i also think a takeover is highly probable. Its the only thing keeping the share price on the up.
If you read all the news reports today. MMX should be bankrupt. They have no cash they are in debt. They have a market capex of 330 million undertaking 10 billion dollars of projects.
They have a hole in the ground called jack hills that has not lived up to expectations re resource grade.
They state they cant fund these projects without raising money. barnett has said the taxpayer will not increase the funding
They urgently need to sell their component of OPR but they cant seem to.
Mitsubishi has not said a peep. The chinese have withdrawn out of weld range for the time being.
Any chinese involvement will require a FIRB and under this admistration all i can say is good luck. Remember SWAN and the feds decide this not Barnett.
Talk about high risk in the possible hope of a chinese takeover.
What happens from here is anyones guess but as mmx love a gamble this is the right stock for you.
Once again its red or black. Place your bets folks. Dont moan if it comes up black. Thems the risks and you all go into it with completely open eyes.
good luck and please can OPR just get built asap.
MMX Price at posting:
75.0¢ Sentiment: Sell Disclosure: Not Held
