Moondoong, seriously cut the crap. The opportunity to buy may be...

Moondoong, seriously cut the crap. The opportunity to buy may be between Monday and Wednesday. If the European rescue fund looks the part, get ready for a 500 points rally before X'mas. As I said, the fundaments at the time when MMX sp was at 80 cents is essentially the same.

The outcome is simple. If Sinosteel and Ansteel wants OPR, then we'll be pocketing a cheque (I reckon 6 months away). It's a binary situation (there is no grey area - it's black or white).

If China doesn't want OPR, then Weld Range is dead and Karara will be hamstrung at 12MTA. In other words, half a decade of Chinese investment in the Mid-West turn to dust. However, as you know (yes you do) that after X'mas the new Oakajee consortium will be announced.

On the other hand, if China (and India) are screwed, IO demand plunges, then you have far more things to worry about (as far as Australia is concerned) than what happens to MMX.

The release yesterday tell us 2 things very clearly

1) MMX (OPR) will lose the exclusivity and the Chinese are taking over. They will also inherit a good part of the Okajee blueprint so far developed. If the chinese wants to start from scratch, Oakajee will not happen until 2020.

The Chinese can't simply just take and run with it the way they dictate. If Mitsubishi doesn't like it. JHEP doesn't get developed and the economy of scale is gone out the window - NO Oakajee. CB already said "everyone" will be in it.

2) MMX is "flagging explicitly" the CB will pay up the $78M to OPR for the IP. This money goes to pay off debt and JHEP is parked until the China open their wallet.