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BUY BUY Buy Buy!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! The Chinese or JJ are buying every day at these prices so keep driving the SP down.
very good idea tell Jim Stock to set it up. LOL!!!!!
Thanks for the info just wondering if maybe we had met but that is not the case. Thanks!
Hey Jimmy where u from??
We will see in the morning if anything positive has happened over the weekend.
Thanks fort the information. the bashers are still around. We do need some good positive information. ASAP Thanks
MoMo duhh!!!!!!
What are you refering to??
The meeting is required yearly!!
Ok I see sometimes things are miss read by me. Thanks
Jimmy who told you that??
I am convinced the deal is either done or in the very final stages. The timing of the announcement will be up to the JV partner and that could come any time or when ever they get ready to make the official announcement. It is not up to MDMN CDCH or JJ.
I got the info from some friends of mine in an e_mail alsp and thought it was worth sharing.
Falling prices give China chances to buy copper mines
Chinese firms are looking to acquire copper mines on falling prices
Falling copper prices are providing opportunities for cash-rich Chinese firms to buy overseas resources, a senior executive at China Nonferrous Metal Mining said on Monday.
But falling prices and the global financial turmoil could delay existing copper projects in Chile, the world`s top producer of the metal, a director at that country`s copper commission (Cochilco) told a copper conference in Nanchang, capital city of Jiangxi Province.
"The winter is coming. It may be a good timing for Chinese firms to go out to buy resources," Liu Guoping, director of the exploration department at China Nonferrous, said at the conference. Liu said some overseas exploration firms might find it difficult to obtain funds to finance their projects, giving cash-rich Chinese firms good opportunities to buy their assets.
He added the financial turmoil was unlikely to affect Chinese firms that held large cash piles. "Some Chinese firms made good profits in the past two years and hold a lot of cash," Liu told Reuters at the sidelines of the same conference, without providing names.
Prices of copper lost more than 20% last week, the biggest weekly fall since 1977, and are down 50% since July`s record high. Low copper prices could impact on existing projects in Chile.
Ana Isabel Zuniga, research and policy planning director at Cochilco, said the current market conditions might delay the timeframes of construction and production at existing copper mining projects in Chile.
"We expect (existing projects) to go ahead. The projects may be delayed because they need more time to assess the situation," she told Reuters at the sidelines of the same conference. Zuniga said 20 projects were in the pipeline and would add 1.9Mt of metal in concentrate by 2015, based on Cochilco`s estimate in August.
Liu at China Nonferrous said Chinese firms had acquired copper resources in the past few years at high prices as China`s need for the raw material rose. The demand for imported copper materials would stay strong in the long term. Jiangxi Copper, China`s top producer and the owner of the country`s largest open-pit copper mine in Jiangxi, will need to import 70% of its materials for refined copper production by the end of this year when its capacity rises by nearly 30% to 900,000t/y, president Li Yihuang said.
Thanks for the info yet again.
wtxpa, what have you been hearing lately??
Very good post txpa
I don;t know who deleted it but it got deleted because I was venting on a stupid remark that was made by the person I mentioned. Again sorry for the miss post address.
Geoly that statement was aimed at something I said that was deleted. It was addressed to momo. Sorry
Sorry admin but you can see my point right??
Posted: Friday , 03 Oct 2008
LONDON -
Speaking at this week's Global Capital conference in London - a reasonably well attended event which boasted some excellent and extremely interesting speakers - an unsurprisingly common theme was the effect the credit crunch is having on the fortunes of mining companies, both big and small, but particularly on the juniors.
Opening the event, Charles Kernot of Evolution Securities speaking on the ‘Future of the Mining Industry' (on the day that Xstrata announced that it was pulling out of its proposed bid for Lonmin over credit worries - but had still bought a substantial stake in the market), pointed out that the Eastern population growth patterns - notably in India and China, but also in many other countries - and the rapidly growing middle class, with typical middle class aspirations, would continue to support above average consumption growth. This, in turn, will filter down again into the minerals sector, notwithstanding the short term problems it is facing from the Western World's current sharp downturn. It was he who came up with the quote from Alien noted in this article's intro.
The toxic debt situation which has created the current severe downturn, in which many undercapitalised mining and exploration companies may well not survive will not go away quickly and there is likely further grief to be face in the investment sector, but, Kernot averred, "Growth will return". We will face short term price declines still, but industrial prices will improve. He picked gold as the safest investment choice pointing out that London's influential Financial Times which is not known for its support of the yellow metal, seems to have recently "grudgingly accepted" this position too.
