Just read the quarterly. I was right, I thought they would hold off the 12mtpa initial production. It was obvious given the decline in steel makers profits/delay of the announcement. However the infrastructure will be in place and expansion will occur when the economy has certainity to it.
Not surprised at all with the smashing GBG received today. However the volumes are small, although thats obviously due to "no liquidity". I'm happy to hold as their is no point selling given my losses, nor do I actually need my capital. I'll buy some more if it reaches the 30s again. I've been removing my gearing as mcuh as possible latley, however I did buy a small 5k shares @ 63 the other week, which I now regret.
Everyday thousands of jobs are cut and all blue chips are announcing significant reductions in profit and projections. The current placement offer by Ansteel looks very attractive, it will ensure survival. Hopefully the economy has began to "recover" at the start of Karara production.
The positive from the quarterly is that EPA approvals are near and the government would be utter fools to reject a project that can offer over 1,000 jobs over the next 2 years. Planning/implementation of the construction phase of Karara also looks positive.
I haven't read MMX or MGX quarterly yet, i'll do this tomorrow.
GBG Price at posting:
49.6¢ Sentiment: Buy Disclosure: Held
