further downside maybe

I have had a look at the Geraldton Port Authority web site and there are no, (yes nil, nix, zippo) expected shipping arrivals to carry iron ore. None in port and none expected.

There dont seem to be any customers buying IO at all.

Further, I have been reading the mgx forum and mgx has a serious problem. They hedged the US$ at 88c and look like they are now $300million more in debt. Have a look at the mgx forum to see how bad it can get. There is comment that MGX could go belly up. Who knows.

But I question whether mmx is in same position with $ hedges. However, as MMX has structured their business so that Crosslands is the exporter and Crosslands is a private company we may never know if Crosslands has made a seriously bad hedge or not. I certainly hope they are not in same position as mgx.