has management gone off an acquisition, page-23

I think they will just continue to invest in their existing assets for the time being using the cash to accelerate developement. Future cashflow may then fund acquisitions etc.

If they were looking to mak an acquisition, Michelmore seems to be sending mixed messages as to what they want to own. In their presentation they did mention that they would like to build up their nickel exposure. I still think that if this was the case, MBN would be an ideal pickup.

However, Michel more has also stated that he does not want to buy anything that is on the LME......so, are we looking at bulks?

Then they mention energy??!!! Who knows. Maybe just focus on their existing business and see what happens.