nickel cash costs, page-4

Should also have mentioned that number of shares on issue = 652M

Do your own sums to determine how much the projected cash flows translate to in terms of the share price. Do a DCF to see what the share price will be assuming production numbers and nickel price is sustained over the next say 25 years (or for the conservative types, assume a 10 year mine life!!!).

In addition to RAMU there is Frieda (HIG free carried to bankable feasibility study as I recall), which is looking like a world class copper/gold opportunity where Xtrata are moving thru pre-feasibility phase and also appear very positive ($30M invested this year). (Note production timeframe for Frieda is 2016)

And then HIG are also doing some smaller scale exploration.


Definitely a LT Buy opportunity