Ajax,Not in for trading the gyrations myself. Bought a few more...

Ajax,

Not in for trading the gyrations myself. Bought a few more this morning.

I am waiting for the big boys to notice the expansion, then I might reduce slightly, or get some put options. I am betting the analysts & funds are still sour on nickel, plus too focussed on BHP,RIO and even OXR. Give it a week, esp with pon looking like doing a lazarus, and I reckon JBM will be rediscovered.

A good open briefing or brr once the rio/bhp show has settled would help.

4 years of 35% volume growth, without even counting the low grade stuff. 30ktpa for a company that gets approx 40% NPAT margin on this.

Other WA nickel miners getting more like 15% historically, with only 65% payable, ie 10% on the same Ni in ore basis as JBM. Put simply JBMs mined nickel is worth 3 to 4 times that of typical Kambalda miners supplying BHP.

I see no reason to get off a story about to enter the 35% pa growth phase with one of the best margins in any industry. Will they stop at 30 ktpa. Lets see what this years $40mm exploration spend uncovers.

EL