no seller, page-13

The 30 June accounts show $4m current interest bearing lowns and borrowings and $86m non-current. The latest broker report on the company website suggests debt is in line with these levels also. The closing out of hedging was said to have generated around $50m that would be used to reduce debt, so perhaps a figure of $35-40m at the moment. One of the more recent reports in October indicated that they drew down the last $10m on one of their facilities, so that may need to be taken into account also. That's a fairly rough estimate, but hopefully it gives a reasonable indication.

Dale Rogers has said they break even just below $4/lb and other broker reports suggest costs are around the mid to high $3/lb region. One article that quotes Rogers is http://money.ninemsn.com.au/article.aspx?id=657347 .

I've also seen the Commsec reports recently and was curious also. While anything could happen I'd expect nickel to average more than $4/lb in 2009 and hopefully something closer to $6/lb, so ALB should post a profit next year.

This is something I just whipped up quickly so it might not be as accurate as it could be, but hopefully it helps. Cheers.