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I do not think the monitored warehouse figures mean anything at all. The general priority of most consumers is to protect supply so they will be stockpiling and reserving future supply.There is nothing to say the figures represent the Nickel available.

A smelter is a smelter and a refinery is what is needed for PGM's The refinery will no doubt follow but the plan on the table is just to restart the smelter. The smelter will turn the material 9% nickel from the concentrator currently in service for the Glencore deal to Nickel leach alloy. MWA need a plan to restart the refinery to finish the product in-house. My personal view is that there is plenty of bunce in the Nickel process if they get c3 below $10k ton to make the idea of refining Platinum a non-starter. ,pinga has the option now to consult about the refinery and restart that immediately after the smelter however the economics will not be so compelling.

then the refinery will transform the prospects at MWA. $26m is a drop in the ocean when considered against the current and future profitability. I see it as something of a race to move forward whilst the Nickel price is favourable. Once the smelter is open even $14000 a ton will provide healthy reward and bring in much of the lower grade material. Then there are two other mines to consider and third party material. Then there is the gold, the Q1 will I believe demonstrate the economy of scaloe they seek and hopefully something from the tailings. I believe a £100m cap would look cheap right now.

Up again today, still hugely under any sensible valuation at just below 60m USD. The smelter and refinery on care and maintenance will be worth multiples of that.

much better today at 9m or so for the first 3 hours of trading. The shareprice is consolidating ahead of the Q1 results which will no doubt bring a substantial volume of interest as likely profits are calculated. This is really not a share for those who get panicky or are after 10% margin. I suspect we will see 5p in the short term as news beds in that MWA are cash generative in a big way on several significant change of circumstances. The smelter restart is the big news of 2014-15. It is hard to be negative when allk indicators are green and punters are watching MWA.

That is just the last trade which must be reported in error or delayed. The re-rate predictably continues; hopefully news will be tomorrow which will support the rise. No doubt people have bought in for the surge on news. As before we will then get a stabilising period before the next leg up. I suspect we will see a more controlled rise following the Q1 figures with risks being in the commodity prices. I think we can all expect some profit taking at some stage but I will be hanging on for my 4p stage one target before going for the free carry. If the figures on paper add up to anything over £6m profit for the first quarter I expect MWA to move towards 5p quite swiftly.

Why it would. MWA is a no-brained undervalued shares. Not based on some hole in the ground or some deal that may deliver in the future but on actual cash profit every day. Q1 results are likely tomorrow then the market will see what most of use here worked out 3 or 4 months ago. My 10p mid term target remains although I am sure a broker valuation will be 16pplus.

I suspect the results will break this steady rising trend. We are due another steep flight on this accent.

stalled after a re-rating now waiting on further information. 76.3% of $60m is £26m. I suspect we will see that increase in the near term.

Q1 results were out on 23rd July last year. Generally the previous quarters results come out of thye 20 something of the following month. I suspect we will geta rise on news then turbulant trading into the weekend. There is little risk with these results with progress strongly flagged in the "we are making so much cash we may not need finance to restart the smelter" article. I suspect we will see new life breathed into DRC gold also were technically simple 3m ozs at very nice grades sits there pending feasibility.

Very much treading water until we get the Q1 figures then it is all down to the maths to determine if MWA is outragiously cheap or absolutely outragiously cheap. Not too much point in speculating as the figures will be with us in the next day or two but my final best guess. Nickel 2250 tons at c3 $13500 and average price realised $18300 ton giving an attributable return to MWA of £4.85m. Gold, 16000ozs providing about £1.6m on paper profit. I would like to see something positive from the tailings project to cover the investment so far and to prove up the concept. Clearly scale is everything and the figures could be so much better just by influencing a few factors.

BIND.ZW is a listed company on the Zimbabwe stock exchange but it is very much a part of MWA as a subsiduary and not as a 76.3% investment in a listed company. BIND.ZW has been listed in Zimbabwe for nearly 50 years and removing that listing would have many implications that are unwelcome with the Zimbabwe government as it would make it near impossible for black Zimbabwians inside Zimbabwe to buy shares. Mpinga runs both companies as one, the return attributable to MWA is moved directly across in the accounts. The arrangement is rather unusual but BNC is very much linked to and managed by MWA. I do not see MWA changing their role, they facilitate in Zimbabwe and I expect them to facilitate for us and the Chinese in DRC. I suspect the gold in DRC will attract Chinese interest very soon for a JV to complete the reserve drilling and to take the project to DFS and on to production.

The nickel value increase has attracted attention but it has also underwritten the market cap with cash profit and accelerated the restart programs. An exciting time to be involved in this rebirth.

Seems to me that the smelter decision has already been made. The article in Minesite yesterday made it quite clear to me that it was going ahead, they have signed term sheets with 4 or 5 banks but they say they may not need that finance after all because the current cash generation is massive. The next logical step is to restart the refinery. I suspect that will happen immediately after the smelter early next year. The PGM production is a bit of a distraction in my view but I am sure they will do the right thing when it comes to it; it will be all down to demand and the potential profit margin. Which ever direction this goes I suspect BIND.ZW will be extracting and producing pure Nickel cathode all on-site at $8-9000 a ton within 18 months from two mines. Until then the margins look great in these higher Nickel value times.

Will be out in late October

Welcome: Yes much more complicated than that as the margins have hugely improved since last year. The impairment reversal should be more than replaced this year with pure dollars profit. There is also an opportunity for profit from FR gold which has had some growing pains last year and should be more productive this year. Currently the Nickel is making something like $90k a day clear profit attributable to MWA.

I think MWA is more exciting now than ever. MWA has shown the market is aware of the MWA story. Now we just need the story to continue to move forward and the Sp will continue to appreciate in a non diluting environment in a company throwing of cash dollars profit.

The consolidation is pointing to further rises in the near future. I had half an expectation that this may drop back to 2.5p before the next inevitable rise of this early stage re rate but now that looks unlikely.

I doubt many have sold, just not much to say whilst the Sp progresses. News of Q1 performance was July 23 last year so not long now. News of finance for BNC smelter is also due so plenty to continue to progress the inevitable re rating.

The re-rating predictability continues. Still plenty of interest with continued strong volume. I cannot see much derailing this recovery with 5p looking very achievable in the near term.