-- Mirabela also indicated a cash cost target of US$6 per pound of nickel produced by the end of 2012. The target is probably six months behind our previous expectation and still significantly higher than the company's original long-term target of below US$5 per pound.
We forecast Mirabela's liquidity sources to be US$50 million-US$60 million by mid-year 2012. Our view is based on the assumption that the mobile equipment rebuild will start in the second half of the year. The company's cash balances include the US$61 million it had as of Dec. 31, 2011, and a new US$50 million working capital facility.
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