"Brett as Chairman is good . I would really prefer they move out of IO"
Hi Autosime,
Thank you for your recommendation of Brett as chairperson. It's good to hear such news from a long term investor as yourself.
Yes, I too would be happy for MGX to move onto something else other than iron ore, whose price is forecast to be dismal for the remainder of the decade.
If we do move into something else, Brett's mineral processing experience and chemical engineering background could be valuable.
MGX's cash and investment position was recently announced at $460 million and growing.
MGX have kept their lips well sealed (for obvious commercial / negotiating reasons) as to what they will reinvest in. The only clues given in the reports are that MGX continue to have a small $17m financial interest in several juniors, that MGX see as having growth potential. The quarterlies have also stated repeatedly that MGX is interested in iron ore, metallurgical coal, bauxite, copper lead and zinc, particularly in WA and Qld.
MGX Price at posting:
31.0¢ Sentiment: None Disclosure: Held
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