(MRX) MATRIX METALS

[SCHUMACHER]

Came across this one and got in at 7.4c recently...looks very good and worth a read..

"Copper production to commence"
PROJECTS
-MT cuthbert and MT Watson projects (located 100km north of Mt Isa
-10.5 million tonne oxide copper resource and growing
-Existing production facility and infastructure
-Several New discoveries in 2005/06
-Title agreement in place

White range Project
Locatd 40km south of Cloncurry
-14.8 million tonne oxide copper resource and growing
-final stage feasibility complete
-Target 15000 tpa (tonne per annum) for 6 to 8 years minimum
-Major exploration success in 2005/06

"Capital structure"
shares on issue 661.6 million
market cap $58 million
Cash on hand $9 million

"Shareholders"
Independance group 18.9%
Institutions 18%
Glencore 6.75%
Top 20 holding >50%


-Copper production commmences at Mt Cuthbert by q3 2007 (january-march 2007)
-Project funding in place, predominately from Glencore International AG
-Development work has commenced
-Matrix 100% unhedged and exposed to record copper prices
-Deep Yellow (DYL) commencing Uranium drilling programme in early november 06 ...now!!

Cheers Schu
-

[SCHUMACHER]

website:

www.matrixmetals.com.au

[SCHUMACHER]

THE DIRECTORS AND SENIOR EXECUTIVES
OVERVIEW OF DIRECTORS

David J. Humann
Chairman

Andrew P. Chapman
Chief Executive Officer

Shane B. McBride
Chief Financial Officer and Company Secretary

OVERVIEW OF EXECUTIVES

Andrew P. Chapman
Chief Executive Officer

Shane B. McBride
Chief Financial Officer and Company Secretary



Bob Dennis
Chief Geologist– Mt Cuthbert Area

Phil Frank
Chief Geologist – White Range Area


DIRECTORS DETAILS

Mr David J. Humann FCA, FCPA
Chairman

Mr Humann is a Chartered Accountant with 41 years international experience predominantly with the accountancy firm, PricewaterhouseCoopers. He was a member of Pricewaterhouse World Board of Directors and its World Executive Management Committee based in London and New York. He also held the positions of Chairman and Senior Partner of Pricewaterhouse - Hong Kong and China, Managing Partner Asia Pacific and was a member of the Policy Committee of the Australasian firm. Mr. Humann is currently Chairman of MacMahon Holdings Limited, Mincor Ltd and a director of ERG Limited and TICOR Limited.




Mr Andrew P. Chapman M.Aus.IMM, M.I.E.Aust, CP Eng
Managing Director

Andrew Chapman has spent his 22 year career in the mineral resources industry predominately in the gold, base metals and coal sectors. Commencing his career in civil engineering in the Victorian brown coalfields, he moved to Western Australia in the late 1980's and progressed into the gold and base metals industry focussing in the fields of project evaluation and development. He has been directly responsible for the development of two gold projects in WA. After spending time with an international engineering group responsible for its business development and project evaluation activities, he moved into company and corporate management in the mid 1990's. Andrew created and listed Matrix Metals in 2000 and is the Managing Director of Matrix. He was also a founding director of the Australian Gold Council.



Mr Shane B. McBride B.Bus.(Acct), FCPA, FCIS, AAICD
Chief Financial Officer & Company Secretary

Mr McBride is a Certified Practising Accountant and Chartered Secretary with 18 years experience in the accounting profession including 15 years experience in the resource industry. His experience has been gained in several listed Australian Public Companies in the areas of management and financial accounting, general administration and company secretarial functions.

[SCHUMACHER]

Announcement last night
"Becoming a substancial holder"

announcement last night sees Glencore transaction settled to acquire MRX. The market was waiting for Glencore to complete Due dilligence.....all looking good now and copper production approx 2-3 months away .
Back in early 2006 Hartleys placed a valuation of 10c on MRX based on Funding for the project.Now they have a Glencore on board and obviously the funding was completed......this wil be re rated soon.

[SCHUMACHER]

My view on t/a charting for MRX

On the 12/7/06 the shareprice hit an intraday price of 9.3c and closed at 8.8c
On the 7/11/06 the shareprice reached an intraday high of 9.5c with 26 million through the market closed at 8.6c and the following day 8/11/06 it hit 9.3c intraday b4 closing at 8.8c
What we are seeing recently is higher highs and higher lows ....plenty of accumulation but my take is that once it clears 9.3c and holds above it will fly...
The chart looks remotely similiar to a cup and saucer formation (bullish)which if the case will project higher ...price target 11c

as always time will tell.
cheers Schu

Note: My comments are not intended to suggest a "buy" therefore seek professional advise if you cannot think for yourself.

[SCHUMACHER]

Matrix(MRX) Deep Yellow(DYL) Joint Venture

DYL can buy RIGHTS TO 51% OF MIRANDA/LOCHNESS PROJECT (OWNED BY MRX)if they spend 3 million over 3 years, says alot about where Matrix may end up....also i read Matrix/Deep yellow JV where the rock chip samples were stagerring as they returned values up to 9640 PPM u308...this is outstanding ....it is fair to say they have some of the best prospective U tenements in Australia "potentially"

[SCHUMACHER]

Matrix on the move ...9c just taken out and should get through 9.3c today...one to watch
cheers Schu

[Sid]

IGO picked up just under 20% of Matrix a little while back at slightly above current levels - they haven't given any indication as to what they are planning around their stake.

[JoeKing]

Schu.
Matrix has certainly come a long way since I last took a good look.
Aboriginal agreements now all in place.
DYL on site ready to drill Uranium tenements at miranda and lochness, right next door Palladin/Summit, Cudeco.
I bought MRX (10c)on the strength of copper discovery announcements and sold (9c) after 3 years of "nothing happening" ... well, that discovery is due to come into production feb/march 2007 and a new series of copper drills starts about then with new JV partner swiss Co.Xstrata, a MAJOR world player.(contracts signed off Sept).
Glencore International a major shareholder in MRX (416 million share (7 1/2%) is fronting up with $12.5 mil. for further developement.
Maybe I was a bit hasty selling out, SO! bought back in this am 9c.
Thanks again for heads up!
Cheers
JK

[Geoff7]

I got bitten by this one a while ago, it all looks good now but at the time things got very ordinary..

http://sa.iguana2.com/cache/7bcc85058aa960c4fbd7ada2d5346d85/ASX-MRX-279833.pdf

I will stick to the once bitten adage, but wish you all well.

[lambton]

quote:Originally posted by Geoff7

I got bitten by this one a while ago, it all looks good now but at the time things got very ordinary..

http://sa.iguana2.com/cache/7bcc85058aa960c4fbd7ada2d5346d85/ASX-MRX-279833.pdf

I will stick to the once bitten adage, but wish you all well.



Ditto - this one can hurt. All the best tho.

