Hi El,
I think the fact that most Nickel miners still are able to attract pretty high share valuations in regard with the falling PON is the fact that the market believes that the PON will stay strong in the next couple of years.
The above also explains why Xstrata is prepared to pay such a premium for JBM.
And it has been for this very reason that I have been holding my JBM shares closely to my chest waiting for someone to outbid Xstrata.
I hope you have a another look at WSA and if you want to diversify a bit away from Nickel have another look at PLA a longterm favourite of mine.
good luck
jojo
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