npv of $0.86/share but ni trading 26% higher It is very interesting that the Sally Malay project alone values SMY at 86c per share based on a Ni price of A$15665.
HOWEVER, the 25% of production that is hedged in 2004 will receive A$15801 and the 75% of production unhedged in 2004 will, based on current cash prices, receive A$19717.
As a rough guide, these prices must revalue SMY around $1 WITHOUT taking into account any resource upside from Copernicus prospect.
SMY is current trading at 75c up 7 per cent today...any price in the 70s or 80s is looking very cheap...quite possibly in the 90s as well !!!!
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- up 5+% today...another good ann ???
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up 5+% today...another good ann ???, page-3
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