MGX 2.94% 70.0¢ mount gibson iron limited

spoke to ceo - luke tonkin

  1. 2,086 Posts.
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    q1. Why have the directors not been buying shares in MGX.
    a. By law we are not allowed to as we have access to information that has not been announced to the market.

    q2. I read a report (posted by Newjo)were the reported advised that if MGX was to have any more of their off take agreements default that the company would be in serious trouble. The reporter also advised that MGX would be selling their ore at cost up until 30 June 2009.
    a. We do not release responses to individual reporters articles. What we were trying to get across to share holders was that if they approved the APAC/Shougung agreement that the above mentioned risk would be negated. Yes if a number of the off take agreements fell over then the company would be forced to close the doors. Approval of the APAC/Shougung agreement eliminates this risk. The ore sales under the agreement is cost plus 10% from 01 Jan to 30 Jun 2009.

    q3. Someone has posted that the off take agreement with APAC/Shougung has not been signed because they are trying to get a better deal at say 40c.
    a. the deal has been signed and is a legally binding document. We specifically pursued a deal with a HK listed company as the law follows British legal system. The document is waiting sign off by the relevant boards which is a rubber stamp only.

    q4. Someone posted that the deal could be signed by Monday.
    a. The signing is imminent.

    q5. Has OZ Minerals approached the company re: merger.
    a. Cannot advise who have approached the company but OZL have their own problems to sort out. We expect an increase in approaches to the company between now and December 10 when the memorandum will be sent to shareholders.

    q6. Do you see any problem getting FIRB approval.
    a. No!

    q7. When will the shareholders meeting to approve the deal be held?
    a. An announcement will be made soon on this.

    Luke was very up beat but reiterated that the companies future is dependent on shareholders approving the underwriting and offtake agreements.

 
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