The problem with MMX is that the final payment from Mitsubishi is based upon the BFS figures. The NPV of Jack Hills stage 2 will be significantly slashed based on the "Super Mining Tax (tax grab)", hence our final payment will be a lot less than first anticipated. The market doesn't like it, and maybe Mitsubishi won't continue with Crosslands and OPR? A lot of uncertainties, hence the share price is being destroyed. Although I do believe this is a doomsday scenario.
I love MMX, and hold some shares, but this is scarey. We need some clarification like GBG had. GBG's statement from Ansteel held the share price up today. MMX should bounce and maintain it if something along the same lines was conveyed by management.
PS: I'm proud to say I've never voted anything but liberal. DOWN WITH KRUDD!
MMX Price at posting:
$1.95 Sentiment: Hold Disclosure: Held
