are the 60c options just for show..., page-43

i think the $40 USD per "wet metric tonne" is getting people confused.

at present the benchmark price is $144 USD per "dry metric tonne". so i think MGX are actually selling the left over iron ore at around $80 USD per dry metric tonne, which just happens to be very close to the current spot price.

dont forget that Vale has cut 30mt pa of fe production and the extra expansion for the other players like FMG wont happen. so when the new benchmark prices get negotiated you can expect the benchark price to be close to $100 USD per dmt.

when MGX got shafted is that they thought they were smart and didnt want APAC/Shogang to get to much influence over the company because they didnt think they were pating a takeover premium, well management of MGX have well and truly been bent over on this one now. they are effectivly putting MGX out of the running to be takenover over as APAC will have such a big holding that any other takeover will be blocked. Just like Cliffs got control of PMM, they will get control of MGX.

sorry guys, if i was a MGX shareholder i would be kicking out all the current management because they just wanted to make sure they were still relevant by not allowing the sale of shares to APAC previously, there actions might have saved the company from bankruptcy but this will never go over $1.50 ever again all because the management didnt think of shareholders but rather their own skins.

boot them all out, the Chinese will probably be better managers than these fools.