A recent update by broker has PAN generating free cash flows of $33.1M (FY2014) and $44.1M (FY2015) based on only the nickel assets at forecast Ni prices of US$8.05 (FY14) and US$8.16 (FY15).
Together with current cash balance of $39M, more or less equates to the mkt value. i.e. no value being attributed to production beyond FY2015 and to PGM and gold assets
dividend = no cr, page-3
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