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MWA have said that a bond will not be convertible. The bond will be in Zimbabwe on BIND.ZW rather than on MWA. MWA hold 76% of BNC I cannot see how that will change with a bond which is simply a finance package. The most negative aspect is the fact that if they go for the bond it will show that they could not raise cash in another way. That is not really surprising in Zimbabwe.

wuffle as I understand it the option for bonds to raise finance in Zimbabwe is a new one. It will be a bond on BIND.ZW.

classic start of the day chart to shake weak or new holders. The market is starved of shares without our volume seller. We saw yesterday what happens when the market runs out of stock; they have to find a level that the weakest are prepared to sell at. panic over profit and fear over greed that is what they want but they must remain in control.

I use quotenet generally for realtime or kitco for general trend. The Glencore deal pays the market spot rate less 35% for nickel in concentrate. Glencore then fund finishing the Nickel. That is good value at low prices but as Nickel goes up 35% of the extra goes to Glencore. Hence the all-in costs per ton are $1000 less at 15000 a ton over 18000 a ton. The Nickel is sold in China I believe and Glencore pay MWA as the nickel is finished at a rate of 22 tons a day or so. MWA are paying about $1m a month to ship the concentrate, that will stop when the smelter restarts. They will also renegotiate the glencore deal to something like 15% for the nickel leach alloy just needing refining. I believe all in cash costs at 20000 a ton will be close to 10000 a ton with the smelter open. At that point BNC and MWA will be throwing off huge profit. Fantasy stuff and the SP will be many times the current. That could all happen within 6 months if Nickel does the business.

BNC may be issuing the bond not MWA, it is also not transferable therefore cannot dilute. Downside is that the repayment period is five years so attracting interest for longer but the maths is compelling. If they are taking $20m I do wonder if that is also to allow for the refinery restart which surely will follow the smelter. The SP dropped with the nickel price and importantly an apparent volume seller. Nickel has turned up again as costs are coming down. Drilling will announce soon for the Copper, the feasibility study approaches completion for the 3m ozs of gold at ZK and Klipspringer is about to announce the restart of underground mining. I would have thought why is it so cheap? was the most natural question.

It has been tough but we all knew it was unjustified and that there would be better times ahead. I believe there will be many plus days as MWA reaches more viable levels.

I must say trev I do not see where luck comes into it. Buy a diverse profit maker and wait for circumstances to be right. No luck involved.

sellers are needed to fuel any rise. I will assist towards double figures by letting a few go, for now though I have 3.1m and they are staying well stashed. A pleasing day but no real surprise as MWA is just so poorly valued. The real deal is that the market cannot ignore real cash profit. MWA are cash profitable in Gold, Nickel and Diamonds. There are very few companies heading for £15m profit and it will not take much of an improvement in the commodity values to achieve that this current year and it could well go much further. Even on a modest 5 ratio that is a £75m cap.

as if by the obvious squirt is delivered. Massively massively under valued

MM looking for some stock. SP will squirt up from here with no seller to fuel the market

Nickel and gold appear to be building bases for increasing value in the near term which will directly impact profit margins in a very positive way and will no doubt be at least partially reflected in the share price of MWA. I believe share holders should feel very optimistic at the short to mid term opportunity for a share price rally. long term with multiple value enhancements looming MWA will be capped in the 100's of millions with no dilution.

Handy as a part of the group profit and it would take very little to double, treble and more s gold recovers. Nickel is still the star of the show for MWA. Diamonds and Copper could well take on more importance very soon. So is the depth of the portfolio

squeezing up towards $1200 again creating a margin of $155 an oz on the latest performance figures given the royalty reduction. Not massive but handy £7m or so a year profit.

The LME monitored warehouses are mainly about investment Nickel. 3 quarters is held under warrants so is not going anywhere quickly and certainly not until the price goes up. Most of the warehouse stock is not available for consumption. As we have seen an increasing amount has been taken out of the supply system and held in the warehouse as a hedge or an investment.

but Nickel will be the start of the show in my opinion. Industrial diamond values appear quite positive and static looking at the historical sale prices and when they get back underground special gems are making special prices. It is good to be diversified away from Gold. Nickel at $15500 is creating strong margins again and I only see it going up over the winter as shortages loom.

Zimbabwe is a good environment for Mwa and it has kept the competition light. Zimbabwe are needy and we are seeing moves now to improve the environment for miners trimming royalty and focusing on the finishing rather than just the mining. I am as you probably guessed optimistic about Mwa.

Mwa seem to be in a bit of a holding pattern at the moment. The seller has sucked the share dry and volume will not return until we get news or a radical shift in commodity values. News from the 8 rigs drilling in Drc must be close; wide mineralisation visible and confirmed copper could result in a substantial discovery. The Fs at Zk will report soon; it will produce a quick and cheap start up scenario on an open pit at surface. H1 results will be out next month these should cast light on core costs and profit. The refurbishment at Trojan will complete in December. The smelter debt will be announced in the next few weeks along with I suspect a third party deal for foreign concentrate into the smelter. In January we will get the current quarters technical performance and costs which I believe will show continuing good profit margins. Then there is the 4 m dollar restart of underground mining at klipspringer for diamonds.

when picking my rumours or indeed my humours it is best to avoid those over a year old as they can make a mockery of the rumour. BNC is going strong, MWA are going strong.

but the bit that made me laugh the most was this "The sources said should Centar make a bid to take over Mwana, an asset such as Bindura Nickel Corporation, which is currently struggling to stay afloat, could be closed until international nickel prices improve, throwing close to a thousand people on the street" BIND.ZW is hardly struggling to stay afloat; they are restarting their smelter and are making $2500 a ton clear profit. Nickel is at $15750 a ton; with the smelter open all in costs will be in the region of $11000 a ton, The suggestion is an absolute joke, just shows the source neither know their elbow or their ar*e

I suspect this is a personal matter between Ning and the board. Certainly things were rather strange at the AGM and I doubt very much if the board would forgive the hijacking of their orderly meeting.