inco presentation, page-4

Sally, I wld be surprised to see HRR take too much of a dive on continuing non-announcements, in large part because of the limited no. of tradable. Assuming none of the Top 20 shareholders are selling then that probably leaves use with 25-30% of tradable stock in the market. In addition, it is likely that a piranha school of chompers will emerge if we get sub-60c. Wishful thinking perhaps, but the HRR story is quite compelling. Nothing ever seems to come easily for Australian laterite miners! It has been a slow industry to evolve and has a history of gobbling impatient companies eg. Centaur & Anaconda - perhaps in both these cases it it was vain (mis)management rather than laterite nickel per se...

In addition, HRR has held up very well these past two weeks considering the turmoil in the market - a lot of other stocks can't make the same claim.