Not to downramp (most of you will think I am as I'm currently...

Not to downramp (most of you will think I am as I'm currently not holding), but have read research reports commenting that although cash cost fell steadily over the past year to around USD 5 per pound, near the middle of the cost curve, it is estimated that Mirabela still needs a nickel price of over USD $9 per pound to deliver an after tax profit.

"The extreme sensitivity of profits to financial model assumptions results in a reduction in our 2013 net profit forecast from USD 47 million to a USD 4 million loss."

"Mirabela has little ability to withstand further losses with just USD 122 million in shareholder equity as at the end of March 2013 and net debt of USD 307 million. Cash balances of USD 141 million help but won’t fund the business indefinitely."

And the important bit that everyone is punting for -

"However, a rebound in the nickel price towards USD 10 per pound could cause annual profits to increase to around USD 50 - 100 million and large share price rise."

Eye on the nickel price!