now lets get back to work

Well I am going to say it: I TOLD YOU SO.

Now lets get behind our directors and win the bid for port infrastucture. Who gives a sh1t about MIS. They have put all their eggs in the Yilgarn basket so now they don't have a guaranteed share of the infrastructure. Too bad. Could have been a great merger with about 2 billion tonnes of high quality ore and control of rail and port. Now they have a jv partner who has about 20% of the company and is not going to make a t/o bid. I expect sino to sit on their s/holding as a blocker from future mmx bid or as a greenmail weapon. I guess MIS managers will be soon going cap in hand to talk directly to the PLA Generals.

But one last dig at MIS - No, can't resist. Today as MIS s/p flagged MIS management put out a press release about how wonderful they are and what a fantastic resource they have and what they intend to do in 2008. BLA BLA BLA

However, they didn't mention the stuff reported in the Sydney Morning Herald on Monday that says they are running short of premined ore to scape up so they are looking at the manganese option. These guys are a joke. Once the punters realise that MIS are cash poor, have rising expenditures and little or no income for years the MIS s/p will slide back to where it should be ie about 1/2 that of mmx.

So for those who missed the smh article here it is:

SMH 4/2/08
Digging up details on the miners
Jamie Freed
February 4, 2008

Manganese option
The iron ore miner Midwest is best known for receiving a takeover bid from Murchison Metals and competing attention from the Chinese metals trader Sinosteel. Midwest has been trying to advance its large Weld Range project, which would require billions of dollars of new infrastructure in Western Australia's mid-west iron ore province. Meanwhile, it has been mining a small amount of iron ore from some remnants of old pits to get some cash flow.That operation is about to run out of ore in June, so it is trying to move to some other old pits not yet depleted.

Midwest had also wanted to develop a new pit for an extra 1.5 million to 1.8 million tonnes a year. But in its quarterly, Midwest said environmental reviews made that unlikely, and the other part of the second stage may not be approved before the first stage runs out of ore in June.

"We're evaluating the potential to fill that gap by mining manganese," Midwest's chief executive, Bryan Oliver, said, noting his company had picked up a previously mined tenement with grades of about 40 per cent manganese located close to infrastructure. Pending the necessary approvals, Oliver hopes the company could have the manganese mine into production by the second half of the year. But the second-phase iron ore project would be his first preference.