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Ann: Acquisition of Mid-West Iron Ore and Port Assets, page-78

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malvernmoe

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05/07/23

07:10

Post #: 68622716
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Originally posted by precis: ↑

Hi Elnuto, I tried to edit my earlier post but exceeded the time limit. So here goes again. Happy to help a fellow investor. Here's the link to the webinar that outlines the pending purchase: If that doesn't work I watched it on youtube so easy enough to search for. Looks like a good deal to me though the timeline to production from Shine could be a while. The port looks good to me with WA Govt spending $300 million to increase port throughput by 10Mtpa. Our storage and haulage capabilities will immediately add value and cash flow. LOM of this acquisition will be 15 years. It's low grade at 58% so the blending process with Iron Ridge high grade needs sorting, infrastructure put in place, and the mining village (that comes with the purchase may need establishing near the Shine mine. I'm guessing 12-18 months as a rough timeframe but I'm certainly no expert. Welbon indicated the hope it would take the same time as Iron Ridge. As far as divi goes he did say the dividend policy is dated and people want capital growth. With the cash we have I suspect a dividend more around the 3-4c mark, conserving cash for Capex spending. A dividend in this range, remembering past dividends were 50-80% of profit) would still leave a substantial amount of cash to meet said Capex. In a normal year, by October which is divi payment time, we'd normally have over $100 million cash, and the divi would cost over $20 million. Obviously this year the cash in hand will decrease as this purchase proceeds but with $10 million cash up front, immediate costs may not substantially decrease free cash

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I'm still waiting to be convinced on how this is supposedly a good deal.

Would MGX give it up if it was such a lucrative mine?

FEX Price at posting: 29.0¢ Sentiment: None Disclosure: Held
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Ann: Acquisition of Mid-West Iron Ore and Port Assets, page-78

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