retrace, page-3

Bvt,

You can see my earlier posts, but market not too impressed by the HY.

As I've said many times over the years the low reported cash costs for WSA are deceptive. The true total costs including capex, finance and smelting and refining charges shows a much more marginal operation. This was flagged to me for the HY by looking at the cash in the QR, and it comes through clearer in reading the HY. The drop in divi puts the company seal on the matter IMHO. Some were no doubt treating WSA as a future divi yield stock, as WSA was. They would be sorely disappointed.

IMHO we've had the sp pain, but no surprise to me after the QR.

We could argue that when even such a high grade operation as WSA struggles to make a fairly meagre profit the price of nickel is unsustainably low. Also adds to the argument that the likes of MCR are likely to continue to struggle.

EL