CMC 0.00% 1.1¢ china magnesium corporation limited

dummy spit guy selling today

  1. 963 Posts.
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    One guy did ask some serious questions concerning current volumes, and was pretty much fobbed off by a quite stressed Tom B., as was the guy asking questions about margins. After all the detailed IPO prospectus forecasts, they just fobbed off any hard details.."magnesium prices vary"..blah..blah. Tom did say, Mg prices up, due to the closures of the smaller plants under 15k tpa, and coal, dolomite, FeSi all down...so left it there.
    The first guy later asked about vertical integration, and why was Mg sold "at the gate". He wanted to know why no further vertical integration. He was a bit out of order here. Did he expect CMC to go into car manufacturing?
    In any event, after a quite stormy exchange between hinself and Tom, he yelled he was out of here and selling out.Probably a lot of todays volume.
    They did agree that plant would run at full 20 ktpa this quarter, and importantly settlement of FeSi, at a steal pretty soon.
    Thet did agree after several complaints that maaket communication was inept and sort of committed to change.
    The room did get the impression that 20ktpa by Y/E and margins at least the $700/t, so certainly profitable after overheads and tax, for CMC China (91%CMC), then the FeSi which was supposed to create earnings of $3m pa to CMC direct.
    Reckon in the new year this stock should come to life, and Tom can ease up on the valium.



 
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