Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Last Wednesday, Ferrex (FRX), delivered for its shareholders some most unwelcome news, as it announced that Anglo American and Kumba Iron Ore had decided not to proceed with their proposed funding of the Mebaga Iron Ore Project, based in Gabon. Unsurprisingly the company’s share price fell c.40% in response, but it has since recovered from a low close of 1.025p to trade at 1.32p, last seen. This values the business at £12.3million and the question now is can the company shake off last week’s disappointment and demonstrate the value of its portfolio, which Managing Director Dave Reeves believes the market has largely missed?
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