OK.... i did muck-up and base the $800 million income on gross...

OK.... i did muck-up and base the $800 million income on gross profit Ni sales. However, the tonnages used are exactly what WSA has stated and i have used current Ni price.
BUT.... WSA have said.... on more than one occasion that production costs are only $2.50/lb. That is incredibly low by mining standards and is less than 20% of revenue.
So 800m-20%=640million earnings. Tax will cut that to about 500 million.
Mkt cap at 1.05B means WSA has PE of 2.1 on earnings for 2010/11.
Not bad when one considers that Copper & PGM are not incl.
When WSA continue to extend their resource reserves each month.... extending mine life.
When the ore is just about the richest discovered.
Ore is shallow and easily refined.
When in the Cathederal peak deposit all costs are carried by BHP giving WSA a free ride for 25%.
$50 is not impossible for this stock by 2011.