From memory it did hit 55c before the gfc but only very briefly....

From memory it did hit 55c before the gfc but only very briefly.

Yes the 55c pre gfc title is a misleading title and no, despite showing my hand today by letting all know I am hoping to 'top up' at a lower price than 18c, I'm not delusional enough to believe that a HC post can greatly affect the sp by any significant amount. Nor am I up or down ramping.

Searching the archives shows that after hovering around 20c for 6 months or so, the sp dropped to sub 10c at the beginning of 07. It seemed to lose flavour after the initial hype of the Georgina basin wore off and phosphate went off the boil. Then the purchase of MtMulligan...

ASX Release
25 September 2007 ACN 107 180 441
MANTLE MINING CORPORATION LIMITED

Mantle Seizes Major Coal Opportunity
Diversifies Commodity Base in North Queensland
Acquisition of 500 million tonne Coal Deposit
Mantle Mining Corporation Limited (ASX: MNM), is pleased to advise that it has entered into an agreement with Trafford Coal Pty Ltd (Trafford) whereby it will acquire 87.5% of the Mt Mulligan coal deposit, including coal seam methane (CSM) rights, via acquisition of 100% of the share capital of Trafford.
The deposit, which is approximately 100km west of the Port of Cairns (see EPC 772 in map below) is estimated at approximately 500 million tonnes, with a theoretical washed specification (from CRA (1975) and International Mining Corporation (1982)) including:
o specific energy: 26-28 MJ/kg
o sulphur: 0.3-0.4%
o ash: 14-18%

The acquisition provides the Company with a more diversified portfolio of assets and access to significant participation in the strong energy market of North Asia.
The total consideration payable by Mantle: $100,000 cash and the issue of 2 million fully paid ordinary shares in Mantle at a deemed issue price of 20 cents each.
The Permian Mt Mulligan Coal Measures cover an area of approximately 63square km, and are exposed at the base of the 150 ? 350 metre thick Triassic sandstone Mt Mulligan mesa. The measures contain four potentially significant coal seams, which vary in thickness between 0.7 - 7.5 metres. The upper member of the Measures is a high volatile (35.3%), high ash (18%), low rank (Ro max of 0.75). low sulphur (0.30%) thermal coal within the bituminous range, with a medium specific energy of 24MJ/kg.

...didn't have too much affect on the sp although it's interesting to note that no fewer than 10 'Change of Director's Interest Notices' were issued in the 3 months leading up to the Mulligan purchase!

The appointment of Ian as MD on the 6th Feb coincided with a huge sp increase when it ran from 7c to 55c within a couple of weeks (one of the best rides i've had). Maybe this was just a coincidence, but I doubt it. My guess is that Mantle's foray into coal had plenty to do with Ian's appointment. This was a huge vote of confidence and perhaps explains the recent dramatic increase with a pending coal announcement.

Shortly after it was revealed that Mantle (through ANZ)was tangled up with Opes Prime, with a greater than 5% interest and as they say the rest is history. The sp dropped from 55c quicker than it climbed there. The gfc set in and Mantle's sp was back below 10c soon after, remaining there until last week.

The sp was also hammered when after announcing high grade phosphate on 3 Dec 2009, 19 days later lab results contradicted this, ouch.


For anyone interested in the MtMulligan case, here is the most recent ann...

ASX Release 23 July 2010
Mantle Update on the Mt. Mulligan
Supreme Court action.

Mantle Mining Corporation Limited (ASX: MNM) (Company):
On 19 March 2010 the Company announced that its wholly owned subsidiaries Trafford Coal Pty Ltd and Mt. Mulligan Coal Pty Ltd had commenced proceedings against Calcifer Industrial Minerals Pty Ltd (Calcifer) in the Supreme Court of Queensland to enforce an agreement for the assignment of the Mt. Mulligan tenements.
On 22 April 2010 the Company announced that Calcifer had filed a ?Notice of Intention to Defend and Defence? in the Supreme Court of Queensland. Calcifer contended that conditions precedent to the sale of interests in the Mt. Mulligan tenements were not satisfied. The Company?s position is that the conditions precedent were waived.
Further to the Company's announcement of 22 April 2010:
? The Company has:
Provided Calicifer with its list of relevant documents (in accordance with its obligations under the court rules),
requested that Califer provide further and better particulars of its defence, in particular, clarification on which conditions precedent Calcifer is contending were not met, and requested that Calcifer deliver its list of relevant documents.

That's 6 months ago now. Has anyone spoken to Ian about this since then? Might call and ask myself. Talk of yesterday being the day of our verdict, probably just rumour.

As entertaining and inciteful as the 'playground posts' are, they don't inform newcomers and they certainly arn't informative.

The MNM playing field has now changed forever and if BM comes to fruition we'll all be slapping each other on the back again.

Hopefully soon.