purely hypothetically, since there are NO indications of chinese interest in giving any money to mitsubishi:
1) the chinese may prefer to deal with just mitsubishi instead of mitsubishi and murchison; 2) mitsubishi might think it can get more for its 50% by first getting hold of murchisons 50%; 3) the chinese may have shown reluctance to deal with murchison since murchison instigated a share ramping exercise that pushed up the price of Midwest shares during the SinoSteel takeover, for a deposit (Weld Range) which is little more than mineralised waste (as is Jack Hills).
Its interesting to note on page 15 of KPMG report that "JHEP currently has a negative NPV (!)". So noone is going to rush to build it in a hurry, and (as mentioned many times before to Glyna, Matt, and the ravishing Nasty) there is no ore reserve because the operation would not make money and there is no economic ore to extract (it is all waste, by definition). Mine it, crush it, upgrade it do whatever but it will not make money.
The only future for MMX (IMHO) is a return of capital to shareholders and winding up - the institutional investors will force it. That Crosslands and Murchison are still fully staffed knowing JHEP will not make money is on-going smoke and mirrors to maintain the salary gravy train as long as possible.
MMX Price at posting:
41.0¢ Sentiment: None Disclosure: Not Held
