MRX is mentioned in an AFR article today (page 23) on emerging producers in the Cloncurry region. It says that MRX is about to become one of the first (along with CpperCo) junior producers there at a time when the copper price outlook is strong. GSJBW are quoted as saying they expect copper to remain "stronger for very much longer" and that copper is their preferred base metal exposure and that copper should trade between US$3.30 and US$3.55 a pound until the end of 2011. Remember that Hartley's recent valuation said that at US$3.35 a pound MRX was worth up to 50 cents a share .. and now GSJBW expect copper to be at or above that price over the next 4 years. You do the maths!
In the same article Canadian mining entrepreneur Robert Friedland is planning to list the Cloncurry assets held in Ivanhoe Mines under Ivanhoe Australia and has already shown his desire for consolidation of the region ... having last month bought 12.2% of Cloncurry explorer Exco Resources.
MRX looks to be in a solid position in that its in the right metal, it has the right partners in Glencore and Xtrata, its in the right area, its about to produce unhedged with a strong copper price and there are predators about.
H
MRX Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
