I've been buying into IGO Platoon. I dont think punters realise how profitable these high grade nickel miners are. They are mining the gold equivalnt of one ounce to the tonne. IGO cash costs are around $4.50 pound, they still make about $4 a pound profit
throw in $150million in cash and 30% of Tropicana and this is one stock to own for sure. very capable management team running it. I heartily recommend it to all MCO punters who may not be familiar with this top class company.
None of the other nickel miners have that gold exposure so IGO is the pick of the crop.
Bought more GDR at 5.5c, now averged at 15.5c!!!
Margin calls will intensify today, there is probably another month or so of this to go, then the margin will have been cleaned out , hundreds of punters had their lives destroyed. Yesterday a friend told me of a Perth broker on margin who had got his in law's to go guarantee for a margin facility. the in laws were forced to sell their $9million mansion to meet the margin calls and now live a flat! I think his marriage may be on the rocks.
MCO will help save us from the nightmare unfolding.
MCO Price at posting:
16.5¢ Sentiment: Buy Disclosure: Held
