Ann: PAN: Anglo Pacific Accepts into IAF re MMW , page-7

re: Ann: MMW: PAN: Anglo Pacific Accepts into... According to PAN's latest Quarterly report (23 April), the overall average "Payable cash costs" across PAN's mines is A$5.98/lb NI (after royalties).

PAN's April report also noted increased production beyond target, which creates more cash flow -- rather like companies in a low margin undifferentiated business succeed through volume, thereby spreading out fixed costs.

So, PAN has some wiggle room, but better if Ni kicks back up to $9-$10 range.