quality stock being let go

To say the least, I'm a bit stunned to see the rush out of this stock over the last few days. It had a high of $8.90 on the 6th of June and went below $7.00 on Friday.
The closing price of $7.05 gives it a P/E of 12.01. Total class issue on my records is about 115 M. Given the long term outlook for mining this sell-out defies logic.The excellent balance sheets and growth for 06 were earned before nickel soared over $30 000, hence you would think their earnings for 07 won't show any slowing down, despite a fall in prices. Also, they mine high grade nickel, and hence if the price for nickel really crashed, putting all those laterite projects around the world on the shelf again, you would think companies such as IGO is in prime position. Seeing themselves as a diversified mining house in the future, there is also a move into gold planned, with the Jorc- compliant results from the Tropicana Project with AngloGold Ashanti expected later this year.

In my opinion, once the IGO sp has settled,it will continue it's upward trend. With those fickle sellers regretting their move.

Cheers