xstrata getting nervous, page-9

Haemitite,

I agree with Jojo, JBM is a steal at $23 imo.

$3bn for what will probably eventuate as well over 1 mm tonnes of Ni in conc just does not seem expensive to me, and so much of it is low CAPEX,low OPEX high grade ore.

They've only scratched the surface on these tenements, and just look at what they keep finding. I never bought JBM for the management, so not likely to care who holds the 18%, or who has management control, as long as they are competent, and can't make nickel dissapear.

At $23 Xstrata just isn't going to get far, and I am happy to hold long term even if they got say 70%. Might reduce a little, and would jump out if they got near 90%. If you sell what do you replace it with?

EL