nickel price looking pretty sick at the mo, page-9

Gold Bars,

Thought you were implying they would be better with more than 30% of trops, but looks like you'd probably agree 30% is about right for IGO.

All looking better for Trops as far as I can see, looks like CAPEX will fall into the sweet period when bidding will be competive, the diesel fuel cost has returned to normal, and labour cost/availability will be more normal also.

Long will be OK, if these prices persist until our hedges finish I'd say a lot of others, eg MRE,PAN and MCR locally will be taking the hatchet to production again, perhaps even BHP. We're still scraping a modest profit on the unhedged - by my est our total cost incl D&A about USD 3.30. Hopefully Moran shapes up for the pon upturn, now is the time for the cashed up to get their exploration sorted for the next boom.

EL