Ann: Tshipi Completes Expansion Concept Study, page-10

My sentiments also sbuck. Those that think the share price is undervalued would be right if the mine was in OZ. Sovereign risk remains a concern in South Africa, and my friends there say things get worse by the month. Regrettable. No doubt JMS is a great company with good assets and management. And then with China as its main market and the prime determinant of global Mn prices... there is a risk profile there also. I think these factors prevent many fund managers from taking on bigger positions which if they did would likely see the share price north of where it presently is. I still maintain a comfortable holding in JMS but definitely not overweight. I'm really only in it for the dividends.