annual report, page-13

Hi El,

Totally agree with the improved fundamentals of JBM but have to say that if those inventories keep going up we still could have one more short time of bearish sentiment before it turns for the better.

If this is going to happen then all the Nickel miners will get hammered, some more then others ofcourse.

Time will tell but with this scenario we could see another dip under the $16 before it gets better.

We are still not out of the woods with our nickel miners just yet imho.

At the end of the day only the inventories will give us the signal that all is fine.

good luck

jojo