MIS midwest corporation limited

midwest goes on the offensive

  1. 195 Posts.
    Interesting article on page 14 of today's AFR...sorry I can't seem to get the link for it. It seems me this story has quite a way to run yet...

    Entitled 'Midwest goes on the offensive'...

    MIS CEO expected to break his silence as early as today on MMX's hostile bid by attacking the quality of MMX's iron ore resources
    ...Murchison's efforts to replicate a historic 380 million tonne high-grade resource for its Jack Hills project have so far uncovered less than 100 million tonnes, close to half of which has to be upgraded through processing.
    ...By putting the projects togather Murchison aims to produce 45 million tonnes a year by 2013.
    ...Murchison has not quantified the synergies it expects, but Midwest is likely to demand the numbers before making a recommendation to shareholders.
    ...Midwest will also attack the role of Japan's Mitsubishi as a 50 per cent owner of a subsidiary that holds Murchison's mining assets, and Murchison's intention to vend Midwest's assets ino the same vehicle, thereby ceding control.
    ...Murchison's implication tha the WA Government supports its takeover in order to avoid a costly tendering process to construct port and rail infrastructure has also angered Midwest.
 
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