From the annual report, 31/12/11 they had 60m forecast in Capex...

From the annual report, 31/12/11 they had 60m forecast in Capex for the year, with 61m in cash / cash equivs.

So they need to start making money on the mine or they will need to raise capital / access more funding within the next 12 months.

The cause hasn't been helped by Nickel prices falling by $1 in the last month from $9.07 USD 27/2/11 to $8.07 USD 27/03.

In the same time MBN share price has gone from $1 to 70c, no coincidence with the high exposure to the Nickel price with their high cash costs.

Basically we need the Nickel price to trend back to where analysts have there long term forecasts, at the start of March Westpac had the Dec 2013 forecast price at 10.13 USD (spot at time was 8.60).

It's a risky play but one heck of an upside