[SCHUMACHER]

GLENCORE FINANCING FOR MATRIX PRODUCTION HAS GONE UNCONDITIONAL...SIT BACK PEOPLE AND WAIT TILL THE PRODUCTION COMMENCES AND OFF WE GO....CHEERS j

Undervalued once production starts...now is the time to get in and sit tight...

[SCHUMACHER]

just hit 9.6c ...you beauty

[SCHUMACHER]

10c folks.,...where is everybody...lol
im rather excited here...Joe where are you...i hope you didnt sell
cheers Schu

[SCHUMACHER]

Heres the deal:
we had 29 million traded yesterday at a VWAP of approx 9.7
Opened at 8.7c hit an intraday high of 10c and closed at 9.6c

Today it has been sold off slightly to 9.3c (current) on 2 million traded, negligible compared to yesterdays volume

looks good for a hold as production is closing in and the funding has been signed off.....all in all a good look at positive things to come....and of course there is the DYL drilling programme at Lochness and Miranda to look forward to this month...cheers J

[tricha]

Well Schumacher

Questions

- Cost per pound to produce[?]

- Silver or gold credits.[?]

- Grade [?]

[SCHUMACHER]

Hi Tricia

Cost to produce:
operating cost per lb USD$ 1.59
Total revenue AUD $200 Million based on spot price
EBIT AUD$ 88 MILLION
Project NPV @8% Discount AUD$70 MILLION



Grades as follows: Bear in mind this is stage 1

Based on Mt Watson inventory of 2.1 Mt @1.2% Cu of the existing 8 Mt resource...4-5 year stage 1 mine life
Stage 1 production of 5,500 tpa copper cathode


Joint venture with Deep Yellow Uranium explorer ...DYL have a farm in interest by spending $3,000,000 over 3 years on MRX tenements

hope that helps
Glencore announcement to provide funding

All looks good to me
cheers Schu

[SCHUMACHER]

This article taken from the smart investor magazine (publication)

its under a heading TANTALISING 10 C TEMPTERS

"In the past 5 years mincors chairman david humann has watched the company move from explorer to producer. its profit has increased from 2M to 29M and the companys share price from 10 scents to 230 hummann is also chairman of MRX a diversified mining company that is in the process of bringing a major copper reserve into production
the company has completed a feasibility study in relation to its white range copper resource management is looking at the possibility of complementing the 45 M of bank funding with about 3.5 M in take off agreements whereby the third parties can invest in what is potentially long life project
if such a deal can be struck hummann may be able to do fo Matrix what he did for Mincor"

Makes interesting reading

[JoeKing]

Hi Schu.
Been away a week, just catching up. Still holding parcel core stock, bought more this a.m to trade for accumulation...actually I am getting rather excited..
Cheers JK

[SCHUMACHER]

Hey there Jie, good to see you back on the job....lol
As far as im concerned this one is going to blow.....announcement out today regarding the facility and as you wil already know from my previous post the shareprice hit 10c late last week.....closed on friday at 9.1c after a bit of a sell off on light volume and today we are already back up to 9.7c following fridays 9.1c close......10c may not hold for long....as always time will tell
cheers Schu

P.S Tricia im sure by now you have at least one eye on this stock ....remember Mincor!!!

[SCHUMACHER]

MATRIX getting swallowed up in the afternoon session ...opened today at 9.4c and has just hit 10c
buyers swarming in and hitting the sellers hard...1 bidder swallowed up 9.8c and 9.9c
something is definately happening
10+ very soon
cheers SCHU

[SCHUMACHER]

just hit 10.5c fantastic...possible continuation of todats rally , at tomorrows open.
Previous closing high 11.5c in may 2006 ..after that blue skies ...cheers SCHU
JoeKing , hope your enjoying the show.

[laurie]

hmmmmm just found them at the bottom of the drawer [:p]

cheers laurie

[JoeKing]

Schu. thanks again for heads up. bought 200k yesterday 9.4 trading parcel.... should I sell yet? LOL just jo-king...
Cheers JK
PS Laurie... do you really know what is in that bottom drawer?? Have another look, could be an old lotto ticket ;)). There are like $$MILLIONS!! of unclaimed lotto bucks, or 10,000 BHP shares bought in 1992? ;))
Cheers.

[exposed]

hi folks im new to this game i recently took a top up on myy mortgage and brought some anp should i get these as they look like a bargain to

[laurie]

quote:Originally posted by exposed

hi folks im new to this game i recently took a top up on myy mortgage and brought some anp should i get these as they look like a bargain to





Hi exposed
As always don't go by what is said here or any other forum's do your own research by reading their announcements,read what has been posted here,ask questions here that you are not sure of and by then you will be able to make a decision,in the end it's your money good luck

cheers laurie

[SCHUMACHER]

Hi Joeking...my recommendation is to wait and watch the story unfold...i personally will hold and see what happens once they get to production stage in the 2nd quarter of 2007
As always with mining stocks the value is realised once they start shovelling the stuff for a R.O.I (return on investment.
I suspect the heavy buying over the past few weeks was partly due to the funding by Glencore as insiders would have known about this prior to announcement.

Havent heard anything about the DYL drilling programme yet so plenty to watch out for....i dont think 10c will be the ceiling for too much longer....

Exposed.....may i suggest you research the comanies announcements to get a feel for their projects/ also research management and do the sums ....even though i have done all this and support what the company is doing i strongly recommend you do the same if you are going to risk your capital on a spec.

its easy for me to say as i bought in at 7.4c but i do believe they have turned the corner so to speak....Laurie also reiterated this to you so there you go....happy investing
cheers Schu

[SCHUMACHER]

yesterdays trading was not too exciting as it closed at 9.6c but the positive thing is that we are getting higher closing highs and lows...this confirms an uptrend and will not be too long b4 we get through the psychological price barrier of 10-10.5c
I expect a higher opening price today ..somewhere around 9.8-10c

cheers Schu

[SCHUMACHER]

looks like MRX is on the move again. Just traded at 10c and buyers coming back in....we may see 10c broken today...off screen buyers will dictate.....looking sharp for a move ...I think the AGM is today so that may gain some interest
cheers Schu

[tricha]

To the Exposed

No critical copper shortages, but zinc price to continue to rise
By: Dorothy Kosich
Posted: '23-NOV-06 08:00' GMT © Mineweb 1997-2006



RENO, NV (Mineweb.com) --In a recently published report, Scotia Capital indicated that critical copper shortages are not likely to occur in the near future, mine reserves are adequate to meet 16 years of needs, and that most copper miners can break-even at $1.10 copper prices.

Analysts Alec Kodatsky, Onno Rutten, Jasmit Gouri and Alex Terentiew also proposed, though, that copper prices will remain significantly above historic norms.

COPPER SUPPLY
While Scotia’s analysts acknowledge the tight physical market and inadequate mine supply. “we do not foresee a critical shortage of copper in the near to medium term and believe that what is now a roughly balanced refined market is set to swing into a modest surplus in 2007.”

