Hi Dazz,Its the famous back of the envelope calculations but...

Hi Dazz,

Its the famous back of the envelope calculations but they do give us a good indication if we are on track or have to sell and move on.

Imho MCR is still a hold and even better now since the Nickel prices are finding a new strenght and support above the US$15/lb

Hedging is slowly getting faced out and will be going from 36% last FY07 to 21% FY08 and then to 15% to FY09 being the last hedges.

We also see the hedged prices going up from FY07 US$6.58 to FY08 US$8.04 and FY09 US$10.01

Next to the increased production we will also having less hedging for this current year and higher hedged prices compared with FY07.

It all helps the bottom line.

I can see MCR reaching back towards $5 and make new hights before the year is out.

jojo