Management is working very hard with the start up of two new mines.......and on rather modest pay structures, for a company this size. Work on the Main Pit and Extension Hill is nearly done.
But I agree, it would be nice to hear more from them....rather than a swag of virtully price sensitive info (good and bad) coming out every 3 months with their quarterly results.
This was the culture way mack to the days of CEO and the main company founder Brian Johnson.....work, work work but not so good on talk side.....result was 10 cents to whatever today.
Recall back to the days of 2003, 2004....I owned the stock at 15 cents, and used to keenly await, ofter until the last day of the month for mandatory updates.
In a way, this is the appeal for me in this stock still today. It does take some patience I agree....and the fact of my past success.
An issue, that I think the company are going to address soon, is the perception of limited minelife. Infact the company has 135 mt tons of world class, high grade iron ore. Check this link for the statement....15 years of supply @ probably after tax free cash of $500m verse their cap today of $1.9b.
I think dividends or some corporate play may be close.....an acquisition with cash and debt, could really please the market...due once again to this mine life perception issue, the company has.
You may see management much more active to push the company, as the many issues and much work involved in the new mine start up are put behind.
Despite the current share price.....this is their time.
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MGX reserves statement
http://www.mtgibsoniron.com.au/op-reserves.asp
MGX Price at posting:
$1.78 Sentiment: Buy Disclosure: Held
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