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I suspect the chart reaction would have been the same no matter the results. The AIM appears predisposed to sell on news. I suspect that will change in the next week as the Directors buy on the market and the sell volume dries up. The management had little choice but to replace the aging equipment. They are planning on increasing production at Freda Rebecca and Trojan so cannot afford breakdowns. Previous availability was 70% so there is a real opportunity to increase production simply with more reliable equipment. At Trojan it is all about scaling the production with the desired smelter capacity. Kalaa is torn between a third party toll deal and simply increasing production from Trojan to fill the capacity at the smelter. At Freda Rebecca the next six months will see a 3rd mill and production cycle added to the 65k current production with a target of 100k ozs. The scale is almost as important as the commodity prices and at average values they can make good profit on both. I believe we will see work starting again at ZK after the rains in April. The bulk of the samples have been shipped from Katanga to the labs for analysis. Results will be out in February. The next news will be director buys then the Q3 update in January followed by drill results from the fully funded JV at Katanga. Plenty to look forward to.

at 16650. Great profit margins right now being generated on the 22 tons a day nickel production. What a difference it will make to smelt and eventually refine the concentrate next to the mine rather than transporting to Finland for smelting and who knows where for refining. I see the target for the next financial year for gold is 16000kg production. That will provide great economy of scale.

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Indeed the 20% is offset by the running of the smelter then supported by the savings of the government penalties and loss of grade due to the purity requirements of the glencore deal. At lower nickel prices the figures are similar but as the values increase it makes much more sense with substantial savings. With third party feed toll smelted the costs will be reduced or offset. It's likely that MWA will just sell the nickel leach alloy rather than a off take deal exclusively with glencore. I suspect all in the nickel costs can get down to 12000 a ton making a very sweet profit at higher values. Trojan is still really ramping up to steady state. The new equipment mentioned in their report will increase productivity.

The cost of extraction, concentration and transportation are indeed something like 8500 a ton that is to produce nickel in concentrate at 9% not nickel alloy or pure nickel. The 35% to glencore is to finish the product through smelter and refinery. Next summer MWA will be smeltering in house and charging others for the service. Once in alloy form they can sell as feed to a refinery at probably a 15% discount to spot instead of the current 35%. The benefits are multiple but less obvious factors are the saving on a current penalty for processing abroad(deletion tax) and the end of lower recovery due to the requirement of glencore with certain chemical levels. The main saving will be about 800k a month transport, currently 12 trucks a day. That alone doubles the profit. Clearly longer term restarting the Bnc refinery is the goal.

Reading the report alone is of little value. The webcast puts meat on the bone. It is quite clear there have been major challenges overcome. The cash spent on the refurb of the equipment at both mines has been substantial. The investment is made and costs are coming down. This is not a sprint; no matter how much some want it to be. This is not a gamble to double up your Christmas money but a mid to long term investment. Kalaa says the market grossly undervalues MWA; of course it does but how they change that is the question. The company is making good profit; not spectacular but they are making profit whilst investing in the projects. The smelter refurb will be complete in the Summer which is a little disappointing as we were looking at the spring but it is happening and the rewards will be there to be had. At just over 2p it is hard not to be positive.

Clearly the $9.6m did it and that will be the cost of the refurbishment and plant upgrades at Freda Rebecca and Trojan. There are many making no profit so whilst the post tax profit is a bit low at £5m or so they have achieved a lot in the period that will stand the company in a much stronger position for the future. ucabwoo how many did you have as the volume is quite small are we still waiting for your sell to appear?

we as the gold and Nickel is regarded in all in costs. Klipspringer is covering costs and may even be earning cash or at least diamonds in reserve. That just leaves ZK, the feasibility study. The management costs will be tied into the all-in costs I suspect. I suspect £8-10m profit will not be far from the mark.

depends what you call a surge. MWA is not going to go to far value any time soon but 4 or 5p should not be too much to ask in the near-mid term. The major game changers are looming now and we can expect significant value enhancement over the next 3 or 4 months.

They will release both today. The briefing in Harare will be to discuss the BNC performance and the webcast briefing will discuss the MWA performance. However they will have to release the information to the market before discussing or at least at the same time. Expect to hear at 10am.

some weak bladders and weak bowels first thing this morning. A couple of solid Non exec nominations to the board. Broadening experience and very relevant to Mwa and where they are going. H1 results will be out in an hour or two and they should be excellent.

There is no court case it is merely a notice to the court to consider the facts. The court will decide if there is a case to answer. Ning and the Chinese are a minor irritation. They want more Chinese presence on the board. Rich when Ning had not turned up to one board meeting since buying his seat. I suspect the Chinese are why they will not go for the share buybacks as it will increase their percentage holding.

Given the spread. Today is largely irrelevant.

Do you think I am looking for short term gain; I am certainly not. I have money here for the mid to long term. Certainly 18 months to 2 years. I have not been anywhere to be back before the 10th, just sitting in the winter sunshine watching the world go by.

Out tomorrow. I guess those fools calling at least 3.2p by results have been burned off with losses. The MM's are holding and stalling today with a wide spread. Clearly they do not want to play today and will wait to hear about the H1 performance before allowing a market to function. Compared to H1 last year I suspect the results will look exceptional and will show something in the order of 100% improvement in profit.

I think many got nervous when nickel pulled back and the share price was sat at 4p. MWA will only move in a modest cycle, I am not expecting 100% daily gains. They would be very unhealthy. I do expect to see a steady move to a more reasonable valuation. The 3.2p by results chuckle brothers appear to have lost interest and hopefully more. Share buybacks are an option now but I suspect they will want plenty of cash resilience before going down that road as they will not do it at the expense of exploration at ZK.

I do see a re-rate as inevitable assuming gold stays above 1100 and nickel above 16000. The re-rate is based upon known and current events. MWA is making one million a month clear profit as a baseline. Anything in addition to the above figures adds to that figure. The smelter restart will add at least 50% to the nickel profit, this will be complete in the spring. A toll smelter deal for spare capacity adds another 20% or so. Gold at Zk is getting another mill and CIL processing circuit giving increased volume and decreased costs. 900 is the target and 100k ozs pa. There's 3m oz gold discovery that the CEO believes may hold 10m ozs. The feasibility study is nearly complete, we will then have a reserve and a plan to production. There is a Copper JV in DRC where the partner is spending 25m dollars drilling with 8 rigs drilling today. There is a successful underground diamond mine in South Africa that is due to restart underground in the next year. Costs are just 4m and ramp up is just a couple of months. There is more but they are the five main strands 2 of which alone are worth more than the current cap. I don't think MWA will ever achieve full value and will always be cheap but that doesn't stop the share price increasing in multiples. 10p is my mid term target and I would not be surprised to see it much higher.

He did expand upon his thoughts. Loads more ground to explore, open and increasing grades. Every hole is a winner and the high grade shoots are so far wide and predictable. The notion that there are not more is inconceivable to Kalaa. Makes for the perfect open pit then underground scenario. 10 million ozs must be worth 100 m dollars in the ground as a resource. As a reserve double or triple that. Zk is not remote or isolated. This is one of five main strands MWA have to seek value from.

Matt I think they already have the production partner. Copper tubing requires a substantial feed. Explorer, producer and end user in one. Well funded. Seems the perfect scenario. The only question is when MWA cash in. I believe that Zk is where Kalaa's ambition is.

I see that as inevitable but I suspect many of those positions will release beyond 20000 allowing for a 21000 ceiling before selling is released from the warehouses. That is assuming that metal actually exists.