Goodbye mmxBut of course in mmx land this is a good news...

Goodbye mmx

But of course in mmx land this is a good news announcement.

"High-level sources in Perth and Beijing said the CIC review was a possible sign that officials in Beijing were growing increasingly nervous about the project, which has been hit by a series of crippling cost blowouts and major delays."


"This shows that all bets are off -- anything is possible," said one source. "If they (the Chinese) were fully committed to saving this, they would have flagged that by now."


"The high-level Chinese review means Oakajee is now certain to be further delayed beyond the revised timelines announced earlier this year, which would have allowed construction to begin early next year, and operations to start in 2015."

But it could also decide that the Mid-West region is unviable due to its high costs and relatively low-grade magnetite ore and that China should not increase its exposure, according to sources familiar with the review.

"Mr Barnett will come under pressure to strip OPR of the exclusive right to build Oakajee if, as expected, it fails to meet a December 31 deadline to prove the project viable."