classic bull run, page-2

Nk,

It's peers MCR and PAN have not really got their costs down, and WSA has very large CAPEX burden (plus I was suprised how high the interests costs were for WSA).

IGO is clearly "the" standout nickel miner, and set to be the more so once they are into Moran.

Even based on the last quarter, which must be about as bad as will be thrown at us, Long has an EBIT margin of about 40%. On a lb payable basis income A$7.02/lb, cash costs $3.39, D&A A$0.87 for a margin of $2.76 (39%).

I don't believe MCR and PAN are mining profitably at A$7/lb.

Bonwick and his team have been doing a great job. This story has sustainable multi-fronted growth stamped all over it even if the pon stays down at this dismal level for a couple of years. Your can be sure they will not be investing in any marginal mines, or developing any marginal exploration assets. We can count on high ROCE and high margins on revenue here.

Still as the past 3 years have shown the sp can be a rollercoaster.

EL