Nonetheless, Scotia forecasts that copper prices will remain “well supported at level significantly above historic norms. Existing producers should therefore enjoy a protracted period of above-average margins, greatly making for a favorable investment climate.”

In their analysis, Scotia predicted fundamental copper prices of $1.45/lb this year and $1.48/lb next year. When taking investment into account, however, “we forecast average realized copper prices of $3.11/lb and $2.27/lb” 2006 and 2007.

The analysts revised their long-term price outlook from $1/lb to $1.15/lb, partially based on the following assumptions:

• The copper industry has had a very good success rate in reserve replacement and discovering new economic ore bodies. “There are currently approximately 28 years of annual global consumption contained in identified global reserves. While this is one of the lowest levels of consumption-weighted supply in the past 25 years, it is not what we would consider a critical shortage.”

• Displacement between sources of mine supply, the smelting/finery conversion complex, and end-users of copper …will remain intact for the medium term. “We believe that given the increase levels of capital intensity associated with developing mining operations, companies will be slow to increase their appetite for risk in politically unstable regions in the absence of an adequate return promoted by higher metal prices.”

• Thanks to the current metal price environment, the copper industry will be able to achieve mine production growth given the geographic diversity of projects and strong mining company balance sheets.

Scotia suggested that global supply of copper concentrate will increase 2.6% to 12.6 million tonnes this year and increase 5% to 13.2 million tonnes in 2007. Their analysis also asserted that “supply-drive speculation in copper is losing steam,” citing the muted response to recent events at the Escondida and Chuquicamata mines in Chile.

Fifty-eight percent of current copper reserves (16 years of consumption) are located in seven reasonable politically stable countries, Chile, Peru, Mexico, United States, Australia, Poland and Canada, which is easing the reliance of copper miners on the DRC for future copper sources, Scotia’s analysis suggested.

The Scotia Capital report identified three key elements of the current copper market that will allow both the development of adequate new copper supply and the balancing of the physical market in conjunction with lower forecast copper prices.

1) Chinese Demand: As most analysts have already noted, Chinese demand is critical to copper consumption. Scotia believes that Chinese demand will remain healthy for the foreseeable future. The analysts are monitoring five output metrics, which can capture 70% of China’s copper consumption including power capacity, air conditioner production, refrigerator production, washing machine production and automobile production.

Scotia forecasts that China’s copper demand will grow until the end of the d

[SCHUMACHER]

buyers building at 10c
over 2 million on the bid ....not long b4 we have another attack on 10.5c resistence

Joe....Looking good fella.
cheers Schu

[JoeKing]

Hi Schu.
Strong resistance 10.5 challenged!
" Joe....Looking good fella."if thats a compliment I'll take it! LOL!
Cheers
JK

[JoeKing]

10.5 GONE!
[8D][8D][8D]

[SCHUMACHER]

fantastic aye joe....FINALLY FELLA!!(looking good fella...lol)
meaning the stocks looking good ....haha

LOL

[SCHUMACHER]

NICE DAY for MRX one i have been waiting patiently for a few months now......finally folks a close at 11c and more importantly held above that dreaded 10.5c

someone earlier took out 10.5c with ease and hence we have a new closing high....tomorrow will be a humdinger .....well im certainly hoping for one


very interesting watching the match ups after market.....(pre market) a bit of jostling going on but looks like the bulls win round 1 as the share closed at 11c ...excellent

cheers Schu(aka Jamiroquai H/C)

[SCHUMACHER]

One has to wonder whether todays move is based on the recent drilling at Lochness/Miranda by DYL at MRX,s highly prospective Uranium tenements
Correction to comment on new 11c high ....on the 8 april 2006 MRX closed at 11.5c
today saw it close at 11c
I expect a good open tomorrow
regards Schu

[SCHUMACHER]

MRX just hit 12c on good volume ...something definately up....fantastic
cheers Schu

[SCHUMACHER]

nice close at 12.5c and a new closing high....something going on here but still no news...a few buying millions at a time which pushed the shareprice to its fantastic close last night.

Those who are following this one know about the Deep Yellow J/V in the highly prospective U308 (Uranium) area of Lochness and Miranda and the completion of the first stage of drilling in december.
We are awaiting results due early feb.

The obvious one is the copper production around june/july 2007
Considering copper has slumped to one of the worst starts to a year in more than 2 decades, im really not sure whats driving the shareprice north.
But im sure we will find out sooner rather than later.

Here is an article regarding the current copper situation.
As always time will tell
cheers Schu

.............Copper May Advance Next Week on Chinese Purchases (Update3)

By Chanyaporn Chanjaroen

Jan. 5 (Bloomberg) -- Copper may rise next week, paring its worst start to a year in more than two decades, as Chinese wire and pipe manufacturers increase purchases to take advantage of the price slump.

Nine of 17 analysts, investors and traders surveyed by Bloomberg News yesterday and Jan. 3 forecast copper will rise next week. Eight expect prices to decline.

Chinese manufacturers have been curbing orders until prices retreat, said Marc Kaplan, president of Mews Metals Trading LLC in Verona, New Jersey. Demand from the world's biggest copper consumer may expand as much as 5 percent this year, Shen Haihua, vice president at Maike Futures Co. in Shanghai, said last week.

``Chinese demand is greatly understated,'' said Stephen Briggs, a London-based analyst at Societe Generale, one of 11 companies that trade on the floor of the London Metal Exchange.

Copper for delivery in three months on the LME dropped $105, or 1.8 percent, to $5,610 a metric ton today. It fell 11.5 percent during the week.

On the Comex division of the New York Mercantile Exchange, copper for March delivery fell 4.2 cents, or 1.6 percent, to $2.56 a pound as of 11:16 a.m. local time. Copper for delivery in March on the Shanghai Futures Exchange fell the daily limit of 4 percent to settle at 54,630 yuan ($6,995) a ton. Chinese prices include 17 percent tax and 2 percent duty.

China Purchases

China may purchase more copper this month and the next as wiremakers stock up to ensure output isn't disrupted during the weeklong Lunar New Year holiday, Beijing Antaike Information Development Co. said in a monthly report.

China's copper demand has recovered as prices fell, Antaike said in the report e-mailed today. It produced 4.54 million tons of semi-processed copper products in the first 11 months of 2006, 7 percent more than a year earlier, Antaike said, citing figures from the China Nonferrous Metals Industry Association.

Prices have fallen about 35 percent in London since trading at a record $8,800 a ton on May 11 as supplies increase. Stockpiles monitored by commodity exchanges in New York, London and Shanghai rose to 256,758 tons, the highest since June 2004, according to data compiled by Bloomberg.

The increase ``is leading to concern in the market that copper has moved into a surplus,'' Briggs said.

Briggs expects supply to match demand this year, after a deficit of 200,000 tons in 2006.

Goldman Sees Surplus

Supply probably will beat usage by 230,000 tons this year, Goldman Sachs Group Inc. analysts led by James Gutman in London said in a Dec. 11 report.

