price target - 6 months, page-36

HI sf120

You said:

Market Cap of 73m now...

I'm starting to lighten my positions now by close 1/3.

I say:

Yes with a Market Cap of $73 Million you do not even have the replacement value of the plant costs, which cost around $40 Million to build in 2006.

So you like to value the smokey hills mine at zero?

The Rooderrand pgm mine at zero?

Kalplats mine at zero?

and the Panton mine here in Australia at zero?

This company is dirt cheap at even a Market Cap of $200 million imho.


good luck

jojo