I'll answer you this way.Fundamentally, the stock is in a much...

I'll answer you this way.

Fundamentally, the stock is in a much better position today than when it was above $1 or at 80 cents earlier (before the Euro meltdown started) - from an Oakajee perspective in terms of clarity and certainty. We can finally value MMX as a miner uncluttered (in other words the NPV of 50% of JHEP).

The sp has been heavily marked down as it was perceived very high risk (market pricing in that Oakajee would not happen and hence JHEP mothballed for good) plus the fact the when the shit hit the fan in Europe, the riskier the stock the more it got punished.

PK was sacrificed to pacify the Chinese and as a gesture of goodwill. We now have RCF in the mix.

Also with the money POSCO will get for their 7% of MCC, they can almost buy MMX 3 TIMES over at the current market cap. There is no reason why Xstrata and Anglo won't have a look once a watered down Oakajee is committed to with low tariff. If the chinese think they can snap up MMX for a song, they are terribly wrong.

What the Chinese paid for Weld Range is another factor on the MMX sp guidance. The chinese are complaining about paying too much for Weld Range as a bargaining ploy. But then again, Weld Range is no JHEP !