Production last year was curbed by unforeseen disruption to mines including Escondida in Chile, the world's largest source of copper. Threats to supply remain.

Dona Ines de Collahuasi, Chile's fourth-largest copper mine, said yesterday equipment repairs this month will reduce production by about 30,000 tons. The loss is equal to 7 percent of its 2005 output of 427,000 tons.

Australia's Lafayette Mining Ltd., which is developing a $60 million mine in the Philippines, delayed its first exports of copper until April after repairs to typhoon damage took longe

[Paddie]

Schu,

It is hard to work out what is driving the price and large volumes of late, considering as you say that copper prices have slumped.

Can someone enlighten me with the connection between DYL and MRX and the drilling in the Lochness and Miranda area (what is in it for MRX).

Cheers
Paddie

[SCHUMACHER]

Paddie.....MRX/DYL Joint venture
Historical Uranium Producing Region- Mary Kathleen and Summit Project
DYL selected as partner from competitive process
DYL have been granted access to explore for Uranium on MRX
5000 sq/km tenements in the Uranium rich Mt Isa- Cloncurry Region

DYL have identified new zones of U308 mineralisation and anomolism

2000m of drilling testing to depths of 120 mtrs have been carried out and completed in December and i assume results out some time in febuary....perhpas that is why the shareprice has moved on large voluume, someone must know something as some of the buy orders were in the millions

The deal as follows: DYL HAVE THE RIGHT to earn 51% interest by spending $3 million over 3 years
The expenditure committments require DYL to $500,000 in the first 9 months and to issue Matrix ordinary shares in DEEP YELLOW equivalent to 2.2% of the issued capital approx 18 million shares to MRX)
This equaes to a current value of $9.1 million bucks


P.S IF the recent drilling is driving the shareprice then makes sence
Even though copper has taken a beating the mine will still be producing copper around june this year and the operating cost per lb is 1.59c which is well below the current copper price
cheers Schu

[SCHUMACHER]

Copper Advances as Investors Take Advantage of Earlier Decline

By Brett Foley

Jan. 9 (Bloomberg) -- Copper gained in London as some investors took advantage of six days of declines. Aluminum and lead also gained.

Demand for the metal used in wires and pipes will grow 2.3 percent to 18 million metric tons this year, Stephen Briggs, an analyst in London at Societe Generale said in a Jan. 5 report. Production won't exceed demand in 2006 and supplies will remain ``tight,'' Briggs said.

``There is some buying around but mainly from the bank side, not from the Chinese buyers,'' said Jack Chen, a London- based trader at Man Financial Ltd., one of 11 companies trading on the LME's floor. ``They are waiting for prices to fall a bit further.''

Copper for delivery in three months on the London Metal Exchange rose $4, or 0.1 percent, to $5,610 a ton as of 9:28 a.m. local time. It has lost 36 per cent since trading at an all-time high of $8,000 a ton on May 11.

The metal dropped last week as slower U.S. economic growth and rising stockpiles sparked concern that the copper market may move into a surplus for the first time since 2003.

Imports of copper and copper products into China, the world's largest consumer of the metal, fell 21 percent in the first 11 months of 2006 to 1.9 million tons because the metal was cheaper domestically than overseas.

Lead rose $10 to $1,565 a ton and aluminum increased $11 to $2,621. Tin dropped $75 to $10,300 and nickel declined $25 to $31,375. Zinc fell $52 to $3,668.

[SCHUMACHER]

Finally MRX has hit production...announcement just out ...Spot prices at $3.36 /lb and production cost of $1.60 so looks good for MRX

[Serpie]

Those costs equate to a SP of around 50c according to the recent research report.
It's been a long wait, but nice to see the re-rating underway.

[SCHUMACHER]

A good finish for MRX ......volume in excess of 35 million shares traded.
Todays announcement that they have officially commenced production......and can FINALLY call themselves a producer!!

hit an intraday high of 12.5c and closed at 11.5c which is still a good closing price....should open up strongly tomorrow based on their milestone of hitting production while the spot price of Copper is twice their production costs...a hearty congratulations to MRX management....cheers

[Serpie]

Great finish on a gloomy day.
If the ASX bounces tomorrow then it's all on.

[SCHUMACHER]

Serpie ........One other point to note is that DYL in a trading halt and as J/V partners with MRX in the highly prospective Mt Isa region ,if DYL,s announcement is to do with MRX J/V this can only add value to MRX valuation......remember that DYL have commenced their drilling programme in Mt Isa...so if this is the DYL announcenemt MRX holders may have even more to smile about....
After all why would DYL coff up shares issued to MRX for free if they were not confident ....food for thought....cheers

[Serpie]

Schu,
Wouldn't MRX be in a trading halt as well if DYL's result was related to Mt Isa?
I think that it's more likely that DYL is in a halt because of the Namibian project.
I think that DYL is confident about Mt Isa, but the timing just doesn't quite work for me.
Thrilled with todays ann. MRX has been the quite achiever, but it's time to enjoy some time in the spotlight.

[SCHUMACHER]

Just a thought mate....ive just posted this on Sharescene also ....in theory you would expect MRX to go into trading halt on that basis if it were to do with MT Isa but its really a DYL project and im not sure how the ASX works in relation to this.....your probably right in that its something to do with Namibia....cheers Schu (JAM Sharescene)

[Serpie]

Perhaps a double whammy then?
If DYL's trading halt is just because of Namibian results, then they must be huge.
MRX sold their 25M DYL shares in the 40's, so they'll be kicking themselves if DYL flies.

[shasta]

quote:Originally posted by Serpie

Schu,
Wouldn't MRX be in a trading halt as well if DYL's result was related to Mt Isa?
I think that it's more likely that DYL is in a halt because of the Namibian project.
I think that DYL is confident about Mt Isa, but the timing just doesn't quite work for me.
Thrilled with todays ann. MRX has been the quite achiever, but it's time to enjoy some time in the spotlight.


Serpie you greedy sod, fancy wanting a double play in a trading halt.

PDN are already looking over DYL's shoulder for the Mt Isa project, & that would put MRX on the radar too.

DYL are putting aside funds from the rights issue to drill the Mt Isa resource, but i'm expecting that will be a separate announcement.

Will have to review the DYL/MRX JV ;)

[SCHUMACHER]

in the next 3 months the leach pads will ramp up to capacity of 5,500 T CU with a maximum capacity of 10,000 T once Mt Cuthbert and Watson are online.....the mine life is minimum 4 -5 years based on the known resource ......all looks good for the next half decade .....shareprice should be in the 20c range by xmas 07...thats my conservative guess
cheers

[SCHUMACHER]

currently up on fridays close of 11c ....buyers wiped out sell depths and 11.5c and 12c at the open and is currently trading at 12.5c.....once thrugh 12.5c it should fly as this is resistence level.....should be re rated by experts as MRX progresses from explorer to producer as announcmeent to the market last week.....with copper prices strong we should see a solid move towards 15c which was hartleys valuation a month or so ago....the next 12 months should see a solid years production and good profit margins achieved....ive been calling this one for a while now and looks like its finaly on its way
cheers Schu

[Serpie]

Agreed Schu,
Needs to pull away from the 10c mark to rid itself of tick traders. A little bit of upward pressure will hopefully force out those T3's.

