Smith returns from London while Mac and Don swat mosquitos

Highly prospective exploration company

Resource projects cover more than 1,713 km2 in three provinces at various stages, including the following: hematite magnetite iron formations, titaniferous magnetite & hematite, nickel/copper/PGM, chromite, Volcanogenic Massive and gold.

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stock greed

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Smith returns from London while Mac and Don swat mosquitos

posted on Jun 17, 2009 11:01PM

I don't understand Magpie? Is it or is it not valuable? Is a billion for this property a lot? split in half, that gives us appr. 12 bucks a share.

While Smith returns from a vacation to London, Mac and Don from Freewest are up at Mcfaulds supervising drills that begin in 1 to 2 weeks. I suppose we have time, seeing as Smith is still trying to accumulate cash for drilling late summer -one or two drills, for a lucky hit, just like before. He is still confident it's there, just like before. I suspect he's taking his time to make the Magpie 43-101 perfect because it's the announcement to the world that Magpie exists. By Smith's time-line that means a month from now, but it could be next week.

Can anyone communicate with Sheridan? Surely he's motivated to sell Magpie. If Peter Smith isn't talking maybe he can. Please post Sheridan's Email and phone numbers. it's time he steps up to the plate while Smith is vacationing.

All I'm looking for is a billion or two from these majors:

China hits at BHP-Rio deal

By Patti Waldmeir in Shanghai, Sundeep Tucker in Hong Kong and William MacNamara in London

Published: June 17 2009 17:25 | Last updated: June 18 2009 01:41

A senior Chinese official on Wednesday attacked the planned iron ore joint venture between Rio Tinto and BHP Billiton, raising expectations that Beijing may use its antitrust law to try to scupper the “monopolistic” deal.

Chen Yanhai, head of the raw material department of China’s ministry of industry and information technology, told state media that the joint venture “has an obvious colour of monopoly” and should be subject to China’s anti-monopoly laws. “The joint venture is likely to have a big impact on the Chinese steel industry as China is the world’s biggest iron ore importer,” he said.

BHP and Rio are the world’s second and third-biggest producers of the metal, which is steel’s key ingredient. Together the companies supply 75 per cent of China’s iron ore imports from their adjacent operations in Australia’s Pilbara region.

On June 5, the companies proposed merging these operations in a 50:50 joint venture, creating an estimated $10bn in savings. To minimise regulatory problems, the companies said they would independently sell the ore produced by the joint venture.

Mr Chen’s comments are the most outspoken against the proposed deal and follow criticism from mainland trade groups and China’s powerful ministry of commerce, which this week described concern over the deal as “understandable”.

The joint venture is part of Rio’s latest fundraising effort, after it scrapped a $19.5bn tie-up with Chinese metals group Chinalco in early June.

China is also at loggerheads with Rio and BHP in annual iron ore pricing negotiations, with Chinese steel mills insisting on a price cut of 40-45 per cent, more than the 33 per cent cut Rio agreed with Japanese and South Korean mills.

Beijing is concerned that the proposed joint venture would reduce China’s bargaining power over future iron ore price negotiations. Rio and BHP reiterated that iron ore marketing would remain separate.

Whether Beijing decides formally to review the planned venture is up to China’s ministry of commerce . Experts on Chinese competition law said Beijing had the power to use the laws to seek to force changes or impose penalties that could scupper the tie-up.