Hi all, one thing that everyone needs to remember when it comes to our MGT and our NSW neighbours is the fact that we both have near enough the same FE grade. WE have larger reserves than them. WE have a state government committed to green steel and state projects that are vital to SA being the clean energy hub of the world. WE have an expected Capex that is 5+ times less than that of our neighbours (depending on if they get the billions and billions and billions needed to fund their new audacious target.)
The reason why our team opted for the staged expansion was the fact that the company (albeit a different name and team at the helm) failed in its attempt to get the monster tonnes p.a project going some decade or so ago. They are taking the less riskier approach.
Think about this for a second. If our neighbours do manage to get funding for their ridiculous tonnes p.a target then that means WE will also get funded. We are both the two known highest FE grades in the world. If they get funding then it shows that there is a demand for their (our) high grade magnetite IO. They are asking for 5+ times as much money as we are. Again, IF they get funded, there's no way we wouldn't as we both have near enough the same grade and same product. It's really that simple.
They have gone for the all or nothing approach and good luck to them. If they succeed then it just means the appetite for high grade magnetite is relentless and we will also benefit in time. If they fail it doesn't mean we will fail as we are asking for a TINY amount for Capex when compared to them.
Being an SA local I know how hard our state government is pushing towards a green energy hub of the world, with an appetite for projects and jobs for the state. Regardless of what party is in charge. It's only gearing in one direction. Don't forget the 2030 magnetite strategy.
It's been a tough grind these last couple months at MGT (IO in general), but we have such a stellar team in charge of our company and they have delivered time and time again. All you need for success is the patience to wait it out and block out the noise.
That Daz flog is now under the new alias of BuddyPrick. These clowns have no idea and love nothing better than ruffling feathers. I avoid commenting on the forum now, unless I have something worthwhile to say but enjoy reading the comments of the good blokes on here.
Stay positive MGT crew as even if our neighbours succeed, it will inturn result in our success. I'm sure of that. Obviously all IMO.
MGT's time is coming.
(20min delay)