Just as I predicted. MGX going backward at a rate of knots. MGX blew $24 million in the quarter.
Cash in the bank has gone down by $24 MILLION. Cash at 31st Dec 2020 was $436 million, its now $412 million.
Record iron ore prices and the best MGX can do is lose money. I'd be dumping this stock and buy something that makes money.
Iron ore produced is a joke, they must be using a teaspoon.
"Iron ore sales in the March quarter of 0.23 Mwmt of Koolan Island fines"
The cost of digging it out is a joke too
" Koolan Island, Group unit cash costs were $135 per wmt sold Free on Board (FOB)"
No other iron ore miner on the ASX is losing money during the highest iron ore prices in AUD$ ever.
MGX gets the prize, not only doesn't MGX make a profit, it actually loses money.
Doesn't pay a dividend either, so no cost to the company.
MGX Price at posting:
87.0¢ Sentiment: Sell Disclosure: Not Held
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