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     holycow
Member
Username: holycow
Post Number: 952
Registered: 08-2004Rating: 
Votes: 1
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| | Wednesday, March 16, 2005 - 09:37 am: |  
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Fortescue reaches a billion
The Australian
Australian-listed Fortescue Metals Group has upgraded its iron ore resource to over one billion tonnes. An independent assessment found that the ChristmasCreek iron ore deposit in the Chichester Ranges in Western Australia contains 1.016 billion tonnes. This passes the critical level needed to hasten the development of the deposit. The average grade of the deposit has also been raised. CEO Andrew Forrest says the company now has total resources of 1.6billion tonnes, and much of its holdings has not been explored
*** if you are looking for a case of iron ore speculation gone mad - here is one. FMG has yet produced a single ton of iron and already I believe its capitalisation has exceeded $1 bil. And all these "good news" smell so much of "bubble cooking"... I simply won't/don't buy it! Anyway, time will tell and here's the record - you can throw eggs at me if I am wrong.
HC
"... if you've got a chart, I have an opinion!"
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holycow
Member
Username: holycow
Post Number: 991
Registered: 08-2004Rating: N/A
Votes: 0
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| | Thursday, March 24, 2005 - 09:27 am: |
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The Australian Financial Review --- Page: 11
A cloud is hanging over the ambitious plans of Fortescue Metals in Australia.The group's CEO is Andrew Forrest, who owns close to 50% of Fortescue.He is keen to get a proposed iron ore project in the Pilbara area of Western Australia off the ground. However, it appears that there may be fundamental disagreements between Forrest and his proposed Chinese partners in the project.They have indicated that they have doubts about the venture. The China Metallurgical Construction Group voiced concerns that there is a lack of specific data on the project and the reserves of iron ore may be too limited.Shares in Fortescue have surged to a high of around $A5.55 in recent weeks
*** base on my observation, this guy is a smooth operator as well as a pump and dump guy - just watch how Hibernia investors were taken to the cleaner on the day the news of "some" US fund injection reveals a lot on how this chap operates.
Looking at FMG's chart, I can tell ya - I will take at least half my profit if I have this stock. The rest will be "get set and ready to bail the moment I see some decline...
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HC
"... if you've got a chart, I have an opinion!"
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holycow
Member
Username: holycow
Post Number: 992
Registered: 08-2004Rating: N/A
Votes: 0
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| | Thursday, March 24, 2005 - 10:12 am: |
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Holycow! Take a look at FMG! That son of a... FMG is dumping now!
HC
"... if you've got a chart, I have an opinion!"
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holycow
Member
Username: holycow
Post Number: 994
Registered: 08-2004Rating: N/A
Votes: 0
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| | Friday, March 25, 2005 - 09:40 am: |
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FMG Daily
1) FMG reminds me of a sand castle being built too near the water edge, when the tide sweeps in, bit by bit, the castle would collapse and then eventually... it's sand to sand, water to water.
HC
"... if you've got a chart, I have an opinion!"
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holycow
Member
Username: holycow
Post Number: 1008
Registered: 08-2004Rating: N/A
Votes: 0
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| | Wednesday, March 30, 2005 - 10:53 am: |
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There were a lot of posturing by FMG over the Chinese partner issue - my take is they are all song and dance act. Given enough time FMG will fall on its sword, or rather, fall on the weight of its SP. For those who had taken a punt yesterday, nice one but don't hold on too long...
Here's a cynical view of this whole sci-fi: considering a few days ago his FMG empire was a billion dollar outfit, today I think it has shrunk a fair bit. Will there be a day where this Incredible Hulk would just turn back to a normal tinee winee scientist?
Remember the whole FMG is built on a "Chinese promise", plenty of PR and promotion and nothing solid like iron ore, railway tracks?
Let's watch the side show given out by this "twiggy" guy. I'd just loved to see his end caught in fire. Can't wait.
HC
"... if you've got a chart, I have an opinion!"
