where to now?, page-10

I see CFE are delighted with their fire sale pickup the Leichardt Project. I helped pay for that plant through two MRX capital raisings.

I invested a bucket load and was in constant contact with company. The directors were even buying their own stock before Glencore stabbed us all in the back. Glencore was on the board then the director suddenly resigned a couple of weeks before it went into receivership. Glencore (Swiss maggot company) shot down MRX at their most vulnerable moment after verbally providing their full support just three weeks prior.

The plant was actually worth closer to $15 mil after the upgrade (they did a placement to raise $10mil just for this upgrade). With the plant already there and copper surging again all stakeholders could have benefitted from relisting MRX, but Deloitte choose a path that, as usual, leaves shareholders with nothing.

So CFE now get the free cash from a 5 year resource. Its a bitter pill to see your investment just handed over to someone for free. The last thing I need is another huge tax loss.

I will ring Deloitte tomorrow to see what is left of MRX. MRX stretched themselves thin to get the quick cash flow from Leichardt to fund their other developments - namely White Range which is a much bigger resource. I fear this will also be sold off for a pittance at a time when the ecomomics of White Range look good.

No doubt I will be told that MRX stills owes over $10 mil to some mysterious creditor.