Hi mike,You are right that the future earnings of WSA are...

Hi mike,

You are right that the future earnings of WSA are looking extremely good.

Just a back of the envelop calculation

20.000 tonnes Ni/pa by 2010
Production cost including milling A$5/lb
Ni price = US$13.50
Revenue $440 million pa
Tax $123 million
Earnings after tax $308 million
Earnings per share $1.80
Current share price $6.40 PE = 3.5 (on future earnings)

This is a rough figure as day to day running costs exploration and amortisation have not been deducted.

good luck

jojo