[SCHUMACHER]

Hi Serpie...once 12.5c is taken we should see more bids come in....it should get chopped down today ..possibly in a couple of hits ..we shall see
cheers Schu

[Serpie]

Has bounced off 13 before, but it's a different animal now - producing in a bouyant copper maket.

[SCHUMACHER]

SERPIE
12.5c taken in 2 bites.....nice one...now its all on

[Serpie]

Didn't even see that Schu,
Was watching others. 13 getting eaten now!

[SCHUMACHER]

yep ...13c gone also...having a nice run ...and re-rating now that they are producers...cheers

[SCHUMACHER]

the big question is .... what does the market value MRX at now that they are producers???? as always time will tell
cheers Schu

[SCHUMACHER]

finally after 6 months of waiting ...MRX has found a new closing high.....this is extreemly bullish sign especially since it has broken its resistence at 12.5c and continued to build momentum.....as ive repeatedly said b4 ...MRX will have its day...and it is now being re rated by the market...so for all those doubters that continued to bag MRX management (mainly from hot copper site)....action speaks louder than words......some BIG buying today and hopefully the momentum will build for tomorrow.....cheers

[Serpie]

With regard to management:

December issue of Smart Investor magazine highlighted MRX as a "tantalising 10c tempter".

It said:
"In the past 5 years, Mincor's chairman, David Humann, has watched the company move from exporer from producer. It's profit has increased from $2M to $29M and the company's SP has moved from 10c to about $2.30.
Humann is also the chairman of MRX, a diversified mining company that is in the process of bringing a major copper resource into production.
The company has completed a feasibility study in relation to it's White Range copper resource.
Management is looking at the possibility of completing the $45M of bank funding with about $35M of off-take agreements whereby third parties can invest in what is a potentially long life project.
If such a deal can be struck, Humann may be able to do for Matrix what he did for Mincor"

The deal was struck with Glencore, and signed up late last year.

All the pieces are in place.

[SCHUMACHER]

Serpie....i remember reading this article way back then...one of the main reasons why i bought more shares in the 9c range....i was accumulating as much as I could under 10c when the opportunity arose.....i now hold over 900,000 shares and will hopefully ride the sucess story much higher.....i also note that copper spot price has risen higher again tonite which benefits companies such as MRX who are unhedged and exposed to record copper prices.....the timing for MRX couldnt have been any better and now with demand pressure on COPPER inventories...we may see copper hit $4.00 /lb ..in the next 3 months if these strikes affect supply levels....market analyists say strong copper prices through 2008....
.cheers Schu

[Serpie]

Then you had a very good day today!
I'd be surprised if we didn't see further gains tomorrow, perhaps not as good as today, but hopefully we'll get through some more depth and churn.
Good days ahead for MRX.

[SCHUMACHER]

Just a new article for you MRX fans ....MRX holding well today
Copper Rises to Six-Week High on Falling Inventories, Dollar

By Choy Leng Yeong

July 2 (Bloomberg) -- Copper rose in New York to the highest in more than six weeks on speculation a decline in the value of the dollar will boost demand for the metal used in wiring and plumbing as inventories dwindle.

Copper stockpiles monitored by the London Metal Exchange fell 1.8 percent to an eight-month low of 112,600 metric tons, the exchange said today. Copper, sold in dollars, has risen 23 percent this year as inventories slumped 38 percent and the U.S. currency fell 2.7 percent against a basket of six major world currencies. The dollar today touched a 26-year low against the British pound and approached the weakest against the euro.

``The lower the dollar is, the cheaper the commodity is for foreign buyers,'' said Michael Smith, president of T&K Futures & Options in Port St. Lucie, Florida. The inventory drop ``is a big deal. That means there's a lot of buyers out there.''

Copper futures for September delivery rose 7.65 cents, or 2.2 percent, to $3.527 a pound on the Comex division of the New York Mercantile Exchange, the highest closing price for a most- active contract since May 15.

A futures contract is an obligation to buy or sell a commodity at a fixed price for delivery by a specific date.

Inventories also dropped in China, the biggest consumer of the metal. China's stockpiles fell 5.6 percent to 90,617 tons, the biggest decline in six months, according to a weekly report by the Shanghai Futures Exchange on June 29.

Insatiable Demand

``China's demand is insatiable,'' William Hayden, president of Ivanhoe Philippines Inc., a unit of Ivanhoe Mines Ltd., said in an interview today in Manila. ``I can't see any let up in demand, not in China, India, Pakistan and other areas, certainly not for base metals like copper and nickel in the next 10 years.''

Copper rose 2 percent last week amid strikes and labor disputes in Chile and Peru. Contract workers at Chile's state- owned Codelco, the world's biggest copper producer, threatened to increase protests that have cut the company's output.

Contract workers, who went on strike June 25, last week temporarily blocked roadways to mines, burned buses and stormed a processing plant in northern Chile to press for higher wages. Protests will worsen unless Codelco negotiates, Cristian Cuevas, president of the Confederation of Copper Workers, said today.

Workers at Southern Copper Corp., the world's fifth-largest producer of the metal, on June 28 suspended a five-day strike in Peru to continue labor talks.

A union at Collahuasi, Chile's third-largest copper mine, said last week it will strike on July 9 to press for higher salaries from mine owners Xstrata Plc and Anglo American Plc.

``The copper strikes and threats of strikes should continue to support the market,'' Mike Rapson, a broker at Man Financial Ltd. in Toronto, said in a note today.

[SCHUMACHER]

Another good day for MRX ...intraday high of 14c which is currently trading above previous high of 13.5c....slowly but surely the re rating has begun!!!

good volume today and should see a strong close....cheers Jam

[SCHUMACHER]

strong close coming up folks....buyers coming in fast ...cheers Jam

[Serpie]

Great close Schu,

The sell side is also thinning out as we get away from 10c. Hopefully the easy percentages are getting smaller for the traders, and this stock can find it's way into the hands of longer term holders.
We need to sell out that sell side even more, and let it run.

[Phar King]

You may have been ramping this coy for a while Schu but some of us didn't listen------I sold up mid last year after holding for yonks...cost me.....when I hear MRX is FINALLY a producing mine I couldn't wait to get back in......where can you find a producing copper mine for 12c?????????

[Tok3n]

Maybe MRX selling DYL wasn't such a bad idea after all lol.

[SCHUMACHER]

Cheers FAR KING....i guess ive always believed that if they can get up and running then theyre better than most exploration companies that have come and gone and never got to production.....what initially attracted me to MRX is that they were at a well advanced stage in their mining life which gave them a better than average chance of delivering...refurbishing the old infastructure was better than starting from scratch as the timeframe to production was faster.

