At current prices WSA likely to earn perhaps 4x per lb of nickel mined as MCR. MCR's margins are looking pretty razor thin atm once you include either D&A or ongoing E&D costs.
I think MCR is extremely well managed, and Moore does a great job, but until the poo turns MCR looks a risky investment. I am concerned enough about my IGO investment, although they may have up to A$2/lb payable advantage over MCR at the EBIT level imho.
Nickel seems to remain soo cyclical, but MCR will be a knockout investment if and when pon turns up substantially.
EL
MCR Price at posting:
$1.19 Sentiment: None Disclosure: Not Held
