great finish and about time, page-9

MGX was really the first IO miner to come out and state they were experiencing problems with their off take agreements and that no one wanted IO as the stockpiles were growing due to a drop of in demand.

I am sure the customer in this case would not have agreed to start taking ore again because they had a previous off take agreement which they broke and felt guilty about breaking it.

To me maybe MGX is the first indication that China is starting to feel the effects of their stimulus packages in relation to infrastructure spending etc and that stockpiles are dropping.

This in line with other reports coming out maybe an indication that things are on the up and maybe the IO negotiations won't be as bad as is being reported. Are all the pieces starting to fall into place that maybe indicating the recovery has began.

One must also remember that MGX also has around 600K tonnes of IO stockpiled from when the customers pulled out last year which the company stated was not going to be sold until they could get decent price for it. So the cost of mining will have been reported already but no sale proceeds would have been booked so should make the bottom line look good in the next quarter.