• Australian (ASX) Stock Market Forum

MGX - Mount Gibson Iron

Discussion in 'Stocks I-P' started by The Barbarian Investor, Feb 22, 2005.

  1. The Barbarian Investor

    The Barbarian Investor Well-Known Member

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    Dont you wish you had a crystal ball, i was going to buy-into MGX on the 5th December at around 23c..

    Have a look at it now!

    Do you have any stocks that you were tracking or contemplating buying over the last few months, that you thought..'if only' ??
     

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  2. chicken

    chicken Well-Known Member

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    Re: MGX

    SEE, what the steel price is out of BRAZIL..its doubled in price to NIPPON...this company share price will rise how far..I DO NOT KNOW..STEEL could rise up to 100%..this year..what a boon to the industry..CHINA will set the benchmark..and all I know its a lot higher than last year.. :2twocents
     
  3. Jay-684

    Jay-684 Well-Known Member

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    Re: MGX

    was gonna buy portman at around $1.80, now its over $3.80 from memory :(

    oh yeah, and was gonna get in on the BNB float at $5.00, its now around $11.00
     
  4. Mistermoon

    Mistermoon New Member

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    Re: MGX

    Put on another 12% today to close at a high of $0.91.

    Brokers set a six month target of $1.20 last week... based on the number of buyers and sheer volume going through (hasn't dipped below 5million for weeks)... this could be realised much sooner!

    C'mon BHP... pull in a bigger price rise for the good ol' Iron Ore!
     
  5. The Barbarian Investor

    The Barbarian Investor Well-Known Member

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    Re: MGX

    Chicken i heard Brazil put up prices to Japan 97% , we've put up prices around 100% and China will take anyhthing japan doesnt want.

    It used to be that the companies had a hard time increasing prices to Japan...not any more.
     
  6. el_ninj0

    el_ninj0 Well-Known Member

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    Re: MGX

    Can someone tell me why this company has had such a significant increase in price over the last 2-3 months? Its jumped over 300%, But i cant see any announcements which would sugest this kind of thing.
     
  7. el_ninj0

    el_ninj0 Well-Known Member

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    Re: MGX

    In addition to my last question, why did MGX lose such a huge ammount of value in the years between Jan 94 and Jan 01?
     
  8. Sea Dog

    Sea Dog Member

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    Re: MGX

    The reason for MGX going up, up and away is mainly because they have since April 2004 actually started shipping out their product ( iron ore ) from Geraldton WA - about 3 ships a month on an average each carrying between 50000 ~ 60000 metric tonnes to China.

    In addition to this, MGX has an agreement with a 'dedicated' consignee to buy their high quality pelletised ore for a number of years - The ore mined by MGX is of a quality which costs less to be processed into steel products.

    Also MGX and Asia Iron Holdings - a mainland China outfit have locked into a joint venture which appears to be a win-win situation for both parties.

    NinjO I hope this is of some use to you!
     
  9. el_ninj0

    el_ninj0 Well-Known Member

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    Re: MGX

    Interesting information there Sea Dog, much appreciated. If that is the case, and there mines are going to be performing better in the future, is it not a certaintly that MGX will increase their value substantially?, except of course if some kind of disaster happend(by this i mean the unexpected).
     
  10. Sea Dog

    Sea Dog Member

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    Re: MGX

    Hi elninjO - MGX total output is not significant enough ( they are hoping
    for 3 million tonnes annually by the end of 2006 ) to warrant much of
    any further sharp rise

    MGX has been up, up and away in the last 6 weeks or so - hopefully
    it will continue to go up altho' mu opinion is that it may be slow and steady
    ( if it goes up any further )
     
  11. mime

    mime Well-Known Member

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    Re: MGX

    I was going to buy Caltex @ around $8 a share. It's still probably a good buy at $15 around share though.
     
  12. blake

    blake New Member

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    Re: MGX

    is it worth buying this one now or too late?
     
  13. el_ninj0

    el_ninj0 Well-Known Member

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    Re: MGX

    Sea Dog, what if the price of iron ore goes up again?, which I find it very doubtful that it wont go up, in the situation with china, its going to keep booming for quite some time.
     
  14. el_ninj0

    el_ninj0 Well-Known Member

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    Re: MGX

    Anyone have some ideas as to why the price of MGX dropped by around 10% today?
     
  15. kpgduras

    kpgduras Active Member

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  16. el_ninj0

    el_ninj0 Well-Known Member

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  17. kpgduras

    kpgduras Active Member

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    Re: MGX

    Strange - works for me. :)

    Try http://www2.shawstockbroking.com.au/egoli/egoliHome.asp
    click on News and Views (in left margin) and click next page at the bottom. The 3rd and 4th article are about MGX - the 4th is the one I mentioned.

    Regards
    kpgduras
     
  18. el_ninj0

    el_ninj0 Well-Known Member

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    Re: MGX

    Barbarian, your going to wish you bought in yesterday.
     
  19. The Barbarian Investor

    The Barbarian Investor Well-Known Member

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    Re: MGX

    Hi el-Ninjo

    bought in at 0.73c..hopefully it proves to be a good move
     
  20. el_ninj0

    el_ninj0 Well-Known Member

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    Re: MGX

    Good move, wish I had the patience to wait as you did. Impatience doesn't get ya too far in the market. Hasn't for me yet anyway, :)
     
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