looking cheap

ALB looks dirt cheap at the moment.
They'll be producing 22 million lbs of nickel p.a. at a cash cost of US$2.50. With a nickel price of $8 they should be making around $121 million a year in profit before admin, depreciation etc. This will probably be even more considering they hedged 25% of production for 4 years @ $14/lb, probably up to US$153 million in profit could be reasonable considering the hedging. With a market cap of less than $200 million, ALB looks like a tempting target just based on the Munali operation, not taking into consideration the exploration upside.