some info company wont tell u , page-6

No company would need to bother reporting relatively minor matters that are either expected in start up phase or may be corrected easily. Such matters would not warrant any comment. However, criticisms should not be taken lightly.

My views are:
1.Cue Road: Trucks loaded with iron ore will obviously cause road damage. That would have been expected as would the necessity to have ongoing road repairs.
2. The Crusher: All mechanical plant will at some stage break down and will be repaired. That is a fact of business life. If such breakdown occurred I would not expect any significant damage to export program.
3. Date of 1st shipment has been too ambitious. However, the ore is at Geraldton awaiting 1st panamax (60,000 tonne) ship in mid January. Smaller ship would be far too costly and any decision to ship with anything less than panamax would be financially difficult. The decision to delay is best financial decision.
4. Grades & Stockpile: MMX and buyers will have quality control inspections before loading on ship and price will obviously be affected by quality. Price in these types of contracts will rise and fall with Fe content. Buyers will not accept poor quality that is difficult to use. MMX could not ship out poor quality. Please inform us as to how the quality was poor. What is the fe % of the 1st ore? My understanding is that any poor quality overburden would not and could not be sold.
5. MMX have joined with other midwest companies to get the long term infrastructure right (rail & port). See asx announcements from MIS and MMX and competing rail line proposals mentioned in press recently.

There will always be startup problems with any mine. That is always taken into account by investors. However, people are employed to fix them. Delays and breakdowns are expected costs of production in all industry. If it didnt happen i would be surprised.

MMX, MIS, AZL, GBG all seem good long term investments because iron ore prices will stay strong while demand in China etc remains strong. This sort of demand is not slowing as evidenced by last weeks 9.5% price increase.

I expect MMX share price to increase more than others because cash flow will occur in 1st quarter 07.

Analyst valuations of MMX are as follows:
RBC Capital: - 4/7/06 - $3.27 in 2007 - rising to $7.06 in 2012 if more than 1 miner using new rail and port infastructure.
Hartley: - 4/7/06 - $1.54 - incl 70% discount.
RBY: - May 06 - $2.97
BBY: - Jan 06 - $2.09
Martin Place Sec: - 28/9/05 - $2.44

IMO - MMX at today's price of $1.23 is good value long term investment.