm expecting a lot of speculation on this stock in the near future..

 

[grace]

Is anyone still holding this? Is taking a massive hiding today. Any thoughts on what could be wrong. I know all iron ore stocks are down, but this is going back to the days before mining! This was my first ever iron ore stock purchase from sub $2. Is their some information I don't know about?

 

[shaunm]

Well Grace I got back into MMX on the infra news and am in complete shock.
Judging by the trades today someone is trying to capitalise on the general fear in the market, prior to a possible decision from the Govt. re Sino's plans.

Just a case of grin and bear it I think.

Ridiculously oversold for a producer with the rights to develop & run a port.

 

[grace]

Suspect we are not going to see any improvement in sp until the matter with Chameleon is resolved.

MMX continue to claim that Chameleon have no claim. I've always thought that MMX were well managed, and this was my first iron ore investment. It has been a rollercoaster ride though.

Murchison Metals advises that Court-ordered mediation between the parties took place in Sydney yesterday (8 September) and concluded without resolution of the matter.

In the circumstances, Chameleon is today required to lodge a further amount of $450,000 as security for costs. This takes the total amount of security that the Court has ordered Chameleon to provide to all parties to date to $1,380,000.

A further directions hearing is scheduled for 12 September at which time Murchison will seek orders programming the matter for trial.

Having reviewed the evidence of all parties, Murchison remains confident that there is no sustainable basis for Chameleon’s claim for a material interest in the Jack Hills or Weld Range tenements and/or Murchison’s shares in Crosslands Resources Ltd.

Geez, I hope they're right!

 

[lsj84]

i think whoever sold mmx below 2 were irrational and shortsighted. but of course with such a bargain i'd be happy to double my position. just hope the chinese wont do it before me. if you havent been to china, i can re-assure you, china is huge, and they dont have rich ores. So, hold on tight!!!

 

[onshow]

mmx any one have any idea on murchison metals future?? Or do you have shares in them?

Just wondering if any one here has shares in mmx or have been watching this stock and has any information on the future or the suposed take over of mmx by sinosteel? Sinosteel have been approved by the federal government to be allowed to buy 49% of the company so when is this going to happen? Is this going to happen? they have already bought out MIS and looked what happened to there share price it went through the roof. Just want the view of a few other people before i jump in the deep end! thanks in advance

 

[vincent191]

According to their latest report 4th Feb 2009, MMX has indicated that they have the resouces to become a world class iron ore miner.

The latest drilling results have shown that the Jack Hill deposit could yield 1 billion tonnes of excellent ore. The high quality of the ore will contribute to a low mining cost and excellent saleable quality. It will make MMX ore very profitable in a moderate market, it will not need boom conditions to make MMX an attractive proposition.

MMX is pressing ahead, as quickly as possible to finish and confirm the findings with the bankable feasibility study in 2009.

All reads very well, so I will hold my breath and wait.