I've said it b4...I sure hope management dragging their heels doesn't come back to bite all of us in the A$$. NOT GOOD!!! First the GFC and now this. They better not use this as another scapegoat. I can see the headlines already.
FYI, Baja Mining was able to secure over a BILLION dollars at 3% through US EXIM in the exact same landscape as MOL.
The longer this drags out the more risk there is. I didn't buy this stock for a 5 million tonne iron ore project that was stumbled upon. TICK ,TOCK!!!!
Who wants to bet that they miss the two week deadline that was implied in the PR to receive the commitment letter? Any takers!?! That's why this stock is sitting lower than it was before they announcement of the commitment was made. That really is unbelievable IMO regardless of overall market sentiment. The market is basically giving the copper/,moly project a value of sweet FCUK all!!!! Why is that???? Just goes to show you how little faith the market has in managements ability to deliver. The past is usually a good indication of the future. Time for them to prove me wrong. As for the late June draw-down date, your guess is as good as mine.
Midday: Aus shares and dollar riseApril 21, 2011 12:19 PM
The Australian share market has risen 0.9 per cent after Wall St closedat its strongest point is almost three years. Locally, banks and minershave fuelled the gains with energy stocks also lifting on higher oilprices. The Australian dollar has continued its record run, hittingthrough the 107 US cent mark.
The S&P/ASX200 index has risen 36 points and is 4,895 at noon. On the futures market the SPI is 43 points higher.
Economic news: The Australian Bureau of Statistics has reported thatthe nation’s producer price index at the final stage of productionincreased 1.2 per cent in the March quarter, representing an annualincrease of 2.9 per cent. The figure compares with just a 0.1 per centlift in the December quarter.
Company news: Caltex Australia Ltd(ASX:CTX), has blamed volatile refining margins and the shutdown of arefinery in Queensland, due to the floods, for a fall in its firstquarter operating profit. In the first three months of this yearAustralia's only listed oil refiner reported an operating profit of $77million, 41 per cent down from the $130 million recorded a year earlier.CEO Julian Segal says short term volatility has been caused by thetragic events in Japan and the unrest in Libya. However, the Asiansupply demand balance continues to improve, supporting a gradualimprovement in the underlying refiner margin. Shares in Caltex Australiahave eased 0.7 per cent at noon and are trading at $14.15.
Origin Energy Ltd (ASX:ORG) has entered a trading halt, pending anannouncement regarding its $35 billion Australia Pacific liquefiednatural gas project in Queensland. Origin and joint venture partnerConcoPhillips will make the announcement in Brisbane with ResourcesMinister Martin Ferguson at a scheduled press conference at 4.15pm.According to reports, China's Sinopec is reportedly due to confirm its20 year supply deal, and, its purchase of a 15 percent stake in theproject this afternoon. Origin is due to make a final investmentdecision on Australia Pacific LNG this year. Shares in Origin Energylast traded at $16.23 before entering into a trading halt.
Tothe best and worst performers, all are trading in positive territory:The best performing sector is Financials Excluding Real EstateInvestment Trusts, adding 45 points to 5,357. Shares in Challenger havegained 1.46 per cent and trading at $4.88. Shares in IOOF Holdings andWestpac have also improved at midday. The sector with the smallest gainsis Industrials firmed 22 points to 3,685. Shares in Hastie Group havefallen 2 per cent and trading at
.245. Shares in Qantas Airways andCSR have also eased at noon.
New Zealand: The NZSX50 haslifted 12 points. Taking a look at the top four stocks by turnover,Fletcher Building is at the top of the list with stock up 1.32 per centat $9.20 followed by Ebos Group, Telecom Corporation of New Zealand andTelstra.
Gold and the dollar: Gold is trading at $US1,506 an ounce and the Aussie dollar is buying $US1.0744 cents.