cleveland-cliffs/portman

Plenty of talk tonight about more corporate activity in the aussie mining sector. ie OXR

Going on past experience with the disappointing SP for MGX, only a handful of diehards would have noticed comment today from Portman. Out today from Portman/ Cleveland Cliffs was one of those corporatefile interviews. CC now own more than 80 % of Portman, so any macro decisions no doubt come from CC head office. CC are happy with their decision to buy into Portman .

Most interesting comment at the end of the report from the MD- quote:

" There are a number of iron ore projects that we wanted to evaluate with a view to potential involvement by Cleveland-Cliffs/Portman. We're now fairly well advanced with these evaluations. I don't want to tallk about any specifically, but our focus over the last six months and for the next year will be on opportunities in iron ore for the Group "

You would be lucky to find a more open share register than MGX. However, it is not often for this size of company, where a takeover suitor would launch a hostle bid and I cannot see Brian Johnson wanting to hand over just yet.

MGX scopped up majority control of PMM valueing that company at $680 million. MGX is worth today about $240 million and earning now $40 to $50 million PA. Cleveland Cliffs would not be interested in smaller would be iron ore hopefuls. MGX stands out like a beacon amongst what is out there, in iron ore companies.

Anyway something to keep in mind if you are considering an investment in MGX.