MGX, is currently not valued for any iron ore assets nor port facilities, is trading at 60% of its cash backing.
I Koolan Island is major iron ore asset. So the market punished hard and pushed down under 60% of the cash backing.
Extension Hill mine, annual production is approx. 3Mtpa, currently is producing at break-even point, IMO. IRON HILL has high results, may extend mining life to 2020. If iron ore price recovers like post 2009, Extension Hill could provide decent profit in the future. They have plenty of cash and then could take over some other iron ore resource-rich company.
