18%+ iron ore increase means big profits for csm, page-16

re: csm breakout today Good day SB,

I've posted extensively on CSM for at least a couple of years.

I've never quite understood why more followers haven't jumped on.

At one point I thought 80 to 90 was fair price, but now the chromium side is performing better the solid base is there for $15 million per annum profit - then add in possible big blue sky, plus RDR JV's and I suspect there is enough to push it to a new high.

Also...as I've mentioned, they have a strong AUD hedge book, with with higher metals pricing will push 04/05 earnings higher than the $15 million that analysts have been calling. (ie. my gut feel is about $18 million, although I haven't crunched the numbers recently to be exact).

From a trading perspective today's break through 96 was critical, as somebody had put a heavy lid on this for quite some time. Buyers came in and took out some large offerings, and I wouldn't be surprised if we have a quick run from here.

Cheers

Rosco