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MMX, MURCHISON METALS LTD
behrenspeed
post Posted: Sep 10 2012, 10:49 AM
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On 20 February 2012, Murchison sold its interests in Crosslands Resources Ltd and the Oakajee port and rail infrastructure projects to Mitsubishi Development Pty Ltd for $325 million in cash (Mitsubishi Transaction)..

At a General Meeting held on 16 August 2012, Murchison shareholders approved a reduction of the Company's share capital by the return of an amount of 46 cents per ordinary share to eligible shareholders. This return will be paid on 14 September to shareholders registered as at 24 August 2012.



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Time will tell!
 
veeone
post Posted: Jun 28 2012, 11:54 AM
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Deutsche Bank upped its stake to 11.74% up from 9.82% 7th June.......Taking advantage of tax loss sellers?? V1

 
veeone
post Posted: Dec 21 2011, 12:14 PM
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Murchison Metals has tabled a settlement deal in its long running stand-off with Chameleon Mining that will allow Mitsubishi Corp's $325 million deal to take control of the Oakajee infrastructure project to go ahead.
Shares in the Tony Sage-backed Chameleon were placed into a trading halt this morning after the group received an offer from Murchison with regards to the Federal Court case, which relates to ownership of the Jack Hills iron ore project in the Mid West.
Settlement of the Chameleon claim is one of the conditions of Mitsubishi's 51¢-a-share offer to take out Murchison's share of Oakajee.
Chameleon said in its request for a trading halt that it needed time to "properly consider the offer".
http://au.news.yahoo.com/thewest/business/...r-to-chameleon/



 
veeone
post Posted: Nov 25 2011, 11:14 AM
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When former AGL chief executive Greg Martin accepted the role of Murchison Metals chief executive mid-year, he made no bones about what his role was. It was to create a transaction that enabled it to sell-off Murchison’s core assets without taking the group under in the process. It would appear he has succeeded.
Murchison had created a highly-strategic position for itself in Western Australia’s mid-west iron ore province, with a half interest in the Crosslands joint venture with Japan’s Mitsubishi that owns both the Jack Hills iron ore project and a 25 per cent stake in the proposed Oakajee port and rail project. Murchison also has a further direct 25 per cent interest in Oakajee, a project regarded as essential to the opening up of the mid-west region.
The problem for Murchison was that, with a market capitalisation that was less than $300 million at the time of Martin’s appointment (it was down to just over $120 million yesterday), the funding requirement for its share of the Jack Hills and Oakajee developments – the capital costs for the projects are estimated at more than $10 billion – would prove impossible to meet.
That’s why Martin made it clear from the outset that he was pursuing a ‘corporate’ transaction. When he started the process it appeared the best outcome was a takeover of Murchison itself, but the eventual outcome has produced something surprisingly positive.
Given the direct and indirect nature of Murchison’s interest in Oakajee and the joint venturing of Jack Hills, Mitsubishi was always the most obvious buyer. The problem in making sense of any deal, however, was that Oakajee needs a lot more customers than just Jack Hills to be a viable project.
China’s Sinosteel, which has a $2 billion Weld Range project in the region, had been negotiating to become a foundation customer but walked away earlier this year in protest at the proposed tariffs for shipping its ore and their structure, which was said to impose disproportionately high charges on the foundation customers with short mine lives. Weld Range has a mine life of only about 15 years.
Weld Range is among a number of iron ore projects in the mid-west in which Chinese interests have invested more than $3 billion. Those projects wouldn’t necessarily be completely stranded if Oakajee didn’t proceed, but getting that ore to market would be more complicated and expensive and probably significantly delayed.
With the cost of Oakajee continually blowing out, the timing of first shipments repeatedly pushing out, iron ore prices already well down on their peaks and China starting to feel the effects of the economic woes of the US and Europe, the economics of the mid-west mines have already changed significantly. The port and rail infrastructure remains, however, a priority for the WA government and the key to opening up the resources in the region.
The deal Martin announced today is quite straightforward. Murchison has agreed to sell its interests in Crosslands and Jack Hills to Mitsubishi for $325 million of cash – an implied value of 51 cents per share and more than 80 per cent above the group’s recent share price trading levels. No wonder its share price soared today.
If the deal is consummated – it is conditional and Murchison is free to keep trying to find a better deal now that it has a benchmark transaction out in the open – Murchison would emerge with $200 million to $220 million of net cash, its Rocklea iron ore project just west of Tom Price in the Pilbara and some exploration tenements. Rocklea, potentially a 10 million tonnes per annum mine, has a development cost of about $370 million.
Martin has beaten the bushes for alternative proposals and says the Mitsubishi deal is the best he could flush out.
Given China’s interest in the region – the Oakajee partners out-bid a rival consortium, largely Chinese and including Sinosteel, to win preferred tenderer status to build the rail lines and port from the WA government – it wouldn’t be a surprise if there was eventual Chinese involvement in the project.
Indeed, Mitsubishi is reportedly already negotiating with the Chinese and could presumably replace the undersized Murchison with Chinese state-owned investors highly motivated by China’s stated ambition of securing its own sources of raw material supply.
Businessspectator.com





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veeone
post Posted: Nov 24 2011, 09:03 AM
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Murchison has entered into a conditional sale agreement with Mitsubishi in relation to its interests in Crosslands and OPR for total cash consideration of A$325 million1

• Implied value per share of A$0.512, representing a premium of 85% to Murchison's last closing share price of A$0.275 and 82% to the 1-month VWAP of A$0.281

• Murchison's sale of its interests in the projects is subject to a limited number of conditions

