BMC.v -Yes, I still hold it. They seem to be doing what they said they would do, and those are really high grades. I'm nervous about the rising nickel inventory, but still hold this, LBE.to, and CML.v.
I looked at my old BMC financial model and am having a hard time justifying the current stock price. The big problem is not the production volumes or grades but the amount they are receiving for their nickel - they get 58 % of the LME price in US dollars and then have to convert that into Canadian dollars. With nickel prices at $12 US, that gives them about $7 US per pound. And while still profitable, not hugely so. Unlike many other nickel miners they are not getting by-product credits for copper or precious metals. If they were mining only Winner ore of course they could potentially be much more profitable. I'll wait until I see some recovery in nickel prices.
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