SHORTS are trying to block AF buying at 140c
makes sense
or could be another group or even allied brokers who want to flip
All those who bought in here at 150c-270c are in the red now.
And stillno sub holders notice not any MCR BOD response
The only respondee has been BHP refusing to waive offtake terms causing the guidance to be withdrawn with NO alternate guidance.
MCR BOD in panic mode looks like & BHP are helping AF inadvertently to get MCR cheap.
BHP must be peeved at MCR as all those promises of production & offtake supply and not delivered then AF goes in to bid cheap.
This means MCR will be unable to obtain funding unless from AF or issue another CR to do a poison pill defence above the 140c bid price. BHP not helping MCR either looks like.
If BHP wanted to counterbid they would have taken the nonspec ore imho but why when they control 100% of MCR revenue already?
Signal BHP not counterbidding
If IGO flips its 7% to AF then that will signal IGO not counterbidding either.
BOD appointed valuers will now have to consider the true value is less than 100c or similar to PAN at 43c which is outproducing MCR by 50% now as they have NO MILL to concentrate that nonspec ore with & 1ktpq is all they can expect to produce atm not 4ktpq
MCR BOD in a catch 22 here.
AF sitting pretty. If AF drops his bid to 120c then these speculaters will be held out to dry.
wait & see what IGO MCR BOD AF BHP do next i guess.
MCR Price at posting:
$1.41 Sentiment: Hold Disclosure: Not Held
