no chat today, page-19

I know this looks really bad, believe me my portfolio is looking sick holding this through the market turmoil. Sure the market is seeing less than normal volumes and Mantle has taken a real hammering from sellers dumping into a reduced buy depth.

People selling now into the lack of buy depth is really strange. Selling now is assuring a paper loss and missing out on the gap up once access is announced. I am guessing there wont be any sellers under 25c once access is announced, a gap up of around 10c or higher is possible.

Consider the MC is currently less than $10 million for a diversified mining company including coal, CSM, phosphate and gold. The problem is the projects are still in their infancy we do not know how much coal, CSM or phosphate we have. I would however expect drilling on both coal and phosphate to begin before years end as both projects are progressing to these targets.

What will the MC be once these two projects get up and running?

I will leave you with an interesting quote from today's Business Spectator - Oil killed Gordon Gekko

"the real financial power now lies with those who are sitting on oil and gas. In Australia we have seen incredible wealth being generated out of the coal seam methane reserves in Queensland’s Surat Basin, thanks in part to a rise in the price of LNG towards parity with oil.

The world’s oil-rich – including the Australian gas producers – could emerge from the bear market as the new masters of the universe."