Tom924 and dantronYou seem to forget just one fact - ore GRADE,...

Tom924 and dantron


You seem to forget just one fact - ore GRADE, which Minara does not have !


A drop of grade from 1.4%, Murin-Murin's average grade stated for the next 5 years, to 1.29% which I believe was achieved in the Sep-2004 quarter is effectively producing 7.9% less Nickel metal or ~3,300 tonnes of less Nickel metal which equates to ~$66,000,000 less cashflow and less profit.


Minara lives on high-grade ore from WMC and the nickel price appreciation.


Minara's reserve grade is whopping 1.0% Ni whilest Heron's reserve grade after screen upgarde is a tiny-winy-itsi-bitsy 1.6% Ni.


The difference is an insignificant 60%.


You clever little Minarian's cannot possibly figure this one out can you?



Arhidas