Mirabela Nickel Ltd Ord MRBAF

RE: ironic

[brendelly]

Your posts are interesting but do not contain what is real and what is not.

In Q1 2011 they made $728,000 which includes all direct operating costs. The company on a net bases is still losing money over consequtive quarters. Cash costs are still high at $6.97 with an operating cost of $5.52/lb, recovery still at a staggering 50%, far from design of 70%+ and designe operating costs of $4.00/lb.

Book value of current company is $617 million.

So at current valuations in industry what multiple would you like to put on this operation to determing "correct" pricing. It is currently at just under $1.0 billion dollars enterprise value, what does it deserve to be at when the company has a hard time turning positive cash on the quarter? Please try and put a $5 dollar valuation on this and run the numbers for us.

What the kicker here is that the recovery issue is not fixed which is hurting economics, im not tearing into the project itself but operationally this company is still limping.