At this stage of the game, after all that has happened, I would be extremely disappointed with an MZM type deal, especially on the same terms. When MZM announced that deal I urged the management at the time to do all they can to extract as much value through drilling as they can and NOT do a similar deal. I stand by this today.
Sinosteel are targeting 20Mtpa of Hematite from leases adjacent to Padbury Mining, covering the same iron formation. That speaks volumes in itself. They can do much better than an MZM type deal IMO. If that is all they can manage I will be urging people to join me to get some numbers together to put forward a better arrangement.
Telecom Hill is a portion od Padbury's ground and that alone is shaping up to be as big as Jack hills. See my blog and see if you agree. If MMX did an MZM type deal they wouldn't be worth near on $1B today.
Just my opinion of course.
Go hard or go home.
PDY Price at posting:
2.0¢ Sentiment: None Disclosure: Held
