What no answer to the audited financials of MBN JT & Ora???
Its remarkable that you 2 have no idea about the benchmark rates for NP nor dont read the statements properly.
Citing the spot Ni price as a 100% ni conc rate...is totally wrong, its a std 16% ni conc rate
If you look at their prior financials 2013 & 2014
15KT at 16% ni conc sold for US$200M sales income not US$32Mpa!
Their wages were US$100Mpa!
How can they be producing 18KTpa and receive only US$32M sales income.
http://mirabela.com.au/framework/documents/displaydocument.asp?doc=1536
"2.4.4 Statement of cash flows
During the year, cash and cash equivalents decreased by US$13.175 million. Cash outflows from operating activities for the period were US$50.298 million.
Cash receipts of
US$136.336 million reflected the sale of 9,213 tonnes of nickel in concentrate, and associated by-products, to Norilsk Nickel and to an international trading house (ITH), offset by cash outflows of US$187.961 million, driven primarily by operational costs. Net cash outflows from investing activities for the period were US$43.874 million. The cash outflows primarily related to ongoing works on the tailings dam wall, equipment rebuilds and deferred stripping costs. The net cash inflow from financing activities of US$83.678 million mainly reflects proceeds from the Senior Convertible Secured Notes, partially offset by repayment of borrowings (US$12.275 million) and payment of interest (US$4.047 million)."
US$136.336 million for sale of 9,213 tonnes of nickel in concentrate = US$14,800 per T
ie the prevailing UST rate in 2014 average now $9500UST
Your misunderstanding of Ni conc pricing is totally wrong.
at 18KTpa x 14800 = US$266Mpa sales income pa
at 18KTpa x 9500 now = US$171Msales income pa
F for grade 5 primary school maths buddy!
confusing NP rates for ni conc is ingenious and incorrect
LOOK at MBN financials if you dont believe me!