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holycow
Member
Username: holycow
Post Number: 1009
Registered: 08-2004Rating: N/A
Votes: 0
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| | Wednesday, March 30, 2005 - 11:00 am: |
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Here's the news that go with the above post - question: where is he gonna get the A$1.85bn? It's not chicken feed you know?
The Advertiser --- Page: 36
Fortescue Metals Group CEO Andrew Forrest has indicated that the company may undertake an iron ore project without Chinese backing. Fortescue plans to undertake the $A1.85bn project in Western Australia in partnership with several Chinese companies, including China Metallurgical Construction. However, Forrest says Fortescue is also holding talks with other potential partners if China Metallurgical makes good on its threat to withdraw from the project. Forrest believes that the agreement with the Chinese groups is binding, although he has downplayed the possibility of legal action if they pull out of the project
HC
"... if you've got a chart, I have an opinion!"
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holycow
Member
Username: holycow
Post Number: 1018
Registered: 08-2004Rating: N/A
Votes: 0
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| | Thursday, March 31, 2005 - 11:40 am: |
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Can't help this but to sink in another boot... after reading the news and watching the early trades, I can't help feeling the FMG boat is a leaking vessel, for those who are onboard, there's need to either get off quick or praying hard.
Day by day as more and more news is reported in the paper exposing the level of mis/disinformation in all these Chinese "deals", and the lack of solid evidence of the billion dollar reserve; I can't see how this stock can survive the current price level. If the lowest price of 2.85 thus far seems cheap, let's find out the definition of "cheap" when the MOB begin to have second thought of holding on...
HC
"... if you've got a chart, I have an opinion!"
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dogalog
Member
Username: dogalog
Post Number: 1049
Registered: 03-2004Rating: N/A
Votes: 0
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| | Thursday, March 31, 2005 - 01:13 pm: |
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Fin Review page58 today-
in the mining game,resources are found in inferred levels,then indicated,then probable,then proven.On this scale,even Forrest is claiming to have reached only level two.
Surely anything is better than being poked in the eye with a sharp stick,like ANYTHING,get d'picture yet HC.
You're not at war,your just taking a side in a debate that is at the heart of this forum,even d'Sharemarket and dare i say life/living.
You have the floor,hc,peterloh is standing there saying his technique is 'proper' because well that's how the Big Funds operate so it/i[pl]must most probably be correct.With the money and experience he's got a valid point but you,hc,do you think it's the TRUTH,universal to all,hasn't it got faults/flaws at least some yeah buts?
You both talk d'talk that it is admired in this forum.I just want to watch not confuse.You're on your own,HC.Put on a show,make some hits,If ya don't wuss/wimp out I'll tell ya a story that just might keep ya awake through nights.Depends,as always,how you,hc,handle yourself.
enough pussy footing,HC,get into it.  ,and use your own words,no quoting "authorities".
regards,
jr
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msparks
Member
Username: msparks
Post Number: 68
Registered: 10-2004Rating: N/A
Votes: 0
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| | Thursday, March 31, 2005 - 01:58 pm: |
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Hi dj
if i were to risk it with this one (i wouldn't)i would be watching very closely
it seems they have the resources in the ground and the area covered but no way to to get it out unless someone throws in a railway ,water?,and the infrastructure to get it out
asia does not do business like here from what i have heard
perhaps we could lock up the mining rights to the pacific ocean floor and sell a good story too 
did i hear a story about the ceo somewhere, i am sure wombat would know this blokes history
what was the eps and cashflow like dj, i read they sold a few things and made a profit
this a flip the coin stock , heads you win, tails you lose except i am not sure if they will even put a head on the coin.
quote
Fortescue Metals Group Limited (FMG, formerly Allied Mining & Processing Limited) is a minerals exploration and development company with interests primarily in iron ore in Western Australia. The company is mainly focused on the development of the Pilbara Iron Ore Project.