Yes the decision to sell the DYL shares was obviously the right thing to do especially when it was free cash so to speak and MRX have made statements that they are NOT a uranium company and never professed to be one.......MRX is Pure COPPER with exposure to U ranium thru DYL and if the Mt Isa uranium find is good, then MRX becomes more valuable.....cheers Schu

[Serpie]

Just about everything that's getting bought is getting dumped straight back in the sell queue at 2c higher.
Frustrating - but that's the way it goes I suppose.

[SCHUMACHER]

have ye faith serpie.....MRX showing strength again today ....closed on its intraday high and a new closing high also of 14.5c.....some big chunks bought at 14c today suggests this will go alot higher in the short term......all looks good....cheers Schu

[Serpie]

Keeping the faith Schu,
Slowly but steadily being re-rated. Hasn't "run" yet, but may well do. Building a good solid base.

[SCHUMACHER]

yes , could run hard soon and get into the high teens quite easily....i remember a little gem 5 years ago called ANVIL MINING which was also a copper play in DRC Africa...it was trading around 11c when i got in and when it hit production it took off......no political risk for MRX so the current shareprice is slowly pushing for higher levels as it cant stay this cheap for much longer.....based on a full 12 months of uninterupted production behind them and an average spot price of $3.20/lb will see a very good profit for MRX. Once market sees some good results it will fly
CHEERS SCHU

[SCHUMACHER]

MRX continues to appreciate in value.....2 big bids for 2 million shares at 14.5 and 15c today....over 13 million through the market and MRX on a new high at 15c....the market obviously re rating this stock now that it is a producer.....MRX cannot be over looked now and should easliy get to 20c in a few months.....cheers Schu

[ScrappyO]

S/P on the move after ann..MRX now producing.
First Revenues early next month.

[Serpie]

I've waited a long time for this day Scrappy - well, about 10 months.
A good solid company, going quietly about it's business. Nice.

[SCHUMACHER]

FANTASTIC day guys and girls announcement out and MRX have made their first shipment of Copper to Glencore ....and a new closing high of 18c ..after market was very interesting as 3 million got taken at 18c

major move for MRX ......cheers SCHU

[SCHUMACHER]

1) PRODUCTION ON SCHEDULE
2) IST SHIPMENT TO GLENCORE

In the life cycle of a mining company this is very significant as they have achieved production and are now generating cash .....this is key

Price has broken out and smashed thru 17c-17.5c which has been a previous resistence level.....a close at 18c and so convincingly should get this into the 20c range this week....it the market is rerating this stock it may not get back to 18c ....production and cahsflow is paramount....as ive bleeted for many months about the positives with MRX...i have had my knockers but proud to say finally pay day has come in....cheers to all believers sSCHU

[Paddie]

quote:Originally posted by SCHUMACHER

1) PRODUCTION ON SCHEDULE
2) IST SHIPMENT TO GLENCORE

In the life cycle of a mining company this is very significant as they have achieved production and are now generating cash .....this is key

Price has broken out and smashed thru 17c-17.5c which has been a previous resistence level.....a close at 18c and so convincingly should get this into the 20c range this week....it the market is rerating this stock it may not get back to 18c ....production and cahsflow is paramount....as ive bleeted for many months about the positives with MRX...i have had my knockers but proud to say finally pay day has come in....cheers to all believers sSCHU



Schu,

I have also held MRX for a good period, and it is great to see pay day arriving.

MRX has been a quiet achiever, without the hype of some of the other speccies.

[^][^]
Paddie

[SCHUMACHER]

well done PADDIE....obviously you saw the same potential i did ...lets hope the market continues to like what MRX management have aCHIEVED..Its a big transition to go from explorer to producer.....a feat that many a resourse company cannot achieve
cheers Schu

[Phar King]

After holding for years and finally exiting MRX I was delighted to hear they were finally producing.....I quickly jumped back in. Todays SP regains all I lost first punt, The picture of the loaded up road train says it all. MRX has arrived, folks like Schu who held are justly rewarded.

[SCHUMACHER]

Another positive day fro MRX...defyed the lead from other miners which got sold off following the DOWs lead on friday...MRX "now a producer" of CU held well possibly based on strong copper spot prices....looks like MRX will re test recent highs of 19.5c in the coming weeks , if not days....closed up at 16.5c last night

cheers Schu

[Serpie]

I managed to grab a handful of these at 16c on Friday.

The downturn provided an opportunity to turn back the clock, and buy at levels that I didn't think I would see post-production.

We'll see what this quarterly says today, but I'm very, very happy with MRX.

[ScrappyO]

MRX could start looking good. Fingers crossed demand remains.



Copper Rises in New York on Speculation Rate Cut to Spur Demand


By Millie Munshi

Sept. 17 (Bloomberg) -- Copper rose on speculation the Federal Reserve will cut interest rates, spurring economic growth and demand for metals in the U.S.

Fed policy makers will cut the benchmark target rate by a quarter percentage point to 5 percent tomorrow, according to the median forecast of economists surveyed by Bloomberg News. Before today, copper had fallen 4.5 percent in the past two months on concern the economy would slow.

``It's likely to be supportive for copper if the Fed cuts its rate,'' said Patrick Chidley, an analyst at Barnard Jacobs Mellet LLC in Stamford Connecticut. ``It will put to rest certain economic concerns.''

Copper futures for December delivery gained 1.8 cents, or 0.5 percent, to $3.4105 a pound at 11:18 a.m. on the Comex division of the New York Mercantile Exchange. A close at that price would be the highest settlement for a most-active contract since Aug. 13.

The Fed has kept rates unchanged at 5.25 percent since June 2006. Financial-market turmoil and a housing slump that threaten to drag down the economy will prompt the central bank to cut rates at its policy meeting tomorrow, analysts said.

``An interest-rate cut looks inevitable and prudent at this point,'' John Kemp, an analyst at Sempra Metals Ltd. in London, said in an e-mailed note.

Copper, used in homes, appliances and cars, has gained fourfold in the past four years as a global expansion boosted demand. The U.S. is the world's second-largest copper consumer after China.

Inventories Decline

A drop in copper inventories also drove the price higher today, Chidley said. Stockpiles monitored by the London Metal Exchange fell 2,000 metric tons, or 1.5 percent, to 133,750 tons. That's the lowest level since Aug. 24.

Supply constraints may lead to a ``significant spike'' in the copper price next year, Credit Suisse analysts led by Jeremy Gray in London said in a report on Sept. 14.

``New supply is still likely to remain muted,'' Gray said. The copper market ``is likely to be in deficit in 2008.''

Labor unrest and lower ore grades have reduced mine output this year as mining companies including Xstrata Plc, Rio Tinto Group and Teck Cominco Ltd. reported lower copper production.

