it might get worse

MMX is now less than I paid for them in 2006. I am very lucky I took profits all the way up and cut losses on way down and traded short term all the time. I am out of mmx now. I feel so sorry for those of us who have held on and on and on through this dreadful fall and not a word from the management. For them its business as usual and top up the salary packages and options at 5c. Bastards.

Anyhow, I think it will get worse before it gets better. There are few buyers in China at the moment. There are huge stockpiles of ore and the traders cant buy because they cant get credit. The only sales seem to be contract sales from the big miners direct to large mills. I suspect that MMX and MGX may have to stop mining soon. There are serious rumours about this. MMX should reveal the status of the contracts. Something must be going on because the shipping of ore from Geraldton Port has slowed considerably - note there is a ship due for mmx on thursday.

Someone asked where is the bottom? Who knows. Anyone who says they know is a liar. But at 40c the sp covers the cash in hand of 165 mill. So my guess is 40-45c MIGHT POSSIBLY be the bottom. BUT if mining stops then it could go lower.

The sp will not turn around until chinese buyers return to the market. That does not even look like happening for a while. My friends in China say that 90% of the steel mills in nthn china did not reopen after the olympics.

As for sino t/o - I dont think they are interested any more.

IMO its going to be a long time before mmx recovers. I am now totally out and have no intention of coming back until i see buyers in the chinese market returning.