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mak on dow jones ... rare for specs to feature

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    DJ MARKET TALK: Minemakers Up 13% As Upsurge Continues


    0215 GMT [Dow Jones] Minemakers (MAK.AU) up 13% at A$1.97, hit record high of A$2.09, as price surge continues. While stock market has headed south this year, MAK has surged 10-fold since January. Wonarah rock phosphate project and 4-fold price increase in rock phosphate price have triggered recent gains. Company has said US$100/ton rock phosphate price needed for Wonarah economic viability, whereas prices currently above US$200/ton from US$50/ton a year ago. In its January investor presentation, Minemakers saw strong medium-term potential for Wonarah, with initial target of 2-3 million tons a year (2% of world production). Traders should beware profit-taking likely at some stage and market likes round numbers like A$2.00. But assuming A$100/ton profit on 3 million tons a year, MAK is trading on a minuscule p/e ratio of about 0.3x. And Wonarah is only one of many potential developments that cover iron ore, tin & tungsten, fluorite. In longer-term, Minemakers has scope to get much bigger. (DWR)


    Contact us in Singapore. 65 64154 140;
    [email protected]


    (END) Dow Jones Newswires

    February 26, 2008 21:15 ET (02:15 GMT)

    Copyright (c) 2008 Dow Jones & Company, Inc.
 
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