please (wsa) just take them over, page-8

Monstercash

Could you be please so kind and elaborate more
on your hedguing concerns i.e. can you back
your "assessments".

From my knowledge the company has made
nickel forward contract sales in total of a mere
1215 to for the next 13 months as of 30.6.2004
at an average price of 14766 A $. In the latest
AGM presentation they state only 773 to, so i ASSume
they arlready sold a great part of their commitments
with just the first two shippments...

Since the company is on track re their production
schedule with an annual target of 3000-3500 to
i see no problem at all to fullfill these commitments, which are only roughly 35% (or less than 25% taking
the 773 to as the basis) of their annualized output.
Besides 14766 A $ is not a such a bad sales price,
cash costs of production (after by credits) should be
around 1,94 A$/lb, so there will be high cash flows
also for those foward sales volumes.

I see no sense in a TO of RRS, what for?, Fox has got
enough short term projects in their own pipeline
for further growth, in particular Sholl and Whundoo and
i also agree to the poster who find WSA too
high priced (in comparsion to other emerging midtier nickel producers).

Have a good new year ALL!