hmmmmmmm

Robin Bromby | July 13, 2009

Article from: The Australian
JUST 4c a share is essentially the value the market is putting on a new magnetite-copper mine that will soon be shipping ore to China through Adelaide.

Possibly less than 4c, actually, given that IMX Resources also has other exploration ground in Australia and in Africa.

IMX shares were moving at 25.5c when the market opened this morning but, as the quarterly report out today tries to emphasise, the market value of its investments is $29.4 million plus it has $7.6m in cash, together making 21.2c a share. Those investments are 33m shares in Uranex along with 14.3m shares in Toronto listed Continental Nickel.

The focus at IMX is its new Cairn Hill magnetite-copper-gold project which lies southeast of Coober Pedy in South Australia and within trucking distance of the Tarcoola-Darwin railway. The company had the choice of railing the ore either to Darwin or a South Australian port, and has opted to use Outer Harbour at Port Adelaide, loading ore on to trains at a new siding constructed 58km from the mine.

IMX, whose two biggest shareholders are Jilin Tonghua Iron & Steel and Anglo American, is also exploring for nickel in northeast Tasmania and for nickel-copper in Tanzania and Mozambique.

Interestingly, and in line with a general revival of interest in mining gold, the company has dusted off its Dingo Well gold project which consists of eight tenements near Leonora, Western Australia. This has lain dormant since 1996, at which time IMX was in joint venture with Johnsons Well Mining. That latter company, now renamed Regis Resources , has decided to withdraw from the joint venture.