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Nickel down about 15% in a week and could fall even lower as traders panic and sell. My guess is USD14000/tonne but the fundamentals still look good as stocks are still tight and the 5 year uptrend remains intact. In the meantime I'm waiting for JBM to fall back to below 600 and MCR below 60.
SEC
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Hi Sec
Yes a big drop in the nickel price, with inventories staying the same, does not make sense .....
IGO about the only nickel stock going up yesterday with reasonable turn over.
Just like to point out - Chris Bonwick (CEO) said he would like to get production up to 15,000 tons and if you read closely to what he said in his last brief and were to match it to the last nickel find.
The Equation is a match
Also they pulled workers of harvesting to open up this new leg.
Also they advertised in the Kalgoorlie Miner for new staff in three different positions.
And this does not take into account the new find they will get when they finish the new decline.
Also IGO, as far as I am aware is the lowest cost nickel producer in OZ.
Mincor cheap at 63c yesterday, a bargin if you got in.
60 c would be a steal but I do not think it will go that low.
Tectonic Resources TTR, look good and have got excellent exposure to gold..(TTR went up 5.1% yesterday)
From [B)][}], who is really a cot case now, guess what, now live in Kalgoorlie and works at a nickel mine. [:o)][:o)]
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Junior Member
I am with you both on JBM exited at $6.10 - can't believe it went to $7. A bit of waiting and seeing. Will jump back in if goes back to below $5.75 odd.
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TTR looking very undervalued at 19c P/E-2.28
-Major shareholder-civic trans services increase holdings from 9.48% to 11.19%-[?]start of the month -Sanpoint pty ltd- buys up more than 8million shares 5.30% -Directors hold 8.55%-
STRONG BALANCE SHEET
Capital Structure ($ 000s)
Total Debt 244 Interest: 112
Long Term Debt 147 ( 1% of capital )
Preferred Stock --
Shareholders Equity 22,533 ( 99% of capital )
Current Position ($ 000s)
2002 2003 2004
Cash Assets 743 1,645 11,572
Receivables 3,430 4,234 5,818
Inventory 161 474 313
Others 98 18 24
Total Current Assets 4,432 6,370 17,727
Accounts Payable 2,428 3,120 3,848
Debt Due 11 210 98
Others 960 598 2,646
Total Current Liabilities 3,398 3,927 6,592
Per Share Statistics
06/95 06/96 06/97 06/98 06/99 06/00 06/01 06/02 06/03 06/04
Sales ($) 0.29 0.26 0.27 0.02 0.00 0.00 0.23 0.14 0.13 0.26
Cashflow (cents) 2.6 -2.7 2.2 -0.7 -0.7 -0.6 6.0 9.7 2.6 10.3
Earnings (cents) -4.3 0.2 1.1 0.2 -0.7 -0.6 -1.4 -0.2 1.7 8.8
Dividends (cents) -- -- -- -- -- 0.0 -- -- -- 2.0
Franking (%) -- -- -- -- -- -- -- -- -- 100
Capital Spending (cents) -1.2 -0.5 -0.2 -4.5 -0.3 -3.8 -9.9 -3.5 -2.0 -2.3
Book Value ($) 0.10 0.09 0.10 0.08 0.06 0.05 0.02 0.04 0.05 0.14
Shares Outstanding (m) 71 71 71 126 126 126 138 138 138 159
Avg P/E Ratio -- 81.9 10.3 95.0 -- -- -- -- 4.1 2.8
Relative P/E (%) -- 644.3 70.9 660.2 -- -- -- -- 30.9 19.7
Total Return (%) -- 6.7 -43.7 22.2 -50.0 0.0 -20.7 -49.6 53.4 241.1
Return Relative to Market (%) -- -6.7 -71.5 19.6 -64.1 0.0 -30.9 -44.8 55.5 219.7
Return Relative to Sector (%) -- -5.9 -22.7 45.8 -50.5 0.0 -44.2 -129.8 -- --
Historical Financials
06/95 06/96 06/97 06/98 06/99 06/00 06/01 06/02 06/03 06/04
Revenues ($million) 21 18 19 2 0 0 32 20 18 37
Operating Margin (%) 28 19 29 -33 -2,973 -292 63 32 22 44
Depreciation ($million) -2 -0 -0 0 0 0 -4 -2 -1 -1
Amortisation ($million) -8 -3 -4 0 0 0 -15 -5 -1 0
Nt Profit Bef. Abnormals ($million) -3 0 1 0 -1 -1 -2 -0 2 12
Net Profit ($million) -10 -0 1 -3 -3 -1 -5 2 2 12
Income Tax Rate (%) 7 156 44 26 0 0 0 0 0 20
Net Profit Margin (%) -15 1 4 10 -3,252 -374 -6 -1 13 33
Employees (thousands) -- -- -- -- -- -- -- 0 0 0
Long Term debt ($million) 0 0 0 0 0 0 0 0 -- 0
S/holders equity ($million) 7 7 8 10 7 6 3 5 8 23
Return on capital (%) -43 2 10 2 -12 -11 -31 -2 31 54
Return on equity (%) -45 2 10 2 -12 -12 -56 -6 31 54
Payout Ratio (%) -- -- -- -- -- 0 -- -- -- 23
mining studies on NOA 2 deposit have already suggested total cash costs of less than $385 per ounce and low capital costs of about $1.5 million before generating postive cash flow-from resource stocks
TTR-now has a gold inventory of 850,750 ounces,
TTR-also have 64t copper,8.5moz silver,90,000t of lead,60,000t zinc
principally in two key deposits called Kundip and Trilogy.
JBMURC -now holds TTR
"With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu
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-AGM-Tollhurst has just released a note on AGM valuing at 19c+
AGM-trucked ore thru the Hellyer mill during June. Another trial is planned for July and August and they plan to use the mill for commercial production shortly afterwards
-great way to pay for the new mill at avebury
great for shareholders, my pick 18-20c by years end
JBMURC-holds AGM
"With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu
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Junior Member
Hi JB
Good little nickel stock AGM...not holding but i wish them all the best particularly as I own Intec shares...which of course owns the Hellyer mill
Cdchi1
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