Just a short excerpt from my Brokers report (20 June...

Just a short excerpt from my Brokers report (20 June 2007)

Following the landmark agreement between Murchison Metals Ltd (MMX) and Mitsubishi Corporation which should see the development of A$3bn of rail and port infrastructure developed in the Mid West region of Western Australia we believe the large hematite projects of the region have been elevated in value significantly. Midwest Corporation Ltd is set to be a major beneficiary of development in the Mid West with the circa 300mt direct ship ore Weld Range project now likely to go ahead. Our valuation for MIS is $6.41/share. The stock is cheap on an NPV basis and while significant earnings and cash flow are some way off Weld Range is long life and shows solid margins. BUY.