Company Strategy
In FY04 FMG made a $0.6M net profit compared to a net loss of $0.8M in FY03. However, this was mainly due to the sale of projects and other fixed assets that amounted to $2.5M, compared to $0 in FY03. As the Pilbara project moved well into the exploration phase, cashflows for exploration expenditure of $7.0M in FY04 reduced net operating cashflow from $0.9M in FY03 to negative $7.6M in FY04. FMG is focused on designing, financing and construction of rail and port facilities to support the development and sale of the Pilbaras stranded iron ore bodies. Its philosophy is an open third party access regime for other mining users as espoused by the Government. This business has been spun-off as a separate legal entity called The Pilbara Infrastructure Pty Ltd, and will focus on its role as the transport and logistics provider to the Pilbara region. Whilst FMG will remain focused on the task of developing the mining operation and ultimately marketing the end product.
mm
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holycow
Member
Username: holycow
Post Number: 1021
Registered: 08-2004Rating: N/A
Votes: 0
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| | Thursday, March 31, 2005 - 02:08 pm: |
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Dr,
I see. Anything is better than being poked in the eyes... and
I always thought the worst thing that can happen to me is to be rejected by my galfriend - Daisy the black and white heifer...
Like it or not, I think Peter and the market in general are deciding the direction of it - not contrarian like me. And if you were to read Peter carefully, taking into tax planning as part of your overall investment strategy, I think it will be hard to dismiss the percentage gain/loss they are talking about. Especially when you are talking large amount of $$$ and quantity of shares.
On top of that, don't forget people/investors in general have this inertia to overcome, in that, they are a docile bunch and they prefer to sit and watch their money grow. Whilst I disagree with that approach I don't think I can win them over.
So here's my point - for "eon" or since stock market begins, the stock brokers and investment houses and the smart money are the ones that make the call, move the market and milk the crowd. It has been and will be for a long while to come. I don't think that's going to change as far as my eyeballs can see.
As an individual investor/trader, the worst thing he can do is to get into the wrong side against these market movers because the only strategy you can exercise at that point is "flee" or "flight". On the other hand, I think the best approach is to move with them - if I am wrong, well I will be wrong footed and I will have to find a way to get back in. If I am right, then, I know I am "getting" there - nothing beats riding with these whales/sharks and sharing their spoils.
...that's the plan anyway.
As of this point in time, I don't think there's any certainty with regard to the outcome I am anticipating or as Peter has envisaged. This can only be determined by "them" or the market over time. All we are doing right now is just exercising our brain and fingers... so if you can cut down the melodramatic choice of words such as brain on the floor, etc... that's just too much violence you are promoting.
Right?
ps: try explaining to me how a cow pussy footing about? With two or four?
HC
"... if you've got a chart, I have an opinion!"
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dogalog
Member
Username: dogalog
Post Number: 1051
Registered: 03-2004Rating: N/A
Votes: 0
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| | Thursday, March 31, 2005 - 02:25 pm: |
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greetings mm,
i'm not watching,poised to get in or out of FMG.It's a scoop by the fin review,too late as usual,but at least never told.
there's all kinds of drama,are the chinese taking a 'Good' aussie company into one of their puzzles?Or has a shyster been discovered within the 'Boom',it's certainly worth the fin review cover price to have the story set out for you to take your own take.
You ,like I,just stand on the sidelines.A look at the chart showed me only marginally high volume taking d'Plunge.Why the price has only just dropped back to Decembers or so!dink i'll wait,surely it couldn't be That!!
i won't/nix go on ,mm,just say that i've had experience in thinking 'It couldn't be THAT!!'and finding that it is.
cheers,i know d'fight will not be too volatile.I know peter for one is probably very busy today.I wonder if his clients are ringing incessantly?it'd be an indication but well,mm,i've had clients,it's all their own fault but can ya tell them that,nahh ya took their dollar,ya gotta wear it.obviously i don't have clients anymore,that makes me glad.
cheers[again]msparks,gotta go waiting some more.
jr
Edit-example of my long time to take typing.i've pretty much covered ya HC in volatile,the point of d'Stick is called laconic.
(Message edited by dogalog on March 31, 2005)
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holycow
Member
Username: holycow
Post Number: 1022
Registered: 08-2004Rating: N/A
Votes: 0
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| | Thursday, March 31, 2005 - 05:12 pm: |
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