The announcement is not marked as sensitive (hence contains no new material information)... The share price didn't budge on the closing auction and volume was normal...
All in all, nothing.
SCAs still have not been negotiated (again I wonder what these managers are being payed for? get a deal done... move on to the next step... ARRGGGHH)
Funding has again been put as a sore point. It was and is now definite that the Mitsu deferred payment will not be sufficient to meet MMX's obligations (Under a 50% OPR 50% JHEP structure). It was always lineball as to whether the deferred payment would be enough, but as alluded to since about Nov 2010 the deferred payment will not be enough.
The options now are clear, Sell down part of OPR and/or JHEP to a level where MMX can meet their funding commitments. A 10% sale of OPR equates to roughly about $300 million less from MMX's commitment... keep selling parts till MMX can fund its portion of the project.
MMX Price at posting:
68.5¢ Sentiment: Buy Disclosure: Held
