Tyrone,you're 100% right mate, much more productive to focus on...

Tyrone,

you're 100% right mate, much more productive to focus on genuine discussion, but somemtimes the simians get on one's nerves...

Valid point about the lack of more DSO, but just a few points to consider. If there's 120-150 Mt of DSO in the ground then I'd say that's enough to see us through any protracted downturn which may make magnetite unviable.

MMX was planning to ship up to 25 Mt a year once stage 2 of Jack Hills was up and running. With the current resource of DSO they can keep that going for say 6-8 years.

All of MMX's DSO is already spoken for and you'll find it's quite possibly the highest grade DSO to come out of australia at the moment.

In the past some critics have judged MMX purely on their current proven resources and perhaps rightly so. However I prefer to take a longer term, big picture view.

You can't predict the future of a company simply by the merits of their first mining project. If you've got a big enough resource to build the foundations of a solid business then the company's future depends on how they use their initial profits to grow the business.

Example, MMX bought Rocklea because there's good potential there. Will it prove up a big high quality resource ? We'll have to wait and see, but the point I'm trying to make is that MMX has a good enough resource from which to grow a world class mining company.

BHP did not become the biggest mining company in the world because they're still scraping the old shafts at Broken Hill.

MMX are in the iron ore business, they're in the infrastructure business, they'll be involved in other resources if and when the opportunities arise. I'll remind you of the initial share placement to Harbinger for over 100mil dollars. MMX announced at the time that they were raising the money from that placement to seek opportunities in minerals other than iron ore.

(Btw, that placement was at $ 5.65 a share and Harbinger went on to buy almost 20% of MMX and still haven't sold out to this date - look what happened to the Moly Mines share price when they dumped out)

I digress, but getting back to resource size and quality, they're still drilling in the mid-west, weld range results are due this year as is the BFS for Jack HIlls stage 2.

Rocklea might return some excellent results and there's always the opportunity to buy another good resource when it becomes available. That's the luxury MMX has when it's debt free with cash in the bank.

When the BFS is completed the second and very substantial payment is due from Mitsubishi. If all goes well somewhere in the vicinity of a billion dollars.

Re: magnetite. Ansteel is investing 1.8 bil in a processing plant with GBG, most of whose ore is magnetite. If Ansteel thinks it prudent to pump that kind of money into a magnetite resource, especially in this current economic climate, then perhaps that speaks volumes about the commercial viability of good quality magnetite.

Look, in this climate it's hard to predict the short term future of any company. The whole world could turn to dust with the Dow at 3500. I'd say we'd probably hover well under 50c in that case.

But I also know that we won't go under, both State and Fed Govts 680 million (some can't grasp that this is very serious money - and doubly serious in this climate) will push the infrastructure along, and who knows maybe some very cheap bargains could present themselves to MMX.

So no matter what the short or medium term outcome, I'm confident in my investment in MMX. Good things will happen.

There's one certainty about recessions and depressions: they all end.