1. Most Discussed
  2. Gainers & Losers
MGX 42.0¢


  1. AlphaCenturian

    10,543 Posts.
    Speculation in the AFR today that PMM may now have little choice but to deliver on the hint that PMM gave at the AGM re making an acquisition and that the most likely acquisition target would be MGX.

    It hasn't exactly set the stock alight but it has sure settled back to an 'accumulate level if you don't mind the broker reports....

    Portman Dec 11 Macquarie Equities: Downgrade to s/t underperform
    Dec 10 JBWere: Downgrade S/T from hold to underperform

    Here is the article. What are your thoughts blackjack? Certainly seems a better entry level to MGX if you were fair dinkum about it as having some prospects?

    Portman $1 dazzler

    George Jones will be hoping for a rapid end to what has been a shocking second half for his

    iron ore miner Portman Mining.

    After peaking at a hype-driven $2.50 in April, Portman has crashed over the past few months following a string of negative announcements, the latest being this week's WA Environmental Protection Authority knock-back that saw the stock bumped as low as 97¢.

    It was the lowest Portman has traded since a one-week hiatus in September last year and even yesterday it was struggling to close above the psychological $1 barrier.

    Portman stock closed at $1 and not surprisingly rumours of vultures circling - given the iron miner had $86.8million in cash at its June 30 interim balance date - are emerging.

    On Monday, the EPA said it would recommend that the WA government reject Portman's proposal to mine the Mt Jackson and Windarling Range regions, as part of its Koolyanobbing expansion plans.

    Although Portman has indicated it will appeal against the EPA recommendation, market reaction was swift and the stock dropped from its $1.10 Friday close.

    Paterson Ord Minnett analyst Rob Brierley is one to have downgraded his target, valuing Portman at 96¢ and expecting the stock to underperform.

    Of most concern to analysts is the life of the flagship Koolyanobbing operations should Portman's EPA appeal, which needs to be lodged within a fortnight, be unsuccessful.

    Only in July the market savaged Portman after the miner downgraded the recoverable resource at Koolyanobbing from 95 million tonnes to 74 million tonnes.

    Portman's new managing director, Barry Eldridge, said upon his appointment six weeks ago that he would focus on an acquisition program to improve the miner's growth potential.

    That focus is likely to be sped up and with cash to spend, another tilt at fledgling WA miner Mount Gibson Iron might be back on the agenda.

Before making any financial decisions based on what you read, always consult an advisor or expert.

The HotCopper website is operated by Report Card Pty Ltd. Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, you should before acting on the information or advice, consider the appropriateness of the information or advice in relation to your objectives, financial situation or needs. Please be aware that any information posted on this site should not be considered to be financial product advice.

From time to time comments aimed at manipulating other investors may appear on these forums. Posters may post overly optimistic or pessimistic comments on particular stocks, in an attempt to influence other investors. It is not possible for management to moderate all posts so some misleading and inaccurate posts may still appear on these forums. If you do have serious concerns with a post or posts you should report a Terms of Use Violation (TOU) on the link above. Unless specifically stated persons posting on this site are NOT investment advisors and do NOT hold the necessary licence, or have any formal training, to give investment advice.


Thank you for visiting HotCopper

We have detected that you are running ad blocking software.

HotCopper relies on revenue generated from advertisers. Kindly disable your ad blocking software to return to the HotCopper website.

I understand, I have disabled my ad blocker. Let me in!

Need help? Click here for support.