msg for hbswrx, page-5

I sold most of my position some time ago and i'm very glad/lucky! held some stock but am selling this too. Use to be in the top 30 on MBN share register. I remember ringing Stephen in May/June 07 and urged MBN to hedge Ni, answer was we see no need to hedge as we have such a low cost large tonnage mine. This answer convinced me to sell. I've seen the price of Ni rise from $us 2.50 lb in 2002 to $us 20+ lb in 2007. I asked myself whats to stop it (Ni) going back the low $us 2 -3 range. Not one Ni mine would be profitable at such a figure but there is now 90k tonnes in stock and rising at 500 tonnes per day even with all the mine closures.
You have so much hope in the chinese economy but I doubt the rebound will use up the over supply this year maybe next year yes ok.