Cliffvb. One thing I was not 100% sure is the Inco credits. Part of the Lockerby is actually on the Inco side. FNI has an agreement with Inco to mine for them. This year's payable nickel is 4.6 m lb, what's the actual production? I will try to call the company next week and find out.
The person I talked to yesterday was Paul Davis, VP of exploration. He is very familiar with other miners as well. I told him about % of LME price BMC and LBE get. He actually know the exact details. He told me they are making $10/lb on $16/lb LME nickel. When LME price goes higher, they actually get higher percentage. For $23/lb nickel, I am guessing they will be $14-15/lb profits, or ~16CAD/lb, right now at 4.6Mlb/year, they are making C$6m/month, same as BMC when the hedging is over at the end of July. If they can mine 10-12m lb nickel starting H2 2008, the number is very significant.
FNI fully diluted market cap of ~180M CAD, the price is very reasonable. FNI market cap is similar to BMC and LBE. Still thinking LBE is the cheapest if they can deliver the $14-15m/month cashflow at $20 nickel.
News 
Market Data 
Discover 
AI
