Hi Ktrianta,
It's not boding well for our hero in the field right now.
Here's a link to an article that pretty much says it all.
http://afr.com/p/iron_ore_alert_as_china_cuts_steel_Bkoi6NOPC5KYN7JNXNhzfO
I was fortunate enough to take profits yonks ago, but still keep tabs from time to time. Unfortunately, I recommended the stock to a mate in "happier times" and he's still holding, so I really would like to see it recover as well.
Marampa absolutely had to be sold before the music stopped and I feel Sage would have been better to offload at what would have previously been a discount to ensure capital is protected. I sold for these reasons.
1)Europe - nuff said.
2)And the outlook for Fe oversupply coupled with a slowdown in China, however temporary. Apart from some small stakes in some juniors, all the eggs were/are largely in Marampa (which is effectively mothballed until things pick up significantly) and the Pinnacle assets, which are a long, long way off. It puzzled me why Sage didn't diversify more aggressively. There's copper, gold and some rare earths and others but only in a small way.
I may look at a re-entry if MCC and the tax stuff gets sorted satisfactorily and they announce a creditworthy strategy for dealing with the current situation. Or perhaps if Fe prices somehow do a big U-turn. Who knows? Next year they might spike for long enough to get Marampa away. Can't see it this year.
Good luck all.
Peter
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