Ann: Half-Year Profit Guidance , page-11

I beg to differ entropylord,in that you are not exactly stating the facts.

South Kambalda has general operating costs of $5.81/lb nickel as $0.33 was a penalty occured due to impurities in mix (an exceptionally rare event as they stated)

therefore with Nickel at $7.9US/lb which equates to AUS $9.23/lb at current AUS/US conversion this bodes well for a somewhat healthy $3.42/lb operating surplus (prior to capital costs)for the South Kambalda. It is even better at the northern operations.

I think it is a little misleading to say it is marginal at best.

Yes LME stocks are high and Nickel may fall further but don't tell me MCR is not undervalued at present IF you have a medium to longterm view of this stock. And she pays dividends unlike many other resource companies.