``The mining industry generally has difficulty bringing on new supply and also even maintaining current supplies,'' Don Lindsay, Teck's chief executive officer, said in an interview last week.

New York Manufacturing

The metal pared gains after a report showed the pace of manufacturing in New York cooled more than forecast in September. The New York Fed's general economic index fell to 14.7 from 25.1 in August, the bank said today. Readings greater than zero signal expansion. Economists had forecast the index would drop to 18, according to a Bloomberg News survey.

On the LME, copper for delivery in three months was little changed, dropping $30, or 0.4 percent, to $7,520 a metric ton. The metal rose to a record $8,800 a ton in May 2006.

To contact the reporter on the story: Millie Munshi in New York at mmunshi@bloomberg.net .

[Scuffer]

It's been a bit quiet on this thread for awhile now so I thought I would breathe a little life into it I nabbed a few back in the hysteria days of the american mortgage crisis and am sitting pretty fully expect them to start heading north but nothing except lots of interest around 13cents but if electric cars are going to be the norm then I'm happy to sit tight and wait, these shares can cuddle up to my ADY collection, if they start to go like ADY I'm going to the Bahamas to celebrate.

[Scuffer]

Still not in the bahamas and haven't even got my ticket

[macduffy]

What did today's announcement re NW Queensland Uranium J V with DYL add to that of 5 October?
Market hasn't reacted.

Disc: Not holding but interested.

[Serpie]

MRX is 95% copper, so the DYL updates will always have little influence on the SP IMO.
It's a nice sideline, but no more than that really.

[macduffy]

Yes, I guess so. Plus the political scene re Queensland uranium?

[Serpie]

The political scene certainly takes the clout out of any of the DYL/MRX announcements, because the pay day is so far away.
Even DYL is only up a little bit, on the back of what are some pretty high grade results.

[Serpie]

Matrix Metals into a trading halt after close today.

I'm not expecting any major operational updates - but the lagging SP does offer the opportunity for a takeover. Maybe XStrata have got the chequebook out?

Probably something mundane. Time will tell.

[doon]

re: Maybe XStrata have got the chequebook out?
I was thinking the same. With their Farm-in at McCabe, and interest in Australian resource stocks! Fingers crossed. May have to remove my sell @15 :)

[Serpie]

Doon / MacD

Lifted this from HC (thanks to Stockker169):

- Quote

December 7, 2007

XSTRATA'S chief executive, Mick Davis, says his company is "perfectly positioned" to benefit from an expected new wave of consolidation in the mining industry, sparked by the proposed tie-up of BHP Billiton and Rio Tinto.

His comments come amid mounting speculation the miner is gearing up for a big deal.

"[The BHP offer] certainly has created another new dynamic and momentum for consolidation of the industry," Mr Davis told investors in London. "Whether that transaction will go through or not, time will tell."

There is speculation the miner - after spending the past year pursuing smaller bolt-on purchases such as its $3.1 billion offer for the nickel producer Jubilee Mines and this week's $960 million offer for the NSW coalminer Resource Pacific - is preparing for something much bigger.

The most-touted options are a mega-merger with the London-listed Anglo American (more than $200 billion) or a $9.7 billion cash offer for Zinifex.

Given Xstrata was criticised by analysts for emphasising internal growth opportunities at its half-year results briefing in August, Mr Davis reassured the investment community on Wednesday night that the Anglo-Swiss miner was not about to transform from "being an acquirer of opportunities to a boring builder of mines and facilities".

Historically, Xstrata has made only cash bids, but it would be hard-pressed to fund an all-cash tilt at larger rival Anglo, given its balance sheet and the weakened state of the credit markets. Mr Davis has previously noted his company's British scrip would be a "very valuable acquisition currency" for fellow London-listed miners.

On Wednesday Xstrata's management hinted it could be the smaller partner in its next deal. Mr Davis said Xstrata had "an enormous amount of value to offer any combination". The chief financial officer, Trevor Reid, added Xstrata could be "a consolidator or a consolidatee".

Credit Suisse analysts said a deal between Xstrata and Anglo made sense, but the most value-adding option appeared to be Anglo purchasing Xstrata in a half-cash, half-scrip deal. The analysts said Xstrata's main shareholder, Glencore, might agree to dilute its holding through a merger if Anglo promised it offtake agreements and the Xstrata management team led the combined company.

While the London market focused on the prospect of a mega merger between Xstrata and Anglo American, the Australian market was abuzz with speculation that Xstrata was preparing a $20-a-share offer for Zinifex. Zinifex shares rose 55c to $15.65 yesterday.

Analysts said a bid for Zinifex was logical since Xstrata had vast operations in Mt Isa near Zinifex's flagship Century mine and Dugald River development project. Xstrata would be unable to send the Century offtake to its own smelters because it is promised to Nyrstar for the life of the mine, but Zinifex has yet to sign offtake agreements for the Dugald River concentrate.

Other potential bidders for Zinifex could include Oxiana and Canada's Lundin Mining, but Xstrata has much deeper pockets. An oft-cited potential Zinifex bidder, Teck Cominco, has been trying to diversify away from zinc.

Another target could be Equinox Minerals, which is developing a large copper project in Zambia. Equinox shares rose 75c to $5.49 yesterday on takeover speculation.


- end quote

We'll soon know.

[Scuffer]

Someone wants to buy in at 30 cents don't quite know the thinking on that one except a hopefull rally.

[boxing_beaver]

what are people's thoughts on the share placement?

Im going to participate, I think the fundamentals are good & considering the placement price and the current SP

[Serpie]

I'm in BB.
Agree with your comments. Long term hold for me.

[Shrewd Crude]

hey boxing beaver,
welcome to the threads....

Serpie,
MRX has a strong support level around 12cents... since September last year SP has been trending up and pulling back but remaining above previous lows at each stage... The only time when 12cents was clearly broken over the last 5 months was in middle of August when Markets went south... If SP falls through 11cents then the trend is broken... Graph is pointing to strong rising SP....company looks good... Very strong SP in July and October... after now pulling back since late OCT, it looks set to continue its upward march...
a great trading share with SP volatility...
peace out sir pee...
:cool:
.^sc

[stevo1]

having just read matrix share purchase plan from ASX anns(which i suggest all mrx holders do) it is obvious from the timeframe it has been designed to exclude all nz holders (and some aus holders as well).ie returned forms complete with payment must be in perth on the 20th december.this is an absolute rort as the announcment for the spp was 7th december and i suggest that shareholders use the contact facility on marix website to object to this behaviour.www.matrixmetals.com or ph 0061 8 94867100

[stevo1]

i have subsequenty spoken to ian goldberg at matrix and it is possible for nz shareholders to apply providing they have fax/electonic banking facilities but all must be completed prior to 5 pm 20 december.you will still need to contact them for appropriate forms.timimg and timeframe for this bloody shonky

[Scuffer]

I got an email from National bank here in NZ asking me to buy up large before 17th Dec. minimum application was for $500 worth not a lot of time to dwell on it but I suppose they want to get it sorted for Xmas, they are quite a few companies chasing my hard earned, all with short time frames for a decision, wonder why now and so close to xmas when everything is starting to wind down for the festive season.

