Hey pattyp,I did some work on MCR versus PAN. My most recent...

Hey pattyp,

I did some work on MCR versus PAN. My most recent comments are posted at longterm.blogspot.com.

In summary I think they both have almost the same upside leverage, MCR is much closer to net asset backing, has higher leverage to the Nickel price and is at a larger discount to book value. Mincor have managed their net current assets better than Panoramic and have a lower cash cost.

I know you said that you thought PAN had higher leverage but based on Patterson's models it's the other way around. (I don't trust analysts as far as I can throw them.... but their plain numbers are usually correct; it's their analysis and recommendations that are cr*p)

I own a little PAN, largely based off the valuation of their hedge book in early November. Based on the most recent numbers and prices though MCR is better.

I'm not here pumping MCR! I just did the analysis and thought some people would be interested.

BTW I think PAN is a sound buy here, just not as good as MCR.

Cheers, Neil