Reread my post - I was talking about KI when referring to the...

Reread my post - I was talking about KI when referring to the US$101.6 which according to posters on other threads is the current price for MB65. The company has stated that it is the closest benchmark for KI ore.

AS regards the Iron Hill pricing I used the word guessing - the 61.6% ore if sold in July/August will hopefully have realised healthy margins given the premium for lump. The company has confirmed the ratio of lump is over 50% of Iron Hill. If the current premium on lump holds then I would like to think that even the 59% should turn a small profit.

At no point have I factored in any sales of low grade inventory, which given stripping and some crushing costs has already been incurred should also realise positve cash flows if they occur.

Given that MGX is trading below cash, has $60 million in franking credits and is currently making a small operating profit with the potential of much bigger gains in the next couple of years, it is hardly upramping asking for the share price to exceed cash backing . Especially if the company's KI product is - according to the company - going to be some of the highest grade in the industry.


GLTA/IMHO