I think its fair value for the short term, if your for long term then you need volume of shares. IMO this stock will recover, over the coming years.
Sydney - Thursday - August 27: (RWE Australian Business News) - Minara Resources Ltd (ASX:MRE) incurred a $3.1m net loss in the six months ended June 30, compared with a net profit of $50.9m for the first half of last year. Revenue fell 34pc to $190.1m from $289.4m. Cash on hand at June 30 was $127.2m. The company remains debt-free with a strong balance sheet. On an operational basis Minara was cash flow positive for the six months. There was a marginal decrease in cash reserves due to the impact of nickel provisional pricing in the first three months of the year and increased sulphur stocks bought to take advantage of current low prices. The board has not declared a dividend for the period.
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"Under challenging circumstances Minara delivered a strong performance over the first six months of the year, posting a small loss in one of the most difficult periods in the company's history," managing director and CEO Mr Peter Johnston said. "We have continued to exercise successful cost reductions at all levels despite currency fluctuations and a decline in the cobalt market. "Our targeted capital investment from previous years has ensured a consistent production profile which will remain the company's focus throughout 2009. "The nickel market is slowly recovering, which is reflected in the current nickel price which has improved in July and August. "Having achieved a stable production profile with good cash reserves and a strong balance sheet, Minara is well-positioned to capitalise on the nickel market recovery," Mr Johnston said. ENDS rx
