I actually believe that the chances of MGX going into any other...

I actually believe that the chances of MGX going into any other commodity are slim to 50/50. Think about it: the major shareholders are steel companies (Shougang (14%) and Shougang Fushan (14%)) and financiers (APAC Resources Ltd (30%) and Allied Group(30%), with a large holding in APAC).

APAC / Allied have major off-take agreements with Shougang and Fushan for MGX's iron. APAC also has major investments in other commodities (eg, Ni and Sn through Metals X) so wont be in any rush to redirect MGX to other metals.

I suspect Australian management is pushing for diversification but the major shareholders are resisting, probably unless a "no brainer" project is put up. Such a project hasn't been found, hence MGX has still got its chest of cash. Steel making metals (Ni, Mn, Cr, etc) would be the most logical for MGX to go into, but there are precious few stand outs on the market right now.