I think Peter was more than happy to offload Shine to FEX and highly doubt Peter would want it back.
Shine has an average Fe of 59% with silica over 10%. Shine is also 350km from Geraldton port. John Welbourne is using trucks to transport ore from Shine at a cost of 6 cents per km per tonne which works out to be $42 just for trucking.
At Noosa John Welbourne stated that FEX is first and foremost a logistics company with mining taking up 3rd place.
Peter Kerr has stated he is looking at an aquisition in bulk base metals and not a logistics company.
Never the less Peter has stated he is supportive of FEX.
Much of our focus is on the Midwest, as is FEX and as such a good relationship between MGX mining and FEX logistics could well prove advantageous in the future.
MGX Price at posting:
29.5¢ Sentiment: Buy Disclosure: Held
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