As we know MMX tried to JV with Mid-West and cut China out. Politics were different back then though the Chinese have never forgotten and as has been aptly put, this is the end game for the region.
When OPR scuppered the Chinese said they would only come back by invitation from the WA Govt.
Barnett has been the voice of Mitsubishi in the last few months, read the reports, though apparently he is pro-Chinese.
Mitsubishi spoke to the Chinese re: OPR. Sinosteel pulled the plug.
Mitsubishi are only ever on record via the Financial Times back in late 2010 saying they are fully committed to the project. Martin is flying to Japan.
Koreans are our largest shareholder. Majority of key holders bought way over a $1 and will not just hand it over for nothing.
OPR will cost $ today and though China might be able to do it cheaper, not much more. It's now 2011 not 2007.
A white knight to write a big fat cheque. That I don't see today and as this is the end game, why would the Chinese not wait till after Xmas expecting Barnett on bended knee.
Martin's advertised he's heading to Japan. Media's going to be all over him when he returns and he has to say something about their position.
This will tell us a lot. $2 a share. Maybe today if you want to get out.
The question is do they?
As an earlier article stated. 'China has said your move'.
You couldn't make this stuff up.
MMX Price at posting:
69.0¢ Sentiment: LT Buy Disclosure: Held
