2 factorsproduction ratenickel priceif nickel falls in future...

2 factors

production rate

nickel price

if nickel falls in future years and proddy stays the same - that eps fig won't be maintained

if nickel stays same and proddy rises, that figure will be maintained

i very much doubt SMY will mantain a p/e of 10 @ high metal prices at all. The only reason SMY's historical p/e is about 14, is that the EPS for the next 2 yrs is about 80c and about 120-125c+, rest of the yrs 80,50,40,20,20 depends on any other resources they find. The sum total of these figures gives about $5 as a possible target.

like that..