The machinations going on in the iron ore market are crucial here.
Its a sad situation for those people involved, but the market has become much less nervous in the last few days over the Rio Tinto spy case. Spot iron prices have gone up, steel mills have continued to buy ore and Rio/BHP etc. have continued to sell ore. Also Chinese economic statistics out in the last few days were strong (retail sales, fixed asset investment, lending, economic growth).
So I hold to my views that it is the funding of Oakajee and the global (especially Chinese) demand for ore that is driving MMX. CHM is pretty much a non-issue and has already been factored into the share price.
MMX Price at posting:
$1.46 Sentiment: Buy Disclosure: Held
