Friday 14

Another green day today, with with IPL.AX and MOL.AX (again) running high.

I sold MGX.AX from one of my husband's account this morning at $1.185. I bought them a while back for $0.88. MGX reported its result yesterday. Revenue and profit was down as expected. I will look again to enter if the price dip sometime in the future. A great little company, just I thought that it has gone a long way from $0.20 just a year ago.

I sold a THIRD of MOL.AX at $1.87!!! I'm getting a bit jittery, and I thought it's wise to take profit, although I had a feeling that the price appreciation will still going to continue until the news of offtake agreement (this is my deduction, anyway, so don't take it seriously). I am still happy to hold the rest (2/3 of my original holding). Bought them in not long ago for $0.36. Praise be to GOD!!!

Industrea Ltd (IDL.AX)

Industrea is another little runner in my portfolio. Bought at $0.145 and top up at $0.185, IDL is currently trading at $0.43. I have been in and out IDL since 1996, and it's been good for me.

Short term strategy is to wait and enjoy the run until they reporting the result, which is sometime next week (I've got to check the exact date again...)

Moly Mines Ltd (MOL.AX)

Holly Molly..!!!

MOL.AX is one of my best buy. Bought them at $0.36 just a few months ago (mid May 2009), Moly is now sitting at $1.43. Things seem to be coming for the next few weeks, still wondering what they are. I hope I won't misjudge the movement, and that whatever is coming is going to put a rocket to the flying machine.

In the short term, well.. just enjoy the ride!!

From the goss:

Moly Mines Ltd., seeking to build a A$604 million ($511 million) molybdenum mine in Australia, is in talks with Chinese groups for iron ore sales accords from an adjoining deposit amid surging demand.

“We are getting a knock on the door from a Chinese party about once a week now,” Derek Fisher, managing director of the Perth-based company, said today by phone from Kalgoorlie, Western Australia. “We are getting a fair amount of attention particularly from the smaller to intermediate mills.”

Aug. 4 (Bloomberg)

The miner is seeking to sign an off-take agreement to secure sales from its Spinifex Ridge iron ore project, which is expected to begin production in early 2010.

Under such a deal a buyer agrees to purchase output from a particular project at predetermined prices and conditions over a number of years. (Reuter)