• Murchison shareholders expected to vote to approve the sale in February 2012, with Murchison retaining the full flexibility to seek a superior proposal



1 Note that this figure is before net cash calls to fund Crosslands and OPR to completion of the Transaction

A break fee of A$3 million applies in the event the Murchison Board chooses to change its recommendation supporting the Transaction3, recommends a third party proposal or terminates the Share and Asset Purchase Agreement due to a superior proposal.





 
veeone
post Posted: Nov 22 2011, 09:33 AM
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Some how one would think with Murchison halted and Gindalbie not that there would be no chance Gindalbie is the suitor.
Anyway the gaff from breakfast deals in Businessspectator this morning. V1

Murchison Metals has managed to get someone to talk to about its 50 per cent stakes in the $5.9 billion Oakajee Port & Rail project and Jack Hills iron ore mine. The question is, to whom are they talking? The company has entered into a trading halt, saying that it will make an announcement about a potential transaction when it's got something to go on. Recent speculation that China-backed Gindalbie Metals is a likely party appears to be fading, as the company already has the $2.7 billion Karara iron ore project to deal with.
The most basic question is whether China has the appetite to bid for a 50 per cent stake in a project it was originally excluded from – Japan's largest trading house, Mitsubishi, took the other 50 per cent and it's not likely to take the other half. Some have pointed to China Investment Corporation but authorities in Beijing have instructed them to conduct due diligence, raising doubt about their confidence in the venture. There's a case to be made that South Korea's POSCO could pair up with Mitsubishi, as they've already got a supply agreement for Jack Hills. Whatever the case, Murchison needs to do a deal. Its share price has sunk 78 per cent this year against a 12 per cent decline on the benchmark index.

 


veeone
post Posted: Aug 31 2011, 10:31 AM
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Certainly out of the ordinary.......What do they thing they can do change some of the expenditure for the last 12 months.
Whats done is done and cannot be undone i would have thought! V1

Beleaguered iron ore miner Murchison Metals has delayed the release of its full year results by more than three weeks.
It has been a a horror few months for Murchison, admitting in June it didn't have the funds for the stalled $6 billion Oakajee port and rail development in Western Australian.
It was scheduled to put out its results on Wednesday, one of the final days of the earnings season, but has delayed the release without giving any reason.
"Murchison Metals Ltd advises that it plans to release its financial report for the year ended 30 June, 2011, on Wednesday, 21 September, 2011," the company said in a brief statement released after the market closed on Tuesday.
Murchison is a 50 per cent shareholder in Crosslands Resources Ltd, which is the owner of the Jack Hills iron ore project in the midwest WA.
The other half of Crosslands is held by Mitsubishi Development Pty Ltd, a subsidiary of Mitsubishi Corporation, Japan's largest general trading company.
The future of Murchison's Oakajee project came under a cloud in June when state-owned Chinese group and would-be customer Sinosteel mothballed its $2 billion Weld Range iron ore project.
Murchison's shares have dropped sharply since February amid cost blowouts at Oakajee - also a joint venture with Mitsubishi - and a shake-up of senior management.
Its shares lost 2.5 cents, or 3.9 per cent, to 61.5 cents on Tuesday, having traded above $1.50 in February and $3.01 in April 2010.
http://news.smh.com.au/breaking-news-busin...0830-1jjwf.html

 
arty
post Posted: Jul 27 2011, 06:07 PM
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In Reply To: mpl's post @ Jul 26 2011, 07:18 PM

Great analysis, mpl;
and well read - a day before the breakout.

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They say the target is twice the height of the triangle, which, in round numbers, makes it 56 - 76 - 96.
Now look at t he chart and where does 96c sit? It's been support in April and twice in May, before it was broken when the stock was sold off at EoFY.

Zooming out further to the weekly scale, we find an almost matching Low in late 2008; 48c may have been preferable, but after today's breakout, I'm not sure about that. MACD looks too Bullish in both timeframes to be of immediate concern. As you say: Let's keep an eye on the chart; that'll tell us when it's time to take profit. Good luck to all holders.

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I trade daily, but I am not a licensed adviser. Whether you find my ideas reasonable or not: The only person responsible for your actions is YOU.
I follow two rules: (1) There are no sacred truths. All assumptions must be critically examined. Arguments from authority are worthless. (2) Whatever is inconsistent with observed facts must be discarded or revised. We must understand the Market as it is and not confuse how it is with how we wish it to be. (inspired by Carl Sagan)
 
mpl
post Posted: Jul 26 2011, 07:18 PM
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In Reply To: veeone's post @ Jun 24 2011, 11:38 AM

Hi Guy's

Total T/A set up here. Not worried about the Fundamental over hang.

Keep an eye on MMX for a possible Breakout trade. The tighter it gets the more volitile the Breakout normally Is.

Probable breakout to the upside. How far I dont know. For those that are agile enough might just be something in it for you.

In @72c. Stop close below 68c. Tight ?, Most likely.

Target ?. Test of previous support of 98c. Or whenever the chart tells to get out.

BUT please do your own Research.

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veeone
post Posted: Jun 24 2011, 11:38 AM
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The Premier of Western Australia, Colin Barnett, who has made the development of Oakajee one of his key ambitions, said he had known of the Sinosteel decision for some time. Mr Barnett, who arranged almost $800 million of state and federal funding towards Oakajee, also admitted the project was at least 12 months behind schedule.

From the SP slide for a while now................ others new too eh!!! V1

http://www.smh.com.au/business/oakajee-por...l#ixzz1Q9YzwCUl



 
 


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