246 mil net profit after tax increase of 145 , page-9

Folks,

Though I may seem to have abdicated from HC for a couple of weeks, it was merely because I have been out of action - from the overall market - and have just caught up with the MRE dividend announcement as well as the market position in general.

Though not to expectations (45 cents would have sufficed) I haven't made any move to sell a single share and will continue to hold. In fact I did not sell any shares from my portfolio at all during the recent market dip - MRE included.

The recent sharp fall in the sp besides reflecting the Nickel price fall, was probably exacerbated by the hedge funds dumping at a profit considering that they have been accumulating MRE since $3.00 and had to cover their losses elsewhere.

Well, leading up the dividend date in early Septembner we can expect it to rise sharply and then fall steeply only to rise again.

And have I backed away from a $10 fair valuation in the longer term?

No.

Re takeover speculation, a move by BHP or other outsiders is unlikely for, as long as Glencore has the major stake, MRE is more likely to be fed to Glencore's monster Xstrata and at the cheapest these bug*ers can make it considering the way they rogered the MIM shareholders.

(Sir) Lunchalot
Scoffer Extraordinaire