[Scuffer]

Took them up on their offer not as much as I would have liked but then is that why they let them loose at Xmas with the time constraints maybe they don't really want to let us have them, Xmas is not a good time to sell on the open market.

[Serpie]

Despite MRX trading at 10.5c briefly today, I decided to grab another 20k through the SPP.
Fundamentals are still solid, and hopefully this SPP will be the last time they have their hand out for a while.
Announcement out today confirming that the production upgrade is underway. MRX have a history of beating deadlines, so lets hope that it's all operation during Q2 2008.

[boxing_beaver]

thanks for the welcome SC

I missed out on the SPP due to only receiving the forms on tuesday and being insanely busy this week (did they choose this time of year on purpose? :mad: )

anyway i see no reason to quit yet, i need not repeat that this company is a producer!

[Scuffer]

thanks for the welcome SC

I missed out on the SPP due to only receiving the forms on tuesday and being insanely busy this week (did they choose this time of year on purpose? :mad: )

anyway i see no reason to quit yet, i need not repeat that this company is a producer!

Probably did pick this time for a reason a few others are playing the same game.

[doon]

Is anyone else still watching MRX?
Does anyone have any idea why was the resolution for the issue of Options to the MD Shane McBride, under the Employee Share Option plan, not put to the EGM as was proposed, and no vote called. It was to be 6,666,666 options, I am sure McBride would not be happy to miss out on those- is there trouble afoot?? There were only 2 resolutions on the agenda, and one was pulled! I have not found any explanation or mention of this anywhere, has anyone heard anything?
I like the medium term prospects here and have a small parcel, but worried there may be some problems lurking?
Appreciate any comments on this.

I've had an answer from another site if anyone is interested, sounds plausible?
Options package was killed off by their largest shareholder IGO because it was unfair to existing shareholders.
Thanks to Westhx

[Dr_Who]

Just had a brief look at the board. It is run by a bunch of accounts. More accountants than miners....hmmmm... :eek:

The company is very sensitive to the exchange rate, copper price movement and diesel price. It looks like there is a large seller hammering down the sp.

Their uranium drilling interest me. Can anyone comment on their uranium potential?

[Dr_Who]

Anyone know why MRX is getting hit so hard?

disc: not a shareholder

[doon]

Anyone know why MRX is getting hit so hard?

disc: not a shareholder

I had the impression the upgrade was to be completed in the June Q, now they say commissioning will start mid July & completed mid August. I am disappointed, maybe it's just the delay or perhaps the initial JORC reserve for stage 1 is not up to expectations? Whatever, the market is not happy here!

[Dr_Who]

MRX looks dreadful!! There is blood everywhere!

I want to pick up some shares, but I am now too scared to touch it. You either will make alot of money on this one or it is going belly up.

Why is MRX so weak?

disc: not a holder

[Serpie]

Back in today at 4.7c.

I sold it a month ago because I didn't think it was going north in the immediate future, but I didn't think it would get sold down so heavily over the past few weeks, and past few days especially.

Looks hugely oversold today, so hopefully it will bounce.

Disc: tiny holding

[doon]

I can't believe this- been down to 4.3c today? There must be something very bad in the 2 releases yesterday that I haven't noticed? I haven't compared the Mt Watson reserves & Prospector drilling programme closely with previous announcements, but on the surface of things they looked OK and the companies wordings were positive-( 'very encouraged by results' -Prospector etc) The Mt Watson reserves appear to be good, but perhaps a close analysis by those who know what they are looking for show a different story? Perhaps someone with some knowledge of these things could elaborate for us? Their production for June Q is down a bit due to 1 offs, and cash costs now $2.50,($2.38, $1.92) but copper is alot higher this Q (mostly high $3.00 mark) than the previous sell price-3.25/3.24 Also, directors were buying earlier in year at 8.8c level, plus Hartley's report 27feb08 was BUY with valuation 19c.

[doon]

[QUOTE=Serpie;208697]Back in today at 4.7c.

Well done serpie, back to 5.3 already- taken your 13% profit yet?? wouldn't be bad for 30 minutes trading :) Have to be good buying at this level?? Wish I had some funds available to top up my current holding :(

[Serpie]

The big carrot (for me) was always the production upgrade to 9000tpa, so I'll hold on for this now that I'm back in.
They've got to sort out their production costs though.

I haven't read yesterday's announcements, but will go over them tonight.

[Shrewd Crude]

My main man serpie...
Good to see you working the Trading Pit floor...
I reckon you would carve up on Wall Street with the 'open cry' system...
brick cell phone and all...Pink tie....man I can see it right now...
sell the house and come with me to wall street...
bring the family...
Man if those kids of yours are anything to go by, your vocals would savage all other cats...
you would dominate the pit...
haha...
:)
.^sc

[Serpie]

Shrewd,
The trading floor on the NYSE is a breeze compared to driving through the mountains at night with the kids screaming. Next time I go out of town I'll throw you in the back with them - it'll be a good test of your ability to focus under pressure.

Nice to see a sea of green finally today. This tax loss selling has taken it's toll, but stupid prices out there, including MRX today.
I believe that today is the last day to sell for the ASX traders, so hopefully it'll be onwards and upwards from here.

I'm just about to spark up the National Convention thread again. It's time to start planning the next one, and we want to give e out of towners heaps of notice.

I'll give you a call tomorrow to discuss.

[Shrewd Crude]

serpie-Shrewd,
The trading floor on the NYSE is a breeze compared to driving through the mountains at night with the kids screaming. Next time I go out of town I'll throw you in the back with them - it'll be a good test of your ability to focus under pressure.


Sirpee,
I could think of much worse...
Back seat with mackdunk and strat...
Strat would have to sit in the middle... mackdunk would have to be caged...
haha...sc->:D....
Yes, its time for NC again...
Lets rock and roll...
It wont be at my dads house... he sold it two nights ago...
:cool:

[boxing_beaver]

anyone still holding this dog?

trading halt - im not expecting good news

[Serpie]

I've still got a few, but only enough to buy a few beers at these levels.

I'd say they're going to cease production until the price of copper bounces back. It's a shame, because they were cashflow positive for the first time last quarter, and their new plant with increased capacity is up and running. But it's just not worth producing copper at current prices.

Copper has gone from just under US$9000/t in late June to $3760/t last night, and MRX are 100% unhedged so are at the mercy of the full brunt of the decline.

Glencore have an offtake agreement for 100% of production, so they're not going to be too pleased if MRX stop producing.

I'd guess MRX will take the $3M from DYL and put it towards the $4M they still owe Glencore for financing the plant.

[boxing_beaver]

"voluntary administration". :-/

http://www.stocknessmonster.com/news-item?S=MRX&E=ASX&N=429114