Richard Chase of Ambrian Capital, talking about raising finance in the current market situation, feels that the difficulty for smaller companies to do this will see much consolidation as in part a defence against hostile takeovers from larger, or cash positive, companies picking up bargains among the minnows. Investors are becoming more risk averse, and are looking to companies which have production and cashflow - and for those which don't it is becoming increasingly important for cash to be conserved as much as possible to see the companies through the next couple of years. Investors are also seen to be seeking a more diversified risk profile.
With traditional capital raising through equity and debt finance becoming almost impossible for most companies, other means of raising, or conserving, capital may also become necessary. This can include the sale of noncore assets; farm-ins and far-outs; equipment leasing; hedging and forward sales; sale of equity to offtakers; Development Agency support; Royalty interest sales; export credits; debt swaps and conversions and, finally, companies should not forget private equity as an option.
George Rogers of Investec reckoned the sector may have already reached its bottom and that the best time to invest is when there is "blood on the streets" - metaphorically we hope! Equities are looking cheap and now may well be a very good time to invest, but one does need to be confident that those companies in which to invest are those with the financial strength to survive the bloodbath.
Also pointing to the continuation of China's growth, Bret Clayton, CEO of Rio Tinto's copper division reckons the base case is a 9 percent per annum growth rate which will continue to put pressure on supplies. He also noted that industry ‘experts' have continually underestimated the effects of disruptions on mine supply and as a result have often overestimated potential metal and mineral surpluses - or not predicted deficits which have subsequently occurred. Current disruption levels are around 4 percent, higher than they have been historically. Capital construction costs are rising fast, and EPCM companies are overstretched.
He also pointed out that going forward, production from underground mining operations is doubling and "not many companies are good at this" which suggests further supply predictions may not be met in a timely manner. He also, in line with the general theme taken by speakers, that it is a tough time for junior miners and explorers and offered great opportunities for companies like Rio Tinto with great financial strength. Majors like Rio will be looking for large long-life (+ 20 years) projects with the potential to produce metals and minerals in the lower cost quartiles. He was also confident on uranium longer term and sees the demand for copper doubling over the next 15 years (equivalent to another 12-15 Escondidas!).
One of the speakers, Mike Solomon of Wesizwe, was taken ill during his presentation and had to be taken to hospital. We are assured he is OK. However, before he left he did make a very interesting comment for platinum watchers, which is extremely relevant to the huge price falls we have seen in platinum group metals over the past few months. That is that the amount of metal offloaded during the current global financial turmoil from platinum ETFs has been in the region of 200,000 ounces - equivalent to several months global supply and this suggests current platinum pricing is not logical and does explain the huge price dip. He also pointed out that, up until the past few weeks, platinum price movements had been tracking gold which again he thought was unrealistic, as platinum should be treated as an industrial metal, not a precious one.
Overall the speakers at the conference provided some excellent insights into the state of the global mining sector in difficult times. There was too much to cover in this short report, but other excellent presentations were made by Robert Amsterdam on political risk (including some fascinating anecdotes on some scary events for those concerned), from Charles Swindon on Minor Metals - an extremely interesting market sector, Sacha Backes of the International Finance Corporation on the IFC's priorities in allocating finance and from George Adcock of the London Metal Exchange who pointed out how dominant the LME is in the global terminal markets sector as well as educating the audience on some of the mechanisms involved. There were some excellent presentations too from several junior miners and explorers with strong projects which they are still managing to bring forward in these difficult times.
Any thing refering to the future except the announcement in the MDMN wording is very offensive to me and many other shareholders right now. Get on with it JJ!!
OOPS sorry about the very soon wording. I really do hate the very soon crap.
Maybe the copper shortage will change things very soon.
I hope that is a very good sign, but haven't heard anything good lately.
wtxpa, Have you heard any news that is worth the sharing??
We defanitely need an accurate update from JJ he has not been very up front with the shareholders since Les quit updating the Q&A on the web site. Come on people lets hear some news we can go foreward on!!!!!! I know people who are still waiting to get in this play as soon as they see some thing they can call "accurate information" on the MDMN web site. Come on JJ lets update the shareholders again as to the progress of the deal. ASAP!!!!!!!!!!!!!!!!
Does anyone know who has been buying the million share blocks of MDMN ???? It would be very interesting to know that informatio.
I hope something gets posted on the web sitr to sure up spme of the crap we have been told in the last few reports.
Volumes of 10 mil or more would be a good indication that something big is up right?
Ya I do know that, but any news today??
I will be glad to relay that any news to back up the volumes today??
When will all of this come down the pike??
THis site is way too quiet for me today.
Momo Do you know any more about tomarrow??
That sounds very good . Keep going!
Anyone hear any news today??
Have you checked out the volume on mdmn today ??
Very Soon?? is the old stand by!!!!
A!WAYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY!!!!!!!!!!!!!!!!!!!LOL